Maureen, the owner of a boutique, studies the spending pattern and consumer behavior of the people in the area in which her store is located. She estimates the likely variations in demand and pricing and also keeps track of her competitors' sales. Which of the following concepts does this scenario best illustrate?

Question

Quizplus · Accepted Answer

The scenario described best illustrates the concept of environmental scanning, which refers to the process of carefully studying the external environment of a business in order to identify and understand potential opportunities and threats. Maureen is analyzing variables such as consumer behavior, competition, and demand in order to make informed decisions about pricing and other aspects of her business.

Maureen, the Owner of a Boutique, Studies the Spending Pattern