Monitoring developments outside of the firm's control with the goal of detecting and responding to threats and opportunities is called
A)competitive analysis.
B)environmental scanning.
C)data mining.
D)brand positioning.
E)market assessment.

Question

Quizplus · Accepted Answer

Environmental scanning involves monitoring the external environment to identify threats and opportunities for a firm. This includes factors outside of the firm's control such as economic trends, technological advancements, and political changes. Competitive analysis focuses specifically on analyzing competitors, while data mining involves analyzing large sets of data to identify patterns and insights. Brand positioning and market assessment are more focused on the firm's internal marketing strategies.

Monitoring Developments Outside of the Firm's Control with the Goal