Question

question 11

managers must continually watch for changes in the workplace and monitor business indicators such as returns on equity or investment, economic indicators, business cycles, and so forth.

this is an example of what concept?

• long-range planning
• environmental scanning
• community relations
• monitoring products and service

Explanation:

Analyze the scenario

Using the External Business Awareness knowledge point

The question describes managers continually watching for changes in the workplace and monitoring external business indicators (such as returns on equity, economic indicators, and business cycles). This systematic monitoring of internal and external environments to detect early signs of opportunities and threats is the definition of environmental scanning.

Evaluate the options

• Long-range planning: Focuses on setting long-term goals and paths, rather than the specific act of monitoring indicators.
• Environmental scanning: Directly refers to collecting, analyzing, and monitoring information about the internal and external environments.
• Community relations: Refers to a business's relationship with the local community.
• Monitoring products and service: Focuses narrowly on quality control or product performance, not broad economic/business indicators.

Answer:

• Long-range planning
• Environmental scanning (Correct answer)
• Community relations
• Monitoring products and service