Gathering Information and Scanning the Environment Flashcards
What is the primary purpose of gathering information in an MBA context?
To make informed decisions and develop effective strategies.
True or False: Scanning the environment is only necessary during the initial stages of a business plan.
False
Fill in the blank: The process of analyzing internal and external factors that affect an organization is known as __________.
environmental scanning
What are the two main types of information that businesses gather?
Qualitative and quantitative information.
Which tool is commonly used for environmental scanning?
PESTEL analysis.
Multiple Choice: Which of the following is NOT a component of PESTEL analysis? A) Political B) Economic C) Technological D) Financial
D) Financial
What does SWOT stand for in the context of strategic analysis?
Strengths, Weaknesses, Opportunities, Threats.
True or False: Primary data is collected directly by the researcher.
True
What is a key benefit of using secondary data?
It is often less expensive and quicker to obtain.
Fill in the blank: __________ analysis helps identify the competitive forces in an industry.
Porter’s Five Forces
What is the role of market research in gathering information?
To understand consumer needs and market trends.
Multiple Choice: Which method is used for collecting qualitative data? A) Surveys B) Interviews C) Experiments D) Observations
B) Interviews
What does the term ‘data triangulation’ refer to?
Using multiple data sources or methods to enhance the reliability of findings.
True or False: Environmental scanning should be a one-time process.
False
What is the significance of competitor analysis in information gathering?
To assess strengths and weaknesses of competitors and identify market opportunities.
Fill in the blank: The __________ framework is used to assess the external environment’s impact on a business.
PESTEL
What is the main difference between qualitative and quantitative research?
Qualitative research focuses on understanding concepts and experiences, while quantitative research focuses on numerical data and statistical analysis.
Multiple Choice: Which of the following is a method of gathering quantitative data? A) Focus Groups B) Surveys C) Case Studies D) Ethnography
B) Surveys
What is the importance of trend analysis in environmental scanning?
It helps identify patterns and predict future changes in the market.
True or False: Gathering information is a continuous process in business management.
True
What is the role of technology in gathering information?
It enhances data collection, analysis, and dissemination.
Fill in the blank: __________ refers to the systematic collection and analysis of data to inform decision-making.
Business intelligence
What is the purpose of a stakeholder analysis?
To identify and understand the interests and influence of key stakeholders.
Multiple Choice: Which analysis focuses on internal strengths and weaknesses? A) PESTEL B) SWOT C) Porter’s Five Forces D) Market Segmentation
B) SWOT
What is a common challenge in gathering information?
Data overload and distinguishing relevant information from irrelevant.
True or False: Environmental scanning is only relevant for large corporations.
False
