2024 COB 487 Test 2 (100% Correct Answers)

Environmental Scanning correct answers the monitoring, evaluation and dissemination of information relevant to the organizational development of strategy Natural Environment correct answers includes physical resources, wildlife, and climate that are an inherent part of existence on Earth Societal Environment correct answers mankind's social system that includes general forces that do not directly touch on the short-run activities of the organization but that can influence its long-term decisions (economic, technological, political-legal, and sociocultural) Task Environment correct answers those elements or groups that directly affect a corporation (government, local communities, suppliers, competitors, customers, creditors, unions, special interest groups) Industry Analysis correct answers an in depth examination of key factors within a corporation's task environment STEEP Analysis correct answers monitoring trends in the societal and natural environments (sociocultural, technological, economic, ecological, and political-legal) Current Sociocultural Trends correct answers -Increasing environmental awareness -Growing health consciousness -Expanding seniors market -Impact of Millennials -Declining mass market -Changing pace and location of life -Changing household composition -Increasing diversity of workforce and markets Technological Breakthroughs correct answers • Portable information devices and electronic networking • Alternative energy sources • Precision farming • Virtual personal assistants • Genetically altered organisms • Smart, mobile robots Categories of Risk correct answers -Regulatory Risk -Supply Chain Risk -Product and Tech Risk -Litigation Risk -Reputational Risk -Physical Risk