The environmental scan of trends and forces affecting your organization should b

Question

The environmental scan of trends and forces affecting your organization should be broad-ranging because the changes that affect you the most may be brewing outside your industry Select one: True O False In Covey's Habit 2, "Begin with the End in Mind," he says: "By keeping the end clearly in mind, you can make certain that whatever you do on any particular day does not violate the criteria you have defined as supremely important, and that each day of your life contributes in a meaningful way to the vision you have of your life as a whole." When a person has this clear vision of what they want their life to become, it motivates them to work harder, to lead busier, achievement- oriented lives, to be willing to put more things on their schedule and strive more earnestly to meet the expectations of those around them. Select one: O True O False The Industrial/Organizational perspective of strategic management recognizes that many organizations may compete in a given industry, but it maintains that the individual organizations are able to act as independent players, and therefore that the actions of each organization are largely immune from the actions of the other organizations. Indeed, the best way for an organization to get ahead is to focus intently upon its own business and largely ignore what the other organizations are doing. Select one: True False

Explanation / Answer

Q1)

TRUE

There are many external factors which influence your industry. They could be changes in the related industry , government regulations, changes in financial sector ,etc.

For example, If you are operating in mobile industry then technological developments in the telecom industry would influence mobile industry. If 5G network evolves, then handset companies would start manufacturing 5G handsets.. The first movers can take the advantage of emerging trend.

Q2)

TRUE

With clear vision in mind, one knows what to do and when to do. One can set clear timelines and assign tasks and develop a plan. Once plan starts implementing, it can be reviewed frequently and if there are any deviations necessary corrections can also be done

Q3)

FALSE.

You should always know your competitors best. You should always check what better others are doing and how can you be better than others. One small mistake can turn things upside down. One example is fall of Nokia. Nokia was the number one player in handset industry once. They ignored increasing adaption of Android in market. As a result, Nokia lost its entire market share.

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