Which of the Following Terms Refers to the Continuous Process

question 16

Multiple Choice

Which of the following terms refers to the continuous process of gathering and evaluating information about variables and events around the world that may pose threats or opportunities to the firm?

• A) strategic management
• B) SWOT analysis
• C) environmental assessment
• D) mission evaluation

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Definitions:

Specialization

A process in which individuals, organizations, or countries focus on producing a limited range of goods or services, aiming to increase efficiency and expertise.

Production

The method of merging different materials and non-material elements (such as designs and expertise) to create products for use.

The Wealth of Nations

"The Wealth of Nations" is a seminal book by Adam Smith, where he examines the nature and causes of the wealth of nations, laying the foundations of classical economics.

Adam Smith

A Scottish economist and philosopher, considered the father of modern economics, best known for his work "The Wealth of Nations."