Because External Environments Can Be Dynamic, Confusing, and Complex, Managers

question 89

True/False

Because external environments can be dynamic, confusing, and complex, managers use a three-step process to make sense of the changes in their external environments. Those steps are (1) environmental scanning, (2) interpreting environmental factors, and (3) acting on threats and opportunities.

---

Definitions:

Marginal Profit

The increase in profit that results from selling one additional unit of a product or service.

Technological Progress

The development and application of innovative techniques, machinery, and software to improve efficiency, productivity, and products.

Marginal Product

The extra production created by the inclusion of an additional unit of a certain input, while keeping all other inputs unchanged.

Female Employment

The participation of women in the workforce or labor market.