The Process of Anticipating Future Events and Conditions and Determining

question 53

Multiple Choice

The process of anticipating future events and conditions and determining the best way to achieve organizational objectives is known as:

• A) retrospecting.
• B) planning.
• C) archiving.
• D) correlating.

---

Definitions:

Competitive Industry

An industry characterized by a large number of firms competing with each other to provide goods or services to consumers.

Market Demand

The total quantity of a product or service that consumers are willing and able to purchase at various prices during a specified time period.

Market Equilibrium

A state in a market where the quantity demanded by consumers equals the quantity supplied by producers, leading to a stable price.

Competitive Industry

A sector of the marketplace characterized by numerous firms vying for market share, leading to benefits for consumers through innovation and lower prices.