Which of the Following Is a Benefit of Formal Environmental

question 51

Multiple Choice

Which of the following is a benefit of formal environmental scanning?

• A)Better implementation of the marketing plans
• B)Better general awareness of, and responsiveness to environmental changes
• C)Better foreign investment and international marketing
• D)All of the above are benefits of formal environmental scanning

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Definitions:

Cost Flow Assumptions

Accounting methods that determine how costs are assigned to inventory and cost of goods sold, such as FIFO, LIFO, and average cost.

FIFO

An inventory valuation method where the first items produced or purchased are the first sold, leading to inventory being valued at approximate recent costs.

LIFO

An inventory valuation method that assumes the last items added to the inventory are the first ones to be sold ("Last In, First Out").

Weighted Average

A calculation that takes into account the different degrees of importance of the numbers in a dataset, making some values count more heavily than others.