Define the Term Adverse Impact and Describe What a Firm

question 35

Essay

Define the term adverse impact and describe what a firm can do if it finds that one of its selection devices creates an adverse impact.

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Definitions:

Environmental Scanning

The process of collecting, analyzing, and using information about trends, events, and relationships in an entity's external environment to assist in planning the entity's future course of action.

New-product Development Process

A series of steps that businesses follow to conceptualize, design, and bring a new product to the market, from initial ideation to commercialization.

Open Innovation

The practice of sourcing ideas, insights, and solutions from outside an organization to drive innovation.

Market Testing

The process of assessing the viability of a new product or service through controlled experiments with target markets before a full-scale launch.