The Process of Continually Acquiring Information on Events Occurring Outside

question 191

Multiple Choice

The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends is referred to as

• A)significant trend analysis.
• B)organizational scanning.
• C)environmental scanning.
• D)a SWOT analysis.
• E)marketing intelligence.

---

Definitions:

Feedback

Information provided about the outcome of a process or performance of a task, intended as a basis for improvement.

Consumer Surplus

The split between the comprehensive sum consumers are prepared to offer for a good or service and the sum they truly pay.

Demand Curve

A graphical representation that illustrates the relationship between the price of a good and the quantity of it that consumers are willing to buy.

Equilibrium Price

The price at which the quantity of goods suppliers are willing to sell equals the quantity consumers are willing to buy, leading to a balance of demand and supply.