Question 1

What is meant by 'Environment Scanning'?

Accepted Answer

Environment scanning is the careful monitoring of an organization's internal and external environment for detecting early signs of opportunities and threats that may influence its current and future plans.

Question 2

The first three steps in the process of creativity are: idea germination, preparation and incubation. List the remaining two steps in the order in which they are followed.

Accepted Answer

Illumination and Verification

Question 3

"As this crisis continues to evolve, finance will likely continue to be a high priority, and brands have started to identify the current mood and concerns of their customers through feedback, observations and are deciding as to how best to address them." Which way of trend spotting does this indicate?

Accepted Answer

Think Trends

Question 4

Ramesh starts his day by reading all newspapers and has a keen interest towards all business news and articles. He connects the articles with the observations he has made over the years which he knows will eventually lead to business-boosting insights. Identify the way of trend spotting at this level.

Accepted Answer

Read Trend

Question 5

'Safe for Women'- SFW has been a known brand among working women as the company keeps introducing various new innovative products for the safety of women. Their latest product is a pen which can be used as a pocket knife. The product is in huge demand. Which point of importance of scanning the environment does this news indicate?

Accepted Answer

Image building

Entrepreneurial Opportunity

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