Why must managers be aware of a firm’s external environment?
Answer to relevant QuestionsWhat is gathering and analyzing competitive intelligence and why is it important for firms to engage in it? Explain how the general environment and industry environment are highly related. How can such interrelationships affect the profitability of a firm or industry? What are some of the legal and ethical issues involved in collecting competitor intelligence in the following situations? a. Hotel A sends an employee posing as a potential client to Hotel B to find out who Hotel B’s major ...Summarize the concept of the balanced scorecard. What are its main advantages? Explain the role of knowledge in today’s competitive environment.
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