Question : Which of the following is an external factor that influences the planning process?
Option 1: Organizational culture
Option 2: Available resources
Option 3: Market trends
Option 4: Employee skills
Correct Answer: Market trends
Solution : The correct answer is (c) Market trends.
Market trends refer to the patterns, shifts, and changes in the market conditions, consumer behavior, industry dynamics, and competitive landscape. These external factors can have a significant impact on the planning process of an organization. Market trends influence the identification of opportunities and threats, the setting of goals and objectives, and the formulation of strategies to capitalize on market opportunities or mitigate potential risks. Adapting to or anticipating market trends is crucial for effective planning and maintaining a competitive advantage.
Question : Which of the following is a factor that influences the choice of forecasting techniques?
Option 2: Employee motivation
Option 3: Available resources
Option 4: Decision-making styles
Question : Which of the following is a component of the external environment that can impact planning?
Option 1: Organizational structure
Option 2: Company policies
Option 3: Economic conditions
Option 4: Employee motivation
Question : Which of the following is a component of the external environment in the context of planning?
Option 3: Government regulations
Option 4: Employee morale
Question : Which of the following is a step in the process of developing an operational plan?
Option 1: Conducting a SWOT analysis
Option 2: Setting long-term objectives
Option 3: Allocating financial resources
Option 4: Evaluating market trends
Question : Which of the following is an example of an external opportunity in SWOT analysis?
Option 1: Declining market demand
Option 2: Introduction of new regulations
Option 3: Technological advancements
Option 4: High employee turnover
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