Review Questions: Describe the three-step process that managers use to make sense of their changing environments.
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• Interpreting environmental factors:
Managers determine what these environmental events and issues mean to the organization. These events could present either threats to or opportunities for the organization.
• Environmental scanning
: Managers search the environment for important events or issues that might affect an organization. This allows managers to stay up-to-date on important industry factors and to reduce uncertainty.
• Acting on threats and opportunities
Managers can protect themselves against competition or capture strategic opportunities.