Question:
The process of gathering information about market or socio-economic trends is called
The process of gathering information about market or socio-economic trends is called
Updated On: Dec 22, 2025
- Need for achievement
- Tenacity
- Neuroticism
- Environmental Scanning
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The Correct Option is D
Solution and Explanation
The process of gathering information about market or socio-economic trends is called Environmental Scanning. This is crucial for businesses and entrepreneurs to identify opportunities and threats in the environment that can impact their operations. Let’s analyze why the other options are incorrect:
- Need for Achievement: This refers to the drive or desire to accomplish something significant or challenging. It is a personal trait or motivation and not related to gathering external information.
- Tenacity: This trait refers to persistence or determination. It involves continuing efforts despite difficulties or delays in achieving success. It is again a personality trait, not related to data gathering.
- Neuroticism: This is a personality trait characterized by emotional instability, anxiety, or moodiness. It does not pertain to market or trend analysis.
Therefore, the correct answer is Environmental Scanning, which involves systematically examining the external environment to identify important factors that may impact the organization.
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