Which of the following actions would you first take to help the company develop its strategic plan?

The company you work for has discussed an international business strategy that would expand it into North Asia.

Which of the following actions would you first take to help the company develop its strategic plan?
A . Analyze the international compensation strategies of companies and compliance requirements in the region.
B . Conduct an extensive analysis of the business environment for threats and opportunities.
C . Determine and appoint culturally-intelligent leadership that have had extensive experience both in the home and host countries.
D . Determine the strategic goals, objectives, tactics, and action plans for business success.

View Answer

Answer: B

Explanation:

Environmental scanning is the ongoing tracking of trends and occurrences in an organization’s internal and external environment that bear on its success, currently and in the future.

The results are extremely useful in shaping goals and strategies. An environmental scan is an activity that takes place before a global strategy is developed.

Analyzing threats and opportunities in the region will help direct decisions about how to best create a successful strategic plan, utilize resources for business success, minimize threats and enable the company take ample advantage of opportunities.