Question 4
How do strategic thinkers continually improve their view of the larger "business ecosystem" in which they operate?
Click the button next to the correct answer choice. After you have read the feedback, explore the other choices. Note: Your first selection will be used to tally your score.
They analyze the impact of their company's products and services on high-level, emerging developments such as the accelerating globalization of business and organizations' increasing emphasis on improving customer service.
Not the best choice. Improving your view of the larger "business ecosystem" in which you operate isn't only about understanding how your company affects worldwide business developments. It's about constantly monitoring what's going on both inside and outside your organization—and using your awareness to make smart on-the-job choices that ensure your company's best possible future. Familiarizing yourself with company- and unit-level strategy; understanding changes in customers, competitors, and your industry; and anticipating how your choices may impact people and processes in other parts of your organization all help you gain the broad perspective you need to make savvy business decisions.
They understand their company's and unit's strategies; consider what's going on with customers, competitors, and their industry; and take into account how their actions might affect others in their organization.
Correct choice. Improving your view of the larger "business ecosystem" means constantly monitoring what's going on both inside and outside your organization—and using your awareness to make smart on-the-job choices that ensure your company's best possible future. Familiarizing yourself with company- and unit-level strategy; understanding changes in customers, competitors, and your industry; and anticipating how your choices may impact people and processes in other parts of your organization all help you gain the broad perspective you need to make savvy business decisions.
They stay on top of important trends in the industry in which their company competes, such as changes in governmental policy, technological advances, availability and quality of natural resources, and demographic shifts.
Not the best choice. Improving your view of the larger "business ecosystem" in which you operate isn't only about focusing on industry trends. It's about constantly monitoring what's going on both inside and outside your organization—and using your awareness to make smart on-the-job choices that ensure your company's best possible future. Familiarizing yourself with company- and unit-level strategy; understanding changes in customers, competitors, and your industry; and anticipating how your choices may impact people and processes in other parts of your organization all help you gain the broad perspective you need to make savvy business decisions.