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ENVIRONMENTAL SCANNING: The process of collecting information on various forces in the business environment that can impact the future of the company. These forces are: economic, legal/regulatory, sociocultural, technological, competitive and political. This is usually done as part of a regularly scheduled strategic planning session and is generally a necessary component in a marketing plan.
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RISK The quantitative probability of different future outcomes occurring. The assignment of probabilities can be subjective (based on a "feeling") or objective (based on historical data). Risk is related to the concept of uncertainty, which is simply not knowing what the future holds. People have three alternative preferences when confronting risk -- risk aversion, risk neutrality, and risk loving. Risk aversion is key to the provision of insurance.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"Stand up to your obstacles and do something about them. You will find that they haven't half the strength you think they have." -- Norman Vincent Peale
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AIO
Action Information Organization
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