Question

_____ refers to a stage in strategic management process wherein managers must constantly look out for trends and events in the external environment that affect the overall economy and also monitor changes in the particular industry in which the firm operates.

Answer 1

In strategic management, the stage where managers monitor trends and events in the external environment and industry changes is called environmental scanning.

Step-by-step explanation:

In the strategic management process, the stage in which managers constantly monitor trends and events in the external environment and changes in the industry is called environmental scanning.

This involves gathering and analyzing information about the overall economy, such as economic indicators and market trends, as well as specific industry changes like new competitors or regulations.