Assertion: Proper understanding of various elements of the external environment is necessary to take timely action.
Reasoning: If one would not see and understand the strategies of our competitors and not avail the opportunities for the purpose of improvement then he/ she would not be able to compete in the market.
Reasoning: If one would not see and understand the strategies of our competitors and not avail the opportunities for the purpose of improvement then he/ she would not be able to compete in the market.
Answer & explanation
Correct answer: option 1
Better performance: Proper understanding of the various elements of the external environment is necessary to take timely action to deal with threats and avail opportunities for the purpose of improvement in the performance of the firm. If one would not see and understand the strategies of our competitors and not avail the opportunities for the purpose of improvement then he/ she would not be able to compete in the market.