“…Thus, environment-oriented activities refer to activities the organization engages in order to cope with the external and internal environments, namely, monitor markets and technology developments (e.g., Kaul, 2012;Sood & Tellis, 2(05), SWOT analysis (e.g., Helms & Nixon, 2010), competitor analysis (e.g., Chen, 1996), portfolio analyses (e.g., Day, 1977;Henderson, 1979, Homburg, Steiner, & Totzek, 2009, market segmentation studies (e.g., Asllani & Halstead, 2011;O'Regan, Kalidas, Maksimova, & Reshetin, 201 I), venture capital activities (e.g., Park & Steensma, 2012), and mergers and acquisitions (e.g., Homburg & Bucerius, 2005;Valentini, 2012).…”