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Name: Class: Date: Chapter 02: The External Environment: Opportunities, Threats, Industry Competition, and Competitor Analysis True / False 1. The external environment facing business stays relatively constant over time. a. True b. False ANSWER: False 2. Demographic, economic, political/legal, sociocultural, technological, global, and sustainable physical are the seven elements comprising the general environment. a. True b. False ANSWER: True 3. Firms can directly control the elements of the seven segments of the general environment. a. True b. False ANSWER: False 4. The bankruptcy filings by major corporations during the Great Recession illustrate that firms cannot directly control the general environment's segments. a. True b. False ANSWER: True 5. The industry environment directly influences a firm and its competitive actions and responses. a. True b. False ANSWER: True 6. Competitor analysis is focused on the factors and conditions influencing an industry's profitability potential. a. True b. False ANSWER: False 7. When firms analyze the external environment, they typically have complete and unambiguous data. a. True b. False ANSWER: False 8. Opportunities allow a company to exploit conditions in the environment while threats can lead to damage to a company’s integrity. a. True b. False ANSWER: True Copyright Cengage Learning. Powered by Cognero.Page 1 Are industry specific factors that separate one strategic group from another?Industry-specific factors that separate one strategic group from another.. Competitive industry structure.. Industry growth.. Strategic commitments.. Exit barriers.. Why might two companies in the same industry not be considered part of the same strategic group?companies within the same industry may position themselves differently regarding distribution channels, market segments, and other differentiators, and affects their strategies.
What are strategic groups and how are they useful to evaluating the competitive environment?Strategic groups are valuable for understanding close competitors that affect a firm more than other industry members. When executives carefully monitor their organization's environment using these tools, they greatly increase the chances of their organization being successful.
What is an important objective for firms to study the general environment?Determining the timing and importance of environmental changes and trends for firms' strategies and management. Analyzing the external environment is a difficult, yet significant, activity. Identifying opportunities and threats is an important objective of studying the general environment.
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Strategic groups are firms in different industries following the same or similar strategies.
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