industry environment directly influences firm competitive actions responses

The industry environment directly influences the firm and its competitive actions and responses

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

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What is the set of factors that directly influences a firm and its competitive actions and responses?

the set of factors that directly influences a firm and its competitive actions and competitive responses: the threat of new entrants, the power of suppliers, the power of buyers, the threat of product substitutes, and the intensity of rivalry among competitors.

When firms analyze the external environment they typically have complete and unambiguous data group of answer choices?

When firms analyze the external environment, they typically have complete and unambiguous data. Monitoring involves the development of a forecast of what might happen at a future point in time. Scanning involves detecting meaning through early signals of environmental trends.

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.

Which of the following represents a characteristic of an unattractive industry?

low barriers to entry. According to the five forces model, an unattractive industry would include all of the following characteristics EXCEPT: low supplier power due to commodity inputs.

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