Which of the following include environmental segments that comprise the general environment?
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About Us McqMate.com is an educational platform, Which is developed BY STUDENTS, FOR STUDENTS, The only objective of our platform is to assist fellow students in preparing for exams and in their Studies throughout their Academic career. Show » We provide you study material i.e. PDF's for offline use. Author : Ami Fitri Utami, SE., MSM Despite of the emergence of internal stability, a firm’s external environment is also challenging and complex for a business. Due to its effect on performance, firm must develop skills required to identify opportunities and threats that are a part of its external environment. In general, there are three major parts of external environment in business includes the general environment, the industrial environment and the competitor’s environment. First, the widest environment which reflected in the general environment contains of segments and elements in the broader society which may affect industries and the competing firm inside. In this vein, the general environment classified into differed seven segments i.e: demographic, economic, political/legal, sociocultural, technological, global and physical. For each segment, the firm has to determine the strategic relevance of environmental changes and trends. These aspects are imperative due to current changes. Moreover, the industrial environment has a more direct effect on the firm’s competitive actions and responses compared with the general environment. By this, the analysis of industrial environment might be done by using the five forces model of competition includes the threat of entry, the power of suppliers, the power of buyers, product substitutes, and the intensity of rivalry among competition. By studying these forces, the firm finds a position in an industry where it can influence the forces in its favor or where it can buffer itself from the power of the forces to achieve strategic competitiveness and earn above-average returns. While general and industrial environment urge companies to understand a wider external business environment, the competitor environment includes those strategic groups in the business population. Since competitive rivalry is greater within a strategic group, competitor analysis urges the firm to understand about the future objectives, current strategies, assumption, and capabilities of the companies with which it competes directly. These attempt also might called as a competitor intelligence which aimed to gather the set of data, information, and knowledge that allows the firms to better understand its competitors and thereby predict their likely competitive actions and responses. 1. A sustained or sustainable competitive advantage requires that: 2. Investors in a company judge the adequacy of the returns on their
investment in relation to: 3. The strategic management process is: 4. Which of the following is NOT an assumption of the Industrial Organization, or I/O,
model? 5. Which of the following is NOT an assumption of the resource-based model? 6. In contrast to the industrial organization model, in a resource-based model, which of the following factors would be considered a key to organizational success? 7. The resource-based model of the firm argues that: 8. The I/O model and the
resource-based view of the firm suggest conditions that firms should study in order to: 9. Strategic mission: 10. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders because
it cannot satisfy them all. The ________ is the most critical criterion in prioritizing stakeholders. 1. The __________ environment is composed of elements in the broader society that can influence an industry and the firms within it. a. general 2. The environmental segments that comprise the general environment typically will NOT include: 3. Which of the following is an opportunity for an entrepreneur who wishes to open a business doing therapeutic massage in his
small community? 4. The economic environment refers to: 5. An industry is defined as: 6. Which of the following is NOT an entry barrier to an industry? 7. Switching costs refer to the: 8. Suppliers are powerful
when: 9. Buyers are powerful when: 10. Upper limits on the prices a firm can charge are impacted by: 1. As defined in the text, resources: a. are concrete sources of value. 2. Tangible resources include: 3. Intangible assets include: 4. Compared to tangible resources, intangible resources are: 5. Which of the following is a true statement about capabilities? 6. What is the job of a Chief Learning Officer? 7. A major department store chain has a strict policy of banning photographs of its sales floor or back room operations. It also does not allow academics to include it in research studies for publication in research journals. In fact, some of its own top
managers refer to the store policies on secrecy as "verging on paranoid." These policies indicate that the top management of the firm believes the organization's core competencies are: 8. When a resource or capability is valuable, rare, costly to imitate, and nonsubstitutable firms may obtain: 9. Costly-to-imitate capabilities can emerge for all of the following reasons EXCEPT: An integrated and coordinated set of commitments and actions designed to exploit core competencies
and gain a competitive advantage in a specific product market is a definition of: In evaluating its customers, which of the following is NOT a relevant question? Customer needs are related to the: Business-level strategies are concerned specifically with: A company using
a narrow scope in its business strategy is: A cost leadership strategy provides goods or services with features that
are: When the costs of supplies increase in an industry, the low-cost leader may: The risks of a cost leadership strategy include: A firm successfully implementing a differentiation strategy would expect: A differentiation strategy provides products that customers perceive as having: The differentiation strategy can be effective in controlling the power of rivalry with existing competitors in an industry because: When implementing a focus strategy, the firm seeks: T or F?
Firms operating in the same market, offering similar products and targeting similar customers are competitors. T or F? Intensified rivalry within an industry results in decreased average profitability for the firms within it T or F? Competitive dynamics indicates that firms and their strategic actions are independent T or F? Extensive market commonality guarantees intense competition in an
industry T or F? Two firms that have similar resources, but do not share markets would not be direct and mutually acknowledged competitors. T or F? Wal-Mart has recently moved to Alsatia, Missouri. Several local small retailers have decided that choosing not to respond to Wal-Mart's competitive actions is a viable long-term option, because although the companies have high market commonality they have little resource
similarity. These small retailers are correct in their decision T or F? A competitive action is a strategic or tactical action taken by a firm to gain or defend a competitive advantage. T or F? First movers can gain a sustained competitive advantage when they reduce their costs through reverse engineering. T or F? Product quality is a universal theme and is a necessary, but not a
sufficient, condition for competitive success. T or F? The probability of a competitive response to a competitive action is based partly on the reputation of the competitor Which of the following typically will not include the environmental segments that comprise the general environment?The environmental segments that comprise the general environment typically will not include: demographics.
What are the four components of the general environment?The four parts of the overall environment for business (financial, sociocultural, political, and technological).. What are the major components of economic environment?. What are the components of internal business environment ?. Which of the following is a general environmental factor?The major factors that constitute the general environment include political situations, economic conditions, social and cultural factors, technological advancements, legal/regulatory factors, natural environment, and demographics in a particular country or region.
What are the seven segments of the general environment?In this vein, the general environment classified into differed seven segments i.e: demographic, economic, political/legal, sociocultural, technological, global and physical.
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