quiz 2

In a capitalist economy, business owners must figure out what makes their business successful and different from other similar businesses. This means they must understand which business environment?

Competitive

Why do managers analyze the internal business environment of the company?

It helps managers identify the company's strengths and weaknesses

Which of the following is true about the internal business environment for a company

It is within the control of the company

What is the biggest issue between business and government regulations in the forest and paper industries?

Balancing the needs of preservation and the needs of people

Dan owns the State Farm Insurance office in his town. He wants to figure out what people in his market see as his company's strengths and also what it could improve upon. He also believes it is important to examine the changes in government policy related to the insurance industry as well as know what his competitors are doing. What would you recommend that Dan do?

Conduct a SWOT analys

Factors in the internal business environment include all of the following EXCEPT what?

Customers

Primary Pet Company manufactured high-end, all natural dog food for pampered pets. The dog food was made with pure beef with no fillers and sold for $25.00 for a 3-pound bag. When the recession hit, the company continued to manufacture the dog food using the same ingredients, but sales dropped off because most customers could no longer afford to buy expensive dog food. Primary Pet Company was soon bankrupt because they did not pay attention to which external business environment?

Economic

Technology is part of which business environment?

External

What forces are outside the control of the manager?

External

What are opportunities in a SWOT analysis

External favorable situations which can bring a competitive advantage

What are threats in a SWOT analysis?

External unfavorable situations which can negatively affect the business

Gus owns a gas station. He knows that unrest in the Middle East affects the price of oil. He pays close attention to which business environment?

Global

International economic conditions impacting business are part of which business environment?

Global

Kimberly does business in Mexico and South America. Which of the following concerns will Kimberly probably NOT need to address?

How will citizens of South America perceive my corporate culture?

Which factors within the company are under management's control?

Internal

What are weaknesses in a SWOT analysis?

Internal factors that can be harmful if used against the firm by its competitors

Frank is always looking for new prospects and places that could use his catering services. Frank is focusing on which external portion of the SWOT analysis?

Opportunities

Which of the following represent the external situations that bring a competitive advantage if seized upon?

Opportunities

Which of the following is an external environment analysis framework that helps guide prospecting and directs you to collect information about, and analyze, each environmental dimension to identify the broad range of threats and opportunities facing the organization?

PESTEL analysis

Which environment involves changes with regard to legislation, regulations, and court decisions that have the potential to affect a business in some way?

Political/Legal environment

Which tool would you recommend to help understand the internal and external environment of a company?

SWOT analysis

Farrah is an upbeat manager who models a good work ethic and enjoys his or her time at work. What is Farrah doing for the company?

She is helping to create a positive corporate culture

Which factor is NOT a part of the internal business environment?

Social

The number of women at all levels has increased significantly, the workforce has become more diverse, and telecommuting is more common. More people place more importance on balancing their work lives with the rest of their lives, and fewer people are willing to sacrifice their health to the demands of hectic work schedules. These are all examples of which business environment?

Social/Cultura

John's auto repair company is unique in that it is open until 10:00 P.M. offering working people a chance to get their cars fixed after normal business hours. This unique quality falls under what category in a SWOT analysis?

Strengths

A good starting point for strategizing is an assessment of what an organization does well and what it does not do well. Which two elements of the SWOT analysis can provide this information?

Strengths and weaknesses

What looks at every step a business goes through, from raw materials to the eventual end-user, with the goal of delivering maximum value for the least possible cost?

Value chain analysis

bottle Rocket believes that to get its employees to live the values, it's best to __________.

put the values into actio

Workers at the Richards Group are arranged, not by function or department, but instead are mixed up with an account manager seated next to a creative, brand manager. At the Richards Group, they believe this contributes to its corporate culture and __________.

the way people perform

Which of the following include factors beyond the control of the company that may cause damage and need to be avoided or defended against?

threats