MGM399 QUIZ 2
The PESTEL framework allows the _____________________ in firm's macro-environment
scanning, monitoring, and evaluating of changes and trend
The primary objective of Porter's five forces model is to
understand the profit potential of industries
example of industry convergence
When smartphone manufacturers began including cameras and voice recorders in their products
In a firm's external environment, sociocultural trend primarily capture population characteristics related to
age, gender, family size, ethnicity, sexual orientation, religion, and socioeconomic class
. In the SWOT framework, the Strengths and Weaknesses
are internal environmental factors to consider
Five forces model views competition within an industry broadly to include forces such as
buyers, suppliers, rivals and the threat of substitutes and new entrants
A firm's strategic position relates to its ability to
create value for customers (V) while containing the cost to do so (C)
Within the same industry, firm performances differ depending on strategic group membership. Some are more profitable than others... this is because....
firm performance is determined not only by the industry to which the firm belongs, but also by its strategic group membership
Because competitors in oligopolistic industries are so interdependent...
it is especially important for managers in those firms to monitor and respond to changes their competitors make.
Managers have some influence over external factors in the Industry environment.....
they have little direct effect over external forces in the general environment