8. The broad environment consists of all of the following except: A. Technologic

Question

8. The broad environment consists of all of the following except:

A. Technological trends

B. Political and legal forces

C. Competitors

D. Economic forces

E. Sociocultural forces

9.        Analysis of society is important for all of the following reasons except

A.        Awareness of what is happening in society virtually guarantees that an organization will be able to successfully compete in its own industry

B.        Most of the other stakeholder groups are also members of society

C.        Awareness of and compliance with the attitudes of society can help an organization avoid problems associated with being a bad corporate citizen

D.        Changes in society can provide opportunities for organizations

E.         Correct assessment of social trends can help businesses avoid restrictive legislation

10.       Among the most critical economic factors to monitor are:

A.        Interest rates

B.        Economic growth

C.        Foreign trade balances

D.        Inflation rates

E.         All of these factors are important

11.       Which of the following is not included as a major force in Michael Porter's Five Forces Model of industry competition?

A.        Existing competitors

B.        Suppliers

C.        Potential competitors

D.        Unions

E.         Indirect competitors

12.       Suppliers tend to exhibit greater power if:

A.        There are few suppliers of the raw material, product, or service

B.        There are many substitutes for the product or service that suppliers sell

C.        Suppliers are small businesses with regards to total sales volume

D.        The suppliers' products are undifferentiated and plentiful

E.         Suppliers cannot integrate forward

13.       High levels of competition may be caused by:

A.        Rapid industry growth

B.        Low fixed costs

C.        A small number of competitors

D.        A lack of product differentiation

E.         Low exit barriers

14.       Which of the following may lead a firm to conclude that an industry is attractive to enter?

A.        Strong supplier power

B.        Strong customer power

C.        No close substitutes

D.        Many strong competitors

E.         Low sales growth

15.       According to Michael Porter, conditions that create advantages for firms in certain countries and industries include:

            A.        Suppliers to a particular industry are the very best in the world

            B.        Strong industry competition

            C.        Buyers are among the most demanding in the world

d-Ability to attract the most talented managers

            E.         All of the above

Explanation / Answer

8. C. Competitors

9. A. Awareness of what is happening in society virtually guarantees that an organization will be able to successfully compete in its own industry

10. E. All of these factors are important

11. D. Unions

12. A. There are few suppliers of the raw material, product, or service

13. D. A lack of product differentiation

14. C. No close substitutes

15. E. All of the above

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