STR 581 Week 2 Practice Quiz
- This group is considered powerful if it is not obliged to contend with other products for sale to the industry.
When managers consider the general availability of credit, the level of disposable income, and the propensity of people to spend, they are considering what factors?
Which threat of entry creates a barrier by forcing entrants to spend heavily to overcome customer loyalty?
Economies of scale
Because the quantity, quality, price, and accessibility of financial, human, and material resources are rarely ideal, assessment of suppliers and creditors is critical to an accurate evaluation of which of the firm’s external environments?
This information is used to explain or predict some aspect of customer behavior with regard to a product or service. Information such as usage rate, benefits sought, and brand loyalty can provide significant aid in the design of more accurate and profitable strategies.
The quasi-science of anticipating environmental and competitive changes and estimating their importance to an organizations operation refers to
This is considered a collection of firms that offer similar products or services that customers perceive to be substitutable for one another..
What Human Resource component within its operating environment is a major element of a firm’s ability to satisfy its personnel needs?
This term refers to descriptive characteristics that can be used to differentiate groups of present or potential customers.
A firm’s external environment is divided into various subcategories that include
remote, industry, and operating
political, social, and industry
industry, technology, and internal
remote, social, and operations
This environment in the strategic planning process comprises factors in the competitive situation that affect a firm’s success in acquiring needed resources or in profitably marketing its goods and services.
Economies of scale in an industry refers to
improved contractual agreements with suppliers in the near term
declining average short run costs per unit
decreased barriers to entry to new firms attempting to enter the industry
savings that companies within the industry achieve due to increased volume
This factor considers or provides creative adaptations that can suggest possibilities for new products or for improvements in existing products or in manufacturing and marketing techniques.
A firm’s access to needed personnel is affected primarily by four factors that include
the firm’s size and location, local employment rates, labor unions to assist with labor needs, and trained potential employees
the firm’s reputation as an employer, local employment rates, the ready availability of people with the needed skills, and its relationship with labor unions
the firm’s reputation as an employer, national employment rates, community involvement, and overall employee satisfaction
the firm’s size and location, competitive hourly rates, availability of talented people, and its relationship with labor unions
Which of these is a determinant of entry, according to Porter?
Ability to backward integrate
Economies of scale
Presence of substitute input
This term refers to the relationships among human beings and other living things and the air, soil, and water that supports them.
This element of employment or labor represents the workers in their negotiations with employers through the process of collective bargaining.
Wage & Hours Association
The environment that is typically subject to much influence by the firm is