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STR 581 Week 2 Practice Quiz

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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.

Wholesalers

Buyers

Suppliers

Retailers

Correct

  • 2

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?

Social factors

Political factors

Economic factors

Business factors

Correct

  • 3

Which threat of entry creates a barrier by forcing entrants to spend heavily to overcome customer loyalty?

Powerful sellers

Product differentiation

Powerful buyers

Economies of scale

Correct

  • 4

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?

Business environment

Operating environment

Remote environment

Industry environment

Correct

  • 5

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.

Psychographic information

Geographic information

Demographic information

Buyer behavior

Correct

  • 6

The quasi-science of anticipating environmental and competitive changes and estimating their importance to an organizations operation refers to

SWOT analysis

environmental scanning

business analysis

technological forecasting

Correct

  • 7

This is considered a collection of firms that offer similar products or services that customers perceive to be substitutable for one another..

Oligopoly

Industry

Environment

Monopoly

Incorrect

  • 8

What Human Resource component within its operating environment is a major element of a firm’s ability to satisfy its personnel needs?

Employment rates

Reputation

Benefit packages

Labor union

Correct

  • 9

This term refers to descriptive characteristics that can be used to differentiate groups of present or potential customers.

Psychographics

Buyer behaviors

Geographics

Demographics

Correct

  • 10

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

Correct

  • 11

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.

Remote environment

Business environment

Industry environment

Operating environment

Incorrect

  • 12

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

Incorrect

  • 13

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.

Operations factor

Technological factor

Industry factor

Sales factor

Correct

  • 14

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

Correct

  • 15

Which of these is a determinant of entry, according to Porter?

Ability to backward integrate

Exit barriers

Economies of scale

Presence of substitute input

Incorrect

  • 16

This term refers to the relationships among human beings and other living things and the air, soil, and water that supports them.

Going green

Society

Ecology

Eco-efficiency

Incorrect

  • 17

This element of employment or labor represents the workers in their negotiations with employers through the process of collective bargaining.

Wage & Hours Association

Labor unions

Human Resources

Hiring agent

Correct

  • 18

The environment that is typically subject to much influence by the firm is

operating

remote

industry

external