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Business Environment and Strategic Thinking Quiz
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Business Environment and Strategic Thinking Quiz

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@WellMadeDiscernment

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Questions and Answers

Which of the following best describes the business environment?

  • A static and unchanging environment
  • An environment that is constantly changing (correct)
  • An environment that is not relevant to business performance
  • An environment that is influenced by a single firm

    • What does the process of thinking strategically require managers to understand?

  • The structure and competitive dynamics of their industry (correct)
  • The profitability of their companies
  • The separate elements that interact in their industry
  • The total environment of business

    • How does Professor Keith Davis describe the business environment?

  • Separate from the total environment of business
  • Simple and static
  • Narrow in scope and unchanging
  • Broad and ever-changing (correct)

    • What is the scope of a single firm's environment compared to the total environment of business?

    <p>The single firm's environment is narrower in scope</p> Signup and view all the answers

    What should managers armed with an understanding of the forces in their industry be able to do?

    <p>Make better strategic decisions</p> Signup and view all the answers

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