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Questions and Answers
Which of the following best describes the business environment?
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?
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?
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?
What is the scope of a single firm's environment compared to the total environment of business?
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What should managers armed with an understanding of the forces in their industry be able to do?
What should managers armed with an understanding of the forces in their industry be able to do?
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