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MGT341 Competitive Strategy: External Environment Analysis Quiz

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MGT341 Competitive Strategy: External Environment Analysis Quiz

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Questions and Answers

What are the components of the general environment analysis in the context of strategy development?

Political, Economic, Sociocultural, Technological, Environmental, and Legal factors

What is the purpose of the Five Forces Framework in strategy development?

To determine industry's structural attractiveness (industry profitability) from the point of view of existing companies (incumbents)

What is the simple profit formula in the context of strategy development?

Profit Margin = Sales price per unit – cost per unit

Who are the new entrants in the context of the Five Forces Analysis for existing industry firms?

New entrepreneurial ventures or existing company diversifying Signup and view all the answers

What is the purpose of the PESTEL analysis in strategy development?

To assess the general environment factors for a country Signup and view all the answers

What determines the bargaining power of buyers in the Five Forces Analysis?

No. of buyers, No. of competitors, and switching cost for the buyer Signup and view all the answers

What determines the supplier power in the Five Forces Analysis?

No. of suppliers, No. of buyers, and switching cost of the buyer Signup and view all the answers

What determines the threat of substitutes in the Five Forces Analysis?

Availability of close substitutes and switching cost for the buyer Signup and view all the answers

What determines competitive rivalry in the industry?

Nature of product offerings, balance of competitors, market share difference, and switching costs for the buyers Signup and view all the answers

What are strategic groups in an industry?

Organizations with similar strategic characteristics, following similar strategies, or competing on similar bases Signup and view all the answers