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Chapter 2 - Evaluating a Firm's External Environment

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Quiz sobre Chapter 2 - Evaluating a Firm's External Environment, criado por Strategy IO em 28-12-2016.
Strategy IO
Quiz por Strategy IO, atualizado more than 1 year ago
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Criado por Strategy IO mais de 7 anos atrás
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Resumo de Recurso

Questão 1

Questão
The ________ consists of broad trends in the context in which a firm operates that can have an impact on a firm's strategic choices.
Responda
  • micro-environment
  • general environment
  • task environment
  • internal environment

Questão 2

Questão
All of the following are elements of the general environment except
Responda
  • technological trends.
  • demographic trends.
  • industrial trends.
  • cultural trends.

Questão 3

Questão
________ is/are the distribution of individuals in a society in terms of age, sex, marital status, income, ethnicity, and other personal attributes that may determine buying patterns.
Responda
  • Demographics
  • Economics
  • Technological trends
  • Culture

Questão 4

Questão
The values, beliefs and norms that guide behavior in a society are known as
Responda
  • climate.
  • demographics.
  • economics
  • culture.

Questão 5

Questão
When activity in an economy is relatively low for a short period of time, the economy is said to be in a
Responda
  • recession.
  • depression
  • prosperous cycle.
  • boom

Questão 6

Questão
Civil wars, political coups, terrorism, wars between countries, famines, and country or regional economic recessions are all examples of which element of the general environment?
Responda
  • demographics
  • specific international events
  • economics
  • culture

Questão 7

Questão
In the S-C-P model, ________ refers to the strategies that firms in an industry implement
Responda
  • structure
  • strategy
  • conduct
  • performance

Questão 8

Questão
In a perfectly competitive industry
Responda
  • there are relatively few firms operating in the industry
  • the products and services sold by firms in the industry are very different from each other
  • it is very costly for firms to enter the industry
  • it is not very costly for firms to enter or exit the industry

Questão 9

Questão
Within the five forces framework, the five most common threats facing firms from their competitive environment include each of the following except
Responda
  • substitutes
  • complementors
  • suppliers.
  • buyers

Questão 10

Questão
Firms in industries characterized by ________ can expect to earn only competitive parity
Responda
  • perfect competition
  • monopolistic competition
  • oligopoly
  • monopoly

Questão 11

Questão
Which type of competition is characterized by a large number of firms, heterogeneous products and low cost of entry and exit?
Responda
  • perfect competition
  • monopolistic competition
  • oligopoly
  • monopoly

Questão 12

Questão
Which type of competition is characterized by a small number of firms, homogeneous products and costly entry and exit?
Responda
  • perfect competition
  • monopolistic competition
  • oligopoly
  • monopoly

Questão 13

Questão
A(n) ________ is any individual, group, or organization outside a firm that seeks to reduce the level of that firm's performance
Responda
  • environmental threat
  • environmental opportunity
  • environmental equalizer
  • competitive advantage

Questão 14

Questão
Firms that have either recently begun operations in an industry or that threaten to begin operations in an industry soon are considered to be ________ in the five forces framework
Responda
  • barriers to entry
  • new competitors
  • suppliers
  • buyers

Questão 15

Questão
________ exist when a firm's costs rise as a function of its volume of production
Responda
  • Economies of scale
  • Economies of scope
  • Diseconomies of scale
  • Learning curve effects

Questão 16

Questão
All other things being equal, which of the following would lead to lower barriers to entry in an industry
Responda
  • The existence of economies of scale in the industry
  • Products are highly differentiated in the industry
  • Industry incumbents have learning-curve cost advantages
  • Raw materials are widely and readily available at a competitive price

Questão 17

Questão
Frequent price cutting by firms in an industry, frequent introduction of new products by firms in an industry and intense advertising campaigns are indications of
Responda
  • high power of buyers.
  • high threat of new entrants
  • high levels of direct competition
  • high threat of substitutes.

Questão 18

Questão
The threat of direct competition tends to be high when
Responda
  • there are few firms in an industry and these firms tend to be unequal in size
  • the industry growth rate is higher
  • firms are unable to differentiate their products.
  • production capacity can be added in small increments

Questão 19

Questão
The products or services provided by a firm's direct competitors meet ________ customer needs in ________ ways as the product provided by the firm itself.
Responda
  • different; the same
  • approximately the same; the same
  • different; different
  • approximately the same; different

Questão 20

Questão
Which of the following statements regarding substitutes is accurate
Responda
  • In the extreme, substitutes can ultimately replace an industry's products or services
  • Substitutes place a floor on the prices firms in an industry can charge and on the profits firms in an industry can earn.
  • Substitutes rarely impact the profitability that firms in an industry can earn
  • The importance of substitutes in reducing the profit potential in a wide variety of industries is decreasing

Questão 21

Questão
________ make a wide variety of raw materials, labor and other critical assets available to firms
Responda
  • buyers
  • Rivals
  • Suppliers
  • Substitutes

Questão 22

Questão
Which of the following attributes makes suppliers a stronger threat?
Responda
  • The supplier's industry is dominated by a small number of firms
  • The product or service provided by suppliers is not highly differentiated
  • Suppliers are threatened by substitutes.
  • Suppliers are not able to engage in forward vertical integration

Questão 23

Questão
Which of the following is the best example of forward vertical integration
Responda
  • a car dealership opening up its own automobile manufacturing plant
  • a car company opening its own dealerships to sell its products directly to customers
  • a car company opening its own chain of video rental stores
  • a car company opening a plant to product motorcycles

Questão 24

Questão
Buyers tend to have less power when
Responda
  • a firm has only one buyer, or a small number of buyers
  • the products or services being sold to buyers are standard and not differentiated
  • the supplies they purchase are an insignificant portion of the costs of their final products
  • they are not earning significant economic profits

Questão 25

Questão
Overall, the average level of performance in an industry is likely to be highest when
Responda
  • the threat level of all five forces is high
  • the threat level of rivalry and substitutes is low, but the threat level of suppliers, buyers and new entrants is high.
  • the threat level of rivalry, substitutes and new entrants is high, but the threat level of buyers and supplies is low
  • the threat level of all five forces is low.

Questão 26

Questão
If your customers value your products more when they have your product and another firm's product rather than when they have your product alone, the other firm is considered to be a
Responda
  • competitor
  • complementor.
  • rival.
  • substitute.

Questão 27

Questão
An industry in which a large number of small or medium-sized firms operate and no small set of firms has dominant market share or creates dominant technologies is known as a(n) ________ industry
Responda
  • fragmented
  • consolidated
  • mature
  • emerging

Questão 28

Questão
The major opportunity facing firms in fragmented industries is
Responda
  • refining their current products and emphasizing an increase in service quality
  • developing new products and technologies
  • creating a first-mover advantage through technological leadership
  • the implementation of strategies that began to consolidate the industry into a smaller number of firms.

Questão 29

Questão
The advantages that come to firms that make important strategic and technological decisions early in the development of an industry are known as ________ advantages
Responda
  • first-mover
  • competitive
  • comparative
  • emerging

Questão 30

Questão
In general, first-mover advantages can arise from any of these sources except
Responda
  • technological leadership
  • preemption of strategically valuable assets.
  • the creation of customer switching costs
  • using an imitative strategy to introduce improved versions of competitors' new products

Questão 31

Questão
Mature industries are characterized by
Responda
  • an increase in total industry demand
  • faster increases in production capacity
  • a slowdown in the introduction of new products or services.
  • a decrease in the amount of international competition.

Questão 32

Questão
The most promising opportunity for a firm in a declining industry is to
Responda
  • establish itself as a first mover in the post-shakeout industry
  • become a market leader in the pre-shakeout industry
  • become a fast follower in the pre-shakeout industry
  • merge with another firm.

Questão 33

Questão
Firms in a declining industry that engage in a long, systematic phased withdrawal from the industry, extracting as much value as possible during the withdrawal period, are following a(n) ________ strategy
Responda
  • niche
  • expansion
  • divestment
  • harvest

Questão 34

Questão
Industries in which a large number of small or medium-sized firms operate and no small set of firms has dominant market share or creates dominant technologies are called ________ industries
Responda
  • fragmented
  • mature
  • emerging
  • declining

Questão 35

Questão
________ are advantages that come to firms that make important strategic and technological decisions early in the development of an industry
Responda
  • Visionary advantages
  • First-mover advantages
  • Comparative advantages
  • Missionary advantages

Questão 36

Questão
A consolidation strategy is a good option in what type of industry
Responda
  • mature
  • emerging
  • fragmented
  • declining

Questão 37

Questão
________ are resources required to successfully compete in an industry.
Responda
  • Strategically valuable assets
  • Technological leader strategies
  • Process innovations
  • Product innovations

Questão 38

Questão
________ costs exist when customers make investments in order to use a firm's particular products or services
Responda
  • First-mover-switching
  • Technological leadership-switching
  • Customer-switching
  • Process-switching

Questão 39

Questão
Based on the above description, the hardwood furniture industry can best be described as a(n) ________ industry.
Responda
  • emerging
  • fragmented
  • consolidated
  • declining

Questão 40

Questão
The level of direct competition in the hardwood furniture industry can best be described
Responda
  • low because of the numerous firms in the industry and the slowing growth rate
  • low because of the slowing growth rate and the competition from composite wood furniture
  • high because of the numerous firms in the industry and the slowing growth rate
  • moderate because the slowing growth rate offsets the numerous firms in the industry

Questão 41

Questão
The threat of suppliers in the hardwood furniture can best be described as
Responda
  • low because there are a large number of suppliers selling an undifferentiated product.
  • high because there are a large number of suppliers selling an undifferentiated product
  • moderate because the large number of suppliers is offset by the undifferentiated products they are selling
  • moderate because of the slowing growth rate in the industry and the commodity nature of the products produced by suppliers

Questão 42

Questão
If Hickory Divine were to open its own chain of furniture stores, this would be an example of
Responda
  • complementors.
  • backward vertical integration
  • consolidation.
  • forward vertical integration

Questão 43

Questão
In this example, composite wood furniture would be an example of a(n)
Responda
  • substitute
  • rival.
  • new entrant
  • complementor.

Questão 44

Questão
The threat of buyers in this industry is best described as
Responda
  • high because there are many suppliers, none of which represents a significant portion of the hardwood furniture industry's sales.
  • low because of the slow industry growth and the commodity nature of the suppliers.
  • low because there are many suppliers, none of which represents a significant portion of the hardwood furniture industry's sales
  • high because of the slow industry growth and the commodity nature of the suppliers

Questão 45

Questão
Which of the following best describes the competition in the U.S. online auction industry
Responda
  • perfect competition
  • monopolistic competition
  • oligopoly
  • monopoly

Questão 46

Questão
For BidBuy, services such as those offered by DollarDog that make BidBuy's services more valuable for customers who use the services of both companies are best described as
Responda
  • complementors.
  • substitutes
  • rivals
  • suppliers

Questão 47

Questão
Factors such as BidBuy's feedback rating system that are valuable to the company's customers but which are not useful on other online auction sites are examples of
Responda
  • first-mover advantages.
  • complementors.
  • substitutes
  • customer-switching costs

Questão 48

Questão
BidBuy has a ________ advantage
Responda
  • visionary
  • global
  • first-mover
  • comparative

Questão 49

Questão
The products or services provided by a firm's substitutes meet ________ customer needs in ________ ways as the product provided by the firm itself.
Responda
  • different; the same
  • approximately the same; the same
  • different; different
  • approximately the same; different

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