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The core of a firm’s business environment is determined by: a-Its relationships with customers, competitors, and suppliers b-Its relationships with customers, rivals, government, and suppliers c-Its relationships with its major stakeholders d-Its vision and mission A Industry structure analysis What is the relationship between macro level factors (such as economic trends or political trends) and strategy? Value is created when: Once value is created, it is, in general: Value in industry “Consumer surplus” is: a-The difference between the price customers expect to pay, and the price they would have been willing to pay b-The total of all the differences between the price each customer actually pays and the maximum price they would have been willing to pay, all other things being equal. c-The difference between the costs incurred in serving customers, and the revenue that they generate d-The amount of extra product consumers buy because of the difference between the normal price and a special offer price. B Customer surplus In an industry, the profits earned by firms are determined by: