CHAPTER 2: ASSIGNMENT QUESTIONS - Answer any five(5) of the following seven (7) questions.
- Why is it important for a firm to study and understand the external environment?
- What are the differences between the general environment and the industry environment? Why are these differences important?
- What is the external environmental analysis process (four parts)? What does the firm want to learn when using this process
- What are the seven segments of the general environment? Explain the differences among them.
- How do the five forces of competition in an industry affect its profit potential? Explain.
- What is a strategic group? Of what value is knowledge of the firm's strategic group in formulating that firm's strategy?
- What is the importance of collecting and interpreting data and information about competitors? What practices should a firm use to gather competitor intelligence and why?
Why is it important for a firm to study and understand the external environment It is important for a firm to study and... View the full answer