STR 581 Week 2 Knowledge Check
This factor considers or provides creative adaptations that can suggest possibilities for new products or for improvements in existing products or in manufacturing and marketing techniques.
Because the quantity, quality, price, and accessibility of financial, human, and material resources are rarely ideal, assessment of suppliers and creditors is critical to an accurate evaluation of which of the firm’s external environments?
Which of these is a determinant of entry, according to Porter?
Presence of substitute input
Ability to backward integrate
Economies of scale
This information is used to explain or predict some aspect of customer behavior with regard to a product or service. Information such as usage rate, benefits sought, and brand loyalty can provide significant aid in the design of more accurate and profitable strategies.
A firm’s external environment is divided into various subcategories that include
political, social, and industry
remote, industry, and operating
industry, technology, and internal
remote, social, and operations
When managers consider the general availability of credit, the level of disposable income, and the propensity of people to spend, they are considering what factors?
What Human Resource component within its operating environment is a major element of a firm’s ability to satisfy its personnel needs?
This is considered a collection of firms that offer similar products or services that customers perceive to be substitutable for one another..
This environment in the strategic planning process comprises factors in the competitive situation that affect a firm’s success in acquiring needed resources or in profitably marketing its goods and services.
The quasi-science of anticipating environmental and competitive changes and estimating their importance to an organizations operation refers to
Which threat of entry creates a barrier by forcing entrants to spend heavily to overcome customer loyalty?
Economies of scale
This element of employment or labor represents the workers in their negotiations with employers through the process of collective bargaining.
Wage & Hours Association
The environment that is typically subject to much influence by the firm is
Economies of scale in an industry refers to
declining average short run costs per unit
savings that companies within the industry achieve due to increased volume
decreased barriers to entry to new firms attempting to enter the industry
improved contractual agreements with suppliers in the near term
This term refers to descriptive characteristics that can be used to differentiate groups of present or potential customers.
A firm’s access to needed personnel is affected primarily by four factors that include
the firm’s reputation as an employer, national employment rates, community involvement, and overall employee satisfaction
the firm’s size and location, local employment rates, labor unions to assist with labor needs, and trained potential employees
the firm’s size and location, competitive hourly rates, availability of talented people, and its relationship with labor unions
the firm’s reputation as an employer, local employment rates, the ready availability of people with the needed skills, and its relationship with labor unions
This group is considered powerful if it is not obliged to contend with other products for sale to the industry.
This termrefers to the relationships among human beings and other living things and the air, soil, and water that supports them.
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