STR/581 STR581 Week two Quiz (18/18) - 57119

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1. This group is considered powerful if it is not obliged to contend with other products for sale to the industry. 

Wholesalers

Retailers

Suppliers

Buyers

 

2. What Human Resource component within its operating environment is a major element of a firm’s ability to satisfy its personnel needs?

Labor union

Employment rates

Benefit packages

Reputation

 

3. The environment that is typically subject to much influence by the firm is

industry
 
external

remote
 
operating

4. A firm’s external environment is divided into various subcategories that include

remote, social, and operations

remote, industry, and operating

political, social, and industry

industry, technology, and internal

 

5. This term refers to descriptive characteristics that can be used to differentiate groups of present or potential customers.

Psychographics
 
Geographics

Demographics

Buyer behaviors

 

6. 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?

Economic factors

Social factors

Business factors

Political factors

 

7. 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.

Operating environment

Business environment

Industry environment

Remote environment

 

8. A firm’s access to needed personnel is affected primarily by four factors that include 

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

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

9. Which of these is a determinant of entry, according to Porter?

Exit barriers
 
Presence of substitute input

Economies of scale

Ability to backward integrate

 

10. This element of employment or labor represents the workers in their negotiations with employers through the process of collective bargaining.

Labor unions

Human Resources

Wage & Hours Association

Hiring agent

 

11. Which threat of entry creates a barrier by forcing entrants to spend heavily to overcome customer loyalty?
 
Product differentiation

Powerful sellers

Powerful buyers

Economies of scale

 

12. This is considered a collection of firms that offer similar products or services that customers perceive to be substitutable for one another..

Oligopoly

Industry
 
Monopoly

Environment

 

13. Economies of scale in an industry refers to

improved contractual agreements with suppliers in the near term
 
decreased barriers to entry to new firms attempting to enter the industry

savings that companies within the industry achieve due to increased volume
 
declining average short run costs per unit

 

14. 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.

Psychographic information
 
Buyer behavior
 
Demographic information

Geographic information

 

15. This term refers to the relationships among human beings and other living things and the air, soil, and water that supports them. 

Ecology

Eco-efficiency

Going green

Society

 

16. 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.

Industry factor

Sales factor

Operations factor

Technological factor

 

17. The quasi-science of anticipating environmental and competitive changes and estimating their importance to an organizations operation refers to

SWOT analysis

technological forecasting

environmental scanning

business analysis

 

18. 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?

Operating environment

Industry environment

Remote environment
 
Business environment

Solution Description

1. This group is considered powerful if it is not obliged to contend with other products for sale to the industry. 

Wholesalers

Retailers

Suppliers

Buyers

 

2. What Human Resource component within its operating environment is a major element of a firm’s ability to satisfy its personnel needs?

Labor union

Employment rates

Benefit packages

Reputation

 

3. The environment that is typically subject to much influence by the firm is

industry
 
external

remote
 
operating

4. A firm’s external environment is divided into various subcategories that include

remote, social, and operations

remote, industry, and operating

political, social, and industry

industry, technology, and internal

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