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BUS 475 Week 2 Chapter 3 External Analysis Industry Structure, Competitive Forces, and Strategic Groups Assignment
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BUS 475 Week 2 Chapter 3 External Analysis Industry Structure, Competitive Forces, and Strategic Groups Assignment

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BUS 475 Week 2 Chapter 3 External Analysis Industry Structure, Competitive Forces, and Strategic GroupsAssignment 1. Which of the following help determine competitive industry structure? (Check all that apply) 2. Which of the following are characteristics of a perfectly competitive industry? (Check all that apply.) 3. Which of the following are characteristics of a monopolistically competitive industry? (Check all that apply.) 4. A key feature of an oligopoly is that the competing firms in the industry , meaning the actions of any one firm will influence the behaviors of the other firms. 5. An industry in which only one firm supplies the market is known as a(n) . 6. Many drivers find a GPS navigation system useful. Because installing a GPS system in an automobile adds value to the vehicle, the system functions as . 7. A perfectly competitive industry has entry barriers and small firms. 8. Recessions are less likely to harm low-cost airlines, which appeal more to budget-conscious travelers than legacy carriers. 9. In the group of external factors that form the PESTEL model, the “P” stands for political and the “L” stands for legal. 10. A firm’s strategic position relates to its ability to create value for customers while containing the cost to do so. 11. Michael Porter developed the five forces model to help firms do which of the following? (Check all that apply.) 12. The weaker the five forces in Porter’s model, the the industry’s profit potential. Greater 13. Which of the following are forces in Porter’s five forces model? (Check all that apply.) 14. The risk that potential competitors will enter the industry is known as the . Threat of entry 15. Which of the following are examples of economies of scale? (Check all that apply.) 16. The pressures that industry suppliers can exert on an industry’s profit potential, is also called the . 17. Which of the following are ways in which the power of buyers affects procedures? (Check all that apply.) 18. The threat of is one of the five forces and can be exemplified by the threat that video conferencing presents to business travel. 19. The intensity with which companies in an industry jockey for market share and profitability is known as . 20. An industry analysis provides which of the following? (check all that apply.) 21. According to Porter’s model, which of the following should be considered when analyzing a firm’s competition? (Check all that apply.) 22. According to the five forces model, a firm seeking to compete in an established industry should seek to do which of the following? (Check all that apply.) 23. Cost advantages that accrue for firms with larger output because they can spread fixed costs over more units and an employ technology more efficiently are called . 24. The power of is the pressure they can put on the margins of producers in the industry by demanding a lower price or higher product quality. 25. The most rigorous means of analyzing the profit potential within a specific industry is to conduct . 26. According to Michael Porter, the profit potential of an industry is . 27. The stronger the five forces in Porter’s model, the the industry’s profit potential. 28. A group of companies that deals with more or less the same set of suppliers and buyers make up . 29. A(n) strategic group is a set of companies within a specific industry seek to achive competitive advantage in similar ways. 30. The cultures, norms and values of the society in which a firm competes are considered sociocultural factors. 31. An example of a recent innovation in process technology is . 32. Which of the following is a positive response to ecological factors in the PESTEL model? 33. Deregulation of industries leads to intensified competition and higher value at lower prices for consumers. This is an example of factors influencing business. Legal 34. Global warming would be an example of factor in a firm’s external environment. 35. Managers are able to influence which of the following types of external forces? (Check all that apply.) 36. In the PESTEL model, political factors are those that relate to . 37. The economic factors that affect a firm’s external environment are . 38. Managers have direct influence over external forces in the firm’s general environment than those in the firm’s task environment. Less 39. Which of the following statements about industry dynamics is true? (Check all that apply.) 40. Firms have a tendency to change the industry structure in their favor, for example by making industries more through mergers and acquisitions. 41. When a person has been using a PC with a Microsoft Windows operating system starts using an Apple computer (which has a different operating system), that person will incur significant customer switching costs. 42. Which of the following are the example of commonly encountered capital requirements? (Check all that apply.) 43. Advantages based on brand loyalty, proprietary technology, preferential access to raw materials, and favorable geographic locations are example of . 44. New firms have been established in the airline and telecommunication industries after . 45. Walmart producing private-label brands, such as Equate health and beauty items and Parent’s choice baby products, is an example of . 46. Which of the following conditions lead to a strong threat of substitute? (Check all that apply.) 47. There is a(n) relationship between intensity and the power of five forces. 48. Although coordination, such as price fixing, is illegal in the United States, coordination such as “an unspoken understanding” is not. 49. As utility companies tend to serve a whole market exclusively, they are known as ------------- because the governments involved believe that the product or service would not be supplied otherwise. 50. Which of the following are likely outcomes of a competitive rivalry based entirely on price cutting? (Check all that apply.) 51. True or false: High exit barriers lead to intense rivalry. True 52. Rivalry among existing competitors has --------------- with the height of the industry’s exit barriers. 53. The key take away from the five forces model is that -----------------. 54. The threat of entry is high when capital requirements are low in comparison to the expected returns. 55. The fact that tax preparation software such as Intuit’s TurboTax is a valid alternative for professional services offered by H&R Block and others, is an example of----------------------------. 56. Price discounts, frequent new product releases with minor modifications, and intense promotional campaigns are all tactics indicative of an industry with ---------------- growth. Slow or negative 57. True or false: The stronger the five forces, the greater the industry’s ability to earn above- average competitive advantage. False 58. Firms within the same strategic group are direct competitors. 59. Which of the following are important strategic dimensions in mapping strategic groups? (Check all that apply.) 60. Industry-specific factors known as --------------------- separate one strategic group from another. Mobility barriers 61. In the airline industry, the mobility (type in one word only) barrier of offering international routes restricts movement between hub-and-spoke and point-to-point airlines. 62. Exit barriers, strategic commitments, and competitive industry structure are important factors in determining the intensity of rivalry (fill out one word only) 63. Firms are able to create a near monopoly by maximizing ---------------. 64. True or false: Airlines that are strategically committed to the hub-and-spoke model face high fixed costs to maintain their network of routes that affords global coverage. Such strategic commitments leads to high fixed costs and therefore decreased rivalry. False 65. When Samsung and Google cooperate as complementors to compete against Apple’s strong position in the mobile device industry while at the same time becoming increasingly competitive with each other, this is referred to as ----------------------. 66. As strategic commitments increase, rivalry within an industry ------------------. 67. Which of the followings are essential questions that strategic leaders need to consider to increase the probability of entering an industry successfully? (Check all that apply.) 68. Which of the following are examples of demographic factors? Sexual orientation Gender Age 69. Which of the following have helped increase the rate of convergence in the media industries? (Check all that apply.) 70. Which of the following helped Airbnb develop a successful business in the peer-to-peer rental space? 71. Which of the following are employed as nonmarket strategies to influence government bodies? Public relations Litigation Lobbying 72. Which of the following are approaches for answering the question “How to Enter?” when a firm is considering entering an industry? 73. When companies seek ways to recharge car batteries in a sustainable way, it is an example of --- factors creating business opportunities. ecological 74. When buyers can credibly threaten to backwardly integrate into the industry, the power of buyers is ----------------. High 75. In order to influence changes in their political environment, firms pursue ---------------. Nonmarket strategies 76. The -------------- is a measure of the change in the amount of goods and services produced by a nation’s economy. Economic growth rate 77. The NASDAQ peaked at its all-time high of 5,132 points on March 10,2000. Hundreds of dot-com businesses were founded and funded during this time, but very few survived. This example shows that ------------------. 78. It might be a good idea to expand or upgrade a firm’s human capital base during a -------------, because unemployment is high and therefore human capital is abundant and wages usually -----. 79. The amount that savers are paid for use of their money and the amount that borrowers pay for that use is known as --------------. 80. Price --------- is the lack of change in price levels of goods and services. 81. Deflation is a serious threat to economic growth for which of the following reasons? 82. The --------------- rate determines how many dollars one must pay for a unit of foreign currency. 83. In a period of economic boom, unemployment is ---------------, and human resource become expensive. 84. An increase in the overall price level is also called -------------. 85. The closer firms are on the strategic group map, the more ---------------- they are competing with each other. (Check all that apply.) Directly 86. Which of the following are important sources of entry barriers? (Check all that apply.)

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