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STR 581 Week 2 Knowledge Check

STR 581 Week 2 Knowledge Check

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STR 581 Week 2 Knowledge Check -

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

  • remote, social, and operations
  • industry, technology, and internal
  • political, social, and industry
  • remote, industry, and operating


2. 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?

  • Social factors
  • Business factors
  • Political factors
  • Economic factors


3. 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
  • Operations factor
  • Sales factor
  • Technological factor


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

  • environmental scanning
  • SWOT analysis
  • business analysis
  • technological forecasting


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

  • Society
  • Eco-efficiency
  • Going green
  • Ecology


6. Economies of scale in an industry refers to

  • savings that companies within the industry achieve due to increased volume
  • declining average short run costs per unit
  • improved contractual agreements with suppliers in the near term
  • decreased barriers to entry to new firms attempting to enter the industry


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

  • Psychographics
  • Buyer behaviors
  • Geographic’s
  • Demographics


8. 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.

  • Geographic information
  • Demographic information
  • Psychographic information
  • Buyer behavior


9. 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?

  • Industry environment
  • Business environment
  • Remote environment
  • Operating environment


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

  • Employment rates
  • Benefit packages
  • Labor union
  • Reputation


11. 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, 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 reputation as an employer, local employment rates, the ready availability of people with the needed skills, and its relationship with labor unions


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

  • Human Resources
  • Hiring agent
  • Wage & Hours Association
  • Labor unions


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

  • external
  • industry
  • remote
  • operating


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

  • Presence of substitute input
  • Ability to backward integrate
  • Exit barriers
  • Economies of scale


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

  • Economies of scale
  • Powerful sellers
  • Powerful buyers
  • Product differentiation


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

  • Buyers
  • Retailers
  • Wholesalers
  • Suppliers


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

  • Monopoly
  • Oligopoly
  • Environment
  • Industry


18. 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.

  • Remote environment
  • Industry environment
  • Business environment
  • Operating environment

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