STR 581 Week 2 Knowledge Check(100% correct......

1

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.

Operations factor

Sales factor

Technological factor

Industry factor

2

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?

Remote environment

Industry environment

Operating environment

Business environment

3

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

Presence of substitute input

Ability to backward integrate

Economies of scale

Exit barriers

4

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.

Demographic information

Psychographic information

Geographic information

Buyer behavior

5

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

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?

Social factors

Business factors

Political factors

Economic factors

7

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

Employment rates

Labor union

Benefit packages

Reputation

8

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

 Industry

Environment

Oligopoly

Monopoly

9

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

Industry environment

Remote environment

Business environment

10

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

environmental scanning

SWOT analysis

technological forecasting

business analysis

11

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

Powerful buyers

Product differentiation

Economies of scale

Powerful sellers

12

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

Wage & Hours Association

Human Resources

Hiring agent

Labor unions

13

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

operating

remote

industry

external

14

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

15

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

Psychographics

Demographics

Buyer behaviors

Geographics

16

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

17

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

Retailers

Buyers

Suppliers

Wholesalers

18

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

Eco-efficiency

Ecology

Going green

Society