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Strat Manage Ch 3

Strategic Management Chapter 3

QuestionAnswer
What is sometimes referred to as environmental scanning or industry analysis? The tools and concepts needed to conduct an external strategic management audit.
What is an external audit? A focus on identifying and evaluating trends and events beyond the control of a single firm, such as increased foreign competition, population shifts to the Sunbelt, an aging society, consumer fear of traveling, and stock market volatility.
What is the purpose of an external audit? To develop a finite list of opportunities that could benefit a firm and threats that should be avoided.
What are the five categories of external forces? 1. Economic forces 2. Social, cultural, demographic, and environmental forces 3. Political, governmental, and legal forces 4. Technological forces 5. Competitive forces
What did York Freund emphasize about what the external factors should be? 1. Important to achieving long-term and annual objectives 2. Measurable 3. Applicable to all completing firms 4. Hierarchical in the sense that some ill pertain to the overall company and others will be more narrowly focused on functional areas.
What is industrial organization? The view that external factors are more important than internal factors in a firm achieving competitive advantage. Michael Porter is a proponent of the view.
What seven characteristics describe the most competitive companies? 1. Market share matters 2. Understand and remember what business you are in 3. Whether it's broke or not, fix it 4. Innovate or evaporate 5. Acquisition is essential to growth 6. People make a difference 7. There is no substitute for quality
What is the definition of competitive intelligence by the Society of Competitive Intelligence Professionals(SCIP)? A systematic and ethical process for gathering and analyzing information about the competition's activities and general business trends to further a business's own goals.
What are the three common misperceptions about business intelligence among U.S. executives? 1. Running an intel program requires lots of people, equip, and resources 2. Collecting intel about competitors violates laws 3. Intel gathering is an unethical business practice
What are the three basic missions of a CI program? 1. Provide a general understanding of an industry and its competitors 2. Identify areas in which competitors are vulnerable and to asses the impact strategic actions would have on competitors 3. Identify potential moves that a competitor might make
What are the responsibilities of director of competitive analysis? Planning, collecting and analyzing data, facilitating the process of collection and analysis of data, dissemination of intel on a timely basis, research special issues, and recognize what info is important and who needs to know.
What does Porter's Five-Forces Model consist of? 1. Rivalry among competing firms 2. Bargaining power of suppliers 3. Potential entry of new competitors 4. Bargaining power of consumers 5. Potential development of substitute products
What are the three steps for using Porter's Five-Forces Model to reveal whether competition is such that the firm can gain an acceptable profit? 1. Identify key aspects of each competitive force that impact the firm. 2. Evaluate how strong and important each aspect is. 3. Decide whether the strength is worth the firm entering or staying in the industry.
What are the five ways consumers gain bargaining power? 1.Can inexpensively switch to competing brands 2. Are important to the seller 3. Sellers are struggling in the face of failing consumer demand 4. Are informed about sellers' products & prices 5. Have discretion in whether and when they purchase produc
Created by: mark.mcdonald84
 

 



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