Question 1

Understanding how new knowledge can develop new products, processes, or materials is a result of analyzing the ______ segment of the general environment.

Accepted Answer

The technological segment of the general environment relates to the advancements and developments made in technology that can lead to new products, processes or materials. Therefore, analyzing this segment is the key to understanding how new knowledge can lead to innovative products, systems or materials.

Question 2

The likelihood of entry of new competitors is affected by ______ and ______.

Accepted Answer

Barriers to entry such as government regulations, economies of scale, brand loyalty, and high capital requirements can make it difficult for new competitors to enter the market. Additionally, the expected retaliation of current industry organizations can dissuade potential new entrants.

Question 3

Which of the following would be an example of the application of the next major technological opportunity for organizations?

Accepted Answer

SpaceX's reusable space vehicle represents the next major technological opportunity for organizations. It has the potential to drastically reduce the cost of space travel and exploration, opening up new opportunities for businesses and industries.

Question 4

Global warming and energy consumption trends are aspects of the ______ segment of the general environment that firms should monitor.

Accepted Answer

Global warming and energy consumption are physical aspects of the general environment, meaning they relate to the natural resources and conditions that exist in the world. As these issues can have significant impacts on a company's operations and reputation, firms should monitor and respond to them.

Question 5

New entrants to an industry are more likely when:

Accepted Answer

The answer of New entrants to an industry are more...

Question 6

All of the following are examples of efforts by firms to address the physical segment of the general:

Accepted Answer

The answer of All of the following are examples of...

Question 7

Green design, sustainable packaging, waste management, and energy efficiency are aspects of the ______ segment of the general environment that companies have sought to address with environmental sustainability initiatives.

Accepted Answer

The physical segment of the general environment includes aspects such as natural resources, climate, and physical conditions. Green design, sustainable packaging, waste management, and energy efficiency all relate to the physical resources of the environment, making D the best choice. The technological segment relates to advancements in technology, the political/legal segment relates to laws and regulations, and the global segment relates to international forces and events.

Question 8

All of the following are aspects of the political/legal segment of the general environment EXCEPT:

Accepted Answer

Attitudes and values are part of the sociocultural segment of the general environment, not the political/legal segment. The other options, lobby groups, taxation laws, and industries chosen for deregulation, are all aspects of the political/legal segment.

Question 9

Which of the following is NOT an entry barrier to an industry?

Accepted Answer

The answer of Which of the following is NOT an...

Question 10

An industry is defined as:

Accepted Answer

The answer of An industry is defined as:
...

Question 11

Economies of scale refers to the fact that as the:

Accepted Answer

Economies of scale refer to the cost advantage a company gains as it increases production. As production increases, the cost of manufacturing each unit decreases because fixed costs, such as rent and equipment, can be spread out over a larger number of units. Additionally, larger volume purchases of raw materials and supplies can be made, resulting in a lower cost per unit.

Question 12

The observation that China reached automotive production overcapacity in 2015, and has a glut of extra cars, is an aspect of the ______ segment of the general environment.

Accepted Answer

The fact that China has a surplus of cars due to overcapacity in automotive production is related to the global segment of the general environment, as it reflects trends and events occurring on a global scale. This surplus is partially due to slowing demand for new cars in China, as well as increasing competition from other global automobile manufacturers.

Question 13

Because of threats and risks in the global environment, some firms choose to take a more cautious approach by:

Accepted Answer

By focusing on global niche markets, firms can avoid some of the risks associated with larger, more competitive international markets while still achieving international growth. This approach allows firms to specialize in serving specific global demographics or market segments, reducing the risks associated with entering new markets without established supply chain and distribution networks.

Question 14

An analysis of society's attitudes and values would be conducted when studying the ______ segment of the general environment.

Accepted Answer

The sociocultural segment of the general environment includes factors such as attitudes, values, beliefs, and lifestyles of a society, which have a significant impact on the business environment. Therefore, studying society's attitudes and values would be conducted when analyzing the sociocultural segment of the general environment.

Question 15

One popular approach to taking care of the physical environment is:

Accepted Answer

Producing and selling additional green products is the best choice as it directly addresses the issue of taking care of the physical environment. This approach focuses on making the products eco-friendly and sustainable, reducing the carbon footprint and pollution caused by the products. By doing so, it encourages consumers to adopt a more environmentally friendly lifestyle and promotes a cleaner and safer physical environment.

Question 16

The next critical technological opportunity for organizations is predicted to be:

Accepted Answer

The answer of The next critical technological opportunity for organizations...

Question 17

The technological segment of environmental analysis includes:

Accepted Answer

The technological segment of environmental analysis focuses on the creation and application of new knowledge, which is captured in option A. This involves institutions and activities that drive innovation and technological advancements.

Question 18

The political/legal segment of an environment represents:

Accepted Answer

The answer of The political/legal segment of an environment represents:
...

Question 19

The concepts of Guanxi, Wa, and Inhwa all convey the general idea of:

Accepted Answer

Guanxi is a Chinese concept that emphasizes the importance of building and maintaining close personal relationships in business and social settings. Wa is a Japanese concept that emphasizes harmony and social cohesion, and Inhwa is a similar concept in Korea. All these concepts emphasize the importance of interpersonal relationships in various aspects of life.

Question 20

In a suburban community outside a city in Alabama, a retail store opened that specialized in dancewear for children and adults. It was moderately successful for five years until the local newspaper published an exposé that scanty lingerie stocked in the back of the store's showroom was selling briskly to a certain clientele. Afterward, the store lost most of its customers and nearly closed. Which segment of the environment did the store owners fail to take into account when they began selling the lingerie?

Accepted Answer

The store owners failed to take into account the sociocultural segment of the environment, which includes the values, beliefs, and lifestyles of the community. The community's negative response to the sale of scanty lingerie shows that the values and beliefs of the community were not aligned with the store's decision to stock such items.

Quiz 2: The External Environment: Opportunities, Threats, Industry Competition, and Competitor Analysis