Question 1

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

Accepted Answer

The answer of Which of the following would be an...

Question 2

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 trends are physical aspects of the general environment that can directly impact the operations and sustainability of firms. The technological segment relates to advances in technology, the sociocultural segment relates to changes in societal values and beliefs, and the economic segment relates to the overall health of the economy.

Question 3

The political/legal segment of an environment represents

Accepted Answer

The answer of The political/legal segment of an environment represents
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Question 4

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 mitigate the risks associated with operating in unfamiliar territories. This strategy allows firms to gain experience operating in foreign markets, while also reducing the potential costs and risks associated with a full-scale global expansion.

Question 5

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

Accepted Answer

Guanxi (China), Wa (Japan), and Inhwa (Korea) are all cultural concepts that emphasize the importance of interpersonal relationships in business and social settings. These concepts prioritize building strong and trust-based connections with others as a means for success, rather than focusing solely on individual achievement or risk-taking.

Question 6

The economic environment refers to

Accepted Answer

The economic environment refers to the nature and direction of the economy in which a firm competes or may compete. It includes factors such as economic growth, inflation, unemployment, interest rates, and other economic indicators.

Question 7

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 refers to the scientific and technological advancements that can impact businesses and industries. Understanding how new knowledge in this segment can lead to the development of new products, processes, or materials is crucial for businesses to stay competitive and innovative.

Question 8

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 9

Green restaurant design, sustainable packaging, waste management, and energy efficiency are aspects of the ______________ segment of the general environment that McDonald's has sought to address (Chapter 2 Strategic Focus).

Accepted Answer

The physical segment of the general environment refers to the natural resources, climate, and weather conditions, as well as issues related to waste management and energy efficiency. McDonald's has been working on implementing sustainable practices in its physical environment, such as green restaurant design and waste management initiatives.

Question 10

The observation that in China, even though car sales surged 37% in 2010, it is expected that by 2015 they will reach production overcapacity and have a glut of extra cars is an aspect of the ____ segment of the general environment.

Accepted Answer

The answer of The observation that in China, even though...

Question 11

The technological segment of environmental analysis includes

Accepted Answer

The answer of The technological segment of environmental analysis includes
...

Question 12

The next critical technological opportunity for organizations is predicted to be

Accepted Answer

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

Question 13

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 owner fail to take into account when she began selling the lingerie?

Accepted Answer

The store owner failed to take into account the sociocultural segment of the environment, which includes cultural and social factors such as values, beliefs, and attitudes of the community. Selling scanty lingerie to children and adults may have been acceptable in some cultures, but it was not acceptable in this suburban community in Alabama. The exposé by the local newspaper had a negative impact on the store's reputation and led to a loss of customers. Had the store owner been more attuned to the sociocultural segment, she may have made different decisions about what merchandise to stock and how to market it.

Question 14

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

Accepted Answer

The likelihood of entry of new competitors depends on the barriers to entry and the expected retaliation of current industry organizations. Barriers to entry refer to factors that make it difficult for new firms to enter the market, such as high start-up costs or strong brand loyalty of existing firms. Expected retaliation refers to the likely response of existing firms to new entrants, such as price cuts or increased advertising. Both of these factors can discourage new firms from entering the market.

Question 15

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 political/legal segment includes laws, regulations, and government policies that can affect organizations. This includes antitrust laws, taxation laws, and industries chosen for deregulation.

Question 16

All of the following are examples of efforts by firms to address the physical segment of the general environment in the Chapter 2 Strategic Focus case EXCEPT

Accepted Answer

Hiring more women and minorities at Microsoft is an effort to address the sociocultural segment of the general environment, not the physical segment which deals with natural resources and environmental sustainability. A, B, and C are all examples of efforts to address the physical segment through sustainable packaging, reduction in carbon dioxide emissions, and reduction in water usage.

Question 17

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

Accepted Answer

Attitudes and values are part of the sociocultural segment of the general environment. This segment includes factors such as social norms, lifestyle trends, education, religion, and demographics, which all shape the way people think and behave in society. Understanding the sociocultural environment is important for businesses to effectively target their products and services to specific segments of the population.

Question 18

An industry is defined as

Accepted Answer

The answer of An industry is defined as
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Question 19

The Chapter 2 Strategic Focus case on firm's efforts to take care of the physical environment noted that one popular approach was

Accepted Answer

The case specifically mentions that one popular approach to taking care of the physical environment is by producing and selling additional green products.

Question 20

Which of the following would NOT be identified in an analysis of the economic portion of the general environment?

Accepted Answer

The ability of a specific company (Ford) to issue new debt is not a factor that would be analyzed in the economic portion of the general environment. The economic portion of the general environment includes factors such as interest rates, inflation, unemployment, and consumer spending patterns.

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