Question 1

The most widely used forecasting technique used after trend extrapolation is

Accepted Answer

The answer of The most widely used forecasting technique used...

Question 2

The technique recommended by the text to organize an analysis of external strategic factors is called

Accepted Answer

The technique recommended by the text to organize an analysis of external strategic factors is called EFAS (External Factor Analysis Summary), which is a tool used to summarize and evaluate an organization's external opportunities and threats. IFAS (Internal Factor Analysis Summary) is used for analyzing internal factors, SFAS (Strategic Factor Analysis Summary) is a combination of both internal and external factors, and SWOT analysis is a broader tool that includes both internal and external factors as well as an organization's strengths and weaknesses. The issues priority matrix is a tool used to prioritize issues based on their urgency and importance.

Question 3

List eight current sociocultural trends in the United States that are transforming North America and the world.

Accepted Answer

The answer of List eight current sociocultural trends in the...

Question 4

Regression analysis is an example of which quantitative forecasting technique?

Accepted Answer

Regression analysis involves using statistical modeling to analyze the relationship between variables and make predictions.

Question 5

Define competitive intelligence.

Accepted Answer

The answer of Define competitive intelligence....

Question 6

A non-quantitative approach to forecasting that requires simply the presence of people with some knowledge of the situation to be predicted to propose ideas without first mentally screening them is called

Accepted Answer

This approach is known as brainstorming, where a group of people with knowledge of a situation come together to suggest ideas without filtering or judging them. The goal is to generate as many ideas as possible without limitations.

Question 7

Trend extrapolation is

Accepted Answer

Trend extrapolation involves extending present trends into the future based on historical data. Other options such as A, C, D, and E do not accurately describe trend extrapolation.

Question 8

Describe Porter's approach to industry analysis.

Accepted Answer

The answer of Describe Porter's approach to industry analysis....

Question 9

One ground rule necessary for effective brainstorming is

Accepted Answer

Proposing ideas without mentally screening them is an important aspect of brainstorming. Allowing every idea to be voiced without criticism or evaluation encourages creativity and can lead to innovative solutions. The other options, such as scrutinizing, critiquing, and calculating, can hinder the free flow of ideas and limit the potential of the brainstorming session.

Question 10

Describe the four strategic types of the Miles and Snow typology.

Accepted Answer

The answer of Describe the four strategic types of the...

Question 11

In the EFAS Table, the indicator of how well a particular company is responding to current and expected factors in its external environment is characterized by the

Accepted Answer

The total weighted score in the EFAS (External Factor Analysis Summary) table indicates how well a company is responding to current and expected factors in its external environment.

Question 12

Which one of the following is NOT part of the process of industry scenarios?

Accepted Answer

The process of industry scenarios includes examining possible shifts in societal variables, identifying uncertainties in each of the six forces in the task environment, making a range of plausible assumptions about future trends, and analyzing the industry situation that would prevail under each scenario. However, there is no specific number or quota for generating scenarios. It can range from a few key scenarios to a multitude of possibilities. Therefore, option C is not a part of the process of industry scenarios.

Question 13

Discuss the most commonly practiced form of forecasting.

Accepted Answer

The answer of Discuss the most commonly practiced form of...

Question 14

Distinguish between a fragmented and consolidated industry.

Accepted Answer

The answer of Distinguish between a fragmented and consolidated industry....

Question 15

Describe the four general forces in the societal environment.

Accepted Answer

The answer of Describe the four general forces in the...

Question 16

What are the two factors that tend to determine whether an industry will be primarily multidomestic or primarily global?

Accepted Answer

The answer of What are the two factors that tend...

Quiz 4: Environmental Scanning and Industry Analysis