5 Forces & VRIO Analysis

5 Forces & VRIO Analysis

Assessment

Flashcard

Business

University

Hard

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31 questions

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1.

FLASHCARD QUESTION

Front

What is the first step in conducting an industry analysis?

Back

Determine the industry

Answer explanation

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2.

FLASHCARD QUESTION

Front

What is the second step in conducting an industry analysis?

Back

Establishing the nature and strength of the five forces

3.

FLASHCARD QUESTION

Front

What is the third step in conducting an industry analysis? Options: Identify drivers of industry change, Profit margins, Marketing strategies, Competitor weaknesses

Back

Identify drivers of industry change

4.

FLASHCARD QUESTION

Front

What is the fourth step in conducting an industry analysis?

Back

Synthesize to determine if it’s a good industry to be in

5.

FLASHCARD QUESTION

Front

What is the fifth step in conducting an industry analysis?

Back

Consider how the firm should compete

6.

FLASHCARD QUESTION

Front

What allows suppliers to exert bargaining power?

Back

Threatening to raise prices or reduce the quality of goods and services

7.

FLASHCARD QUESTION

Front

When do suppliers have high bargaining power? Options: When only a few firms dominate the industry, When buyers have high switching costs, When suppliers sell to several industries, All of the above

Back

When only a few firms dominate the industry

Answer explanation

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Think Walmart

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