Strategic Management - Midterm Exam

It is composed of dimensions in the broader society that influence an industry and the firms within it.

• General environment

• Industry environment

• Economic environment

• Sociocultural environment

It is a condition in the general environment that may hinder a company's efforts to achieve strategic competitiveness.

• Strengths

• Weaknesses

• Opportunities

• Threats

Entails the study of all segments in the general environment.

• Scanning

• Monitoring

• Forecasting

• Assessing

It is a condition in the general environment that, if exploited effectively, helps a company reach strategic competitiveness.

• Strengths

• Weaknesses

• Opportunities

• Threats

How companies gather and interpret information about their competitors is called

• External Analysis

• Competitor Analysis

• External Competitor Analysis

• Analysis

When ____________, the objective is to determine the timing and significance of the effects of environmental changes and trends that have been identified.

• Scanning

• Monitoring

• Forecasting

• Assessing

It is concerned with a population's size, age, structure, geographic distribution, ethnic mix, and income distribution.

• Demographic segment

• Economic segment

• Political/Legal segment

• Technological segment

It is the arena in which organizations and interest groups compete for attention, resources, and a voice in overseeing the body of laws and regulations guiding interactions among nations as well as between firms and various local governmental agencies.

• Demographic segment

• Economic segment

• Political/Legal Segment

• Technological segment

Refers to potential and actual changes in the physical environment and business practices that are intended to positively respond to those changes with the intent of creating a sustainable environment

• Informal economy

• Global segment

• Sustainable physical environment segment

• Technological segment

Includes relevant new global markets, existing markets that are changing, important international political events, and critical cultural and institutional characteristics of global markets.

• Sociocultural segment

• Technological segment

• Political/Legal segment

• Global segment