Micro and macro analysis

Which of the following is true regarding the relationship between micro and macroanalysis in strategic management?

• firms only need to conduct microanalysis to be successful

• macroanalysis is more important to firms than microanalysis

• both micro and macroanalysis are important for firms to make effective decisions

• microanalysis is more important to larger firms, while macroanalysis is more important to small businesses

Which of the following is NOT included in macro analysis in strategic management?

• Political factors

• Legal factors

• Company size

• Technological factors

In strategic management, micro analysis focuses on:

• The internal environment of the firm

• The external environment of the firm

• The cultural and social aspects of the firm

• The global economic factors affecting the firm

What is the main difference between micro and macro analysis in strategic management?

• Micro analysis focuses on the internal environment, while macro analysis focuses on the external environment of the firm.

• Macro analysis focuses on the internal environment, while micro analysis focuses on the external environment of the firm.

• Macro analysis is concerned with long-term goals, while micro analysis is focused on short-term goals.

• Macro analysis focuses on the external environment, while micro analysis focuses on the internal environment of the firm.

When analyzing the micro environment, which of the following is most commonly examined?

• The company's strengths, weaknesses, opportunities, and threats

• The economic landscape

• The cultural landscape

• The legal landscape

In strategic management, which level of analysis is more broad and global in nature?

• Micro analysis

• Macro analysis

• Both micro and macro analysis are equally broad and global in nature

• It depends on the industry or firm being analyzed.

Which of the following is a common tool used for macro analysis in strategic management?

• SWOT analysis

• PEST analysis

• Value chain analysis

• Porter's Five Forces model

Which of the following is not an element of Porter’s 5 Forces Model?

• The firm’s macroeconomic environment.

• The firm’s existing competition.

• The bargaining power of suppliers.

• The potential competition from new entrants.

From the list below, identify which factor does not form one of the six key areas of a PESTEL analysis.

• Technological changes

• Ecological changes

• Education changes

• Political changes

How does PEST help your strategic development team?

• It helps you to identify the strengths of your company.

• It helps you to find solutions to problems, create marketing strategies, and stay ahead of your competition.

• It helps you to find the weaknesses of your company.

• It helps you to see how your company's financial well-being is affecting the environment.