What is the purpose of an external audit?

• To identify key variables that offer actionable responses

• To evaluate the internal strengths and weaknesses of a firm

• To analyze the financial performance of a firm

• To assess the effectiveness of a firm's marketing strategies

Which of the following is not a key external force that impacts organizations?

• Economic forces

• Social, cultural, demographic, and environmental forces

• Internal organizational factors

• Technological forces

What is Porter's Five-Forces Model?

• A model that assesses the internal strengths and weaknesses of a firm

• A model that analyzes the competitive forces in an industry

• A model that evaluates the social and cultural factors affecting an organization

• A model that predicts future economic trends

What are forecasting tools and techniques used for?

• To make educated assumptions about future trends and events

• To analyze the financial performance of a firm

• To evaluate the internal strengths and weaknesses of a firm

• To assess the effectiveness of a firm's marketing strategies

What is the purpose of an External Factor Evaluation (EFE) Matrix?

• To summarize and evaluate key external factors

• To analyze the competitive profile of a firm

• To forecast future industry trends

• To assess the financial performance of a firm

What is the purpose of a Competitive Profile Matrix (CPM)?

• To identify and evaluate key external forces

• To assess the competitive strengths and weaknesses of rival firms

• To analyze the social and cultural factors affecting an organization

• To forecast future economic trends

What is the most powerful of the five forces in Porter's Five-Forces Model?

• Rivalry among competing firms

• Potential entry of new competitors

• Potential development of substitute products

• Bargaining power of suppliers

What is the condition that cause high rivalry among competing firms?

• When the number of competing firms is low

• When competing firms have different capabilities

• When consumers can switch brands easily

• All of the above

Bargaining power of suppliers is increased when

• there are few suppliers

• there are more substitute suppliers

• the costs of switching raw materials is low

• there are more suppliers

Which are the unpublished sources of external information?

• periodicals and journals

• customer surveys and market research

• abstracts and books

• government document and reports