Business Environment Quiz

What is the communal aggregation and convergence of a country's philosophy, beliefs, traditions, and values called?

• Stakeholders

• Culture

• Customers

• Government

Which of the following is a variable that affects the internal environment of a business?

• Community's educational attainments

• Suppliers' raw materials

• Competitors' strategies

• Nation's culture

Who are considered as assets to the country in the internal business environment?

• Community members

• Business investors

• Competitors

• Government officials

What is the term used for any alternative, replacement, or endorsement of goods on the market?

• Substitute Product

• Collaborative Competition

• Corrupted Competition

• Complementary Competition

Which method is outlined for identifying competitors based on the company's characteristics, products, and customers?

• The suppliers

• The product

• The customers

• The company

What does CRM stand for in the internal business environment?

• Customer Relationship Management

• Competitive Rivalry Management

• Corporate Resource Management

• Community Relationship Management

What do suppliers provide to the organization in the internal business environment?

• Machinery and technology

• Community services

• Competitive strategies

• Customer support

According to Michael Porter, which of the following is one of the five forces that determine the intensity, profitability, and attractiveness of an industry?

• Bargaining power of customers

• Rivalry among existing competitors

• Availability of substitute products

• Ease of entry of new firms

When is the bargaining power of suppliers high in the internal business environment?

• Product switching is easy

• Customers buy in large volumes

• Customers are not united but fragmented

• Suppliers are fragmented and few

What is often the most direct and intense of the five forces according to Michael Porter?

• Rivalry

• Threat of New Entrants

• Bargaining Power of Suppliers

• Bargaining Power of Buyers