Strayer University BUS MISC Crafting & Executing Strategy The Quest For Competitive Advantage Concepts And Cases 21st Edition -COMPLETE GUIDE FOR EXAM PREPARATION-GRADED A

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Multiple Choice Questions 1. The strategically relevant factors outside a company’s industry boundaries—economic conditions, political factors, sociocultural forces, technological factors, envi... ronmental factors, and legal/regulatory conditions—are known as the industry and the competitive arena in which the company operates.general economic conditions plus the factors driving change in the markets where a company operates. a company’s “macro-environment.” the competitive market environment that exists between a company and its competitors. the dominant economic features of a company’s industry. Six principal components—political factors, economic conditions in the firm’s general environment (local, country, regional, worldwide), sociocultural forces, technological factors, environmental factors (concerning the natural environment), and legal/regulatory conditions— constitute a company’s “macro-environment.” AACSB: Diversity Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 03-01 How to recognize the factors in a company’s broad macroenvironment that may have strategic significance. Topic: Environmental Scanning 2. Managers must chart a company’s strategic course by focusing on the local environment in which they are operating. ensuring excess production capacity and/or inventory. competing fiercely for a share in the market. building a bigger dealer network.developing a thorough understanding of the company’s external and internal environment. In order to chart a company’s strategic course wisely, managers must first develop a deep understanding of the company’s present situation. Two facets of a company’s situation are especially pertinent: (1) its external environment—most notably, the competitive conditions of the industry in which the company operates; and (2) its internal environment—particularly the company’s resources and organizational capabilities. AACSB: Diversity Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 1 Easy Learning Objective: 03-01 How to recognize the factors in a company’s broad macroenvironment that may have strategic significance. Topic: Environmental Scanning 3. Which of the following is NOT part of a company’s macro-environment? legal and regulatory conditions European culture, values, and lifestyles the pace of technological change the natural environment sociocultural forces Every company operates in a broad “macro-environment” that comprises six principal components: political factors, economic conditions in the firm’s general environment (local, country, regional, worldwide), sociocultural forces, technological factors, environmental factors (concerning the natural environment), and legal/regulatory conditions [Show More]

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