environmental forecasting - ANSWERSthe development of plausible projections about the direction, scope, speed, and intensity of environmental change
1. environmental scanning
2. environmental monitoring
3. competitive intelligence - ANSWERSWhat are the 3 inputs to forecasts?
environmental s...
SEVI 3013H Final Exam 100% Correct!
environmental forecasting - ANSWERSthe development of plausible projections about
the direction, scope, speed, and intensity of environmental change
1. environmental scanning
2. environmental monitoring
3. competitive intelligence - ANSWERSWhat are the 3 inputs to forecasts?
environmental scanning - ANSWERSsurveillance of a firm's external environment to
predict environmental changes and detect changes already under way
environmental monitoring - ANSWERSa firm's analysis of the external environment that
tracks the evolution of environmental trends, sequences of events, or streams of
activities
competitive intelligence - ANSWERSa firm's activities of collecting and interpreting data
on competitors, defining and understanding the industry, and identifying competitors'
strengths and weaknesses
scenario analysis - ANSWERSan in-depth approach to environmental forecasting that
involves experts' detailed assessments of societal trends, economics, politics,
technology, or other dimensions of the external environment
SWOT analysis - ANSWERSa framework for analyzing a company's internal and
external environments and that stands for strengths, weaknesses, opportunities, and
threats
general environment - ANSWERSfactors external to an industry, and usually beyond a
firm's control, that affect a firm's strategy
1. demographic
2. sociocultural
3. political/legal
4. technological
5. economic
6. global - ANSWERSWhat are the 6 segments of the general environment?
demographic segment of the general environment - ANSWERSgenetic and observable
characteristics of a population, including the levels and growth of age, density, sex,
race, ethnicity, education, geographic region, and income
sociocultural segment of the general environment - ANSWERSthe values, beliefs, and
lifestyles of a society
, political/legal segment of the general environment - ANSWERShow a society creates
and exercises power, including rules, laws, and taxation policies
technological segment of the general environment - ANSWERSinnovation and state of
knowledge in industrial arts, engineering, applied sciences, and pure science; and their
interaction with society
economic segment of the general environment - ANSWERScharacteristics of the
economy, including national income and monetary conditions
global segment of the general environment - ANSWERSinfluences from foreign
countries, including foreign market opportunities, foreign-based competition, and
expanded capital markets
industry - ANSWERSa group of firms that produce similar goods or services
competitive environment - ANSWERSfactors that pertain to an industry and affect a
firm's strategies
Porter's five forces model of industry competition - ANSWERSa tool for examining the
industry-level competitive environment, especially the ability of firms in that industry to
set prices and minimize costs
1. threat of new entrants
2. bargaining power of buyers
3. bargaining power of suppliers
4. threat of substitute products and services
5. intensity of rivalry among competitors - ANSWERSWhat are Porter's 5 Forces?
threat of new entrants - ANSWERSthe possibility that the profits of established firms in
the industry may be eroded by new competitors
bargaining power of buyers - ANSWERSthe threat that buyers may force down prices,
bargain for higher quality or more services, and play competitors against each other
bargaining power of suppliers - ANSWERSthe threat that suppliers may raise prices or
reduce the quality of purchased goods and services
threat of substitute products and services - ANSWERSthe threat of limiting the potential
returns of an industry by placing a ceiling on the prices that firms in that industry can
profitably charge without losing too many customers to substitute products
intensity of rivalry among competitors - ANSWERSthe threat that customers will switch
their business to competitors within the industry
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