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UWEC MGMT 449 Exam 1 questions with answers
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UWEC MGMT 449 Exam 1 questions with answers
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UWEC MGMT 449 Exam 1PESTEL Analysis - correct answer ✔✔focuses on principal components of strategic significance in the
macro-environment
what do the letters in PESTEL mean - correct answer ✔✔Political factors
Economic conditions
Socioeconomic forces
Technological factors
Environmental factors
Legal factors
What are the components in the five-forces model of competition - correct answer ✔✔Buyers
Suppliers
Potential
Firms in other industries w/ sub products
Rivalry among competing firms
How to use the five-forces model - correct answer ✔✔Step 1: ID parties involved in competitive
pressures
Step 2: Eval strengths of pressures
Step 3: Determine if the forces are supportive of high industry profitability
define Strategy - correct answer ✔✔set of actions that its managers take to out perform the company's
competitors and achieve superior profitability
Rivalry increases and becomes stronger when: - correct answer ✔✔- demand is growing slowly
- cost to switch brands is low
- products are commodities or weakly differentiated
, - firms have excess production capacity
- firms have high fixed/storage costs
- competitors are numerous or equal in size and strength
- rivals have diverse objectives, strategies or countries of origin
- rivals have emotional stakes or face high exit barriers
Factors affecting the threat of entry - correct answer ✔✔all types barriers to entry from capital
requirements or brand loyalty to government regulations or policies
competitive pressure from substitutes are stronger when: - correct answer ✔✔good substitutes are
available and attractively priced, comparable or better features, and have a low cost to switch
competitive pressures from buyers increase when: - correct answer ✔✔they have strong bargaining
power and are price sensitive
supplier bargaining power is stronger when - correct answer ✔✔products are in short supply
products are differentiated
costs of switching suppliers
supplier industry is dominated by one/few companies
firm is not able to integrate backward for self-manufacturing
supplier is a small cost overall to the firm
no good subs
firm doesn't account for much of the suppliers sales
Strategic Management Principle - correct answer ✔✔strategy concerns competition and exceptional
strategy is doing what competitors don't or cannot do
competitive advantage - correct answer ✔✔superior value compared to the competition or offers the
same value at a lower cost to the firm
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