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Summary Review Questions
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  1. Why must managers be aware of a firm's external environment?


  2. Discuss and describe the five elements of the external environment.


  3. Select one of these elements and describe some changes relating to it in an industry that interests you.


  4. Describe how the five forces can be used to determine the average expected profitability in an industry.


  5. What are some of the limitations (or caveats) in using five-forces analysis?


  6. Explain how the general environment and industry environment are highly related. How can such interrelationships affect the profitability of a firm or industry?


  7. Explain the concept of strategic groups. What are the performance implications?


  8. Explain SWOT analysis.





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