 Strategic Management: Strategic Managment Gregory G. Dess,
University of Texas at Dallas
G.T. Lumpkin,
University of Illinois--Chicago
Analyzing the External Environment of the Firm
Summary Review Questions| 1. Why must managers be aware of a firm’s external environment?
2. What is gathering and analyzing competitive intelligence and why it is important for firms to engage in?
3. Discuss and describe the six elements of the external environment.
4. Select one of these elements and describe some changes relating to it in an industry that interests you.
5. Describe how the five forces can be used to determine the average expected profitability in an industry.
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? |
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