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Strategic Management: A Competitive Advantage Approach, 17e (David/David) Chapter 3 The External Assessment 1) To perform an external audit, a company first must A) get an approval from the Securities and Exchange Commission. B) perform an internal audit. C) gather competitive intelligence and information about external trends. D) hire a consultant to develop a comprehensive strategic plan. E) create a budget. Answer: C Diff: 2 LO: 3.1: Describe the nature and purpose of an external assessment in formulating strategies. AACSB: Analytical thinking 2) Collecting and evaluating information on competitors is essential for successful A) internal analysis. B) strategy evaluation. C) strategy formulation. D) strategy implementation. E) strategy correction. Answer: C Diff: 2 LO: 3.1: Describe the nature and purpose of an external assessment in formulating strategies. AACSB: Analytical thinking 3) External audits attempt to identify key variables that offer ________ responses. A) actionable B) authoritative C) profitable D) strategic E) terminal Answer: A Diff: 2 LO: 3.1: Describe the nature and purpose of an external assessment in formulating strategies. AACSB: Analytical thinking 4) External audit is sometimes called A) strategic analysis. B) strategy evaluation. C) statutory audit. D) financial audit. E) industry analysis. Answer: E Diff: 2 LO: 3.1: Describe the nature and purpose of an external assessment in formulating strategies. AACSB: Analytical thinking 1 Copyright © 2020 Pearson Education, Inc. GEB MCQ GEB Chapter 3 Collecting and evaluating information on competitors is essential for successful A) internal analysis. Answer: C 157.Which of the following is not a misperception about business intelligence amongAmerican executives?Page: 96 Get answer to your question and much more 158.The typical reaction is to _____________ if a firm detects weakness in a competitor.a.try to form a joint venture with the competitorb.try to purchase the competitorc.show no mercy toward the competitord.form a cooperative arrangement with the competitorAns: dPage: 97-98 159.Learning from the partneris a major reason why ______ firms enter intocooperative agreements.Page: 98 Get answer to your question and much more Competitive Analysis: Porter’s Five-Forces Model160.Intensity of competition is _______ in lower-return industries.Page: 98 Get answer to your question and much more 161.Five competitive forces, according to Michael Porter, create vital opportunities andthreats to organizations. Which of the following is not a competitive force?Page: 100 Get answer to your question and much more Which of Porter's five competitive forces is usually the most powerful quizlet?According to Porter, Rivalry among competing firms is usually the most powerful of the five competitive forces.
What is the first step in designing an external factor evaluation EFE matrix quizlet?What is the first step in designing an EFE Matrix? Identifying key external factors in the industry.
What can result in powerful competitive advantages?A competitive advantage can be gained by offering the consumer a greater value than the competitors, such as by offering lower prices or providing quality services or other benefits that justify a higher price. The strongest competitive advantage is a strategy that that cannot be imitated by other companies.
What are educated assumptions about future trends and events called?Forecasts are educated assumptions about future trends and events.
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Collecting and evaluating information on competitors is essential for successful
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