BSM600 week 2 Questions and Correct Answers | Latest Update | A+

2 perspectives on strategy Ans: The external (from industrial economics) Internal (Resource-based view) Determining the right landscape Ans: Landscape is defined by: 1. Industry in which firm competes 2. The product and geographic markets within that industry that the firm targets External analysis requires assessment of... Ans: - Industry environment in which company operates - The country or national environments in which company competes - The wider socioeconomic or microenvironment that may affect the company and its industry. Sector Ans: A general segment of the economy that contains similar industries. Market Segments Ans: Distinct groups of customers within an industry. Can be differentiated from each other with distinct attributes and specific demands. The Five Forces model Ans: The theory of determining the competitive intensity and attractiveness of a market. The key five forces Ans: 1. Buyer Power 2. Supplier Power 3. Threat of substitute products and services 4. Threat of new entrants 5. Rivalry among existing competitor