MGMT: Chapter 3 with correct answers
100% 2026
External environments - Correct Answergeneral environment and specific environment
general environment - Correct Answer-consists of the economy and the technological,
sociocultural, and political/legal trends that indirectly affect all organizations
-Changes in any sector of the general environment eventually affect most organizations
Specific environment - Correct Answer-is unique to that firm's industry and directly affects the
way it conducts day-to-day business
-The specific environment, includes customers, competitors, suppliers, industry regulation, and
advocacy groups
Economic component - Correct Answer-growing vs. shrinking
-predicting future economic activity
-business confidence indices
Technological component - Correct Answer-knowledge, tools, and techniques used to transform
the input into the output
Input - Correct Answerraw materials and information
output - Correct Answerproducts and services
sociocultural component - Correct Answer-demographic changes
-changes in behavior/attitudes/beliefs
, Political/Legal component - Correct Answer-legislation/regulations/court decisions that govern
and regulate business behavior
Customer component - Correct Answermonitoring customers' changing wants and needs:
reactive and proactive
reactive customer monitoring - Correct Answeridentifying and addressing customer trends and
problems after they occur: customer complaints
proactive customer monitoring - Correct Answertrying to sense events, trends, and problems
before they occur
competitor component - Correct AnswerCompetitive analysis:
-deciding who competitors are
-anticipating competitors' moves
-determining competitors' strengths and weaknesses
supplier component - Correct AnswerSuppliers are companies that provide material, human,
financial, and informational resources to other companies.
supplier dependence - Correct Answerdegree to which a company relies on a supplier because
of the importance of the supplier's product to the company and the difficulty of finding other
sources of that product
buyer dependence - Correct Answeris degree to which a supplier relies on a buyer because of
the importance of that buyer to the supplier and the difficulty of selling its products to other
buyers
opportunistic behavior - Correct Answerone party benefits at the expense of the other
100% 2026
External environments - Correct Answergeneral environment and specific environment
general environment - Correct Answer-consists of the economy and the technological,
sociocultural, and political/legal trends that indirectly affect all organizations
-Changes in any sector of the general environment eventually affect most organizations
Specific environment - Correct Answer-is unique to that firm's industry and directly affects the
way it conducts day-to-day business
-The specific environment, includes customers, competitors, suppliers, industry regulation, and
advocacy groups
Economic component - Correct Answer-growing vs. shrinking
-predicting future economic activity
-business confidence indices
Technological component - Correct Answer-knowledge, tools, and techniques used to transform
the input into the output
Input - Correct Answerraw materials and information
output - Correct Answerproducts and services
sociocultural component - Correct Answer-demographic changes
-changes in behavior/attitudes/beliefs
, Political/Legal component - Correct Answer-legislation/regulations/court decisions that govern
and regulate business behavior
Customer component - Correct Answermonitoring customers' changing wants and needs:
reactive and proactive
reactive customer monitoring - Correct Answeridentifying and addressing customer trends and
problems after they occur: customer complaints
proactive customer monitoring - Correct Answertrying to sense events, trends, and problems
before they occur
competitor component - Correct AnswerCompetitive analysis:
-deciding who competitors are
-anticipating competitors' moves
-determining competitors' strengths and weaknesses
supplier component - Correct AnswerSuppliers are companies that provide material, human,
financial, and informational resources to other companies.
supplier dependence - Correct Answerdegree to which a company relies on a supplier because
of the importance of the supplier's product to the company and the difficulty of finding other
sources of that product
buyer dependence - Correct Answeris degree to which a supplier relies on a buyer because of
the importance of that buyer to the supplier and the difficulty of selling its products to other
buyers
opportunistic behavior - Correct Answerone party benefits at the expense of the other
