Globus Exam 1: Chapter 3 with 100% correct answers
PESTEL Framework model Political Economic Sociocultural Technological Ecological Legal Categorizes and analyzes an important set of external factors that might impinge on a firm. Define Industry A group of incumbent companies that face more or less the same set of suppliers and buyers Define Industry Effects firm performance attributed to the structure of the industry in which the firm competes Define Firm effects Firm performance attributed to the actions managers take Define Industry analysis A method to: 1. identify an industry's profit potential 2. derive implications for a firms strategic position within an industry Porter's Five Forces Model developed by strategy expert Michael Porter that identifies five competitive forces that influence planning strategies. What are the 5 Competitive forces 1. Threat of entry 2. Power of suppliers 3. Power of buyers 4. Threat of substitutes 5. Rivalry among existing competitors The stronger a competitive force, the greater the _______ it represents. a. opportunity b. threat threat The weaker the competitive force the greater the _______ it presents. a. opportunity b. threat opportunity What is dynamic and changes overtime? Industries
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