External and Internal Environment of Business
Quiz by Prof Brenda Corcino
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30 questions
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- Q1All of the conditions outside the business firm which consist of but not limited to individuals or organisations that influence the changes in the industry, and the geographic jurisdiction where the business operates all pertain toExternal environmentMicro environmentInternal environmentMacro environment45s
- Q2Which of the following is the most commonly used approach to analyse the macro-environment factors or forces?P-E-S-T-E-L frameworkFive Forces ModelS-W-O-T MatrixS-P-A-C-E Matrix30s
- Q3Factors that pertains to the actions and decisions of the local or national government, and inter-government or interagency influencing the businesses are categorized asLegalTechnologicalPoliticalSocio-cultural30s
- Q4External factors that include use of resources, disposable income levels, interest rates, inflation, economic growth and productivity pertain toSocio-culturalPoliticalTechnologicalEconomic30s
- Q5External factors that include regulatory requirements, standardization, labor and industry regulations, and international trade regulations all refer toPoliticalEnvironmentalLegalTechnological30s
- Q6Contemporary issues such as global warming, recycling, world resource preservation, pollution control, organic farming and concerns on quality of life as well as sustainability of people and planet, are all pertaining toTechnologicalPoliticalEnvironmentalSocio-cultural30s
- Q7Which of the following sentence explains the significance of using PESTEL framework?Useful to review short term trendsUseful to check & determine prioritiesUseful to check existing patternsUseful to project trends30s
- Q8Which of the following expresses the impact of “black swans” and structural breaks?Entails revisiting the products and processesInvolves changing workforce in the businessRequires managers to review policies and proceduresNecessitates business firms to rethink their purpose and overall strategy30s
- Q9Which of the following tells of the application of the idea behind the “black swan” as discovered by David Hume and explicated by Nassim Taleb into business management?There can be magnified repercussions from unprecedented events happening.Catastrophic events can affect a society, but may not disturb a firm.Unpredictable events do occur and they could impact one’s firm greatly.There can be no unforeseen risks in every business.30s
- Q10The industry life cycle has similar stages with that of a living organism so that a full grown stage characterized by strength, stability, and fully developed capabilities in a living organization, is equated to an equivalent of _________________ in the industry.Maturity stageGrowth stageDecline stageIntroduction stage45s
- Q11The decline in industry is often attributed to a change inMarket conditionsLeadershipProduct breakthroughsTechnology30s
- Q12The industry ______________ is characterized by pioneers becoming very established and taking dominant industry positions and later competing businesses have become fewer in number.Introduction stageGrowth stageMaturity stageDecline stage30s
- Q13Which of the following statements best tell about the usefulness of industry life cycle model?Enables strategists to identify opportunities and threats in a particular industryGives managers power to decide about strategic tools to use to competeAllows managers to determine the level of competition in a long-termHelps managers determine the feasibility of new investment in a given industry30s
- Q14Industry Profitability and Five Competitive Forces framework is an influential contribution to competitive strategy byJames McKinseyPeter DruckerMichael PorterJim Collins30s
- Q15Which of the following is the central force within the Five Competitive Forces framework?Threat of substitute products/servicesThreat of new businessesBargaining power of suppliersIntensity of rivalry among competitors30s