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STRATEGIC MANAGEMENT TEST
#1 2026 LATEST QUESTIONS AND
ANSWERS| ACE YOUR GRADES.
Assessing - correct answer -Looking at investment over time and
seeing what happened. Do we continue with this investment?
Determining the timing and importance of environmental changes
and trends for firms' strategies and their management.
What are the seven segments of the general environment?
Explain the differences among them. - correct answer -
Economic, Sustainable Physical, Sociocultural, Global,
Technological, Political/Legal, Demographic.
How do the five forces of competition in an industry affect its
profitability potential? Explain - correct answer -Inside. Threat of
new entrants, bargaining power of suppliers, bargaining power of
buyers, threat of substitute products and rivalry among competing
firms.
What is a strategic group? Of what value is knowledge of the
firm's strategic group in formulating that firm's strategy? - correct
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answer -A set of firms emphasizing similar strategic dimensions
and using a similar strategy. ex. UPS,FEDEX. Knowing direct
competitors with very similar strategy's is very important.
What is the importance of collecting and interpreting data and
information about competitors? What practice should a firm use to
gather competitor intelligence and why? - correct answer -
Knowing where threats can be. Want to use ethical types of
methods to collect information. Focus groups,
Why is it important for a firm to study and understand its internal
organization? - correct answer -Strengths and Weaknesses.
What we can do.
External - correct answer -Give you an idea of what a firm might
do.
How do firms identify internal strengths and weaknesses? Why is
it vital that managers have a clear understanding of their firm's
strengths and weaknesses? - correct answer -Go through
SWOT analysis.
STRATEGIC MANAGEMENT TEST
#1 2026 LATEST QUESTIONS AND
ANSWERS| ACE YOUR GRADES.
Assessing - correct answer -Looking at investment over time and
seeing what happened. Do we continue with this investment?
Determining the timing and importance of environmental changes
and trends for firms' strategies and their management.
What are the seven segments of the general environment?
Explain the differences among them. - correct answer -
Economic, Sustainable Physical, Sociocultural, Global,
Technological, Political/Legal, Demographic.
How do the five forces of competition in an industry affect its
profitability potential? Explain - correct answer -Inside. Threat of
new entrants, bargaining power of suppliers, bargaining power of
buyers, threat of substitute products and rivalry among competing
firms.
What is a strategic group? Of what value is knowledge of the
firm's strategic group in formulating that firm's strategy? - correct
, Page | 2
answer -A set of firms emphasizing similar strategic dimensions
and using a similar strategy. ex. UPS,FEDEX. Knowing direct
competitors with very similar strategy's is very important.
What is the importance of collecting and interpreting data and
information about competitors? What practice should a firm use to
gather competitor intelligence and why? - correct answer -
Knowing where threats can be. Want to use ethical types of
methods to collect information. Focus groups,
Why is it important for a firm to study and understand its internal
organization? - correct answer -Strengths and Weaknesses.
What we can do.
External - correct answer -Give you an idea of what a firm might
do.
How do firms identify internal strengths and weaknesses? Why is
it vital that managers have a clear understanding of their firm's
strengths and weaknesses? - correct answer -Go through
SWOT analysis.
