Chapter 3

Question 1

Immediate environment

Answer 1

Government entities,
Intermediaries,
Employees,
Shareholders,
Creditors,
Competitors,
Suppliers

Question 2

Competitive forces

Answer 2

Monopoly,
Oligopoly,
Monopolistic Competition,
Pure Competition

Question 3

External environment

Answer 3

Cultural & Social trends,
Economic:
Buying power:
Exchangeable resources traded,
Income --Disposable, Discretionary--
Credit,
Wealth;
Technological,
Sociocultural/Demographics:
Demographic characteristics,
Cultural values;
Political-legal,
Physical

Question 4

Business cycle

Answer 4

Pattern of economic fluctuations has four stages:
Prosperity,
Recession - two quarters 0 or negative economic growth,
Depression,
Recovery