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AS A JOSENIAN IE ^^ > STIE 1 > Flashcards

STIE 1 Flashcards

1
Q

External Audit

A

Identifying and Evaluating trends and events

Reveals key opportunities and threats

Identifies key variables that offer actionable responses

Must be able to respond offensively or defensively

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2
Q

Key External Forces

A

Economic
Social
Political
Technological
Competitive forces

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3
Q

Process of performing an external audit

A

Gather competitive intelligence and information

Communicate final list of key variables

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4
Q

Key external factors should be

A

Important to achieving long term goals

Measurable

Applicable to all competing firms

Hierarchical

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5
Q

External factors are more important than internal factors

A

TRUE

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6
Q

Firm performance is based more on industry properties

A

Economies to scale

Barriers to market entry

Product differentiation

The economy

Level of competitiveness

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7
Q

Internet has changed the very nature of opportunities and treats by

A

Altering the life cycles of products

Increasing the speed of distribution

Creating new products

Erasing limitations on traditional geographic markets

Changing the historical trade-off between product standardization and flexibility

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8
Q

CIO and CTO means

A

Chief Information Officer
Chief Technology Officer

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9
Q

Technological advancements can

A

Create new markets

Result in proliferation of new products

Change the relative competitive costs

Render existing products obsolete

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10
Q

Competitive forces:

An important part of an external audit is

A

Identifying rival firms

Determining SWOT

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11
Q

Characteristics of the most competitive companies

A

Market share matters
Understand what business you’re in
Fix it and make it better
Innovate or evaporate
Acquisition is essential to growth
People make a difference
No sub for quality

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12
Q

What is competitive intelligence

A

a systematic and ethical process for gathering and analyzing information

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13
Q

Three Basic objectives if a CI program

A

provide a general understanding of the industry

identify areas in which companies are vulnerable to and assess the impact strategic actions would have on competitors

identify potential moves that a competitor might make

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14
Q

What is market commonality

A

the number and significance of markets that a firm competes in with rivals

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15
Q

What is resource similarity?

A

the extent to which the type and amount of a firm’s internal resources are comparable to a rival

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16
Q

Most powerful among five forces

A

Rivalry

17
Q

Pressure increases when

A

Prices of substitutes decrease

Consumers’ switching costs decrease

18
Q

Bargain power of suppliers increase when

A

Large number of suppliers

Few substitutes

Cost of switching raw materials is high

19
Q

Backward integration is gaining control or ownership of suppliers

A

TRUE

20
Q

Customers being concentrated or buying in volume affects intensity of competition

A

TRUE

21
Q

Consumer power is lower where products are standard or undifferentiated

A

FALSE; power is higher

22
Q

Conditions where consumers gain bargain power

A

if buyers inexpensively switch

buyers are particularly important

if sellers are struggling in the face of falling consumer demand

if buyers are informed about seller’s products and costs

if buyers have discretion in whether and when they buy the product

23
Q

Unpublished resources include?

A

surveys, market research, speeches, TV programs, interviews

24
Q

Published resources include?

A

periodicals, journals, newspapers, books, gov. documents

25
Q

What are forecasts

A

Educated assumptions about future trends and events

Quantitative/Qualitative techniques

26
Q

Assumptions

A

best present estimates of the impact of major external factors

27
Q

EFE Matrix

A

economic
social
cultural
political
technological
legal
demographic
governmental
environmental
competitive

28
Q

EFE Matrix Steps

A

List key external factors

weight 0 to 1

rate effectiveness of current strategies

weight*rating

sum weighted scores

29
Q

Competitive Profile Matrix

A

Identifies firm’s major competitors and their SW

30
Q

Critical success factors include

A

internal issues

external issues

31
Q

Barriers to entry are important

A

TRUE

32
Q

What can overcome barriers to entry?

A

quality
pricing
marketing

33
Q

purpose of five forces model competition

A

identify key aspects or elements of each force

evaluate how strong and important each element is

decide whether the collective strength of elements is worth the firm entering or staying in the industry

34
Q

Give 5 economic forces

A

availability of credit

interest rates

money market rates

unemployment trends

tax rates

35
Q

give advantages of weak dollar

A

more exports
more imports
reduce trade deficit
encourages globalization

36
Q

give disadvantages of weak dollar

A

inflation
rise in oil prices
weaken government

AS A JOSENIAN IE ^^ (18 decks)

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