Strategic Analysis: Understanding a Firm's Competitive Environment

What is the term for the systematic and intentional analysis of a firm's internal state and its external competitive environment, which managers use to react to change and develop products?

In a SWOT analysis, which two components are considered internal factors of the firm?

What does PESTEL analysis, a tool for examining the macro environment, stand for?

Which of the following is NOT one of Porter's Five Forces for analyzing a firm's micro environment?

In the VRIO framework for analyzing a firm's internal resources, what question does the 'O' prompt a manager to ask?

Which generic business-level strategy involves adding value to products and services to attract customers who are willing to pay a higher price?

What term describes groups of businesses that follow similar strategies in the same industry?

According to the case study on LEGO, the company announced in 2015 that it would invest approximately how much to find sustainable alternatives to plastic?

What term describes the progression of activities a firm undertakes to create a product or service that consumers will pay for?

In the context of Porter's Five Forces, what is a substitute?

A firm's ability to deliver good customer service or develop innovative products is an example of what?

What are the penalty costs, financial or practical, that consumers face when they choose to use a particular product made by a different company called?

In the SWOT analysis example for Paychex, a firm that handles payroll, the text mentions that it serves over how many firms?

Which PESTEL factor would include an analysis of changing national demographics, fashion trends, and a general interest in health and fitness?

What is the primary difference between support activities and primary activities in a value chain?

When does a firm have a competitive advantage?

Which of Porter's generic strategies would be pursued by a firm that concentrates its marketing and selling efforts on a smaller market, such as offering custom-made snowboard bindings?

What is the purpose of a firm's strategic position?

According to the Critical Thinking Case on Tesla, the company was cofounded by Elon Musk in what year?

What is the primary limitation of a SWOT analysis?

In the PESTEL framework, which category would an analysis of interest rates, exchange rates, and unemployment statistics fall under?

Which of Porter's Five Forces is concerned with the balance of power between a firm and the companies that sell it parts, materials, or labor?

When Starbucks evaluates its thousands of locations worldwide using the VRIO framework, what is the primary reason this resource does not provide a sustainable competitive advantage on its own?

According to the case study, what term was coined to describe people's fear that their electric car batteries would run out before they reached their destinations?

A firm that uses its resources and capabilities to add value to its products and services or reduce its own costs more effectively than its rivals is said to have a what?

In the retail industry strategic group map (Exhibit 8.12), which quadrant are 'Big Box Stores' like Best Buy and Barnes and Noble located in?

What is the primary function of a firm's macro environment in strategic analysis?

By mid-2017, the reservation list for the Tesla Model 3 had reached what number, creating a new manufacturing challenge for the company?

Which of these is considered a 'capability' of a firm, as opposed to a 'resource'?

A SWOT analysis identifies a firm's weaknesses to help it do what?

How does the text describe the rivalry in an industry with many firms where consumers can make decisions based on price?

What is the primary objective of a cost-leadership strategy?

What was the total production of all Tesla vehicles in 2016, according to the case study?

In the context of the external environment, what are factors such as high start-up costs, brand loyalty, and industry growth that can prevent new firms from successfully competing?

Which PESTEL factor is concerned with laws governing contracts, intellectual property rights, and patents?

What does the 'R' in the VRIO framework represent?

According to the retail industry strategic group map (Exhibit 8.12), Nordstrom and Neiman Marcus are classified as what type of stores?

The example of Daimler creating the Car2Go service to serve young urban customers who do not own cars is used to illustrate which element of a SWOT analysis?

When using the PESTEL model, which category examines a firm's external situation with respect to pollution, natural resource availability, and alternative energy?

A key insight from strategic group analysis is that rivalry is fiercest where?

What is the primary characteristic of a firm pursuing a differentiation strategy?

In the VRIO analysis of Starbucks, which resource or capability was determined to be a basis for competitive advantage?

The example of grocery stores like Kroger presenting a challenge to fast-food restaurants like McDonald's is an illustration of which of Porter's Five Forces?

What type of analysis tool is described as being useful for a 'quick look' at a firm's internal and external situations but is not comprehensive and may overlook key issues?

Porter's three generic business-level strategies are cost leadership, differentiation, and what other strategy?

In the value chain example for Walmart (Exhibit 8.8), which of the following is listed as a support activity?

Which of these is NOT a question asked by the VRIO framework?

The example of London, Barcelona, and Paris planning to ban cars with internal combustion engines to combat air-quality issues falls into which two PESTEL categories?

According to Porter's Five Forces, a high threat of new entrants would likely exist in an industry with what characteristic?

A firm's decisions on how to serve customers and compete against rivals, based on a combination of internal and external analysis, is called its what?