Midterms

Question 1

Can shape how a company brands itself, the products they choose to sell and how it interacts with other businesses and regulatory agencies.

Answer 1

General environment / Macro-environment

Question 2

What are the dimensions of the General Environment?

Answer 2

1. Legal-Political Dimension
2. International Dimension
3. Socio-cultural Dimension
4. Technological Dimension
5. Economic Dimension
6. Natural Dimension

Question 3

Includes government legislation, regulations, policies and changes to the political environment that will impact a company’s decision-making.

Answer 3

Legal-Political Dimension

Question 4

Includes events and opportunities in foreign countries.

Answer 4

International Dimension

Question 5

Represents the demographic characteristics as well as the norms, customs, and values of the general population.

Answer 5

Socio-cultural Dimension

Question 6

Includes scientific and technological advancements in the industry and society at large.

Answer 6

Technological Dimension

Question 7

Represents the overall economic health of the country or region.

Answer 7

Economic Dimension

Question 8

Events that may happen in the Economic dimension

Answer 8

organization functions, consumer purchasing power, unemployment rate, and interest rates

Question 9

Includes all elements that occur naturally on earth, including plants, animals, rocks, and natural resources such as air, water, and climate.

Answer 9

Natural Dimension

Question 10

The external environment of an organization which affects its ability to reach business goals

Answer 10

Task environment

Question 11

Any business or consumer with direct involvement with an organization may be part of the task environment.

Answer 11

Task environment

Question 12

Dimensions of Task environment (Enumeration)

Answer 12

1. Competitors
2. Regulators
3. Strategic Partners
4. Suppliers
5. Customers

Question 13

Generally looks for higher margins and provides unique features to its products, thus trying to create differentiation.

Answer 13

Competitors

Question 14

Types of competitors (enumeration)

Answer 14

1. Direct competitors
2. Indirect Competitors
3. Replacement Competitors

Question 15

Businesses offering similar or identical products or services

Answer 15

Direct Competitors

Question 16

The same category that sells different products or services to solve the same problem.

Answer 16

Indirect Competitors

Question 17

Both seek to solve the same pain points, but the means are different.

Answer 17

Replacement Competitors

Question 18

A person or organization appointed by a government to regulate an area of activity such as banking or industry.

Answer 18

Regulators

Question 19

Examples of regulators (enumeration)

Answer 19

1. Regulations
2. Strategy
3. Governance
4. Rules
5. Compliance
6. Policy
7. Standards
8. Security

Question 20

Involves the sharing of resources between two or more individuals or companies to help all involved succeed.

Answer 20

Strategic Partners

Question 21

A person, company, or organization that sells or supplies something such as goods or equipment to customers

Answer 21

Suppliers

Question 22

An individual or business purchases another company’s goods or services.

Answer 22

Customers

Question 23

A set of elements that defines the atmosphere within the company’s structure.

Answer 23

Internal Environment / Micro-environment

Question 24

Describes the way activities and relationships are carried out inside the business, normally within co-workers.

Answer 24

Internal Environment

Question 25

Consists of the conditions and forces that exist within the organization.

Answer 25

Internal Environment

Question 26

Factors of Internal environment (enumeration)

Answer 26

1. Physical resources 2. Financial resources 3. Human resources 4. Information resources 5. Organization's Goodwill 6. Corporate Culture

Question 27

Facilities, equipment, land, and other assets.

Answer 27

Physical resources

Question 28

The funds and assets that finance an organization's activities and investments

Answer 28

Financial resources

Question 29

The personnel of a business or organization, employees who get tasks done and do the labor.

Answer 29

Human resources

Question 30

The media, instruments, and methods for planning, collecting, processing, transmitting, and storing data and information, including telecommunications.

Answer 30

Information resources

Question 31

The value of a company's brand name, solid customer base, good customer relations, good employee relations, and any patents or proprietary technology.

Answer 31

Organization's Goodwill

Question 32

A set of beliefs and behaviors that guide how a company's management and employees interact and handle external business transactions.

Answer 32

Corporate culture

Question 33

Elements of Internal environment (enumeration)

Answer 33

1. Owners & Shareholders 2. Board of Directors 3. Employees 4. Organizational culture 5. Resources of the Organization 6. Organization's Goodwill

Question 34

Are people who invested in the company and have property rights and claims on the organization.

Answer 34

Owners & Shareholders

Question 35

The governing body of the company who is elected by stockholders.

Answer 35

Board of Directors

Question 36

The most important element of an organization's internal environment, which performs the tasks of the administration.

Answer 36

Employees / Workforce

Question 37

The collective behavior of the members in the organization.

Answer 37

Organizational culture

Question 38

What makes up the organizational culture?

Answer 38

values, the visions, beliefs, habits

Question 39

The basic building blocks of company authority and can be used to achieve its objective and target.

Answer 39

Resources of the Organization

Question 40

Different types of resources (enumeration)

Answer 40

* Physical resources * Human resources * Financial resources * Informational resources * Technological resources

Question 41

The reputation of an organization is valuable and intangible.

Answer 41

Organization's Goodwill

Question 42

Four parts of External Environment Analysis

Answer 42

1. Scanning 2. Monitoring 3. Projecting 4. Adapting

Question 43

Identifies early signals of change in the general environment.

Answer 43

Scanning

Question 44

Detecting meaning through ongoing observations of environmental changes and trends.

Answer 44

Monitoring

Question 45

Developing forecasts of anticipated outcomes based on monitored changes and trends

Answer 45

Projecting

Question 46

Determining the timing and importance of environmental changes and trends for the firm's strategies and management.

Answer 46

Adapting

Question 47

The closely observing of meaningful changes to see if an important trend is emerging from among those spotted through scanning

Answer 47

Monitoring

Question 48

The study of all segments in the general environment and often reveals ambiguous, incomplete, or unconnected data and information.

Answer 48

Scanning

Question 49

Predicting of possible trends based on information gathered from scanning and monitoring

Answer 49

Projecting

Question 50

Interpreting and applying the gathered information into the business process to produce products or services that can compete in the business industry.

Answer 50

Adapting