Chapter 3 Quiz Questions
Please review/utilize Ch.3 in provided text and power point for quiz questions.
Please submit your responses to each of the following questions, in order, in MSWord. Double space your submission and put your name on a header in the upper right corner of the paper.
1. Discuss the strategic relevance of identifying the industry’s dominant economic features. Give four examples of relevant factors and discuss what makes them strategically important facts.
2. What are the seven key questions which form the framework of thinking strategically about a company’s industry and competitive environment?
3. Draw the five-forces model of competition and briefly describe the relevance of each of the five forces in determining the overall strength of competitive pressures a company faces. Which of the five competitive forces is typically the strongest?
4. Identify and briefly explain any four of the factors that influence the strength or intensity of competitive rivalry among an industry’s member firms.
5. Identify and briefly explain any two of the factors that influence the strength of competition from substitute products.
6. Identify and briefly explain any three factors that intensify competitive pressures stemming from the threat that new firms will enter the industry.
7. Identify and briefly explain any three of the factors that influence the bargaining strength and leverage of suppliers.
8. Identify at least five common driving forces and briefly explain how each one can produce important changes in industry and competitive conditions.
9. In doing driving forces analysis, is it sufficient to simply identify the driving forces that are operating to alter industry and competitive conditions? Why or why not? If not, then explain what else is required for a complete driving forces assessment.
10. What is the analytical value of studying competitors and trying to predict what moves rivals will make next?
11. What is the strategy-making value of identifying an industry’s key success factors?
12. Identify four factors that affect whether an industry does or does not present a company with a good business opportunity?
