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Bus 490 Wk 4 Quiz 3 Ch. 3 - All Possible Questions

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BUS 490 WK 4 Quiz 3 Ch. 3 - All Possible Questions

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BUS 490 WK 4 Quiz 3 Ch. 3 - All Possible Questions

1) Industry analysis is also referred to as external strategic management audit.

2) An external audit focuses on identifying and evaluating trends and events within the control of management.

3) The aim of an external audit is to develop an exhaustive list of every possible factor that could influence the business.

4) External audits attempt to identify key variables that offer actionable responses.

5) Five major categories of external variables are: 1) economic forces, 2) social and cultural forces, 3) political, governmental and legal forces, 4) technological forces and 5) demographic forces.

6) As many managers and employees as possible should be involved in the process of performing an external audit.

7) To perform an external audit, a company first must gather competitive intelligence and information about social, cultural, demographic, environmental, economic, political, legal, governmental and technological trends.

8) Freund argues that key external factors must not be hierarchical.

9) The I/O approach to competitive advantage advocates that internal factors are more important than external factors in a firm achieving competitive advantage.

10) An economic trend in America is the increasing numbers of two-income households.

11) Economic factors do not have much impact on the attractiveness of strategies.

12) An increase in interest rates is directly related to an increase in discretionary income and an increase in the demand for discretionary goods.

13) Motor vehicle firms in the United States are vulnerable when the value of the dollar falls.

14) A low value of the dollar means lower exports and higher imports.

15) The low value of the dollar benefits the U.S. economy in many...

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