1. Michael Porter (1980, 1985) suggested that factors such as initial capital requirements, the threat of price-cutting by established firms and the level of product differentiation represent _______ for new-firm entrants into markets.
Answer
Correct Answer:
Barriers to entry
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2. National, regional and local governments, as well as economic or political unions like the European Union (EU) or the North American Free Trade Agreement (NAFTA), often enforce regulations that can do which of the following?
Answer
Correct Answer:
All of the above
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3. What do we call firms that invest in a variety of different product markets to reduce exposure to risk in single product markets?
Answer
Correct Answer:
Diversified firms
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4. ________ refers to the characteristics of the product and is the way through which firms improve the quality of their offerings over time (usually by means of innovation).
Answer
Correct Answer:
Product differentiation
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5. According to industrial organization theory, which factor does NOT influence market structure?
Answer
Correct Answer:
Manufacturing base of the leading firm
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6. _________ takes an external perspective and is concerned with the industry within which firms operate and behave as producers, sellers and buyers of goods and services.
Answer
Correct Answer:
Industrial organization
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7. _______ are about the management of suppliers and buyers.
Answer
Correct Answer:
Vertical relationships
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8. ________ are relationships with other entities, such as competing firms or government.
Answer
Correct Answer:
Horizontal relationships
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9. Strategists refer to _______ as factors shaping ________ for the organization’s goods and services in the environments in which the organization operates.
Answer
Correct Answer:
Demand drivers/demand
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10. What is part of a firm’s business environment?
Answer
Correct Answer:
All of the above
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