Session:8 Strategic Analysis: Understanding a Firm’s Competitive Environment
Chapter Review Questions
Principles of Management | Leadership Development – Micro-Learning Session
Rice University 2020 | Michael Laverty, Colorado State University Global Chris Littel, North Carolina State University| https://openstax.org/details/books/principles-management
- Why do managers use strategic analysis?
- What information does a SWOT analysis provide managers? What information might it miss?
- Describe a firm’s macro environment and how managers use PESTEL to understand it.
- What is a firm’s micro environment, and why is it important?
- What is an industry, and how do Porter’s Five Forces help a manager trying to understand a firm’s industry environment?
- What are firm resources and capabilities, and what information does VRIO provide about them?
- When does a firm have a competitive advantage over its rivals?
- What are generic competitive strategies, and how are they implemented in a firm’s value chain activities?
- What do strategic group members have in common with each other? What impact do firms outside a strategic group have on those in that group?
- How does strategic analysis help a firm develop its own strategic position? Why should that position be unique?