Explain How the Concept of Strategic Group (And Its Two

question 25

Essay

Explain how the concept of strategic group (and its two sub-types) is used in a situational analysis as part of an environmental scanning activity to identify specific opportunities and threats that can either improve or harm a company's ability to sustain its competitive advantage.

Distinguish the effects of market changes on prices and quantities in specific scenarios.

Interpret the implications of the invisible hand concept for economic prosperity and social cooperation.

Realize the importance of competition, consumer choice, and freedom in pricing for the effective operation of markets.

Assess the impact of external events on market prices and the allocation of scarce resources.

---

Definitions:

Left Prefrontal Cortex

The region of the brain associated with approaches to processing emotions, making decisions, and regulating social behavior.

Endorphins

Natural pain-relieving peptides produced by the body that also promote feelings of pleasure and well-being.

Cortisol

A steroid hormone released by the adrenal glands in response to stress; plays roles in glucose metabolism, blood pressure regulation, and the immune response.

Serotonin

A neurotransmitter in the brain that regulates mood, appetite, and sleep, among other functions, often associated with feelings of well-being.