Understanding the External Environment of a Firm Requires One Ultimately

question 49

Multiple Choice

Understanding the external environment of a firm requires one ultimately to identify

• A)the opportunities to make profit in the industry.
• B)the five forces identified by porter's model.
• C)the barriers to entry and to exit in that industry.
• D)the expected level of profit in the mid-term for that industry.

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Definitions:

Subjective Values

Preferences or beliefs that are based on individual experiences, feelings, or opinions rather than objective measures.

Encoding Strategies

Methods or techniques used to enhance memory retention, such as chunking, mnemonic devices, and rehearsal.

Possible Selves

Self-schemas for whom one may be in the future; these include the ideal self and the ought self.

Promotion Focus

An orientation to actively pursue valued goals thought to arise when we compare our actual self to our ideal self.