An Industry's Driving Forces

question 62

Multiple Choice

An industry's driving forces

• A)are generally determined by competitive pressures,the sizes of strategic groups,and the power of rival firms' competitive strategies.
• B)generally act in ways that will strengthen or weaken market demand,make competition more or less intense,and lead to higher or lower industry profitability.
• C)frequently cause a leveling off of industry growth and a reduction in the bargaining power of buyers.
• D)are normally triggered by ups and downs in the economy,higher or lower inflation rates,higher or lower interest rates,or important new strategic alliances.
• E)can be triggered by such factors as growing competitive pressures from substitute products,greater seller-supplier collaboration,and the efforts of rival firms to employ new or different offensive strategies.

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Definitions:

Mechanical Processes

Refers to procedures involving physical forces that change the state or shape of matter.

Scientific Management

A management theory that analyzes and synthesizes workflows, aiming to improve economic efficiency, especially labor productivity.

Specialized Tasks

Activities that require specific skills or expertise to be accomplished effectively.

Human Relations

The study and management of how people interact in the workplace, aiming to improve job satisfaction, productivity, and interpersonal dynamics.