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Principles of Management

Chapter Review Questions

Principles of ManagementChapter Review Questions

  1. Why do managers use strategic analysis?
  2. What information does a SWOT analysis provide managers? What information might it miss?
  3. Describe a firm’s macro environment and how managers use PESTEL to understand it.
  4. What is a firm’s micro environment, and why is it important?
  5. What is an industry, and how do Porter’s Five Forces help a manager trying to understand a firm’s industry environment?
  6. What are firm resources and capabilities, and what information does VRIO provide about them?
  7. When does a firm have a competitive advantage over its rivals?
  8. What are generic competitive strategies, and how are they implemented in a firm’s value chain activities?
  9. 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?
  10. How does strategic analysis help a firm develop its own strategic position? Why should that position be unique?
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