Analyzing theExternal Environmentof the Firm Summary Review Questions 1.Why must managers be aware of a firm’s external environment? 6.What are some of the limitations (or caveats) in using five-...

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Analyzing theExternal Environmentof the Firm
Summary Review Questions
1.Why must managers be aware of a firm’s external environment?
6.What are some of the limitations (or caveats) in using five- forces analysis?
Ethics Questions
1.What are some of the ethical implications that arise when a firm tries to exploit its power supplier?
Assessing the Internal Environment of the Firm
Summary Review Questions
1.SWOT analysis is a technique to analyze the internal and external environment of a firm. What are its advantages and disadvantages?
Ethics Questions
1.What are some of the ethical issues that arise when a firm becomes overly zealous in advertising its products?



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Analyzing the External Environment of the Firm Summary Review Questions 1.      Why must managers be aware of a firm’s external environment?       6.  What are some of the limitations (or caveats) in using five- forces analysis?   Ethics Questions 1.      What are some of the ethical implications that arise when a firm tries to exploit its power supplier?   Assessing the Internal Environment of the Firm Summary Review Questions 1.      SWOT analysis is a technique to analyze the internal and external environment of a firm. What are its advantages and disadvantages? Ethics Questions 1.      What are some of the ethical issues that arise when a firm becomes overly zealous in advertising its products?






Analyzing the External Environment of the Firm Summary Review Questions 1.      Why must managers be aware of a firm’s external environment?       6.  What are some of the limitations (or caveats) in using five- forces analysis?   Ethics Questions 1.      What are some of the ethical implications that arise when a firm tries to exploit its power supplier?   Assessing the Internal Environment of the Firm Summary Review Questions 1.      SWOT analysis is a technique to analyze the internal and external environment of a firm. What are its advantages and disadvantages? Ethics Questions 1.      What are some of the ethical issues that arise when a firm becomes overly zealous in advertising its products?
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Answered Same DayDec 21, 2021

Answer To: Analyzing theExternal Environmentof the Firm Summary Review Questions 1.Why must managers be aware...

Robert answered on Dec 21 2021
118 Votes
1. Why must managers be aware of a firm’s external environment?
The managers of every organization need to be aware of the firm’s external environment. This is
because it will enable the manager in minimizing the external threats and to exploit the
opportunities. The external environmental analysis is a continuous process that involves
environmental scanning and monitoring the activities of the competitors’. It also involves
obtaining competitive intelligence knowledge on the present and the prospective rivals. Such
awareness will help the managers in providing valuable inputs for developing forecasts. Firms
also use it for scenario planning to respond to volatile situations.
2. What are some of the limitations (or caveats) in using five- forces analysis?
Porter’s five forces model helps the companies in analyzing the competitive forces in the market
on a large scale. However the limitations of five forces model are that it is static in nature and
also it includes its inability in acknowledging the role of its competitors’. It was designed to
analyze individual business strategies and cannot cope with the synergies and...
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