Which of the following would be considered to be part of external environment?
Take the quiz test your understanding of the key concepts covered in the chapter. Try testing yourself before you read the chapter to see where your strengths and weaknesses are, then test yourself again once you’ve read the chapter to see how well you’ve understood. Show 1. Environmental scanning is a one-off activity carried out by new companies. True or false? True False Answer: False 2. Luxembourg is a member of the European Union. True or false? True False Answer: True 3. Ferry trips and air travel can be substitute products. True or false? True False Answer: True 4. Niche brands are sold into small, well-defined markets. True or false? True False Answer: True 5. The marketing function is part of an organisation’s internal environment. True or false? True False Answer: True 6. What does it mean if an organisation has significant economies of scale?
Answer: c. Because it is a large operation, its costs per product are relatively low. 7. How would an asset-led company make decisions on what products to sell?
Answer: a. They would choose products that made best use of their existing resources. 8. What does the acronym PRESTCOM stand for?
Answer: e. political, regulatory, economic, social, technological, competitive, organisational, market 9. What is the PRESTCOM analysis used for?
Answer: e. environmental analysis 10. When analysing the marketing environment, which heading should the company’s increased brand equity go under?
Answer: c. organisational 11. In a PRESTCOM analysis, under which heading would a change in the provisions of the Sale of Goods Act be placed?
Answer: b. regulatory 12. What is the correct term for an economy that is growing, in a country with full employment, and with high business confidence in the future despite rising prices?
Answer: c. upturn 13. Britain has an ageing population. This trend would be identified as part of which PRESTCOM environment?
Answer: c. social 14. In a SWOT analysis, which two elements are part of the internal environment?
Answer: d. weaknesses and strengths 15. The first stage of a SWOT analysis is to identify relevant variables and classify them under the SWOT headings. What is the follow-on stage?
Answer: a. ranking the variables in order of importance to the organisation 16. Imagine you are conducting a SWOT analysis for a British manufacturer who exports to Thailand. If the Thai currency becomes unstable, which category would you place that in for your analysis?
Answer: e. threat 17. Identify a close competitor for Walker’s crisps.
Answer: b. Nobby’s nuts 18. What do the three Cs of international marketing environmental analysis stand for?
Answer: a. country, currency and culture 19. What is the general term given to any group or individual who can affect, or is affected by, an organisation’s activities?
Answer: d. stakeholders 20. Often, the first significant company to move into a market becomes the market leader. What is the term for this?
Answer: b. first mover advantage 21. A SWOT analysis is used to analyse an organisation’s current ______ Answer: situation 22. In a SWOT analysis, ______ are external environmental trends that may be advantageous for the organisation in question. Answer: opportunities 23. Most other soft drinks are close competitors of Coca-Cola but Pepsi would be classified as a ______ competitor. Answer: direct 24. Environmental information is used in two main ways, as an input to the _____ process and as part of ongoing analysis of marketing opportunities and threats. What are 5 external environments?Here are the nine types of external environment factors that affect businesses:. Technological factors. ... . Economic factors. ... . Political and legal factors. ... . Demographic factors. ... . Social factors. ... . Competitive factors. ... . Global factors. ... . Ethical factors.. What are examples of an external environment?The external environment
Customers, competition, economy, technology, political and social conditions, and resources are common external factors that influence the organization.
What are the 3 parts categories of the external environment?In general, there are three major parts of external environment in business includes the general environment, the industrial environment and the competitor's environment.
Which of the following is not a part of external environment mcq?Your answer is product.
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