How are the various facets of the general environment likely to be important for bgc

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What is the general environment and why is it important to organizations?
Why is it important for managers to understand the external environmental components?
What are the six segments in the general environment that affect the operation of the firm?
What are the factors of general environment?

Quiz 1: Strategic Management and Strategic Competitiveness

https://testbank45.com/wp-content/uploads/2018/06/9781133584698_TestBank_Chapter-1.pdf

1.Define strategic competitiveness and above-average returns. What is the relationship between

strategic competitiveness and returns on investment? (Xác định khả năng cạnh tranh chiến lược và lợi

nhuận trên trung bình. Mối quan hệ giữa năng lực cạnh tranh chiến lược và lợi tức đầu tư là gì?)

Strategic competitiveness is achieved when the firm successfully formulates and implements a value-

creating strategy. Above-average returns are returns in excess of what investors expect to earn from other

investments with similar risk levels. Firms will only be able to earn above-average returns if they develop a

competitive advantage. Competitive advantage derives from a strategy that competitors cannot duplicate or find

too costly to imitate.

2.Hypercompetition is a characteristic of the current competitive landscape. Define

hypercompetition and identify its primary drivers. How can organizations survive in a hypercompetitive

environment? (Hypercompetition là một đặc điểm của bối cảnh cạnh tranh hiện tại. Xác định siêu cạnh

tranh và xác định trình điều khiển chính của nó. Làm thế nào các tổ chức có thể tồn tại trong một môi

trường siêu cạnh tranh?)

Hypercompetition is a condition of rapidly escalating competition based on price-quality positioning,

competition to create new knowledge and establish first-mover advantage, and competition to protect or invade

established product or geographic markets. In hypercompetition, firms aggressively challenge their competitors.

Markets are assumed to be inherently unstable and changeable. The two primary drivers of hypercompetition are

the global economy and rapid technological change. To survive in a hypercompetitive environment firms need

strategic flexibility. This demands continuous

learning which allows the firm to develop new skills so that they can adapt to the changing environment

and to consistently engage in change.

3.Describe the industrial organization (I/O) model of above-average returns. What are its main

assumptions? What is the key to success according to the I/O model?

The I/O model of above-average returns argues that the external environment is the primary determinant of

firm success, rather than the firm's internal resources. The model has 4 underlying assumptions:

1) The external environment is assumed to impose pressures and constraints that determine the strategies

that would result in above-average returns.

2) Most firms competing within a particular industry, or in a certain segment of the industry, are assumed

to control similar strategically relevant resources and pursue similar strategies in light of those resources.

3) Resources used to implement strategies are mobile across firms, which results in resource differences

between firms being short-lived.

4) Organizational decision makers are assumed to be rational and committed to acting in the firm's best

interests as shown by their profit maximizing behaviors.

The key to success according to the I/O model is to find the most attractive industry (the one with the

highest profit potential) in which to compete.

4.Describe and discuss the resource-based model of above-average returns.

The resource-based model focuses on the firm's internal resources and capabilities. These resources and

capabilities determine the firm's strategy and its ability to earn above-average returns. The firm's resources are

inputs into its production process. Resources must be formed into capabilities, the capacity to perform a task or

activity in an integrative manner. According to this model, capabilities evolve over time and must be managed

dynamically to achieve above-average returns. Resources and capabilities that give a firm a competitive

advantage are called core competencies. This model assumes that resources are not highly mobile across firms;

consequently, all firms within a particular industry may not possess the same strategically relevant resources and