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Exam 7: The External Audit

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Question 41

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It is predicted that,by 2050,over 25 percent of the population in the United States will be 65 years or older.

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Question 42

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Wild guesses should never be made in formulating strategies.

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Question 43

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The five major categories of variables known as external forces are: 1)economic forces,2)social,cultural,demographic,and natural environment forces,3)political,governmental,and legal forces,4)technological forces and 5)competitive forces.

The historical trend of people moving from ________ has dramatically slowed.

Forecasts are educated assumptions about future trends and events.

The world population is expected to grow to an estimated ________ billion in 2054.

Walgreens and CVS pharmacies are located generally across the street from each other and battle each other every day on price and customer service.

According to Michael Porter,the nature of competitiveness in a given industry can be viewed as a composite of five forces.Name these forces.

The historical trend of people moving from the Northeast and Midwest to the Sunbelt and West has dramatically increased.

What is the first step in designing an External Factor Evaluation (EFE) Matrix?

Assumptions have no place in planning.

A ________ integration strategy is used by firms to gain control or ownership of suppliers.

Without reasonable assumptions,the strategy-formulation process could not proceed effectively.

Political issues and stances impact strategic decisions.

Major competitors' strengths are areas of concern but do not represent key threats to a firm.

All of the following are political,governmental,and legal variables that can represent key opportunities or threats to organizations EXCEPT

The Industrial Organization (I/O) approach to competitive advantage advocates that external factors are ________ internal factors in a firm achieving competitive advantage.

Intensity of competition ________ in lower-return industries.

There are now more American households consisting of married couples with children than of people living alone or with unrelated people.

Bargaining power of consumers is usually the most powerful of Porter's five competitive forces.