Ch5
Trends and Industry Insights Quiz
Test your knowledge on the fundamental concepts of trends, industry analysis, and competitive forces with this engaging quiz! Perfect for students, business professionals, and anyone interested in gaining a deeper understanding of the market landscape.
- 10 questions covering key industry and business trends
- Multiple choice format for easy participation
- Understand the competitive environment better
There are two types of trends:
Environmental
Business
A and B
Trends
Social
D and E
Industry analysis: An industry is a group of firms producing a similar product or service, such as music, Pilates and Yoga studios, and solar panels.
True
False
Business trends include economic trends, social trends, technological advances, and political and regulatory changes.
True
False
The five competitive forces model is a framework for understanding the structure of an industry.
True
False
...... Is a condition that creates a disincentive for a new firm to enter an industry.
Environmental trend
Barrier to entry
Business trend
Buyers can suppress the profitability of the industries to which they sell by raising prices or reducing the quality of the components they provide
True
False
Emerging Industries
Industries that are characterized by a large number of firms of approximately equal size.
Industries that are experiencing slow or no increase in demand.
Industries that are experiencing a reduction in demand.
Recent changes in demand or technology
A competitor analysis is a detailed analysis of a firm’s competition.
True
False
Direct competitors :
Business offering similar or identical product
Business offering close substitute product
Competitive intelligence: A tool for organizing the information a firm collects about its competitors.
True
False
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