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Question 1
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The external environment facing business stays relatively constant over time.

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Question 2
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Demographic, economic, political/legal, sociocultural, technological, global, and physical are the seven elements comprising the industry environment.

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Question 3
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Firms can directly control the elements of the seven segments of the general environment.

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Question 4
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The bankruptcy filings by General Motors and Chrysler Corporation during the Great Recession illustrate that firms cannot directly control the general environment's segments.

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Question 5
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The industry environment directly influences a firm and its competitive actions and responses.

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Question 6
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Competitor analysis is focused on the factors and conditions influencing an industry's profitability potential.

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Question 7
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Monitoring involves the development of a forecast of what might happen at a future point in time.

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Question 8
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Scanning involves detecting meaning through early signals of environmental trends.

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Question 9
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When Google studies the internet user privacy policies of various nations, it is engaged in the forecasting component of the environmental analysis process.

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Question 10
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The objective of assessing the external environment is to determine the timing and importance of the effects of environmental changes and trends on the strategic management of the firm.

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Question 11
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Age structure, geographic distribution, income distribution, interest rates, and process innovations are all elements of concern when studying the demographic segment of the general environment.

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Question 12
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In recent times, business leaders have become more confident in the ability of economists to provide valid and reliable predictions about the world's economic environment.

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Question 13
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The legislation introduced in the U.S. Congress during the early tenure of the Obama administration intended to reduce the amount of work U.S. companies outsource and is an example of a potential change in the sociocultural segment of the general environment.

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Question 14
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The European sovereign-debt crisis and political upheavals in Egypt, Tunisia, Libya, and Syria illustrate uncertainties in the political/legal segment of the general environment that could affect the performance of business firms.

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Question 15
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Developing a political strategy by the newly formed General Motors would likely be ineffective as firms are generally unable to influence the political/legal environment.

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Question 16
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Although health care reform legislation was passed in the early part of the Obama administration, it continues to be a contentious issue for employers, employees, and politicians because of its increased expenses.  These attitudes about health care reform make up the sociocultural segment of the general environment.

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Question 17
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Early adopters of new technology often achieve higher market shares and higher returns than later adopters of the technology.

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Question 18
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Contrary to popular belief, the global segment of the external environment does not provide many opportunities for firms that recently experienced low growth and profits coming from emerging markets.

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Question 19
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Globalfocusing is often used by firms with high levels of international operations who further increase their internationalization by focusing on global niche markets.

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Question 20
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Global warming and energy consumption are aspects of the technological environment segment that firms should monitor.

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