Question: Managers are able to influence which of the following types of external forces? (Check all that apply.)

Answer: strategic group composition

the structure of their industry

Question: Through use of the PESTEL model, firms are able to do which of the following? (Check all that apply.)

Answer: monitor external factors

evaluate external trends

Question: In the PESTEL model, political factors are those that relate to ______.

Answer: government bodies

Question: Which of the following are employed as nonmarket strategies to influence government bodies? (Check all that apply.)

Answer: lobbying

public relations

litigation

Question: The economic factors that affect a firm’s external environment are ______.

Answer: largely macroeconomic

Question: Managers have ______ direct influence over external forces in the firm’s general environment than those in the firm’s task environment.

Answer: less

Question: According to the PESTEL model, which of the following are kinds of forces that exist in the general external environment? (Check all that apply.)

Answer: technological

ecological

economic

Question: ______ factors result from the processes and actions of government bodies that influence the decisions and behavior of firms.

Answer: Political

Question: It might be a good idea to expand or upgrade a firm’s human capital base during a ______, because unemployment is high and therefore human capital is abundant and wages usually _____.

Answer: downturn; fall

It might be a good idea to expand or upgrade a firm’s human capital base during a downturn, because unemployment is high and therefore human capital is abundant and wages usually fall.

Question: In order to influence changes in their political environment, firms pursue ______.

Answer: nonmarket strategies