Why is it important for a firm to study and understand the

Question

ASSIGNMENT QUESTIONS - Answer any five(5) of the following seven (7) questions.

1. Why is it important for a firm to study and understand the external environment? 
2. What are the differences between the general environment and the industry environment? Why are these differences important?  
3. What is the external environmental analysis process (four parts)? What does the firm want to learn when using this process 
4. What are the seven segments of the general environment? Explain the differences among them.
5. How do the five forces of competition in an industry affect its profit potential? Explain.  
6. What is a strategic group? Of what value is knowledge of the firm's strategic group in formulating that firm's strategy?
7. What is the importance of collecting and interpreting data and information about competitors? What practices should a firm use to gather competitor intelligence and why?