Question: 1. What are Michael Porter's five forces model? 2. What are the external environment of the firm key elements ? 3. What are the methods

1. What are Michael Porter's five forces model?

2. What are the external environment of the firm key elements?

3. What are the methods (approaches) to analyze the external business environment?

4. Explain why scenario planning is a useful technique for firms competing in industries characterized by unpredictability and change.

5. Explain how the Internet and digitally based capabilities are affecting the five competitive forces and industry profitability.

6. Explain how the general environment and industry environment are highly related. How can such interrelationships affect the profitability of a firm or industry?

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