2. Analyzing the external environment (Connect, Perform) Reinforce your knowledge of the terminology used to discuss a firm's external environment by filling in the blanks in the following sentences. The company Proctor & Gamble gained by creating a new sponge product for its Mr. Clean brand, the Magic Eraser. People like the sponge's texture and its ability to clean surfaces throughout the house. The is influenced by all of the other competitive forces. Which of the following items serve as barriers to entry for a new organization? Check all that apply. Open distribution channels for new products High fixed costs to change suppliers of a product Producing small numbers of an individual item Strict government regulations, such as license requirements and patent protections Read the following information and use your knowledge of Porter's five strategic forces to complete the sentence that follows. Management in the News Can You Make Money on YouTube? On October 10, 2006, Google purchased YouTube for $1.65 billion. In 2014, Business Insider reported that Facebook has been taking market share from YouTube, with desktop video views up 38.5% over the previous year. In contrast, YouTube's video views were up only 4.8% year over year. For the moment, however, YouTube still dominates the industry, garnering over half of all unique desktop video viewers. Other video providers are AOL, Yahoo!, Vidible, and Vevo TV. According to the New York Times in 2008, some people who posted videos on YouTube were making six-figure incomes. Some even quit their "day job" and made their YouTube channel their career. The costs of making a popular video were very low. In this relatively new market, the people posting videos are suppliers, and the people watching the videos-and watching advertisements in exchange for the pleasure of viewing the videos-are buyers. By 2014, however, the New York Times was reporting that the prospect of making it big by becoming a video star had dimmed considerably. Since Google implemented a partners program in 2012 that allows anyone to monetize their videos just by following a few simple rules, a flood of people have joined, competing for both viewers and ad dollars. At the same time, the pressure to spend more to create more professional-looking content, and thus attract viewers, had increased. As a result, even video producers with hundreds of thousands of hits are probably not making as much as they could by temping in an office. Sources: Kaufman, L. (2014, February 1). Chasing their star, on YouTube. The New York Times. Retrieved from http://www.nytimes.com/2014/02/02/business/chasing-their-star-on-youtube.html; O'Reilly, L. (2014, November 14). Facebook is gobbling up YouTube's the threat of substitutes ttp://www.businessinsider.com/facebook-vs-youtube-video-audience-share-comscore-2014-11; Stelters, B. (2008, honey. The New York Times. Retrieved from http://www.nytimes.com/2008/12/11/business/media/11youtube.html rivalry among competitors the potential for new market entrants the bargaining power of suppliers both trying to market to the same customers is an example of ; in this case, the bargaining power of buyers would be