Question 5 2 pts What is SWOT analysis? A brainstorming technique for generating creative ideas. A rigorous method for selecting strategies. An approach for identifying a company's closest competitors. A tool for identifying strategic groups within an industry. Question 6 2 pts Which of the following conditions is most likely to cause fierce rivalry between competitors of an industry? The growth rate of demand for the industry's offerings is low. Exit barriers in the industry are low. Fixed costs in the industry are low. Competitors are differentiated from each other. Question 7 2 pts Dr. Michael Porter's Five Forces Analysis is an important tool for: Analyzing how much profit potential exists in an industry. Considering a firm's strengths and weaknesses along with the opportunities and threats that exist in the firm's environment. Evaluating the profit potential of an organization's various business units or product lines. Executives to analyze strategic groups in order to understand gaps in an industry that represent untapped opportunities. > Question 8 2 pts Which of the following statements describes the term "innovativeness" as a dimension of entrepreneurial orientation? The tendency to pursue creativity and experimentation. The tendency to anticipate and act on future needs. The tendency to intensely and directly challenge competitors. The tendency to engage in bold rather than cautious actions. Question 9 2 pts Which term best describes how the actions and events involving top executives, firms, and industries influence a firm's success or failure? Strategic Management Profit & Loss Porter's Five Forces SWOT Analysis Question 10 2 pts Intended strategies are usually described in detail within an organization's strategic plan. True False