Why is it important for a firm to study and understand

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? What does the firm want to learn when using this process?4. List and discuss the six segments of the general environment5. How do the five forces of competition in an industry affect its profit potential? Explain.6. What is a strategic group?7. Discuss the importance of collecting information about competitors? Distinguish between ethical and unethical methods of gathering competitive intelligence.All answers must be in your own words – do not copy or paraphrase from your textbook or any other source. Additionally you must always give an example to illustrate your answer


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