Unit Review No. 2

Technological factors focuses on information and resources, research and development, and e-commerce.

• True

• False

Demographics (i.e., age, family size, gender), opinions, population growth, employment growth and such are considered in the social factors.

• True

• False

Political stability, tax reforms, and tariffs are some aspects to consider in the economic factors.

• True

• False

In evaluating the economic factors, inflation is one of the primary aspects that businesses look into.

• True

• False

PEST Analysis is a management method whereby an organization can assess major industrial factors that influence its operation in order to become more competitive in the market.

• True

• False

Answer explanation

It assesses major external factors that influence its operation in order to become more competitive in the market.

When a business assesses its strengths, it looks deep within itself by identifying the traits that needed to be improved.

• True

• False

Answer explanation

Weaknesses stop an organization from performing at its optimum level.

• True

• False

Answer explanation

Opportunities refer to favorable external factors that could give an organization a competitive advantage.

• True

• False

Answer explanation

Common threats include things like rising costs for materials, increasing competition, and tight labor supply.

• True

• False

Answer explanation

Opportunities and threats are classified under internal quadrants of the SWOT Analysis

• True

• False

Answer explanation