According to the textbook, how do well-managed firms respond to ...

[Sportsfan2111]

According to the textbook, how do well-managed firms respond to the five forces that determine industry profitability?
 
  A) They switch industries if the forces are too compelling.
  B) They focus on one force intently and excel by overcoming that force.
  C) They overcome each of the forces.
  D) They ignore the forces.
  E) They try to position their firms in a way that avoids or diminishes the forces.

Question 2

Describe what a concept statement is, and what it should include.
 
  What will be an ideal response?

[shaikhs]

Answer to Question 1

E

Answer to Question 2

A concept statement is a preliminary description of a business. It should include:
 A description of the product or service being offered.
 The intended target market.
 The benefits of the product or service.
 A description of how the product will be positioned relative to similar ones in the market.
 A description of how the product or service will be sold and distributed.

The concept statement is administered as part of product/market feasibility analysis and should be used to get initial feedback and input regarding a business idea.