What is the external environmental analysis process (four parts)? What does the firm want to learn when using this process? What are the differences between the general environment and the industry environment? Why are these differences important? What is the importance of collecting and interpreting data and information about competitors? What practices should a firm use to gather competitor intelligence and why? How do the five forces of competition in an industry affect its profitability potential? Explain. What are the seven segments of the general environment? Explain the differences among them. Why is it important for a firm to study and understand the external environment?
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