【文章內(nèi)容簡介】 d short time spans. Short time spans are helpful to reduce the impact of regime changes. Long time spans provide better statistical data that are less sensitive. 22. a. Foreign exchange rates can significantly affect the petitiveness and profitability for a given industry. For industries that derive a significant proportion of sales via exports, an appreciating currency is usually bad news because it makes the industry less petitive overseas. Here, the appreciating French currency makes French imports more expensive in England.23. Determinants of buyer power include buyer concentration, buyer volume, buyer information, available substitutes, switching costs, brand identity, and product differences. Point 1 addresses available substitutes, Point 2 addresses buyer information, and Point 4 addresses buyer volume and buyer concentration. Point 3, which addresses the number of petitors in the industry, and Point 5, new entrants, may be factual statements but do not support the conclusion that consumers have strong bargaining power.24. a. Product differentiation can be based on the product itself, the method of delivery, or the marketing approach.25. A firm with a strategic planning process not guided by its generic petitive strategy usually makes one or more of the following mistakes:1. The strategic plan is a list of unrelated action items that do not lead to a sustainable petitive advantage.2. Price and cost forecasts are based on current market conditions and fail to take into account how industry structure will influence future longterm industry profitability.3. Business units are placed into categories such as build, hold, and harvest。 with businesses failing to realize that these are not business strategies, but rather the means to achieve the strategy.4. The firm focuses on market share as a measure of petitive position, failing to realize that market share is the result and not the cause of a sustainable petitive position.Smith’s observations 2 and 3 describe two of these mistakes and therefore do not support the conclusion that the North Winery’s strategic planning process is guided and informed by their generic petitive strategy.CFA PROBLEMS 1. a. Lowering reserve requirements would allow banks to lend out a higher fraction of deposits and thus increase the money supply.b. The Fed would buy Treasury securities, thereby increasing the money supply.c. The discount rate would be reduced, allowing banks to borrow additional funds at a lower rate.2. a. Expansionary monetary policy is likely to increase the inflation rate, either because it may overstimulate the economy or ultimately because the end result of more money in the economy is higher prices.b. Real output and employment should increase in response to the expansionary policy, at least in the short run.c. The real interest rate should fall, at least in the shortrun, as the supply of funds to the economy has increased.d. The nominal interest rate could either increase or decrease. On the one hand, the real rate might fall [see part (c)], but the inflation premium might rise [see part (a)]. The nominal rate is the sum of these two ponents.3. a. The concept of an industrial life cycle refers to the tendency of most industries to go through various stages of growth. The rate of growth, the petitive environment, profit margins and pricing strategies tend to shift as an industry moves from one stage to the next, although it is generally difficult to identify precisely when one stage has ended and the next begun.The startup stage is characterized by perceptions of a large potential market and by a high level of optimism for potential profits. H