R44 练习: 行业与竞争分析
考纲范围
- describe the purposes of, and steps involved in, industry and competitive analysis
- describe industry classification methods and compare methods by which companies can be grouped
- determine an industry’s size, growth characteristics, profitability, and market share trends
- analyze an industry’s structure and external influences using Porter’s Five Forces and PESTLE frameworks
- evaluate the competitive strategy and position of a company
Q1.
Which of the following statements concerning the purpose of industry analysis is least likely accurate?
A. Industry forces serve as a floor on the company’s return.
B. Industry structural factors have long-term influences on profitability.
C. Industry analysis can be used to estimate the industry base rate and the relatively competitive strength of a company.
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答案：A
解析：行业分析的目的是改善预测和识别投资机会。行业结构因素对盈利能力有长期影响 (B正确)，行业分析可用于估计行业基准回报率和公司的相对竞争力 (C正确)。A 不准确，行业力量作为公司回报的”上限” (ceiling) 而非”下限” (floor)。
选项 判断 解析 A ✗ 行业力量是公司回报的上限 (ceiling)，不是下限 (floor) B ✓ 行业结构因素确实对盈利能力有长期影响 C ✓ 行业分析可用于估计行业基准回报率和相对竞争力 关联：R44: 行业与竞争分析
Q2.
The start point of the industry and competitive analysis steps is:
A. industry survey.
B. defining the industry.
C. analysis of industry structure.
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答案：B
解析：行业和竞争分析的步骤为：(1) 定义行业 (Define industry)；(2) 行业调查 (Industry survey)；(3) 行业结构分析 (Industry structure)；(4) 外部影响 (External influences)；(5) 竞争分析 (Competitive analysis)。起点是定义行业。
选项 判断 解析 A ✗ 行业调查是第二步 B ✓ 定义行业是行业和竞争分析的第一步 C ✗ 行业结构分析是第三步 关联：R44: 行业与竞争分析
Q3.
Which of the following is an industry factor rather than a company-specific factor?
A. Execution creating variance
B. Competitive strategy
C. Economic influences on the industry
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答案：C
解析：经济对行业的影响 (Economic influences on the industry) 是行业层面的因素。执行差异 (Execution creating variance) 和竞争战略 (Competitive strategy) 都是公司特定因素。
选项 判断 解析 A ✗ 执行差异是公司特定因素 B ✗ 竞争战略是公司特定因素 C ✓ 经济对行业的影响是行业层面因素 关联：R44: 行业与竞争分析
Q4.
Which of the following statements describing the industry classification schemes is least accurate?
A. Different commercial schemes have totally the same groupings, tiers, and names.
B. Commercial schemes typically update more frequently than governmental schemes.
C. Governmental schemes tend to be country-specified.
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答案：A
解析：不同的商业分类方案 (commercial schemes) 在分组、层级和名称上并不完全相同，各有差异。商业方案通常比政府方案更新更频繁 (B正确)。政府方案往往是针对特定国家的 (C正确)。
选项 判断 解析 A ✗ 不同商业分类方案的分组、层级和名称并不完全相同 B ✓ 商业方案确实通常比政府方案更新更频繁 C ✓ 政府方案确实往往是针对特定国家的 关联：R44: 行业与竞争分析
Q5.
Which of the following sectors is least likely to be defensive?
A. Healthcare
B. Utilities
C. Consumer discretionary
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答案：C
解析：防御性行业 (defensive sectors) 对经济周期不敏感，如医疗保健 (Healthcare) 和公用事业 (Utilities)。非必需消费品 (Consumer discretionary) 是周期性行业 (cyclical)，对经济周期敏感，因此最不可能是防御性行业。
选项 判断 解析 A ✓ 医疗保健是防御性行业 B ✓ 公用事业是防御性行业 C ✗ 非必需消费品是周期性行业，不是防御性行业 关联：R44: 行业与竞争分析
Q6.
Which of the following statements regarding alternative methods of grouping companies is most accurate?
A. Grouping by valuation ratios is an example of grouping by statistical similarities.
B. Grouping by carbon emissions to revenues, is an example of grouping by geography.
C. The companies’ group will always keep unchanged over time.
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答案：A
解析：公司分组的替代方法包括：地理 (Geography)、对商业周期的敏感度 (防御性 vs 周期性)、统计相似性 (Statistical similarities)、ESG 特征。按估值比率分组属于统计相似性分组。碳排放与收入之比属于 ESG 特征分组，而非地理分组。公司分组会随时间变化。
选项 判断 解析 A ✓ 按估值比率分组确实属于统计相似性分组 B ✗ 碳排放/收入比率属于 ESG 特征分组，而非地理分组 C ✗ 公司分组会随时间变化，不会保持不变 关联：R44: 行业与竞争分析
Q7.
A section of the retail market consists of 10 firms operating 1,200,000 grocery stores across Great Britain with a Herfindahl-Hirschman Index (HHI) of 1,720. Because of the considerable profit, more than 5 companies enter the section. As a result, the HHI will most likely:
A. decrease.
B. remain unchanged.
C. increase.
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答案：A
解析：HHI (赫芬达尔-赫希曼指数) 衡量市场集中度，等于所有公司市场份额的平方之和。当新公司进入市场时，市场份额会更加分散，HHI 会下降。更多公司意味着市场集中度降低。
选项 判断 解析 A ✓ 新公司进入导致市场份额更分散，HHI 下降 B ✗ 新公司进入会改变 HHI C ✗ 新公司进入使 HHI 下降而非上升 关联：R44: 行业与竞争分析
Q8.
Which of the following statements is most accurate regarding industry growth characteristics?
A. The broader economic growth is the main growth driver of the growth industry.
B. Industry size is measured by the total annual sales of all companies inside the industry.
C. Mature industries typically reach the saturation or penetration of their total addressable market.
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答案：C
解析：成熟行业通常已达到其可寻址市场 (total addressable market) 的饱和或渗透。对于成长型行业，其增长主要由自身创新和市场扩张驱动，而非更广泛的经济增长（A 错误）。行业规模不仅仅通过年销售额衡量。
选项 判断 解析 A ✗ 成长型行业的增长驱动因素不主要是宏观经济增长 B ✗ 行业规模的衡量方式不限于年销售额总和 C ✓ 成熟行业确实通常达到其可寻址市场的饱和或渗透 关联：R44: 行业与竞争分析
Q9.
A company named GA is a branded electric appliance producer which has over 3000 dealers to sell its productions. Meanwhile, the company has over 500 suppliers to provide raw material and non-core components. The market share of GA is 30% and shares of other competitors are relatively small. According to the information above, which option is consistent with this situation?
A. The bargaining power of customers is high.
B. The bargaining power of suppliers is high.
C. The rivalry among existing companies is low.
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答案：C
解析：GA 拥有 30% 的市场份额且其他竞争者份额较小，说明 GA 是市场领导者，现有公司间的竞争程度低。有超过 3000 家经销商分散了客户的议价能力。有超过 500 家供应商分散了供应商的议价能力。
选项 判断 解析 A ✗ 3000 多家经销商很分散，客户议价能力不高 B ✗ 500 多家供应商很分散，供应商议价能力不高 C ✓ GA 市场份额 30%，其他竞争者份额小，竞争程度低 关联：R44: 行业与竞争分析
Q10.
The top managers of a camera company are holding a conference to discuss the challenges encountered. Their providers and customers are quite decentralized. Fierce competition in this industry can hardly be observed and no new companies established over last decades. New technology has been used in smartphones to improve the photographic results. According to Porter’s model, what is the main challenge will the company deal with?
A. Bargaining power of suppliers.
B. Threat of substitutes.
C. Threat of new entrants.
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答案：B
解析：供应商和客户分散（议价能力低），行业竞争不激烈，没有新公司进入。但智能手机照相技术的进步对相机行业构成了替代品威胁 (threat of substitutes)，这是该公司面临的主要挑战。
选项 判断 解析 A ✗ 供应商分散，议价能力不是主要挑战 B ✓ 智能手机拍照技术进步构成替代品威胁 C ✗ 数十年来没有新公司进入，新进入者威胁不是主要挑战 关联：R44: 行业与竞争分析
Q11.
Which of the following is not considered in a PESTLE model analysis?
A. A price war can be observed now due to the over-capacity in the industry.
B. Increasing number of people prefer outdoor activities which boosts the sale of sports equipment.
C. Fuel vehicles cannot be sold after 2030 in Sweden according to the local law.
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答案：A
解析：PESTLE 分析涵盖：Political (政治)、Economic (经济)、Social (社会)、Technological (技术)、Legal (法律)、Environmental (环境) 六个外部因素。A 描述的是行业内部的价格战和产能过剩，属于行业结构/波特五力分析范畴，不属于 PESTLE 外部影响分析。B 属于社会因素，C 属于法律因素。
选项 判断 解析 A ✗ 行业内部价格战属于波特五力分析，不属于 PESTLE B ✓ 人们偏好户外活动属于社会 (Social) 因素 C ✓ 燃油车销售禁令属于法律 (Legal) 因素 关联：R44: 行业与竞争分析
Q12.
The consumers of company XYZ are fascinated by its creativity which is leading the industry. As the result, XYZ enjoys price premium for 30% above the industry average meanwhile it occupies 20% of the total market. Which of the following strategies is XYZ adopting?
A. Cost leadership
B. Differentiation
C. Focus
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答案：B
解析：XYZ 凭借其领先行业的创意能力获得 30% 的价格溢价，并占有 20% 的市场份额。这是典型的差异化策略 (Differentiation)：通过独特的产品或服务获得价格溢价。成本领先策略注重低成本，聚焦策略针对细分市场。
选项 判断 解析 A ✗ 成本领先策略注重低成本运营，而非价格溢价 B ✓ 凭借创意获得价格溢价，典型的差异化策略 C ✗ 占 20% 市场份额，并非聚焦于细分市场 关联：R44: 行业与竞争分析
Q13.
Which of the following is mostly consistent with a cost leadership strategy?
A. Brand loyalty
B. Economies of scale
C. Strong understanding of a small group of customers
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答案：B
解析：成本领先策略 (Cost leadership) 依赖规模经济 (economies of scale) 来实现低成本运营。品牌忠诚度 (Brand loyalty) 更符合差异化策略。对小众客户群的深刻理解 (Strong understanding of a small group of customers) 更符合聚焦策略。
选项 判断 解析 A ✗ 品牌忠诚度更符合差异化策略 B ✓ 规模经济是成本领先策略的核心 C ✗ 对小众客户群的理解更符合聚焦策略 关联：R44: 行业与竞争分析