Principles of Management - C483 WGU (Pre-Assessment) QUESTIONS WITH COMPLETE SOLUTIONS

Industry and market analysis, competitor analysis, and social analysis are examples of which step in the strategic planning process? correct answer: Analysis of external opportunities and threats Skilled management, positive cash flow, and well-known brands are examples of which component of the SWOT analysis? correct answer: Strengths What denotes skills or expertise in an activity that constitutes the roots of competitiveness in an organization? correct answer: Core competencies According to Michael Porter's competitive environment model, how can suppliers influence strategic planning? correct answer: Suppliers can reduce manufacturing time and increase product quality. A company offers unique products in its industry to create a competitive advantage. Which type of strategy is the company using? correct answer: Differentiation Happy Inc. is a leading provider of family entertainment and BCD is a broadcasting company with news, cable, and entertainment networks. Happy Inc. recently acquired BCD in hopes of boosting its primary business of family entertainment. Which type of corporate strategy is represented by Happy Inc.'s purchase of their distribution network? correct answer: Vertical integration