WGU C483 Exam with Complete Solutions

Open Systems - ANSWER-Organizations that are affected by, and that affect, their environment. Inputs - ANSWER-Goods and services organizations take in and use to create products or services. Outputs - ANSWER-The products and services organizations create. External Environment - ANSWER-All relevant forces outside a firm's boundaries, such as competitors, customers, the government, and the economy. Competitive Environment - ANSWER-The immediate environment surrounding a firm; includes suppliers, customers, rivals, and the like. Macroenvironment - ANSWER-The general environment; includes governments, economic conditions, and other fundamental factors that generally affect all organizations. Demographics - ANSWER-Measures of various characteristics of the people who make up groups or other social units. Barriers to Entry - ANSWER-Conditions that prevent new companies from entering an industry. Switching Costs - ANSWER-Fixed costs buyers face when they change suppliers. Supply Chain Management - ANSWER-The managing of the network of facilities and people that obtain materials from outside the organization, transform them into products, and distribute them to customers. Final Consumer - ANSWER-A customer who purchases products in their finished form. Intermediate Consumer - ANSWER-A customer who purchases raw materials or wholesale products before selling them to final customers. Environmental Scanning - ANSWER-Searching for and sorting through information about the environment. Competitive Intelligence - ANSWER-Information that helps managers determine how to compete better.