WGU C483 Principles of Management Questions and Answers 100% Verified

WGU C483 Principles of Management Questions and Answers 100% Verified Organizations that are affected by, and that affect, their environment. - Answer- Open Systems Goods and services organizations take in and use to create products or services. - Answer- Inputs The products and services organizations create. - Answer- Outputs All relevant forces outside a firm's boundaries, such as competitors, customers, the government, and the economy. - Answer- External Environment The immediate environment surrounding a firm; includes suppliers, customers, rivals, and the like. - Answer- Competitive Environment The general environment; includes governments, economic conditions, and other fundamental factors that generally affect all organizations. - Answer- Macroenvironment Measures of various characteristics of the people who make up groups or other social units. - Answer- Demographics Conditions that prevent new companies from entering an industry. - Answer- Barriers to Entry Fixed costs buyers face when they change suppliers. - Answer- Switching Costs 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. - Answer- Supply Chain Management A customer who purchases products in their finished form. - Answer- Final Consumer A customer who purchases raw materials or wholesale products before selling them to final customers. - Answer- Intermediate Consumer Searching for and sorting through information about the environment. - Answer- Environmental Scanning Information that helps managers determine how to compete better. - Answer- Competitive Intelligence A narrative that describes a particular set of conditions. - Answer- Scenario Method for predicting how variables will change the future. - Answer- Forecasting The process of comparing an organization's practices and technologies with those of other companies. - Answer- Benchmarking An organization's conscious efforts to change the boundaries of its task environment. - Answer- Strategic Maneuvering Entering a new market or industry with an existing expertise. - Answer- Domain Selection A firm's investment in a different product, business, or geographic area. - Answer- Diverisfication One or more companies combining with another. - Answer- Merger One firm buying another. - Answer- Acquisition A firm selling one or more businesses. - Answer- Divestiture Companies that continually change the boundaries for their task environments by seeking new products and markets, diversifying and merging, or acquiring new enterprises. - Answer- Prospectors