WGU C802 TASK 1 EXAM PREP
QUESTIONS AND ANSWERS FULL TEST
PAPER ACCURACY CHECKED
◉ Economies of Scale
Answer: Reductions in unit cost granted to purchasers of large
volumes of products or services.
◉ Exit Barriers
Answer: The costs an organization will incur if it exits a market.
◉ Five Forces Model
Answer: A framework devised by Michael Porter that identifies
five factors affecting the degree of competition in a market and
the ability of established organizations to influence prices: (1) the
potential for new entrants, (2) the threat of substitute products,
(3) the power of suppliers, (4) the power of buyers, and (5)
rivalry among competing sellers.
◉ Force Field Analysis
Answer: A technique used to evaluate whether environmental
influences support or undermine an organization's
decisions/plans.
◉ Group Purchasing Organizations (GPOs)
,Answer: Alliances formed to give member organizations greater
negotiating power and concessions on price, delivery times, and
quality when purchasing products/services.
◉ Mobility Barriers
Answer: Intra-industry obstacles that impede organizations in a
strategic group from joining and competing in another group.
Examples of mobility barriers include advertising, expenditures
on research and development, distribution channels, breadth of
product lines, and patents.
◉ Nominal Group Technique (NGT)
Answer: A group method of identifying an issue or choosing a
solution. Each member of a group suggests a solution, and then
the group eliminates duplicate solutions and ranks those that
remain to determine which should be chosen.
◉ PEST Analysis
Answer: An analytical method of deriving forces that are driving
change in an industry. Categories of forces explored include
political, economic, social/cultural, and technological.
◉ Scenario Analysis
Answer: A technique of proposing alternative futures that could
come to pass if a specified environmental change occurs. This type
of analysis is used by leaders to better understand and plan for
future contingencies.
, ◉ Strategic Groups
Answer: Clusters of organizations that use the same or similar
strategies in an industry. By classifying organizations into
strategic groups, leaders can better analyze the structure of an
industry.
◉ Switching Costs
Answer: The costs associated with changing a product, brand,
marketplace, or supplier.
◉ White Paper
Answer: An authoritative paper or analysis of an issue or a
problem.
◉ Benchmarking
Answer: Comparison of internal data to those of outside
organizations for purposes of evaluating an organization's
performance.
◉ Core Competencies
Answer: The internal activities and functions central to fulfilling
an organization's mission. Core competencies are strategically
valuable and the essence of what makes an organization unique in
providing value to its customers.
QUESTIONS AND ANSWERS FULL TEST
PAPER ACCURACY CHECKED
◉ Economies of Scale
Answer: Reductions in unit cost granted to purchasers of large
volumes of products or services.
◉ Exit Barriers
Answer: The costs an organization will incur if it exits a market.
◉ Five Forces Model
Answer: A framework devised by Michael Porter that identifies
five factors affecting the degree of competition in a market and
the ability of established organizations to influence prices: (1) the
potential for new entrants, (2) the threat of substitute products,
(3) the power of suppliers, (4) the power of buyers, and (5)
rivalry among competing sellers.
◉ Force Field Analysis
Answer: A technique used to evaluate whether environmental
influences support or undermine an organization's
decisions/plans.
◉ Group Purchasing Organizations (GPOs)
,Answer: Alliances formed to give member organizations greater
negotiating power and concessions on price, delivery times, and
quality when purchasing products/services.
◉ Mobility Barriers
Answer: Intra-industry obstacles that impede organizations in a
strategic group from joining and competing in another group.
Examples of mobility barriers include advertising, expenditures
on research and development, distribution channels, breadth of
product lines, and patents.
◉ Nominal Group Technique (NGT)
Answer: A group method of identifying an issue or choosing a
solution. Each member of a group suggests a solution, and then
the group eliminates duplicate solutions and ranks those that
remain to determine which should be chosen.
◉ PEST Analysis
Answer: An analytical method of deriving forces that are driving
change in an industry. Categories of forces explored include
political, economic, social/cultural, and technological.
◉ Scenario Analysis
Answer: A technique of proposing alternative futures that could
come to pass if a specified environmental change occurs. This type
of analysis is used by leaders to better understand and plan for
future contingencies.
, ◉ Strategic Groups
Answer: Clusters of organizations that use the same or similar
strategies in an industry. By classifying organizations into
strategic groups, leaders can better analyze the structure of an
industry.
◉ Switching Costs
Answer: The costs associated with changing a product, brand,
marketplace, or supplier.
◉ White Paper
Answer: An authoritative paper or analysis of an issue or a
problem.
◉ Benchmarking
Answer: Comparison of internal data to those of outside
organizations for purposes of evaluating an organization's
performance.
◉ Core Competencies
Answer: The internal activities and functions central to fulfilling
an organization's mission. Core competencies are strategically
valuable and the essence of what makes an organization unique in
providing value to its customers.
