TEST PREP - WGU - PRINCIPLES OF MANAGEMENT - C483 QUESTIONS WITH CORRECT ANSWERS

Delivery of products or services CORRECT ANSWER A value chain is the sequence of activities that begins with raw materials. What result does a value chain end with? Choose 1 answer Supply and demand Operations and logistics Outsourcing or insourcing Delivery of products or services Profit margins are increased. CORRECT ANSWER What happens when an effective value chain is created? Choose 1 answer Profit margins are increased. A mission statement is developed. Customized products are standardized. Total quality management is not required. Analysis of external opportunities and threats CORRECT ANSWER Industry and market analysis, competitor analysis, and social analysis are examples of which step in the strategic planning process? Analysis of mission, vision, and goals Analysis of management implementation Analysis of external opportunities and threats Analysis of internal strengths and weaknesses Strengths CORRECT ANSWER Skilled management, positive cash flow, and well-known brands are examples of which component of the SWOT analysis? Threats Strengths Weaknesses Opportunities Core competencies CORRECT ANSWER What denotes skills or expertise in an activity that constitutes the roots of competitiveness in an organization? Choose 1 answer Strategic values Core competencies