WGU C483 Principles of Management – Pre-Assessment Exam 2023 (Verified & 100% Correct)

WGU C483 Principles of Management – Pre-Assessment Exam 2023 (Verified & 100% Correct) Industry and market analysis, competitor analysis, and social analysis are examples of which step in the strategic planning process? - answerAnalysis of external opportunities and threats Skilled management, positive cash flow, and well-known brands are examples of which component of the SWOT analysis? - answerStrengths What denotes skills or expertise in an activity that constitutes the roots of competitiveness in an organization? - answerCore competencies According to Michael Porter's competitive environment model, how can suppliers influence strategic planning? - answerSuppliers 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? - answerDifferentiation 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? - answerVertical integration A local business has provided services to its customers for 40 years. The business's mission is "To give our customers the best service in town." The owner of the business has had a long-standing dream to franchise the business and become the best provider of its service in the United States. What describes the owner's dream? - answerStrategic vision What is the first step of organizational strategic planning? - answerDeveloping a strategic mission A value chain is the sequence of activities that begins with raw materials. What result does a value chain end with? - answerDelivery of products or services