Principles of Management C483 WGU questions with correct answers

Describe strategic planning - Answer Making decisions about the organization's long-term goals and strategies Describe strategic goals - Answer major target long-term goals that are effective and efficient describe strategy - Answer pattern of actions and resource allocations designed to achieve the goals of the organization. 1. Where will we be active? 2. How will we get there (increase sales or acquire another company)? 3. How will we win the in the marketplace (keep prices low or offer the best service)? 4. how fast will we move in what sequence will we make the changes? 5.How will we obtain financial returns (low cost or premium prices)? *In setting a strategy, managers try to match the organization's skills and resources to the opportunities found in the external environment. Explain what a Core Competency/ Capability means for an organization. - Answer Core Capability: (or competence) when resources are valuable, rare, inimitable, and organized. Something company does especially well relative to its competitors. (EX: Honda small engine) Core competencies typically refers to a set of skills or expertise in some activity rather than physical or financial assets. Porter's 5 Model - Answer Porter's 5 Model is a method used to help managers analyze the competitive environment and adapt to or influence the nature of their competition. Describe Porter's 5 Model and how it is used in the strategic planning process. - Answer 1. understand the competitive environment, organization's must identify competitors.