C483 EXAMINATION QUESTIONS AND ANSWERS
Benchmarking - -Process of assessing how well one companys basic functions and skills
compare with those of another company or set of companies.
-The goal of benchmarking is to thoroughly understand the "best practices" of other firms and
to undertake actions to achieve bother better performance.
EX: WGU seeing how well other companies advertise and are working and how can we
incorporate that into our strategy. its not about stealing but trying to see what is the best
practices.
value chain - sequence that flow from raw materials to the delivery of good or services,
with additional value created at each step.
primary activities - research and development, inbound logistics, operations, outbound
logistics, marketing and sales, service
support activities - firm infrastructure, HR management, technology development,
procurement.
Macro environment - economy, technology, legal and regulations, demographics, social
issues, natural ecology
competitive environment - Rivals (Competitors)
Suppliers
Buyers
Switching Costs
Threat of new Entrants
Barriers to entry
Substitutes and Compliments
internal environment - culture, values, climate
rival firms - current firms in an industry
, new entrants - new competitors may be limited by barriers to entry
customers - can decide where to spend their money.
Ex: what can we do to make sure students spend their money with us. competitve pricing comes
to play
substitutes/ complements - customers can use alternative and complimentary products.
EX: what creates our differences. Does WGU offering something that other universities dont
offer?
suppliers - can affect firms in many ways like switching cost, on time deliveries. find out
what main supplies you need and what supplies do you need to create your ultimate end goal.
EX: WGU using webcams for OA
concentric diversification - when an organization takes what theyre good at and creates
similar business.
EX: now WGU not only has college business, they have health care, cybersecturity, teachers ed.
etc
conglomerate diversification - when a company expands and decides to make products
they dont specialize in, they saw opportunity and had resources then capitalized.
EX: apple initially started out with computers now they make cpu, watches, airtags
Vertical Integration - owning multiple assets within the supply chain
backward integration - When a company owns the supply process or the supplier
EX: if apple whose supplier lets say is in China that makes all of their cell phones products, if
apple decides to purchase or acquire that supplier they will implement backward integration.
also, when the main gets from there sides.
Benchmarking - -Process of assessing how well one companys basic functions and skills
compare with those of another company or set of companies.
-The goal of benchmarking is to thoroughly understand the "best practices" of other firms and
to undertake actions to achieve bother better performance.
EX: WGU seeing how well other companies advertise and are working and how can we
incorporate that into our strategy. its not about stealing but trying to see what is the best
practices.
value chain - sequence that flow from raw materials to the delivery of good or services,
with additional value created at each step.
primary activities - research and development, inbound logistics, operations, outbound
logistics, marketing and sales, service
support activities - firm infrastructure, HR management, technology development,
procurement.
Macro environment - economy, technology, legal and regulations, demographics, social
issues, natural ecology
competitive environment - Rivals (Competitors)
Suppliers
Buyers
Switching Costs
Threat of new Entrants
Barriers to entry
Substitutes and Compliments
internal environment - culture, values, climate
rival firms - current firms in an industry
, new entrants - new competitors may be limited by barriers to entry
customers - can decide where to spend their money.
Ex: what can we do to make sure students spend their money with us. competitve pricing comes
to play
substitutes/ complements - customers can use alternative and complimentary products.
EX: what creates our differences. Does WGU offering something that other universities dont
offer?
suppliers - can affect firms in many ways like switching cost, on time deliveries. find out
what main supplies you need and what supplies do you need to create your ultimate end goal.
EX: WGU using webcams for OA
concentric diversification - when an organization takes what theyre good at and creates
similar business.
EX: now WGU not only has college business, they have health care, cybersecturity, teachers ed.
etc
conglomerate diversification - when a company expands and decides to make products
they dont specialize in, they saw opportunity and had resources then capitalized.
EX: apple initially started out with computers now they make cpu, watches, airtags
Vertical Integration - owning multiple assets within the supply chain
backward integration - When a company owns the supply process or the supplier
EX: if apple whose supplier lets say is in China that makes all of their cell phones products, if
apple decides to purchase or acquire that supplier they will implement backward integration.
also, when the main gets from there sides.
