WGU C483 Principles of Management Test Prep 105
Questions with Verified Answers
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 - CORRECT ANSWER Delivery of products or
services
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. - CORRECT ANSWER Profit margins are
increased.
,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 - CORRECT ANSWER Analysis of
external opportunities and threats
Skilled management, positive cash flow, and well-known brands are examples of
which component of the SWOT analysis?
Threats
Strengths
Weaknesses
Opportunities - CORRECT ANSWER Strengths
What denotes skills or expertise in an activity that constitutes the roots of
competitiveness in an organization?
Choose 1 answer
Strategic values
Core competencies
Products and services
Opportunities and threats - CORRECT ANSWER Core competencies
,According to Michael Porter's competitive environment model, how can suppliers
influence strategic planning?
Suppliers can reduce the threat from substitute products.
Suppliers can reduce the numbers of new entrants in the market.
Suppliers can reduce manufacturing time and increase product quality.
Suppliers can reduce technological, demographic, and legal threats in the
environment. - CORRECT ANSWER Suppliers 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?
Valorization
Differentiation
Customization
Standardization - CORRECT ANSWER Differentiation
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?
, Choose 1 answer
Vertical integration
Strategic alliances
Networking
Horizontal benchmarking - CORRECT ANSWER Vertical 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?
Choose 1 answer
Strategic vision
Strategic mission
Strategic planning
Strategic management - CORRECT ANSWER Strategic vision
What is the first step of organizational strategic planning?
Choose 1 answer
Developing operational goals
Questions with Verified Answers
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 - CORRECT ANSWER Delivery of products or
services
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. - CORRECT ANSWER Profit margins are
increased.
,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 - CORRECT ANSWER Analysis of
external opportunities and threats
Skilled management, positive cash flow, and well-known brands are examples of
which component of the SWOT analysis?
Threats
Strengths
Weaknesses
Opportunities - CORRECT ANSWER Strengths
What denotes skills or expertise in an activity that constitutes the roots of
competitiveness in an organization?
Choose 1 answer
Strategic values
Core competencies
Products and services
Opportunities and threats - CORRECT ANSWER Core competencies
,According to Michael Porter's competitive environment model, how can suppliers
influence strategic planning?
Suppliers can reduce the threat from substitute products.
Suppliers can reduce the numbers of new entrants in the market.
Suppliers can reduce manufacturing time and increase product quality.
Suppliers can reduce technological, demographic, and legal threats in the
environment. - CORRECT ANSWER Suppliers 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?
Valorization
Differentiation
Customization
Standardization - CORRECT ANSWER Differentiation
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?
, Choose 1 answer
Vertical integration
Strategic alliances
Networking
Horizontal benchmarking - CORRECT ANSWER Vertical 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?
Choose 1 answer
Strategic vision
Strategic mission
Strategic planning
Strategic management - CORRECT ANSWER Strategic vision
What is the first step of organizational strategic planning?
Choose 1 answer
Developing operational goals
