WGU C483 Principles of Management Final Exam Questions and Answers (Latest 2023 Graded A)

WGU C483 Principles of Management Final Exam Questions and Answers (Latest 2023 Graded A) Explain what a Core Competency/ Capability means for an organization. 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 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. 1. understand the competitive environment, organization's must identify competitors. 2. analyze how to compete. 3. new entrants (Netflix took out blockbuster) 4. substitutes and complements (coke for starbucks; starbucks complement is a cake pop) 5. suppliers: switching costs ( fixed costs buyers face when they change suppliers), supply chain management ( managing of the network of facilities and people that obtain materials from outside the organization, transform them into products, and distribute them to customers.) 6. customers: without customers a company wont survive (final customer ex: mcdonalds) (Intermediate customer ex: customer who purchases raw materials or wholesale products before selling them) Explain a SWOT Analysis 1. SWOT analysis: assessment of the organization's strengths, weaknesses, opportunities, and threats 2. SWOT analysis helps managers summarize the relevant important facts from their external and internal analysis SWOT analysis strengths and weaknesses -strength and weaknesses: interal recources EX: organization's strengths might include skilled management, positive cash flow, and wellknown highly regarded brands. Weakness might be lack of spare production capacity and the absence of reliable suppliers SWOT analysis opportunities and threats -SWOT analysis helps managers summarize the relevant, important fats from their external and internal analysis. -they can identify the primary and secondary strategic issues their organization faces. The managers then formulate a strategy that will build on the SWOT analysis to take advantage of available opportunities by capitalizing on the organization's strengths, neutralizing its weakness, and countering potential threats.