WGU C201 Business Acumen questions with verified
answers
- *defining* a mission,
- *assessing* the organization's competitive position,
- *setting* organizational objectives,
- *creating* strategies for competitive differentiation,
- *implementing* the strategy, and
- *evaluating* the results and refining the plan. Ans✓✓✓ Successful strategic
planners typically follow these six steps:
- *Determine* the specific activities needed to implement plans and achieve goals
- *Group* these work activities into a logical structure.
- *Assign* work to specific employees and give the people the resources they
need to complete it
- *Coordinate* the work of different groups and employees within the company
- *Evaluate* the results of the organizing process to ensure effective and efficient
progress toward planned goals Ans✓✓✓ The steps involved in the organizing
process are
- For complex goods and services of high value, more information can be
conveyed
- Message can be tailored for each customer
- Produces immediate buyer response
- Effectiveness is easily measured Ans✓✓✓ Advantages of Personal Selling
- Generate new product ideas
,- Screening
- Concept development and business analyis
- Product development
- Test marketing
- Commercialization Ans✓✓✓ Process for Developing New Goods and Services
- High cost per contact
- Limited reach (can only cover one geographic region or place at a time)
- High expense and difficulty attracting and retaining effective salespeople
Ans✓✓✓ Disadvantages of Personal Selling
- Identifying a Target Market
- Selecting a Product Strategy
- Shaping a Customer Service Strategy
- Selecting a Pricing Strategy
- Choosing a Location
- Building a Promotional Strategy
- Creating a Store Atmosphere Ans✓✓✓ Components of a retailer's strategy
- long-term loans obtained from financial institutions such as commercial banks,
life insurance companies, and pension funds.
- bonds—certificates of indebtedness—sold to investors.
- equity financing that is acquired by selling stock in the company or reinvesting
company profits. Ans✓✓✓ Organizations acquire long-term funds from three
sources:
,- Pure Competition
- Monopolistic Competition
- Oligopoly
- Monopoly Ans✓✓✓ Types of Competition
- The first is a forecast of sales or revenue over some future time period.
- Next, the CFO uses the sales forecast to determine the expected level of profits
for future periods.
- After coming up with the sales and profit forecast, the CFO needs to estimate
how many additional assets the company will need to support projected sales.
Ans✓✓✓ In general, preparing a financial plan consists of three steps:
(1) *deciding* whether to make, buy, or lease components;
(2) *selecting the best suppliers* for materials; and
(3) *controlling inventory* to keep enough, but not too much, on hand. Ans✓✓✓
Implement the production plan involves
(1) convert original product ideas into final specifications and
(2) design the most efficient facilities to produce those products. Ans✓✓✓
Production departments focus on planning the production process when they
(1) profitability,
(2) volume,
(3) meeting competition, and
(4) prestige. Ans✓✓✓ The four basic categories of pricing objectives are
, *Flexible production* generally involves using technology to receive and fulfill
orders and skilled people to carry out tasks needed to fill a particular order.
*Customer-driven production* evaluates buyer demands in order to make the
connection between products manufactured and products purchased. Ans✓✓✓
What is the difference between flexible production and customer-driven
production?
*Product* departmentalization organizes units by the different goods and
services a company offers.
*Geographical* departmentalization organizes units by geographical regions.
*Customer* departmentalization organizes units by different types of customers.
*Functional* departmentalization organizes units by business activities such as
finance, marketing, human resources, and production.
*Process* departmentalization organizes units by the steps or work processes it
takes to complete production or provide a service. Ans✓✓✓ What are the five
major forms of departmentalization?
*Top* managers develop long-range plans, set a direction for their organization,
and inspire all employees to achieve the company's vision.
*Middle* managers focus on specific operations, products, or customers. They
develop procedures to implement the company's strategic plans.
*Supervisory* managers interact directly with nonmanagerial employees who
produce and sell the company's goods and services. They are responsible for
implementing the plans developed by middle managers and motivating workers
to accomplish daily, weekly, and monthly goals. Ans✓✓✓ How do the jobs of top
managers, middle managers, and supervisory managers differ?
•Attracts attention and creates awareness
•Effectiveness is easily measured
answers
- *defining* a mission,
- *assessing* the organization's competitive position,
- *setting* organizational objectives,
- *creating* strategies for competitive differentiation,
- *implementing* the strategy, and
- *evaluating* the results and refining the plan. Ans✓✓✓ Successful strategic
planners typically follow these six steps:
- *Determine* the specific activities needed to implement plans and achieve goals
- *Group* these work activities into a logical structure.
- *Assign* work to specific employees and give the people the resources they
need to complete it
- *Coordinate* the work of different groups and employees within the company
- *Evaluate* the results of the organizing process to ensure effective and efficient
progress toward planned goals Ans✓✓✓ The steps involved in the organizing
process are
- For complex goods and services of high value, more information can be
conveyed
- Message can be tailored for each customer
- Produces immediate buyer response
- Effectiveness is easily measured Ans✓✓✓ Advantages of Personal Selling
- Generate new product ideas
,- Screening
- Concept development and business analyis
- Product development
- Test marketing
- Commercialization Ans✓✓✓ Process for Developing New Goods and Services
- High cost per contact
- Limited reach (can only cover one geographic region or place at a time)
- High expense and difficulty attracting and retaining effective salespeople
Ans✓✓✓ Disadvantages of Personal Selling
- Identifying a Target Market
- Selecting a Product Strategy
- Shaping a Customer Service Strategy
- Selecting a Pricing Strategy
- Choosing a Location
- Building a Promotional Strategy
- Creating a Store Atmosphere Ans✓✓✓ Components of a retailer's strategy
- long-term loans obtained from financial institutions such as commercial banks,
life insurance companies, and pension funds.
- bonds—certificates of indebtedness—sold to investors.
- equity financing that is acquired by selling stock in the company or reinvesting
company profits. Ans✓✓✓ Organizations acquire long-term funds from three
sources:
,- Pure Competition
- Monopolistic Competition
- Oligopoly
- Monopoly Ans✓✓✓ Types of Competition
- The first is a forecast of sales or revenue over some future time period.
- Next, the CFO uses the sales forecast to determine the expected level of profits
for future periods.
- After coming up with the sales and profit forecast, the CFO needs to estimate
how many additional assets the company will need to support projected sales.
Ans✓✓✓ In general, preparing a financial plan consists of three steps:
(1) *deciding* whether to make, buy, or lease components;
(2) *selecting the best suppliers* for materials; and
(3) *controlling inventory* to keep enough, but not too much, on hand. Ans✓✓✓
Implement the production plan involves
(1) convert original product ideas into final specifications and
(2) design the most efficient facilities to produce those products. Ans✓✓✓
Production departments focus on planning the production process when they
(1) profitability,
(2) volume,
(3) meeting competition, and
(4) prestige. Ans✓✓✓ The four basic categories of pricing objectives are
, *Flexible production* generally involves using technology to receive and fulfill
orders and skilled people to carry out tasks needed to fill a particular order.
*Customer-driven production* evaluates buyer demands in order to make the
connection between products manufactured and products purchased. Ans✓✓✓
What is the difference between flexible production and customer-driven
production?
*Product* departmentalization organizes units by the different goods and
services a company offers.
*Geographical* departmentalization organizes units by geographical regions.
*Customer* departmentalization organizes units by different types of customers.
*Functional* departmentalization organizes units by business activities such as
finance, marketing, human resources, and production.
*Process* departmentalization organizes units by the steps or work processes it
takes to complete production or provide a service. Ans✓✓✓ What are the five
major forms of departmentalization?
*Top* managers develop long-range plans, set a direction for their organization,
and inspire all employees to achieve the company's vision.
*Middle* managers focus on specific operations, products, or customers. They
develop procedures to implement the company's strategic plans.
*Supervisory* managers interact directly with nonmanagerial employees who
produce and sell the company's goods and services. They are responsible for
implementing the plans developed by middle managers and motivating workers
to accomplish daily, weekly, and monthly goals. Ans✓✓✓ How do the jobs of top
managers, middle managers, and supervisory managers differ?
•Attracts attention and creates awareness
•Effectiveness is easily measured
