WGU C483 Principles of Management
Questions and Answers | Complete
Pack | A+ Verified
• 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.
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 . ANSWER: 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 . ANSWER: -strength and weaknesses:
interal recources
EX: organization's strengths might include skilled management, positive cash flow, and
well-known highly regarded brands.
Weakness might be lack of spare production capacity and the absence of reliable
suppliers
• SWOT analysis opportunities and threats . ANSWER: -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.
• How SWOT analysis helps managers: . ANSWER: -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.
• Name the 5 types of corporate strategies that organizations use . ANSWER: 1.
corportate strategy
2. concentration strategy
3. vertical integration strategy
4. concentric diversification strategy
5. conglomerate diversification strategy
• define corporate strategy . ANSWER: identifies the set of businesses, markets, or
industries in which the organization competes and the organization competes and the
distribution of resources among those businesses shows basic alternatives for a
corporate strategy, ranging from very specialized to highly diverse
• Concentration Strategy . ANSWER: focuses on a single business competing in a
single industry
• vertical integration strategy . ANSWER: involves expanding the domain of the
organizatoin into supply channel or to distributors
• concentric diversification strategy . ANSWER: involves moving into a new business
that are related to the company's original core business
• conglomerate diversification strategy . ANSWER: a corporate strategy that invovles
expansioin into unrelated businesses
• Name the two kinds of business strategies that companies can use to gain competitive
advantage . ANSWER: 1. Low-cost strategy
2. Differentiation Strategy
• Define Low-cost strategy . ANSWER: business attempt to be efficient and offer a
standard, no-frills product
ex: walmart
• define differentiation strategy . ANSWER: comapnies attempt to be unique in its
industry or market segment along some dimensions that customers value. this unique or
Questions and Answers | Complete
Pack | A+ Verified
• 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.
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 . ANSWER: 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 . ANSWER: -strength and weaknesses:
interal recources
EX: organization's strengths might include skilled management, positive cash flow, and
well-known highly regarded brands.
Weakness might be lack of spare production capacity and the absence of reliable
suppliers
• SWOT analysis opportunities and threats . ANSWER: -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.
• How SWOT analysis helps managers: . ANSWER: -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.
• Name the 5 types of corporate strategies that organizations use . ANSWER: 1.
corportate strategy
2. concentration strategy
3. vertical integration strategy
4. concentric diversification strategy
5. conglomerate diversification strategy
• define corporate strategy . ANSWER: identifies the set of businesses, markets, or
industries in which the organization competes and the organization competes and the
distribution of resources among those businesses shows basic alternatives for a
corporate strategy, ranging from very specialized to highly diverse
• Concentration Strategy . ANSWER: focuses on a single business competing in a
single industry
• vertical integration strategy . ANSWER: involves expanding the domain of the
organizatoin into supply channel or to distributors
• concentric diversification strategy . ANSWER: involves moving into a new business
that are related to the company's original core business
• conglomerate diversification strategy . ANSWER: a corporate strategy that invovles
expansioin into unrelated businesses
• Name the two kinds of business strategies that companies can use to gain competitive
advantage . ANSWER: 1. Low-cost strategy
2. Differentiation Strategy
• Define Low-cost strategy . ANSWER: business attempt to be efficient and offer a
standard, no-frills product
ex: walmart
• define differentiation strategy . ANSWER: comapnies attempt to be unique in its
industry or market segment along some dimensions that customers value. this unique or
