WGU C483 PRINCIPLES OF MANAGEMENT
EXAM REVIEW SOLVED QUESTIONS
VERIFIED RATIONALES TEST BANK
COMPLETE ANSWERS GRADED A+
⩥ Describe strategic goals.
Answer: major target long-term goals that are effective and efficient
⩥ describe strategy.
Answer: pattern of actions and resource allocations designed to achieve
the goals of the organization. 1. Where will we be active? 2. How will
we get there (increase sales or acquire another company)? 3. How will
we win the in the marketplace (keep prices low or offer the best
service)? 4. how fast will we move in what sequence will we make the
changes? 5.How will we obtain financial returns (low cost or premium
prices)? *In setting a strategy, managers try to match the organization's
skills and resources to the opportunities found in the external
environment.
⩥ 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.
EXAM REVIEW SOLVED QUESTIONS
VERIFIED RATIONALES TEST BANK
COMPLETE ANSWERS GRADED A+
⩥ Describe strategic goals.
Answer: major target long-term goals that are effective and efficient
⩥ describe strategy.
Answer: pattern of actions and resource allocations designed to achieve
the goals of the organization. 1. Where will we be active? 2. How will
we get there (increase sales or acquire another company)? 3. How will
we win the in the marketplace (keep prices low or offer the best
service)? 4. how fast will we move in what sequence will we make the
changes? 5.How will we obtain financial returns (low cost or premium
prices)? *In setting a strategy, managers try to match the organization's
skills and resources to the opportunities found in the external
environment.
⩥ 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.
