Test Prep - WGU - Principles of Management - C483 Questions with 100% Correct Answers

Test Prep - WGU - Principles of Management - C483 Questions with 100% Correct Answers Delivery of products or services - Answer- 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 Profit margins are increased. - Answer- 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. Analysis of external opportunities and threats - Answer- 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 Strengths - Answer- Skilled management, positive cash flow, and well-known brands are examples of which component of the SWOT analysis? Threats Strengths Weaknesses Opportunities Core competencies - Answer- 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 Suppliers can reduce manufacturing time and increase product quality. - Answer- 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. Differentiation - Answer- 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 Vertical integration - Answer- 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 Strategic vision - Answer- 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 d