MGT521 MANAGEMENT Week 2 KNOWLEDGE CHECK 100% CORRECT ANSWERS

Score: / 11 12Week 2 Knowledge Check Study Guide

Concepts Mastery Questions

Strategies for SWOT Analyses 100%

1 2 3

Strategic and Operational Plans 67%

4 5 6

Differentiate Between Goals and Plans 100%

7 8 9

Examples of Contingency Factors in Planning 100%

10 11 12

Concept: Strategies for SWOT Analyses

Mastery 100% Questions 1 2 3

Correct: The Correct Answer is: C.

A weakness describes something an organization does not do well and is sometimes considered a liability. With awareness, however, it can be corrected.

1.

As a process of self-examination during her senior year of college, Casey decides to develop a SWOT analysis of her prospects relative to getting a job. Casey realizes that she has a personal characteristic that suggests she is not comfortable interacting with strangers. She interprets this as a(n) ________ if she is to get a job as a salesperson.

A. threat

B. strength

C. weakness

D. opportunity

Correct: The Correct Answer is: D.

An opportunity is one part of a SWOT analysis. It is defined as a positive trend in the external environment. In this case, the good economic condition for the marketing industry is the external positive trend.

2.

Casey is looking for a new job. She decides to develop a SWOT analysis of the industries she might want to work in. Casey majored in marketing and enjoyed studying market research. Through her research on the Internet and in the University Library, she learns that this industry is currently doing well. She interprets this as a(n) ________.

A. weakness

B. threat

C. strength

D. opportunity

Correct: The Correct Answer is: C.

An organization will review its external environment when completing a SWOT analysis. Threats are negative trends in the external environment. In this case, companies competing in the same market segment are seen as a threat to the organization.

3.

In performing a SWOT analysis, which of the following would be considered as a threat?

A. Lack of a strategic plan

B. Increased product demand

C. Competitors

D. Recognized brand

Concept: Strategic and Operational Plans

Mastery 67% Questions 4 5 6

4.

Strategic plans are usually ________.

A. short term, directional, and standing

B. short term, specific, and standing

C. long term, directional, and single use

D. long term, specific, and standing

Incorrect: The Correct Answer is: C.

Strategic plans are often broad and provide a company’s long-term direction. They are directional in that they are typically flexible and outline general guidelines. They are also considered single use because they are developed to meet the needs of a unique situation.

5.

Operational plans are usually ________.

A. short term, directional, and standing

B. short term, specific, and standing

C. long term, directional, and single use

D. long term, specific, and standing

Correct: The Correct Answer is: B.

Operational plans tend to be more narrow and specific, focusing on goals that provide guidance for activities.

6.

When organizations think about entering a market, they may be concerned with how unique their product might be. Which of Porter’s Five Forces would be relevant in this case?

A. Threat of new entrants

B. Bargaining power of suppliers

C. Current rivalry

D. Threat of substitutes

Correct: The Correct Answer is: D.

The threat of substitutes calls the question about how likely other products might be substituted for the one you are offering. How unique is your product and can it be easily duplicated or copied?

Concept: Differentiate Between Goals and Plans

Mastery 100% Questions 7 8 9

7.

________ involves defining the organization’s goals, establishing strategies for achieving those goals, and developing plans to integrate and coordinate work activities.

A. Execution

B. Logistics

Correct: The Correct Answer is: C.

Plans outline how goals will be achieved. Many organizations have an annual planning process that helps outline how the organization will achieve its annual or strategic goals.

C. Planning

D. Operations

8.

Goals are different from plans because ________.

A. goals identify specific steps that the organization needs to achieve, and plans identify the overall mission of the organization

B. goals describe financial objectives, and plans describe objectives related to social responsibility

Correct: The Correct Answer is: D.

Goals are desired outcomes. Managers use goals as a guide when creating plans. The plans outline how managers will accomplish the set goals.

C. goals are important only for small companies, and plans are important only for large companies

D. goals are desired outcomes, and plans describe how those outcomes will be accomplished

9.

Most company goals can be classified as either ________ or ________.

A. operational; tactical

B. social; economic

C. strategic; financial

D. strategic; operational

Correct: The Correct Answer is: C.

When companies set goals they want to be sure those goals do not just focus on company profits. A single goal pertaining to profits may result in unethical behaviors. Companies want to have multiple goals that not only improve business but motivate employees. Most company goals are either strategic or financial because financial goals are related to the company’s financial performance and strategic goals are related to other areas of company performance.

Concept: Examples of Contingency Factors in Planning

Mastery 100% Questions 10 11 12

10.

In response to a natural disaster, which contingency factor will affect the choice of plans?

Correct: The Correct Answer is: B.

Environmental uncertainty deals with all kinds of hazards that are unpredictable—Hurricane Katrina, the tsunami in Japan, and so forth.

A. Commitment concept

B. Environmental uncertainty

C. Organizational level

D. Length of future commitments

11.

What technique would managers use when seeking to detect big trends and changing market conditions?

A. Benchmarking

Correct: The Correct Answer is: D.

Environmental scanning detects trends in the market. Some of the data collected might be competitor intelligence—to help anticipate what competitors are doing—rather than reacting to information.

B. Formal planning

C. Contingency planning

D. Environmental scanning

12.

The commitment concept says that plans should ________.

A. be done for as long a time period as possible

B. extend far enough to meet those commitments made when the plans were developed

Correct: The Correct Answer is: B.

The commitment concept is important because a company has to live with the good or bad consequences of its decisions. Planning for too long or too short of a time period is inefficient. Management must do their best to create plans that will extend far enough to meet the needs of the planned commitment.

C. be done for as short a time period as possible

D. not commit to specifically meeting the goals made when the plans were developed