Principles of Management - C483 WGU (Pre-Assessment) Questions and Answers Rated A

Principles of Management - C483 WGU (Pre-Assessment) Questions and Answers Rated A Industry and market analysis, competitor analysis, and social analysis are examples of which step in the strategic planning process? Analysis of external opportunities and threats Skilled management, positive cash flow, and well-known brands are examples of which component of the SWOT analysis? Strengths What denotes skills or expertise in an activity that constitutes the roots of competitiveness in an organization? Core competencies According to Michael Porter's competitive environment model, how can suppliers influence strategic planning? Suppliers can reduce manufacturing time and increase product quality. A company offers unique products in its industry to create a competitive advantage. Which type of strategy is the company using? Differentiation 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? Vertical integrationA 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 dream to franchise the business and become the best provider of its service in the United States. What describes the owner's dream? Strategic vision What is the first step of organizational strategic planning? Developing a strategic mission A value chain is the sequence of activities that begins with raw materials. What result does a value chain end with? Delivery of products or services What happens when an effective value chain is created? Profit margins are increased. The introduction of statistical tools to analyze the causes of product defects is associated with which quality improvement approach? Six Sigma What is the principal idea of reengineering? To revolutionize key organizational systems and processes How many defects per million are there at Six Sigma, assuming a product or process is defect-free 99.99966% of the time? Less than 3.4 What is the last step to Deming's 14 points of quality management? To take action to accomplish the transformation Process checklists and project audits are components of which management process? Quality AssuranceWhat is the main objective of an internal quality audit? To measure effectiveness of an organization's quality management system A company is trying to systematically improve processes by eliminating nonconformity of their products to product specifications. The company believes their continuous effort to reduce variation in their process outputs is key to their business success. Which quality process is the company utilizing? Six Sigma Which concept entails all aspects of interaction a company has with its customers in both sales and service-related environments? Customer relationship management Dr. Ohmae indicates that customer, corporation, and competitors should be integrated in a strategic triangle. What does Dr. Ohmae indicate that an organization can obtain by doing this? Sustained competitive advantage What designates those who take hands-on responsibility for creating innovation such as new ideas, products, or methods within an organization? Intrapreneur Why is innovation an important element of entrepreneurship? Creates unique and different products or services Most successful entrepreneurs exhibit certain characteristics. Some entrepreneurs are openminded, able to learn quickly, and skilled at conceptualizing. Which entrepreneurial personality trait is this? Creativity, self-reliance, and ability to adaptWhich personality characteristics are believed to contribute to an entrepreneur's success? Determination Why would an entrepreneurial