Mgt 521 Week 2 Knowledgecheck Essay

1122 words - 5 pages

Week 2 Knowledge Check
Concepts Strategies for SWOT Analyses Strategic and Operational Plans Differentiate Between Goals and Plans Examples of Contingency Factors in Planning Mastery 100% 100% 100% 100% Questions
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Concept: Strategies for SWOT Analyses
Concepts Strategies for SWOT Analyses Mastery 100% Questions
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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 ...view middle of the document...

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.

Concept: Strategic and Operational Plans
Concepts Strategic and Operational Plans Mastery 100% Questions
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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

Correct! 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
Concepts Differentiate Between Goals and Plans Mastery 100% Questions
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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 C. Planning D. Operations

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.

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

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