MGT 521 Week 2 Knowledge Check

The material presented below is not meant to be a comprehensive list of all you need to know in the content area. Rather it is a starting point for building your knowledge and skills. Additional study materials are recommended in each area below to help you master the material.

Personalized Study Guide Results: 

Score: 12 / 12

Concept: Strategies for SWOT Analyses

Materials on the concept:

• Strategic Management
• Step 3: Doing an Internal Analysis
• The Strategic Management Process
• Step 2: Doing an External Analysis

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.

threat

strength

weakness

opportunity

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) ________.

weakness

threat

strength

opportunity

3.

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

Lack of a strategic plan

Increased product demand

Competitors

Recognized brand

Concept: Strategic and Operational Plans

Materials on the concept:

• Types of Plans
• Foundations of Planning
• Goals and Plans
• Strategic Management
• Five Forces Model

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4.

Strategic plans are usually ________.

short term, directional, and standing

short term, specific, and standing

long term, directional, and single use

long term, specific, and standing

5.

Operational plans are usually ________.

short term, directional, and standing

short term, specific, and standing

long term, directional, and single use

long term, specific, and standing

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?

Threat of new entrants

Bargaining power of suppliers

Current rivalry

Threat of substitutes

Concept: Differentiate Between Goals and Plans

Materials on the concept:

• Foundations of Planning
• The What and Why of Planning
• What Is Planning?
• Goals and Plans
• Types of Goals

7.

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

Execution

Logistics

Planning

Operations

8.

Goals are different from plans because ________.

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

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

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

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

9.

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

operational; tactical

social; economic

strategic; financial

strategic; operational

Concept: Examples of Contingency Factors in Planning

Materials on the concept:

• Foundations of Planning
• Developing Plans
• Contingency Factors in Planning
• How Can Managers Use Environmental Scanning?
• Contemporary Issues in Planning

10.

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

Commitment concept

Environmental uncertainty

Organizational level

Length of future commitments

11.

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

Benchmarking

Formal planning

Contingency planning

Environmental scanning

12.

The commitment concept says that plans should ________.

be done for as long a time period as possible

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

be done for as short a time period as possible

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