MGT 521 Week 2

Topics: Strategic management, Management, Strategic planning Pages: 14 (1247 words) Published: September 29, 2014

Download Week 2 Knowledge Check Study Guide
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
Concepts Mastery Questions
Strategies for SWOT Analyses
100%

1
2
3

Strategic and Operational Plans
100%

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

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.

A.

threat
B.

strength
C.

weakness
D.

opportunity

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

Materials

Step 3: Doing an Internal Analysis

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 :
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.

Materials

Step 2: Doing an External Analysis

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

Correct :
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.

Materials

Step 2: Doing an External Analysis

Concept: Strategic and Operational Plans

Mastery

100%

Questions

4
5
6

Materials on the concept:

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

Show More
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 :
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.

Materials

Types of Plans

5.

Operational plans are usually ________.

A.

short term, directional, and standing
B.

short term, specific, and standing
C.

long term,...
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