MGT 521 Week 2 Knowledge Check

Topics: Strategic management, Management, Strategic planning Pages: 9 (1118 words) Published: October 26, 2014
Week 2 Knowledge Check
Concepts

Mastery

Score: 12/12
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
Concepts

Mastery

Strategies for
SWOT Analyses

100%

Questions
1

2

3

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

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!
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.

Concept: Strategic and Operational Plans
Concepts

Mastery

Strategic and
Operational Plans

100%

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

Correct!
The correct answer is: C. Strategic plans are often broad and provide a companyâs 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 Porterâs 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

Mastery

Differentiate
Between Goals and
Plans

100%

Questions
7

8

9

7.
________ involves defining the organizationâs goals, establishing strategies for achieving those goals, and...
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