MGT 521 Week 2 Knowledge Check

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MGT/521 Entire Course Link

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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

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

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

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

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

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

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

Concept: Differentiate Between Goals and Plans

Mastery : 100% Questions : • 7

• 8• 9

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.

• A.

Execution

• B.

Logistics

• C.

Planning

• D.

Operations

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 important only for large companies

• D.

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

9.

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

• A.

operational; tactical

• B.

social; economic

• C.

strategic; financial

• D.

strategic; operational

Concept: Examples of Contingency Factors in Planning

Mastery : 100% Questions : • 10

• 11

• 12

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?

• A.

Commitment concept

• B.

Environmental uncertainty

• C.

Organizational level

• D.

Length of future commitments

11.

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

• A.

Benchmarking

• B.

Formal planning

• C.

Contingency planning

• D.

Environmental scanning

12.

The commitment concept says that plans should ________.

• A.

be done for as long a time period as possible

• B.

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

• C.

be done for as short a time period as possible

• D.

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