WGU C483 Exam Questions and Answers

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Open Systems - ANSWER-Organizations that are affected by, and that affect, their environment. Inputs - ANSWER-Goods and services organizations take in and use to create products or services. Out... puts - ANSWER-The products and services organizations create. External Environment - ANSWER-All relevant forces outside a firm's boundaries, such as competitors, customers, the government, and the economy. Competitive Environment - ANSWER-The immediate environment surrounding a firm; includes suppliers, customers, rivals, and the like. Macroenvironment - ANSWER-The general environment; includes governments, economic conditions, and other fundamental factors that generally affect all organizations. Demographics - ANSWER-Measures of various characteristics of the people who make up groups or other social units. Barriers to Entry - ANSWER-Conditions that prevent new companies from entering an industry. Switching Costs - ANSWER-Fixed costs buyers face when they change suppliers. Supply Chain Management - ANSWER-The managing of the network of facilities and people that obtain materials from outside the organization, transform them into products, and distribute them to customers. Final Consumer - ANSWER-A customer who purchases products in their finished form. Intermediate Consumer - ANSWER-A customer who purchases raw materials or wholesale products before selling them to final customers. Environmental Scanning - ANSWER-Searching for and sorting through information about the environment. Competitive Intelligence - ANSWER-Information that helps managers determine how to compete better. Scenario - ANSWER-A narrative that describes a particular set of conditions. Forecasting - ANSWER-Method for predicting how variables will change the future. Benchmarking - ANSWER-The process of comparing an organization's practices and technologies with those of other companies. Strategic Maneuvering - ANSWER-An organization's conscious efforts to change the boundaries of its task environment. Domain Selection - ANSWER-Entering a new market or industry with an existing expertise. Diverisfication - ANSWER-A firm's investment in a different product, business, or geographic area. Merger - ANSWER-One or more companies combining with another. Acquisition - ANSWER-One firm buying another. Divestiture - ANSWER-A firm selling one or more businesses. Prospectors - ANSWER-Companies that continually change the boundaries for their task environments by seeking new products and markets, diversifying and merging, or acquiring new enterprises. Defenders - ANSWER-Companies that stay within a stable product domain as a strategic maneuver. Independent Strategies - ANSWER-Strategies that an organization acting on its own uses to change some aspect of its current environment. Cooperative Strategies - ANSWER-Strategies used by two or more organizations working together to manage the external environment. Empowerment - ANSWER-The process of sharing power with employees, thereby enhancing their confidence in their ability to perform their jobs and their belief that they are influential contributors to the organization. Buffering - ANSWER-Creating supplies of excess resources in case of unpredictable needs. Smoothing - ANSWER-Leveling normal fluctuations at the boundaries of the environment. Flexible Processes - ANSWER-Methods for adapting the technical core to changes in the environment. Organization Culture - ANSWER-The set of important assumptions about the organization and its goals and practices that members of the company share. Organizational Climate - ANSWER-The patterns of attitudes and behavior that shape people's experience of an organization. Situational Analysis - ANSWER-A process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration. Goal - ANSWER-A target or end that management desires to reach. Plans - ANSWER-The actions or means manager intend to use to achieve organizational goals Scenario (Chapter 4) - ANSWER-A narrative that describes a particular set of future conditions. Strategic Planning - ANSWER-A set of procedure for making decisions about the organization's long-term goals and strategies. Strategic Goals - ANSWER-Major targets or results relating to the organization's long-term survival, value, and growth. Strategy - ANSWER-A pattern of actions and resource allocations designed to achieve the organization's goals. Tactical Planning - ANSWER-A set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as a functional area like marketing. Operational Planning - ANSWER-The process of identifying the specific procedures and processes required at lower levels of the organization. Strategic Management - ANSWER-A process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies. Mission - ANSWER-An organization's basic purpose and scope of operations. Strategic Vision - ANSWER-The long-term direction and strategic intent of a company. Stakeholders - ANSWER-Groups and individuals who affect and are affected by the achievement of the organization's mission, goals, and strategies. Resources - ANSWER-Inputs to a system that can enhance performance. Core Capability - ANSWER-A unique skill and/or knowledge an organization possesses that gives it an edge over competitors. SWOT Analysis - ANSWER-A comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy. Corporate Strategy - ANSWER-The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities. Concentration - ANSWER-A strategy employed for an organization that operates a single business and competes in a single industry. Vertical Integration - ANSWER-The acquisition or development of new businesses that produce parts or components of the organization's product. Concentric Diversification - ANSWER-A strategy used to add new businesses that produce related products or are involved in related markets and activities. Conglomerate Diversification - ANSWER-A strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities. Business Strategy - ANSWER-The major actions by which a business competes in a particular industry or market. Low-cost Strategy - ANSWER-A strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product. Functional Strategies - ANSWER-Strategies implemented by each functional area of the organization to support the organization's business strategy. Strategic Control System - ANSWER-A system designed to support managers in evaluating the organization's progress regarding its strategy and, when discrepancies exist, taking corrective action. Entreprenuership - ANSWER-The pursuit of lucrative opportunities by enterprising individuals. Small Business - ANSWER-A business having fewer than 100 employees, independently owned and operated, not dominant in its field, and not characterized by many innovative practices. Entrepreneurial Venture - ANSWER-A new business having growth and high profitability as primary objectives. Entrepreneur - ANSWER-Individual who establishes a new organization without the benefit of corporate sponsorship. Intrapreneurs - ANSWER-New venture creators working inside big companies. Franchising - ANSWER-An entrepreneurial alliance between two organizations: the franchisor and the franchisee. transaction fee model - ANSWER-companies charge a fee for goods or services advertising support model - ANSWER-advertisers pay the site operator to gain access to the demographic group that visits the operator's site intermediary model - ANSWER-has eBay as the premier example, bringing buyers and sellers together and charging a commission for each sale affiliate model - ANSWER-sites pay commissions to other sites to drive business to their own sites subscription model - ANSWER-charge a monthly or annual fee for site visits or access to site content Social entrepreneurship - ANSWER-leveraging resources to address social problems. Social entrepreneurship creates social value by stimulating social change or meeting social needs social enterprises - ANSWER-using market-based methods Business incubators - ANSWER-often located in industrial parks or abandoned factories, are protected environments for new, small businesses. Incubators offer benefits such as low rents and shared costs. business accelerators - ANSWER-Once a young business begins gaining a foothold and establishing itself, business accelerators can provide additional support and advice. Initial public stock offerings (IPOs) - ANSWER-offer a way to raise capital through federally registered and underwritten sales of shares in the company. opportunity analysis - ANSWER-The first formal planning step is to do an opportunity analysis. An opportunity analysis includes a description of the good or service, an assessment of the opportunity, an assessment of the entrepreneur (you), a specification of activities and resources needed to translate your idea into a viable business, and your source(s) of capital. [Show More]

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