Question 1

The major value-creating capabilities and skills of the organization are knows as ________.

Accepted Answer

Core competencies refer to the key strengths and capabilities that give an organization a competitive advantage and create value for customers. This includes things like a deep understanding of customer needs, unique technical knowledge, efficient production processes, or strong brand recognition. Human resources, financial resources, and leadership expertise are all important components of a successful organization, but they do not necessarily represent the key capabilities that differentiate the organization from its competitors.

Question 2

Pat's Pets has developed a reputation as the industry leader in quality pet care.It has exceptionally skilled employees who are known for their humane and loving treatment of animals.For Pat's,these resources would be considered ________.

Accepted Answer

Pat's Pets' exceptional employees with their humane and loving treatment of animals are a core competency. This is a unique strength of the company that sets it apart from its competitors and gives it a competitive advantage in the market.

Question 3

An organization that has been able to excel in product research and design,manufacturing,marketing,and managing its human resources to reach a leadership position in the marketplace is taking advantages of its ________.

Accepted Answer

The organization's ability to excel in various aspects such as product research and design, manufacturing, marketing, and managing human resources, suggests that it has developed core competencies that set it apart from its competitors. Core competencies refer to the unique capabilities and resources that a company possesses, which enable it to deliver superior value to its customers and gain a competitive advantage in the marketplace. Therefore, the organization is taking advantage of its core competencies to reach a leadership position in the marketplace.

Question 4

Terri has been asked to review her company's strategy in the cosmetics industry. Top management wants to ensure that they are aware of emerging trends and changes. Terri began reviewing a list of factors in her mind. Recently, there has been some negative publicity about cosmetics testing on animals; an industry practice that has become very controversial and increasingly unacceptable to consumers. The laboratory animals at Terri's company are well treated, but they are still used to test new products. On a positive note, industry-wide sales are up 10 percent. Women are buying more cosmetics in general, which is good news for the company. Another positive factor is their personnel. They have many good people working in the company, particularly in research and development where the expertise is exceptional. The only other negative factor noted by Terri was that last year's advertising campaign had not achieved the desired results. Something needed to be done in that department. Terri began to compile her report.
-The fact that industry-wide sales are up by 10 percent because women are buying more cosmetics would be considered a(n)________.

Accepted Answer

The industry-wide sales being up by 10 percent due to increased demand from women represents an opportunity for the company to capitalize on this trend and increase their market share.

Question 5

If a bank evaluates the capabilities of its training and development department employees prior to implementing a new training program designed to change their method of providing customer service,it is completing what step in the strategic management process?

Accepted Answer

The bank is conducting an internal analysis to evaluate the capabilities of its training and development department employees, which is a step in the strategic management process. Option A refers to identifying the organization's current mission, goals, and strategies, which is an initial step in the process. Option C refers to formulating strategies, which is a subsequent step after conducting an internal analysis. Option D refers to implementing strategies, which is the final step in the process after formulating strategies.

Question 6

Terri has been asked to review her company's strategy in the cosmetics industry. Top management wants to ensure that they are aware of emerging trends and changes. Terri began reviewing a list of factors in her mind. Recently, there has been some negative publicity about cosmetics testing on animals; an industry practice that has become very controversial and increasingly unacceptable to consumers. The laboratory animals at Terri's company are well treated, but they are still used to test new products. On a positive note, industry-wide sales are up 10 percent. Women are buying more cosmetics in general, which is good news for the company. Another positive factor is their personnel. They have many good people working in the company, particularly in research and development where the expertise is exceptional. The only other negative factor noted by Terri was that last year's advertising campaign had not achieved the desired results. Something needed to be done in that department. Terri began to compile her report.
-The controversy and negative publicity associated with cosmetics testing on animals would be classified as a(n)________.

Accepted Answer

The negative publicity surrounding the use of animal testing in the cosmetics industry is a threat to Terri's company. It is a potential risk that could harm the company's reputation and sales if not properly addressed.

Question 7

Carly's Car Care has just found out that a new competitor is opening a few doors down in a prime location.The competitor will feature the very latest in car washing technology at competitive prices.The new competitor represents which of the following for Carly?

Accepted Answer

The new competitor opening in a prime location with the latest technology and competitive pricing represents a threat to Carly's Car Care. It could potentially steal customers and revenue from Carly's business.

Question 8

Once managers have completed their analysis of the strengths,weaknesses,opportunities,and threats facing the organization,they can proceed to the next step of the strategic management process,which is to ________.

Accepted Answer

Once managers have completed the SWOT analysis, the next step in the strategic management process is to formulate strategies. This involves developing a plan of action to address the issues identified in the SWOT analysis, and to achieve the organization's goals and objectives. Identifying competitors, the organization's current mission, goals, and strategy, and environmental trends are important steps in the strategic management process, but they come before or after the formulation of strategies.

Question 9

Terri has been asked to review her company's strategy in the cosmetics industry. Top management wants to ensure that they are aware of emerging trends and changes. Terri began reviewing a list of factors in her mind. Recently, there has been some negative publicity about cosmetics testing on animals; an industry practice that has become very controversial and increasingly unacceptable to consumers. The laboratory animals at Terri's company are well treated, but they are still used to test new products. On a positive note, industry-wide sales are up 10 percent. Women are buying more cosmetics in general, which is good news for the company. Another positive factor is their personnel. They have many good people working in the company, particularly in research and development where the expertise is exceptional. The only other negative factor noted by Terri was that last year's advertising campaign had not achieved the desired results. Something needed to be done in that department. Terri began to compile her report.
-The failure of the advertising campaign would be classified as a(n)________.

Accepted Answer

The failure of the advertising campaign is classified as a weakness because it is an internal factor that the company has control over and needs to address in order to improve their performance.

Question 10

University students in their last year are focused on getting information about the situation in the job market on graduation. 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 has been taking courses in the Asian languages department for the last three years and consequently speaks reasonably coherent Chinese.Spending a summer in Shanghai on an intensive language course further improved her language skills.Few students are interested in learning Chinese these days so this is a(n)________ Casey possesses over other job applicants.

Accepted Answer

Casey's ability to speak reasonably coherent Chinese, especially after spending a summer in Shanghai on an intensive language course, is a personal strength. It distinguishes her from other job applicants, particularly in contexts where Chinese language skills are valuable.

Question 11

Which of the following is one of the drawbacks to strong organizational cultures that a manager should consider when completing the strategic management process?

Accepted Answer

Strong organizational cultures can be difficult to change, which can make it challenging for an organization to adapt to changes in the external environment or to implement new strategies. This inflexibility can limit the organization's ability to innovate and respond to new challenges.

Question 12

University students in their last year are focused on getting information about the situation in the job market on graduation. 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 majored in marketing and really enjoyed studying market research as a subject.Through research on the Internet and in the university library,she discovers that this industry appears to have significant positive external trends.She interprets this as a(n)________.

Accepted Answer

A positive external trend in the marketing industry would be considered as an opportunity in Casey's SWOT analysis, as it presents a favorable external factor that she could potentially leverage for her job prospects.

Question 13

Bella Vista Clothing targets teenaged girls with a range of affordable ready-to-wear clothing.The company is opening two new outlets,as sales have been excellent.Which of the following represents a strength for the company?

Accepted Answer

The company's in-house designers' ability to popularize fashion trends is a clear strength for Bella Vista as it helps the company stay relevant and attractive to its target market of teenage girls.

Question 14

Helen,the owner of Crazy Cupcakes,is conducting a SWOT analysis of her company to find out where she can improve her business and to identify possibilities for expansion.Which of the following represents an opportunity for expansion?

Accepted Answer

The trend towards personalized cupcakes presents an opportunity for Crazy Cupcakes to expand their product line and cater to a wider variety of occasions and customer preferences.

Question 15

At which step of the strategic management process do managers assess their financial capital,technical expertise,employee skills,and marketing capabilities?

Accepted Answer

The answer of At which step of the strategic management...

Question 16

University students in their last year are focused on getting information about the situation in the job market on graduation. 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.

Accepted Answer

Casey's personal characteristic of not being comfortable interacting with strangers is a weakness because it may hinder her ability to succeed in a salesperson role where building relationships with customers is important.

Question 17

Terri has been asked to review her company's strategy in the cosmetics industry. Top management wants to ensure that they are aware of emerging trends and changes. Terri began reviewing a list of factors in her mind. Recently, there has been some negative publicity about cosmetics testing on animals; an industry practice that has become very controversial and increasingly unacceptable to consumers. The laboratory animals at Terri's company are well treated, but they are still used to test new products. On a positive note, industry-wide sales are up 10 percent. Women are buying more cosmetics in general, which is good news for the company. Another positive factor is their personnel. They have many good people working in the company, particularly in research and development where the expertise is exceptional. The only other negative factor noted by Terri was that last year's advertising campaign had not achieved the desired results. Something needed to be done in that department. Terri began to compile her report.
-The quality of the company's personnel would be considered a(n)________.

Accepted Answer

The quality of personnel is a strength of the company as described in the passage.

Question 18

Jill is assessing the labour supply in the locations where her company currently operates.She is currently at which stage of the strategic management process?

Accepted Answer

Jill is conducting an external analysis by assessing the labour supply in the locations where her company operates.

Question 19

Terri has been asked to review her company's strategy in the cosmetics industry. Top management wants to ensure that they are aware of emerging trends and changes. Terri began reviewing a list of factors in her mind. Recently, there has been some negative publicity about cosmetics testing on animals; an industry practice that has become very controversial and increasingly unacceptable to consumers. The laboratory animals at Terri's company are well treated, but they are still used to test new products. On a positive note, industry-wide sales are up 10 percent. Women are buying more cosmetics in general, which is good news for the company. Another positive factor is their personnel. They have many good people working in the company, particularly in research and development where the expertise is exceptional. The only other negative factor noted by Terri was that last year's advertising campaign had not achieved the desired results. Something needed to be done in that department. Terri began to compile her report.
-The exceptional expertise in research and development would be considered a(n)________.

Accepted Answer

The exceptional expertise in research and development is a core competency because it is a unique capability that sets the company apart from competitors and contributes to their success in the cosmetics industry.

Question 20

University students in their last year are focused on getting information about the situation in the job market on graduation. 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.
-In looking at her graduating class,Casey notices that there are large numbers of students graduating with the same major as she is.This situation can be a(n)________ in her job hunt.

Accepted Answer

The fact that there are large numbers of students graduating with the same major as Casey can be seen as a threat, as it means there will be more competition for available jobs in that field. This could make it more difficult for Casey to find employment in her chosen field after graduation.

Quiz 10: Managing Strategically