Week 2 Knowledge Check Study Guide

Concepts

Mastery

Questions

Strategies for SWOT

Analyses

100%

100%

100%

100%

10

Strategic and Operational

Plans
Differentiate Between
Goals and Plans
Examples of Contingency
Factors in Planning

Score: 12 / 12

11

12

Concept: Strategies for SWOT Analyses

Mastery

1.

100%

Questions

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

Mastery

100%

Questions

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 companys 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 Porters Five Forces would be relevant in this
case?

A.

Threat of new entrants

Bargaining power of suppliers

B.
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

Mastery

100%

Questions

7.
________ involves defining the organizations goals, establishing strategies for achieving
those goals, and developing plans to integrate and coordinate work activities.

A.

Execution

B.

Logistics

C.

Planning

D.

Operations

Correct:
The Correct Answer is: C.
Plans outline how goals will be achieved. Many organizations have an annual
planning process that helps outline how the organization will achieve its annual or
strategic goals.
8.
Goals are different from plans because ________.

A.

B.

goals identify specific steps that the organization needs to

achieve, and plans identify the overall mission of the
organization

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

Correct:
The Correct Answer is: D.
Goals are desired outcomes. Managers use goals as a guide when creating plans.
The plans outline how managers will accomplish the set goals.
9.
Most company goals can be classified as either ________ or ________.

A.

operational; tactical

B.

social; economic

C.

strategic; financial
strategic; operational

D.

Correct:
The Correct Answer is: C.
When companies set goals they want to be sure those goals do not just focus on
company profits. A single goal pertaining to profits may result in unethical behaviors.
Companies want to have multiple goals that not only improve business but motivate
employees. Most company goals are either strategic or financial because financial
goals are related to the companys financial performance and strategic goals are
related to other areas of company performance.

Concept: Examples of Contingency Factors in Planning

Mastery

100%

Questions

10

11

12

10.
In response to a natural disaster, which contingency factor will affect the choice of plans?

Commitment concept

A.
B.

Environmental uncertainty

C.

Organizational level

D.

Length of future commitments

Correct:
The Correct Answer is: B.
Environmental uncertainty deals with all kinds of hazards that are
unpredictableHurricane Katrina, the tsunami in Japan, and so forth.
11.
What technique would managers use when seeking to detect big trends and changing
market conditions?

A.

Benchmarking

B.

Formal planning
Contingency planning

C.
D.

Environmental scanning

Correct:
The Correct Answer is: D.
Environmental scanning detects trends in the market. Some of the data collected
might be competitor intelligenceto help anticipate what competitors are
doingrather than reacting to information.
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

Correct:
The Correct Answer is: B.
The commitment concept is important because a company has to live with the good
or bad consequences of its decisions. Planning for too long or too short of a time
period is inefficient. Management must do their best to create plans that will extend
far enough to meet the needs of the planned commitment.