Score: / 11 12Week 2 Knowledge Check Study Guide Concepts Mastery Questions Strategies for SWOT Analyses 100% 1 2 3 Strategic and Operational Plans 67% 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 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. 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: 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. 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: 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. 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 67% 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 Incorrect: The Correct Answer is: C. Strategic plans are often broad and provide a company’s 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 fo.

1. Score: / 11 12Week 2 Knowledge Check Study Guide
Concepts Mastery Questions
Strategies for SWOT
Analyses 100%
1 2 3
Strategic and Operational
Plans 67%
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
Correct:
The Correct Answer is: C.

2. A weakness describes something an organization does not do
well and is
sometimes considered a liability. With awareness, however, it
can be corrected.
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: 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. 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: 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.
3.
In performing a SWOT analysis, which of the following would
be considered as a threat?

4. A. Lack of a strategic plan
B. Increased product demand
C. Competitors
D. Recognized brand
Concept: Strategic and Operational Plans
Mastery 67% 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
Incorrect:
The Correct Answer is: C.
Strategic plans are often broad and provide a company’s long-
term direction. They
are directional in that they are typically flexible and outline
general guidelines. They

5. 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 Porter’s Five Forces
would be relevant in this
case?
A. Threat of new entrants
B. Bargaining power of suppliers

6. 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 8 9
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
Correct:
The Correct Answer is: C.

7. 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.
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
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.
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

8. 9.
Most company goals can be classified as either ________ or
________.
A. operational; tactical
B. social; economic
C. strategic; financial
D. strategic; operational
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 company’s 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.

9. In response to a natural disaster, which contingency factor will
affect the choice of plans?
Correct:
The Correct Answer is: B.
Environmental uncertainty deals with all kinds of hazards that
are
unpredictable—Hurricane Katrina, the tsunami in Japan, and so
forth.
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
Correct:
The Correct Answer is: D.
Environmental scanning detects trends in the market. Some of
the data collected

10. might be competitor intelligence—to help anticipate what
competitors are
doing—rather than reacting to information.
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
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.
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