BUSMHR 2292 Learning Assessment -1 Questions With Correct Answers.

BUSMHR 2292 Learning Assessment #1
Questions With Correct Answers


SWOT analysis - CORRECT ANSWER✔✔-the pattern of decisions in a company
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that determines and reveals its objectives, purposes, or goals, produces the
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principal policies and plans for achieving those goals, and defines the range of
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business the company is to pursue. Purpose: to understand how internal
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conditions contribute to your organization's strengths and weaknesses and how
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external conditions exist as opportunities and threats to your business model.
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The goal of a SWOT is not just to develop a laundry list of data but to be able to
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cull down and pinpoint the most significant, pressing, strategically important
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internal and external conditions facing your business.
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Opportunities - CORRECT ANSWER✔✔-summarizes favorable trends and
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developments in the external environment which may lead to higher sales or
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profits or which may open doors to new business opportunities. While the firm
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can't always affect these externalities, it can take advantage of them to move the
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business forward |




Threats - CORRECT ANSWER✔✔-summarizes unfavorable trends and
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developments in the external environment which threaten sales or profit or
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preclude the firm from pursuing new business opportunities. While the firm can't
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always affect these externalities, it can change strategies to avoid the negative
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effects of them | |

, Strengths - CORRECT ANSWER✔✔-describe the unique resources or
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circumstances that can be used to take advantage of opportunities. Strengths are
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core competencies and company capabilities that are superior to the competition
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Weaknesses - CORRECT ANSWER✔✔-core competencies and company
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capabilities that are inferior to the competition. Firms should strive to improve
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their capabilities in areas that are important to and valuable to their customers
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and in areas in which they face a significant disadvantage to their competition.
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Economics - CORRECT ANSWER✔✔-the study of the production, distribution, and
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consumption of goods and services. Resources may include: land, labor, capital,
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entrepreneurs, and knowledge | |




Economic System - CORRECT ANSWER✔✔-The means by which countries and
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governments distribute resources and trade goods and services.
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Perfect competition - CORRECT ANSWER✔✔-Many consumers and sellers,
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standardized products, no one is big enough to influence price and everyone
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accepts the going price.
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Monopolistic Competition - CORRECT ANSWER✔✔-Many sellers sell
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differentiated products and have limited control over pricing.
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Oligopoly - CORRECT ANSWER✔✔-Several powerful players in the market with
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barriers to entry. They have more control over price, yet must keep their
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competitors in mind. | |