WGU 2022 MGC1
A value chain is the sequence of activities that begins with raw materials.
What result does a value chain end with? Correct Answer: Delivery of products or services
What happens when an effective value chain is created? Correct Answer: Profit margins are increased
Industry and market analysis, competitor analysis, and social analysis are examples of which step in the
strategic planning process? Correct Answer: Analysis of external opportunities and threats
Skilled management, positive cash flow, and well-known brands are examples of which component of
the SWOT analysis? Correct Answer: Strength
What denotes skills or expertise in an activity that constitutes the roots of competitiveness in an
organization? Correct Answer: Core competencies
According to Michael Porter's competitive environment model, how can suppliers influence strategic
planning? Correct Answer: Suppliers can reduce manufacturing time and increase product quality.
A company offers unique products in its industry to create a competitive advantage.
Which type of strategy is the company using? Correct Answer: Differentiation
Happy Inc. is a leading provider of family entertainment and BCD is a broadcasting company with news,
cable, and entertainment networks. Happy Inc. recently acquired BCD in hopes of boosting its primary
business of family entertainment.
Which type of corporate strategy is represented by Happy Inc.'s purchase of their distribution network?
Correct Answer: Strategic alliances
A local business has provided services to its customers for 40 years. The business's mission is "To give
our customers the best service in town." The owner of the business has had a long-standing dream to
franchise the business and become the best provider of its service in the United States.
What describes the owner's dream? Correct Answer: Strategic vision
What is the first step of organizational strategic planning? Correct Answer: Developing a strategic
mission
The introduction of statistical tools to analyze the causes of product defects is associated with which
quality improvement approach? Correct Answer: Six Sigma
What is the principal idea of reengineering? Correct Answer: To improve total quality in all businesses
for the benefit of producers and consumers
, How many defects per million are there at Six Sigma, assuming a product or process is defect-free
99.99966% of the time? Correct Answer: Less than 3.4
What is the last step to Deming's 14 points of quality management? Correct Answer: To take action to
accomplish the transformation
Process checklists and project audits are components of which management process? Correct Answer:
Quality Assurance
What is the main objective of an internal quality audit? Correct Answer: To measure effectiveness of an
organization's quality management system
A company is trying to systematically improve processes by eliminating nonconformity of their products
to product specifications. The company believes their continuous effort to reduce variation in their
process outputs is key to their business success.
Which quality process is the company utilizing? Correct Answer: Six Sigma
Which concept entails all aspects of interaction a company has with its customers in both sales and
service-related environments? Correct Answer: Customer relationship management
Dr. Ohmae indicates that customer, corporation, and competitors should be integrated in a strategic
triangle.
What does Dr. Ohmae indicate that an organization can obtain by doing this? Correct Answer: Sustained
competitive advantage
What designates those who take hands-on responsibility for creating innovation such as new ideas,
products, or methods within an organization? Correct Answer: Entrepreneur
Why is innovation an important element of entrepreneurship? Correct Answer: Creates unique and
different products or services
Most successful entrepreneurs exhibit certain characteristics. Some entrepreneurs are open-minded,
able to learn quickly, and skilled at conceptualizing.
Which entrepreneurial personality trait is this? Correct Answer: Creativity, self-reliance, and ability to
adapt
Which personality characteristics are believed to contribute to an entrepreneur's success? Correct
Answer: Determination
Why would an entrepreneurial business choose to use its own resources versus seeking outside
resources in financing a business venture? Correct Answer: To maintain control
Which activity should management use to encourage entrepreneurship within an organization? Correct
Answer: Encourage employees to work on informal job assignments
What can managers do to encourage useful conflict during a meeting to lessen inhibition about
disagreeing and make the conflict less personal? Correct Answer: Involve others in collaboration
A value chain is the sequence of activities that begins with raw materials.
What result does a value chain end with? Correct Answer: Delivery of products or services
What happens when an effective value chain is created? Correct Answer: Profit margins are increased
Industry and market analysis, competitor analysis, and social analysis are examples of which step in the
strategic planning process? Correct Answer: Analysis of external opportunities and threats
Skilled management, positive cash flow, and well-known brands are examples of which component of
the SWOT analysis? Correct Answer: Strength
What denotes skills or expertise in an activity that constitutes the roots of competitiveness in an
organization? Correct Answer: Core competencies
According to Michael Porter's competitive environment model, how can suppliers influence strategic
planning? Correct Answer: Suppliers can reduce manufacturing time and increase product quality.
A company offers unique products in its industry to create a competitive advantage.
Which type of strategy is the company using? Correct Answer: Differentiation
Happy Inc. is a leading provider of family entertainment and BCD is a broadcasting company with news,
cable, and entertainment networks. Happy Inc. recently acquired BCD in hopes of boosting its primary
business of family entertainment.
Which type of corporate strategy is represented by Happy Inc.'s purchase of their distribution network?
Correct Answer: Strategic alliances
A local business has provided services to its customers for 40 years. The business's mission is "To give
our customers the best service in town." The owner of the business has had a long-standing dream to
franchise the business and become the best provider of its service in the United States.
What describes the owner's dream? Correct Answer: Strategic vision
What is the first step of organizational strategic planning? Correct Answer: Developing a strategic
mission
The introduction of statistical tools to analyze the causes of product defects is associated with which
quality improvement approach? Correct Answer: Six Sigma
What is the principal idea of reengineering? Correct Answer: To improve total quality in all businesses
for the benefit of producers and consumers
, How many defects per million are there at Six Sigma, assuming a product or process is defect-free
99.99966% of the time? Correct Answer: Less than 3.4
What is the last step to Deming's 14 points of quality management? Correct Answer: To take action to
accomplish the transformation
Process checklists and project audits are components of which management process? Correct Answer:
Quality Assurance
What is the main objective of an internal quality audit? Correct Answer: To measure effectiveness of an
organization's quality management system
A company is trying to systematically improve processes by eliminating nonconformity of their products
to product specifications. The company believes their continuous effort to reduce variation in their
process outputs is key to their business success.
Which quality process is the company utilizing? Correct Answer: Six Sigma
Which concept entails all aspects of interaction a company has with its customers in both sales and
service-related environments? Correct Answer: Customer relationship management
Dr. Ohmae indicates that customer, corporation, and competitors should be integrated in a strategic
triangle.
What does Dr. Ohmae indicate that an organization can obtain by doing this? Correct Answer: Sustained
competitive advantage
What designates those who take hands-on responsibility for creating innovation such as new ideas,
products, or methods within an organization? Correct Answer: Entrepreneur
Why is innovation an important element of entrepreneurship? Correct Answer: Creates unique and
different products or services
Most successful entrepreneurs exhibit certain characteristics. Some entrepreneurs are open-minded,
able to learn quickly, and skilled at conceptualizing.
Which entrepreneurial personality trait is this? Correct Answer: Creativity, self-reliance, and ability to
adapt
Which personality characteristics are believed to contribute to an entrepreneur's success? Correct
Answer: Determination
Why would an entrepreneurial business choose to use its own resources versus seeking outside
resources in financing a business venture? Correct Answer: To maintain control
Which activity should management use to encourage entrepreneurship within an organization? Correct
Answer: Encourage employees to work on informal job assignments
What can managers do to encourage useful conflict during a meeting to lessen inhibition about
disagreeing and make the conflict less personal? Correct Answer: Involve others in collaboration
