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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. B. C. D. weakness threat strength opportunity
Correct! 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. B. C. D. Lack of a strategic plan Increased product demand Competitors Recognized brand
Correct! 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 …show more content…
Environmental uncertainty deals with all kinds of hazards that are unpredictable—Hurricane 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. B. Benchmarking Formal planning
C. D.
Contingency planning Environmental scanning
Correct! Environmental scanning detects trends in the market. Some of the data collected might be competitor intelligence—to help anticipate what competitors are doing—rather than reacting to information.
12.The commitment concept says that plans should ________. A. B. C. D. be done for as long a time period as possible extend far enough to meet those commitments made when the plans were developed be done for as short a time period as possible not commit to specifically meeting the goals made when the plans were developed
Correct! 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
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. B. C. D. weakness threat strength opportunity
Correct! 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. B. C. D. Lack of a strategic plan Increased product demand Competitors Recognized brand
Correct! 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 …show more content…
Environmental uncertainty deals with all kinds of hazards that are unpredictable—Hurricane 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. B. Benchmarking Formal planning
C. D.
Contingency planning Environmental scanning
Correct! Environmental scanning detects trends in the market. Some of the data collected might be competitor intelligence—to help anticipate what competitors are doing—rather than reacting to information.
12.The commitment concept says that plans should ________. A. B. C. D. be done for as long a time period as possible extend far enough to meet those commitments made when the plans were developed be done for as short a time period as possible not commit to specifically meeting the goals made when the plans were developed
Correct! 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