BUSI 1301 - BUSINESS PRINCIPALS - UNIT 3 MASTERY ASSESSMENT

Martin owns a leather boot design and manufacturing firm. He travels around the world attempting to see new trends and technologies other boot manufacturing companies are implementing. Martin is paying attention to which external business environment?

Competitive

Which is the best decision to make if you wanted to collect information about the external environment of your company and analyze trends?

Do some environmental scanning

Why do managers analyze the internal business environment of the company?

It helps managers identify the company's strengths and weaknesses

Which of the following is true about the internal business environment for a company?

It is within the control of the company

Which following statement represents good advice to a business owner?

Keep abreast of technological advances and adapt strategies in order to take advantage of opportunities and ward off threats

What are the strengths in a SWOT analysis?

Internal factors that give an edge for the company over its competitors

You are a building contractor. Typically, your business thrives under all but which of the following economic conditions?

-

Which of the following is a true statement about the business environment?

A business environment is all the external and internal factors that influence a business

Which of the following is NOT one of the ways that managers can help to create a positive corporate culture?

Complaining about upper management

Dan owns the State Farm Insurance office in his town. He wants to figure out what people in his market see as his company's strengths and also what it could improve upon. He also believes it is important to examine the changes in government policy related to the insurance industry as well as know what his competitors are doing. What would you recommend that Dan do?

Conduct a SWOT analysis

Factors in the internal business environment include all of the following EXCEPT what?

Customers

Technology is part of which business environment?

External

What forces are outside the control of the manager?

External

What are opportunities in a SWOT analysis?

External favorable situations which can bring a competitive advantage

What are threats in a SWOT analysis?

External unfavorable situations which can negatively affect the business

James imports his resistors from China. Recent political unrest in China has James concerned about his shipments. James pays close attention to which business environment?

Global

Which factors within the company are under management's control?

Internal

What are weaknesses in a SWOT analysis?

Internal factors that can be harmful if used against the firm by its competitors

Business owners and managers need to monitor the activities of which two groups of competitors?

Makers of competing brands and substitute products

Frank is always looking for new prospects and places that could use his catering services. Frank is focusing on which external portion of the SWOT analysis?

Opportunities

Passage of the Affordable Healthcare Act has recently turned the insurance industry upside-down. This is an example of which business environment for insurance businesses?

Political/Legal

Which environment involves changes with regard to legislation, regulations, and court decisions that have the potential to affect a business in some way?

Political/Legal environment

Laws, regulations, trade barriers, war, and social unrest are all examples of which type of external business environmental factors?

Political/legal

Georgia owns a salon and spa. In this very competitive environment, she needs a useful technique for understanding her company's strengths and weaknesses, and for identifying both the opportunities open to her and the threats she faces. What technique would you recommend to Georgia?

SWOT analysis

Which tool would you recommend to help understand the internal and external environment of a company?

SWOT analysis

The internal business environment includes all of the following EXCEPT what?

Social trends

McDonald's has stopped "super-sizing" and they offer apples instead of French fries in Kid's Meals as a healthier option. McDonald's has done these things in response to changes in which business environment?

Social/Cultural

Which things are involved in the creation of a corporate culture?

Symbols, stories, heroes, slogans, and ceremonies

Cell phones, digital cameras, text messaging, LASIK surgery, and global positioning systems are all examples of fairly recent changes in which business environment?

Technological

Uber, digital books, GPS are all examples of recent changes to which business environment?

Technological

Which statement best explains technology?

Technology includes scientific and technological advancements in the industry and society

On what is the competitive business environment focused?

The actions of competitors

David wants to examine the strengths and weaknesses of his plumbing company. What should David be looking at?

The internal business environment

Walmart pays close attention to what Amazon does just as Apple pays attention to what is going on at Google. Why is this the case?

They do not want to be caught off guard and lose an advantage if a competitor comes out with something new that customers want

Which of the following is true about new technologies?

They require business to spend additional money to keep up

Costly changes in technology may change the way Marlon has to conduct his delivery business. Which SWOT element does Marlon need to consider here?

Threats

Which of the following include factors beyond the control of the company that may cause damage and need to be avoided or defended against?

Threats

What is the purpose of assessing the external environment in a SWOT analysis?

To identify opportunities and threats of a company

What is the purpose of assessing the internal environment in a SWOT analysis?

To identify strengths and weaknesses of a company

Every company must have the ability to adapt to the changing environment. If you were the owner of a mid-size, high-tech manufacturing firm, what practice would you recommend to prepare for changes in your external environment? Discuss your selection and how you would go about the implementation.

To prepare a mid-size high-tech firm for changes from the external environment, I would recommend the firm to use the PESTEL analysis, specifically the Technological dimension. I would also recommend a competition analysis to further measure the impact to the company's future growth. The firm should either have an in-house staff or outside consultants that would regularly review new technologies to determine how best to adjust to these technological advances and use them as opportunities for competitive advantages. A competition analysis would give the firm a clear understanding of the competition and how the firm's strengths stack up. The firm should develop a business philosophy that allows them to quickly adapt changes into their operations to continue to meet the needs of its customers.

Sally owns an accounting firm. After conducting a SWOT analysis, she realized that her company is vulnerable to vital staff being sick, and leaving. Which SWOT element is Sally considering?

Weaknesses

Workers at the Richards Group are arranged, not by function or department, but instead are mixed up with an account manager seated next to a creative, brand manager. At the Richards Group, they believe this contributes to its corporate culture and __________.

the way people perform