Define the aspects of a SWOT analysis and how it can benefit a company.
What will be an ideal response?
A SWOT analysis is the identification and evaluation of a firm's strengths, weaknesses, opportunities, and threats. The strengths and weaknesses are internal factors of the company while the opportunities and threats are external. A SWOT analysis can help managers identify and understand the positive and negative aspects of their business as well as be cognizant of the opportunities that arise and can be taken advantage of and the threats that a company need pay close attention to.
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Trust in all major institutions, such as business, labor, and government has:
A) Decreased substantially over the last decades B) Increased substantially over the last decades C) Increased slightly over the last decades D) Stayed the same over the last decades
ABC, Inc., is a small clothing manufacturer that produces shirts and pants using two resources: sewing machine hours and cutting machine hours. The production manager can schedule up to 240 hr of sewing machine time and up to 150 hr of cutting machine time. Production of one shirt requires 3 hr of sewing time and 1 hr of cutting time. Each pair of pants requires 2 hr of sewing time and 1.5 hr of cutting time. Each shirt yields a profit of $5, and each pair of pants generates a $6 profit. The objective is to maximize profits. Determine sewing time constraint for the LP formulation. Let X1 = Number of shirts to be produced, X2 = Number of pairs of pants to be produced.
A. 3X1 + 2X2 ? 240 B. X1 + 1.5X2 ? 150 C. 3X1 + 2X2 ? 150 D. X1 + 1.5X2 ? 240
According to Michael Porter in his book, Competitive Advantage, a key concept used in analyzing the competitive position of a firm is creating value for
A. buyers that exceeds the costs of production (i.e., margin). B. employees that exceeds the costs of production (i.e., margin). C. suppliers that exceeds the costs of production (i.e., margin). D. government that exceeds the costs of production (i.e., margin).
Assume you live in a society that is high on individualism and has a long-term orientation. Describe what attributes you would likely exhibit.
What will be an ideal response?