Confusing Doctors appointment

So I’m currently 37+1, I had a doctors appointment yesterday at 37 weeks exactly. They checked my cervix and I’m still not dilated but I’m 70% effaced and baby hasn’t dropped yet. What doesn’t this mean? After she checked me she said that if I don’t have a baby by my next appointment at 38 weeks they will go ahead and schedule an induction between 40-41 weeks. Is this normal? Also is it possible I could have my baby by next week if I’m not even dilating yet? I never think of these questions until after I leave my doctors appointments 🙄