WPC 480 Actual Final Exam Actual Questions & Answers,
All Complete-What is strategy? - An integrated set of goal-directed actions a firm takes to
... [Show More] gain
and sustain competitive advantage.
What are the 2 business analysis? - Internal and External.
What are the 3 business strategies? - 1) Cost, 2) Differentiation, 3) Innovation.
What is competitive advantage? - Superior performance relative to other
competitors in the same industry or the industry average.
How do you assess competitive advantage? - Compare firm performance to a
benchmark.
What is sustainable competitive advantage? - Outperforming competitors or the
industry average over a prolonged period of time.
What is competitive disadvantage? - Underperformance relative to other
competitors in the same industry or the industry average.
What is competitive parity? - A performance of two or more firms at the same
level.
What is the key to successful strategy and gain competitive advantages? - Combine
activities for a unique position in an industry.
Where does competitive advantage come from? - 1) Performing different activities,
or 2) Performing the same activities differently than rivals.
What does strategic positioning require? - Trade-offs.
What is the fist step of a strategic goal to gain and sustain competitive advantage? -
Define a firm's vision, mission, and values.
What is a firm's vision? - What do we want to accomplish?
What is a firm's mission? - How do we accomplish our goals?
What is a firm's values? - What commitments do we make? What guardrails do we
put in place? How can we act legally and ethically in pursuit of the vision and
mission?
What are the key aspects of an effective vision? - 1) Capture an organization's
aspiration . 2) Identifies what it ultimately wants to accomplish. 3) Motivates
employees to aim for a target. 4) Leaves room for contributions.
What is a product-oriented vision statement? - Defines a business in terms of a
good or service provided.
What is a customer-oriented vision statement? - Defines a business in terms of
providing solutions to customer needs.
What things can a firm do to vision statements and firm performance to be
positively associated? - 1) The vision is customer-oriented, 2) Internal stakeholders
help define the vision, 3) Organizational structures align with the vision statement.
What does a firm's mission statement do? - 1) Describes how to accomplish goals
and 2) Describes what the organization does (the products and services it provides
and the markets in which it competes).
What is the difference between vision and mission statements? - Vision statements:
WHAT an organization wants to accomplish (ie: to). Mission statements: HOW the
vision will be accomplished (ie: by).
What does establishing a firm's value do? - Guides an organization to achieve its
vision and fulfill its mission.
Who are the stakeholders? - Organizations, groups, individuals that can affect or
are affected by a firm's actions and have a vested claim or interest in the
performance and continued survival of the firm.
What is a firm's stakeholder strategy? - 1) Managing stakeholders in order to gain
and sustain competitive advantage, 2) Benefits of effective stakeholder strategy to
firm performance.
What are the layers of the corporate social responsibility pyramid (from the topdown)? - 1) Philanthropic responsibilities, 2) Ethical responsibilities, 3) Legal
responsibilities, 4) Economic Responsibilities.
What is strategic leadership? - 1) Successful use of power and influence, 2)
Directing the activities of others, 3) Pursuing an organization's goals, 4) Enabling
organizational competitive advantage, 5) Upper Echelon's Theory (organizational
outcomes reflect the values and attributes of the top management team).
What is the AFI Framework for Top-Down strategic planning? - Analysis,
Formulation, Implementation [Show Less]