WPC 480 Test Questions and Answers All Correct

WPC 480 Test Questions and Answers All Correct strategic management - ANSWER an integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage. strategy - ANSWER the set of goal-directed actions that a firm takes to gain and sustain superior performance relative to competitors competitive advantage - ANSWER superior performance relative to other competitors in the same industry or the industry average sustainable competitive advantage - ANSWER outperforming competitors or the industry average over a prolonged period of time competitive disadvantage - ANSWER underperformance relative to other competitors in the same industry or the industry average competitive parity - ANSWER performance of two or more firms at the same level industry effects - ANSWER firm performance attributed to the structure of the industry in which the firm competes firm effects - ANSWER firm performance attributed to the actions managers take black swan events - ANSWER incidents that describe highly improbable but high-impact events stakeholders - ANSWER organizations, groups, and individuals that can affect or are affected by a firm's actions stakeholder strategy - ANSWER an integrative approach to managing a diverse set of stakeholders effectively in order to gain and sustain competitive advantage stakeholder impact analysis - ANSWER a decision tool with which managers can recognize, prioritize, and address the needs of different stakeholders, enabling the firm to achieve competitive advantage while acting as a good corporate citizen corporate social responsibility - ANSWER a framework that helps firms recognize and address the economic, legal, social, and philanthropic expectations that society has of the business enterprise at a given point in time AFI strategy framework - ANSWER a model that links three interdependent strategic management tasks- analyze, formulate, and implement that together, help managers plan and implement a strategy that can improve performance and results in competitive advantage strategic management process - ANSWER method put in place by strategic leaders to formulate and implement a strategy, which can lay the foundation for a sustainable competitive advantage strategic leadership - ANSWER executives' use of power and influence to direct the activities of others when pursuing an organization's goals vision - ANSWER a statement about what an organization ultimately wants to accomplish; it captures the company's aspiration mission - ANSWER description of what an organization actually does the products and services it plans to provide and the markets in which it will compete strategic commitments - ANSWER actions to achieve the mission that are costly, long-term oriented, and difficult to reverse core values statement - ANSWER statement of principles to guide an organization as it works to achieve its vision and fulfill its mission, for both internal conduct and external interactions; it often includes explicit ethical considerations organizational core values - ANSWER ethical standards and norms that govern the behavior of individuals within a firm or organization upper-echelons theory - ANSWER a conceptual framework that views organizational outcomes-strategic choices and performance levels-as reflections of the values of the members of the top management team level 5 leadership pyramid - ANSWER a conceptual framework of leadership progression with five distinct sequential levels strategy formulation - ANSWER the part of the strategic management process that concerns the choice of strategy in terms of where and how to compete