WPC 480 Final Exam 2023 with 100% correct answers

What is strategy? An integrated set of goal-directed actions a firm takes to 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.