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WPC 480 Final - Strategic Management Exam Questions and Answers
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WPC 480 Final - Strategic ManagementExam Questions and Answers
Sustainable iicompetitive iiadvantage ii- iiAnswers ii-Competitors iiare iiunable ii(or
iiunwilling) iito iiduplicate iithe iibenefits iiof iia iifirm's iistrategy
How iiis iisustainable iicompetitive iiadvantage iicreated? ii- iiAnswers ii-created iithrough iia
iivalue-creating iistrategy, iibased iion iicore iicompetencies
critical iistrategic iistrategy ii- iiAnswers ii-disruptive iitechnology
Disruptive iitechnology ii- iiAnswers ii-destroy iivalue; iicreate iimarkets
what iiis iicritical iito iistrategic iisuccess? ii- iiAnswers ii-Developing iia iishared iivision iiand
iimission iistatement
two iimodels iiinvolved iiin iicompetitive iistrategy iidecision ii- iiAnswers ii-industry
iiorganization ii(I/O) iimodel iiand iithe iiresource-based iimodel
The iiIndustry iiOrganization ii(I/O) iiModel ii- iiAnswers ii-1. iiAnalyze iithe iiexternal
iienvironment ii
2. iiIdentify iian iiindustry iiwith iihigh iipotential ii
3. iiDevelop iia iistrategy ii
4. iiDevelop iior iiacquire iineeded iiassets ii(people, iitech, iietc.) ii
5. iiImplement iithe iistrategy
The iiResource-based iiModel ii- iiAnswers ii-1. iiIdentify iithe iifirm's iistrengths iiand
iiweaknesses ii
2. iiDetermine iithe iifirm's iicapabilities ii
3. iiMatch iicapabilities iiand iiresources iito iidetermine iia iicompetitive iiadvantage ii
4. iiLocate iian iiattractive iiindustry ii(size, iigrowth, iietc.) ii
5. iiSet iiand iiimplement iia iistrategy
A iiclear iiVision ii- iiAnswers ii-"Why iido iiwe iiexist?" ii
➢ iiReflecting iithe iicompany's iivalues iiand iiaspirations
An iieffective iiMission ii- iiAnswers ii-to iipromote iishared iivalues
The iiVision iiand iiMission ii- iiAnswers ii-form iithe iifoundation iito iibuild iiand iiexecute
iistrategies
,Stakeholders ii- iiAnswers ii--Can iiaffect iidevelopment iiof iithe iifirm's iivision iiand iimission
-Are iiimpacted iiby iithe iistrategic iioutcomes iiachieved iiby iithe iifirm
-Can iihave iienforceable iiclaims iion iithe iifirm's iiperformance
-Are iiinfluential iiwhen iiin iicontrol iiof iicritical iior iivalued iiresources
Each iistakeholder iigroup iihas iiits iiown ii- iiAnswers ii-needs iiand iiexpectations
Different iistakeholders iiuse iidifferent ii- iiAnswers ii-measures iiof iiperformance
There iiare ii_____________ iibetween iistakeholder iigroups ii- iiAnswers ii-inherent
iiconflicts
Example iiof iiinherent iiconflicts iibetween iistakeholder iigroups ii- iiAnswers ii-the
iiimportance iiof iienvironmental iiconcerns
Corporate iigovernance ii- iiAnswers ii-the iioversight iiof iicompanies iiby iitheir iiboards iiand
iiowners, iiwith iialigning iiinterests iiof iiowners iiand iimanagers iibeing iia iiprimary iigoal
iithe iiset iiof iimechanisms iiused iito iimonitor, iimeasure iiand iicontrol iicorporate
iimanagement ii
iiincludes iithe iiprocesses iithrough iiwhich iicorporations' iistrategies iiand iiobjectives iiare
iiset iiand iipursued iiin iithe iicontext iiof iithe iisocial, iiregulatory iiand iimarket iienvironment ii
iiidentifies iithe iirights iiand iiresponsibilities iiamong iidifferent iistakeholders iiin iithe
iicorporation ii
iiused iiin iicorporations iito iialign iithe iiinterests iiof iistakeholders, iiparticularly iibetween
iiowners iiand iimanagers
The ii"Agency iiRelationship" ii- iiAnswers ii-How iimight iishort-term iiinvestors ii(owners)
iidiffer iifrom iilong-term iiinvestors? ii
Where iidoes iithe iiBoard iiof iiDirectors iifit iiin? ii
How iiinvolved iiare iishareholders iiand iithe iiBoard iiin iisetting iicompany iistrategy?
Problems iiin iithe iiAgency iiRelationship ii- iiAnswers ii-has iidriven iithe iirise iiin iigovernance
Principal iiand iiagent ii- iiAnswers ii-have iidivergent iiinterests iiand iigoals
Agent iimakes iidecisions iithat iiresult iiin ii- iiAnswers ii-the iipursuit iiof iigoals iithat iiconflict
iiwith iithose iiof iithe iiprincipal
Shareholders iilack iidirect iicontrol iiof ii- iiAnswers ii-large, iipublicly iitraded iicorporations ii➢
iiThere iiusually iiis iino iidominant ii"principal"
It iiis iidifficult iior iiexpensive iifor iithe iiprincipal iito ii- iiAnswers ii-verify iithat iithe iiagent iihas
iibehaved iiappropriately
Agent iifalls iiprey iito ii- iiAnswers ii-managerial iiopportunism
, Managerial iiOpportunism iiprevents ii- iiAnswers ii-the iimaximization iiof iishareholder
iiwealth, iileading iistakeholders iito iiestablish iigovernance iiand iicontrol iimechanisms
Managerial iiOpportunism ii- iiAnswers ii-Acting iiin iiself-interest iiby iicorporate iimanagers
Managerial iiopportunism iiis: ii- iiAnswers ii-an iiattitude ii(inclination) ii
a iiset iiof iibehaviors ii(specific iiacts iiof iiself-interest)
To iiprevent iimanagerial iiopportunism ii- iiAnswers ii-principals iiestablish iigovernance iiand
iicontrol iimechanisms
Corporate iigovernance iitaxonomy iiis iigrouped iiinto iithree iiareas ii- iiAnswers ii-Board,
iiShareholder iiRights iiand iiExecutive iiCompensation
Board iiof iiDirectors ii- iiAnswers ii-How iieffective iiis iithe iiBoard? ii
iiIs iithe iiBoard iiqualified?
Executive iiCompensation ii- iiAnswers ii-➢ iiIs iithe iiCEO ii(and iiothers) iipaid iiat iithe iiright
iilevel? ii
➢ iiDo iithe iiincentives iialign iiwith iithe iiinterests iiof iishareholders?
Shareholder iiRights ii- iiAnswers ii-➢ iiDo iishareholders iihave iian iiinfluential iivoice?
Poor iicorporate iigovernance iicauses ii- iiAnswers ii-reputational iirisk, iioften iiresulting iiin
iisignificant iinegative iioutcomes
examples iiof iinegative iioutcomes iiof iicorporate iiabuse ii- iiAnswers ii-Regulatory iiFines
iiand iiPunishment ii
Class iiAction iiLitigation ii
Material iiRestatements ii
Equity iiLoss ii
Bond iiDefaults ii
Higher iiInsurance iiFees ii
Increased iiCost iiof iiCapital
Damaged iiReputation
Human iinature, iiparticularly iipervasive iibiases iiis ii- iiAnswers ii-not iifactored iiinto
iistrategic iidecisions
Scorpions iiand iiFrogs ii- iiAnswers ii-When iievaluating iistrategy, iinever iiunder-estimate
iihuman iinature
Ethical iipractices iicreate ii- iiAnswers ii-social iicapital iiand iigoodwill
critical iito iilong-term iisuccess ii- iiAnswers ii-Human iiCapital iiand iiSocial iiCapital
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