Exam (elaborations)
WPC480 Midterm Exam COMPLETE QUESTIONS WITH ANSWERS |GRADED A+| 100% CORRECT SCORE
- Course
- Institution
WPC480 Midterm Exam COMPLETE QUESTIONS WITH ANSWERS |GRADED A+| 100% CORRECT SCORE
[Show more]
Seller
Follow
Content preview
WPC480 MIDTERM EXAM COMPLETE QUESTIONS WITH ANSWERS|GRADED A+| 100% CORRECT SCORE
Strategic Competitiveness - (answer)firms achieve strategic competitiveness by successfully formulating
and implementing a value creating strategy
Strategy - (answer)a strategy is an integrated and coordinated set of commitments and actions designed
to exploit core competencies and gain a competitive advantage
Competitive advantage - (answer)a firm has a competitive advantage when, by implementing a chosen
strategy, it creates superior value for customers, and when competitors are not able to imitate the firm's
products create or find it too expensive to attempt imitation
Above-average returns - (answer)are returns in excess of what in investor expects to earn from
investments with a similar amount of risk
Risk - (answer)is an investor's uncertainty about the economic gains or losses that will result from a
particular investment
Hypercompetition - (answer)is a condition where competitors engage in intense rivalry, markets change
quickly and often, and entry barriers are low
Global economy - (answer)a global economy is one in which goods, services, people, skills, and ideas
move with limited barriers across geographic borders
Protectionism - (answer)involves action taken by a government to protect its economy from adverse
influences due to foreign trade
Globalization - (answer)is the increasing economic interdependence among countries and their
organizations as reflected in the flow of products, financial capital, and knowledge across country
borders
Global supply chain - (answer)a global supply chain is a network of firms that spans multiple countries
with the purpose of supplying goods and services
,Global value chain - (answer)refers to the processes through which a firm receives raw materials, uses
them to addvalue through manufacturing a product that provides greater utility for the consumer, and
sells the product to another firm or the ultimate consumer or the product, in a global setting
Strategic flexibility - (answer)is a set of capabilities firms use to respond to various demands and
opportunities existing in today's dynamic and uncertain competitive environment
Sustainability - (answer)means that a firm should not deplete or destroy natural elements upon which it
depends for survival
The I/O Model of Above-Average Returns - (answer)- the external environment
- an attractive industry
- strategy formulation
- assets and skills
- strategy implementation
- superior returns
Resources - (answer)are inputs into a firm's production process, such as capital equipment, the skills of
individual employees, patents, finances, and talented managers
Capability - (answer)is the capacity for a set of resources to perform a task or an activity in an integrative
manner
Core competencies - (answer)are capabilities that serve as a source of competitive advantage for a firm
over its rivals
The Resource-Based Model of Above-Average Returns - (answer)resources, capability, competitive
advantage, an attractive industry, strategy formulation and implementation
Stakeholders - (answer)are individuals, groups, and organizations that can both influence and are
affected by the objectives, actions, and outcomes of a firm
, Primary stakeholders - (answer)are directly involved in the value creating process of the firm
Secondary stakeholders - (answer)can both influence and are influenced by what the firm does, but they
do not contribute directly to the value the firm creates
The Stakeholder Model of Above-Average Returns - (answer)- stakeholders
- reciprocity
- information useful for strategic planning
- strategy formulation
- strategy implementation
- superior returns
Stakeholders - (answer)- Have a legitimate interest (stake) in what the firm does & the firm depends on
them to achieve its objectives
- Study external environment to determine which stakeholders are most important to value creating
processes
Reciprocity - (answer)- Stakeholders want to engage with the firms, are loyal, help the firm achieve its
objectives, and are willing to share valuable information
- Develop relationships with employees and external stakeholders based on fairness, respect, and trust
Information useful for strategic planning - (answer)- Stakeholder needs and wants, ideas for
improvements to value creation process, ideas for product innovation
- Collect valuable information from stakeholders
Strategy formulation - (answer)- Opportunities to collaborate, innovative products, enhanced efficiency
- Identify strategies that incorporate information from stakeholders
Strategy implementation - (answer)- Stakeholder needs and wants, ideas for improvements to value
creation process, potential areas for innovation
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller waynev. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now