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Exam (elaborations)

WPC 480 Final Exam questions well answered to pass

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WPC 480 Final Exam questions well answered to pass

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  • November 17, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • WPC
  • WPC
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BravelRadon
WPC 480 Final Exam questions well
answered to pass
Strategic management - correct answer ✔✔An integrative management field that combines analysis,
formulation, and implementation in the quest for competitive advantage.



Vision Statement - correct answer ✔✔describes what organizations want to accomplish.



How is a vision statement different than a mission statement? - correct answer ✔✔mission is an action
plan. it talks about how were going to accomplish these goals.



Product-Oriented Vision Statements - correct answer ✔✔defines a business in terms of a good or service
provided. Tends to make managers take a more myopic view of the competitive landscape.



Customer oriented vision statement - correct answer ✔✔defines a business in terms of providing
solutions to customer needs. Can more easily adapt to changing environments.



Vision statements and firm performance can be positively associated if... - correct answer ✔✔1) internal
stake holders help define the vision

2) organizational structures align with the vision statement.



Mission statement - correct answer ✔✔It described how the vision will be accomplished (what the
organization does to achieve the vision)



How does a mission statement differ from a vision statement? - correct answer ✔✔



Competitive advantage - correct answer ✔✔superior performance relative to other competitors in the
same industry or the industry average.



Sustainable competitive advantage: - correct answer ✔✔outperforming competitors or the industry
average over a prolonged period of time.

, Stakeholders: - correct answer ✔✔organizations, groups, and individuals who can affect or are affected
by a firm's actions.

(who have a vested claim or interest in the performance and continued survival of the firm.



Stakeholder strategy - correct answer ✔✔managing stakeholders in order to gain and sustain
competitive advantage.

(not only shareholders but also other external and internal stakeholders (employees, suppliers,
customers, environment, community...)



The purpose of external analysis

-Why doe we analyze an industry structure and external environment? - correct answer ✔✔



What is the PESTEL framework? - correct answer ✔✔it allows the scanning, monitoring, and evaluating
of changes and trends in a firm's macro environment.



Six factors of PESTEL - correct answer ✔✔1. Political

2. legale

3. ecological

4. technological

5. socio-cultural

6. economic



Porter's five forces model - correct answer ✔✔Key features of five forces- external environment analysis
measuring the overall attractiveness of the industry.

Each force

-threat of entry is high when...

-threat of substitutes is high when...

-power of buyers is high when...

-power of suppliers is high when...

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