WPC 480 Exam Bundle

Strategy - Answer-is the set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors Strategy is a combination of plan and action oriented towards a goal AFI Framework - Answer-Analysis: External - the process of scanning and evaluating an organi...

Strategic Management - Answer-- integrative management - combines: Analysis, Formulation, and Implementation - designed to look for a companies competitive advantage - helps you think like a GM What is Strategy? - Answer-- to Gain and Sustain Competitive Advantage - its a set of Goal-direc...

Vertical Integration - Answer-Deciding to make something in your value chain (meaning everything that it takes to get your product or service to a consumer) in house instead of outsourcing it or buying it on in the market Forward Integration- Deciding to make something in the value chain that is ...

Blue Ocean Strategy - Answer-- Successfully combining differentiation and cost-leadership activities - Uses value innovation to reconcile trade-offs (Between Differentiation & Cost Leadership) "Untapped Market Space" "Create additional demand" "Opportunity for Highly Profitabl...

competitive parity - Answer-2 or more firms that perform at the same level strategic positioning - Answer-a unique position within an industry that allows a firm to provide value to customers while controlling costs value creation - Answer-companies w/a good strategy are able to provide produc...

Ackbar, Inc. has had 40% growth in accounting profits for several years, and each new year has been the highest profits Ackbar has ever had. What can you conclude from this information about Ackbar's competitive advantage? - Answer-Competitive advantage cannot be assessed Firms that outperform...

Sustainable competitive advantage - Answer-Competitors are unable (or unwilling) to duplicate the benefits of a firm's strategy How is sustainable competitive advantage created? - Answer-created through a value-creating strategy, based on core competencies critical strategic strategy - Answ...

Three dimensions of corporate strategy - Answer-1. Vertical Integration 2. Diversification 3. Geographic Scope Make or Buy continuum - Answer-Establishes the boundary of the firm. Arrangements between firms that involve the sharing of resources and capabilities with the intent of developing p...

Strategic management - Answer-An integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage. Vision Statement - Answer-describes what organizations want to accomplish. How is a vision statement different than a mission statement?...

Merger - Answer-two firms agree to integrate their operations on a relatively co-equal basis ex: at&t and time warner JP Morgan chase Acquisition - Answer-Controlling 100% interest to make acquired firm a subsidiary business within its portfolio ex: Cisco Chase (Hostile) Takeover - Answe...

If a company wants to gain a competitive advantage in a highly competitive industry, it should ideally - Answer-stake out a unique position within the industry. Which of the following stages of the strategic management process involves an evaluation of a firm's external and internal environmen...

Corporate Strategy - Answer-The decisions & actions taken to gain & sustain competitive advantage in several industries and markets simultaneously What does corporate strategy address? - Answer-Where to compete on 3 dimensions: Industry value chain: vertical integration Products & services:...

corporate strategy - Answer-The decisions & actions taken to gain & sustain competitive advantage in several industries and markets simultaneously addresses where to compete along 3 dimensions (industry value chain, products/services, geography) vertical integration - Answer-the process in whi...

an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage - Answer-strategy a firm has a __________ __________ when it creates superior call for customers in ways that competitors are unable to imitate or find too costly to...

Strategic Management - Answer-the integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage. Strategy - Answer-set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors. Three thi...

when one party delegates decision-making responsibility to a second party for compensation it's called? - Answer-agency relationship Elected individuals whose primary responsibility is to act in the owners' best interest by formally monitoring and controlling the firm's top-level manager...

Three Standard Performance Dimensions - Answer-1. What is the firm's ACCOUNTING PROFITABILITY? 2. How much SHAREHOLDER VALUE does the firm create? 3.How much ECONOMIC VALUE does the firm generate? Since competitive advantage is defined as superior performance RELATIVE to other competitor...

A diagnosis of the competitive challenge, an element of a good strategy, is primarily accomplished through strategy - Answer-Analysis Which of the following does a firm possess when it can outperform other firms in the same industry or the industry average over a prolonged period of time? - Answe...

Strategic competitiveness - Answer-Achieved when a firm creates and applies a strategy that creates value, this is not lasting, you need to be in the shoes of the competitor. Competitive advantage - Answer-When a firm formulates and implements a set of strategies to keep customers coming back C...

Strategic Competitiveness - Answer-achieved when a firm successfully formulates and implements a value-creating strategy Strategy - Answer-integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage Competitive Advantage - An...

The relative bargaining power of suppliers is high when incumbent firms face low switching costs when changing suppliers. A. True B. False - Answer-False According to the internal value chain analysis, which of the following is a primary activity? A. Research and Development B. Supply Cha...

strategic competitiveness - Answer-achieved when a firm successfully formulates and implements a value creating strategy strategy - Answer-an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage competitive advantage -...

strategic management is a(n) _____ field - Answer-Integrative Management Strategic Management Combines ____ , _______, and _____ in the quest for competitive advantage. - Answer-Analysis, formulation, and implementation A good strategy is based on three elements - Answer-1 - a diagnosis of the...

corporate strategy - Answer-determining boundaries of a firm (scope of a firm) Where to compete? Vertical Integration - Answer-process in which several steps in the production and/or distribution of a product or service are *controlled and owned by a single company* forward integration - Answe...

Strategy - Answer-Set of goal directed actions to gain and sustain a competitive advantage Vision - Answer-what they want to accomplish Mission - Answer-How they want to accomplish it Values - Answer-what commitments do we make, how can we act legally and ethically Competitive advantage ...

Corporate Level Strategy - Answer-specifies actions a firm takes to gain a competitive advantage by selecting and managing a group of different businesses competing in different product markets. (Helps companies to select new strategic positions that are expected to increase the firm's value.) ...

Soil and Sod Gardening Supplies has a vision of helping every American learn how to grow their own food. Its management team recently unveiled the mission statement "A garden at every home." What is wrong with this mission statement? - Answer-It does not indicate how the company will accomplis...

Which of the following is the best definition of corporate strategy? - Answer-A firms attempt to gain a competitive advantage while operating in several different industries or markets simultaneously. by definition, is a strategy for managing several businesses within the same firm. The hope is alw...

Bell Ring Brands is a manufacturer of educational toys for children. Six months ago, the company's research and development division came up with an idea for a unique touchscreen device that can be used to introduce children to a number of foreign languages. Three months ago, the company produced...