WPC 480 Strategic Management Exam Questions and Answers
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Module
WPC 480
Institution
WPC 480
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 th...
wpc 480 strategic management exam questions and an
strategic management answer the integrative mana
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WPC 480 Strategic Management Exam
Questions and Answers
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 things for good strategy - Answer-1. diagnosis of competitive challenge
2. guiding policy to address competitive challenge
3. A set of coherent actions to implement the firm's guiding policy.
competitive advantage - Answer-firm that achieves superior performance relative to
other competitors in the same industry or the industry average
sustainable advantage - Answer-A firm that is able to outperform its competitors or the
industry average over a prolonged period of time
competitive disadvantage - Answer-firm underperforms its rivals or the industry average
industry effects - Answer-describe the underlying economic structure of the industry.
firm effects - Answer-attribute firm performance to the actions managers take.
Stakeholder strategy - Answer-integrative approach to managing a diverse set of
stakeholders effectively in order to gain and sustain competitive advantage.
corporate social responsibility (CSR). - Answer-1. philanthropic: corporate citizenship
2. ethical: do what is right
3. legal
4. economic: gain/sustain competitive advantage
A successful strategy requires three integrative
management tasks: - Answer-analysis, formulation, and
implementation.
competitive parity - Answer-firms that perform at the same level
Which are both are relevant in determining firm
, performance. - Answer-firm and industry effects are interdependent
A firm's performance is more closely related to - Answer-managers actions (firm effects)
Three components are critical to evaluating any
good or service: - Answer-1. Value
2. Price
3. Cost
To measure competitive advantage, we must be
able to - Answer-(1) accurately assess firm performance,
and (2) compare and benchmark the focal firm's
performance to other competitors in the same
industry or the industry average.
Investors are primarily interested in - Answer-in total return to shareholders, which
includes stock price appreciation plus dividends received over a specific period.
Economic value - Answer-value - cost
Three dimensions that make up the triple bottom line - Answer-economic- profits
social- people
ecological- planet
PESTEL - Answer-Political
Economic
Social culture
Technology
Ecological
Legal
Porters Five Forces - Answer-1. Threat of entry
2. Power of Suppliers
3. Power of buyers
4. Threat of substitutes
5. Rivalry
Perfect competitive industry - Answer-a bunch of small firms
commodity product
low entry barriers
no pricing power for individual firms.
Monopolistic industry - Answer-characterized by many firms, a differentiated product,
medium entry barriers, and some pricing power.
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