Strategy - Answer-An integrated set of goal-directed actions a firm takes to gain and sustain competitive advantages.
Vision - Answer-What do we want to accomplish?
Mission - Answer-How do we accomplish our goals? And what do we do to accomplish our goals?
Stakeholders - Answer-organizatio...
WPC 480 Exam #1 Exam Questions and
Answers
Strategy - Answer-An integrated set of goal-directed actions a firm takes to gain and
sustain competitive advantages.
Vision - Answer-What do we want to accomplish?
Mission - Answer-How do we accomplish our goals? And what do we do to accomplish
our goals?
Stakeholders - Answer-organizations, groups, and individuals. They can affect or are
affected by a firm's actions.
Competitive Advantage - Answer-superior performance relative to other competitors in
the same industry or the industry average.
Sustainable Competitive Advantage - Answer-outperforming competitors or the industry
average over a prolonged period of time.
Competitive Parity - Answer-performance of two or more firms at the same level
Intended strategy - Answer-the outcome of a rational and structured top-down strategic
plan
Emergent strategy - Answer-any unplanned strategic initiative, bubbles up from the
bottom of the organization and can influence and shape a firm's overall strategy.
Realized strategy - Answer-combination of intended and emergent strategy
PESTEL Framework - Answer-Political factors: processes and actions of government
bodies. Lobbying, public relations, contributions, litigations.
VRIO Framework - Answer--Value--> lower cost/increase value
-Rarity
-Imitability
-Organizational--> supportive of product to be successful
*contain all aspects for sustainable competitive advantage
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