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 produ...
WPC 480 Exam Questions and Answers
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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
products/services to consumers at a price point that they can afford while keeping their
costs in check
stakeholder strategy - Answer-integrative approach to managing a diverse set of
stakeholders effectively in order to gain and sustain competitive advantage
stakeholder impact analysis - Answer-provides a decision tool w/which strategic leaders
can recognize, prioritize, and address the needs of different stakeholders
3 important stakeholder attributes - Answer-power, legitimacy, urgency
4 type of corporate social responsibility - Answer-economic, legal, ethical, philanthropic
upper-echelons theory - Answer-theory that organizational outcomes including strategic
choices and performance levels reflect the values of the top management team
level-5 leadership pyramid - Answer-conceptual framework that shows leadership
progression through 5 distinct, sequential levels
level-5 leadership pyramid level 1: highly capable individual - Answer-individuals who
make productive contributions through motivation, talent, knowledge, and skills
level-5 leadership pyramid level 2: contributing team member - Answer-individual that
attains the next level by becoming an effective team player, they work effectively with
others to achieve common objectives
level-5 leadership pyramid level 3: competent manager - Answer-team player with a
high individual skill set turns into an effective manager who is able to organize the
resources necessary to accomplish the organization's goals
level-5 leadership pyramid level 4: effective leader - Answer-effective professional has
learned to do the rights things, commands a high individual skill set, and is an effective
, team player and manager, also knows what actions are the right ones in any given
situation to pursue an organization's strategy
level-5 leadership pyramid level 5: executive - Answer-strategic leader builds enduring
greatness by combing willpower and humility, works to help the organization succeed
and others to reach their full potential
vision - Answer-what do we want to accomplish?
first step in the strategic management process? - Answer-define an organization's
vision, mission, and values
mission - Answer-how do we accomplish our goals?
values - Answer-what commitments do we make, and what safegaurds do we pout in
place, to act both legally and ethically as we pursue our vision and mission
core values statement - Answer-provides touchstones for employees to understand the
company culture
organizational core values - Answer-ethical standards and norms that govern the
behavior of individuals within a firm or organization
strategic management process - Answer-lays the foundation for sustainable competitive
advantage
top-down strategic planning - Answer-derived from military strategy, rational process
through which executives attempt to program future success
-AFI
-assumes we can predict the future from the past
black swan events - Answer-describes the high impact of a highly improbable event
-ex. 9/11, BP oil spill
theory of bounded rationality - Answer-the core tenet of which posits that rather than
optimize when faced with decisions, we ten to "Satsfice" (mix of satisfy and suffice)
cognitive limitations - Answer-tend to lead us to choose the "good enough option" that
satisfies our immediate needs, rather than to search for an optimal solution
behavior economics: system 1 - Answer-brain's default mode, gut reactions
behavior economics: system 2 - Answer-logical, analytical, deliberate
cognitive biases - Answer-leads to systematic errors in our decision-making and
interfere with our rational thinking
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