Arrfelt Exam 1 WPC 480 Questions With Complete Solutions
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Course
WPC 480
Institution
WPC 480
Arrfelt Exam 1 WPC 480 Questions With
Complete Solutions
What factors are increasing in the global competitive landscape? (3) 1. 1. Market volatility
and instability due to rapid pace of change in markets. a)what happens in 1 place quickly
transfer. b) globalized flow of financial capital.
...
I/O Model in simple terms 1. Study the external enviroment (especially industry
enviroment)
2. Locate an industry with high potential for above-avg returns
3. Identify strategy called for by attractive industry to earn above-avg returns
4. Develop/aquire skills & assets needed to implement the startegy.
5. Use firms strength to implement the startegy
5 Forces Model of Competition 1. Suppliers
2. Buyers
3. Industry Rivalry
4. Substitutes
5. Potetial Entrants
, Arrfelt Exam 1 WPC 480 Questions With
Complete Solutions
5 forces model: Try to earn above avg returns by.... Cos-Leadership or
Differentiation
Cost-Leadership Producing standardized goods or service @ costs below competitors cost
Differentiation Proucing differentiated goods or services for which customers are willing
to pay a price premium
Resource-Based Model 1. Resources
2. Capabilities
3. Competitive Advantage
4. Attractive Industry
5. Strategy Formulation and Implementation
What drives firm performance?(what doesn't) Capabilities drives performance.
NOT Industry
, Arrfelt Exam 1 WPC 480 Questions With
Complete Solutions
core competencies capabilities that serve as a source of competitive advantage for a firm
over its rivals
capability an integrated set of resources
Examples of Resorces in Resource-Based Model physical, human & organizational capital
(tangible/intangible)
How to capabilities become core competencies? (4) 1. Rare
2. Valuable
3. Costly to Imitate
4. Nonsubstitutable
21st Century Competition Todays Competitive Markets (3) 1. Globalization
2. Higher importance oof knowledge and people
3. Rapid tech growth
Stakeholders Can affect firms mission and vision
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