WPC 480 Exam 1 Questions With Complete
Solutions
What makes a Good Strategy? 1.Analyze firms External and Internal Environments
2. Strategy Formulation
3. Accomplished through Strategy Implementation
How to Calculate Receivable Days? = Accounts Receivable / Revenue Per Day
How to Calculate I...
What makes a Good Strategy? 1.Analyze firms External and Internal Environments
2. Strategy Formulation
3. Accomplished through Strategy Implementation
How to Calculate Receivable Days? = Accounts Receivable / Revenue Per Day
How to Calculate Inventory Days? = Inventory / Revenue Per Day
How to Calculate Return on Revenue, ROR? = Net Income / Total Revenue
Core Values - are ethical standards
- designed to Govern the behavior of individuals
- used to provide Vision and Competitive Advantage for its Mission
, WPC 480 Exam 1 Questions With Complete
Solutions
- "Guard Rails" put in place
Mission - used to describe what an organization actually does
- product and services plan the markets in which it will compete
- what the company plans to provide consistently
What are Strategic Commitments ? - are expensive actions
- long-term oriented
- difficult to reverse
- steps are taken to achieve mission
- rivalry will occur
- used to be effective and back up a companies Vision and Missions
Product-Oriented Vision Statement - defines a business in terms of a good or service
, WPC 480 Exam 1 Questions With Complete
Solutions
- tend to force Managers to take a myopic (nearsighted) view of the competitive landscape
- Less flexible
"We are in the typewriter business"
Customer-Oriented Vision Statement - designed to provide solutions to customer needs
- adapt to changing environments
- Needs-based vision**
Visionary Companies - have aspirational ideas that are NOT exclusive financially*
- outperform companies in the long run*
- this vision makes employees feel they are apart of something bigger, highly motivating*
Strategic Positioning - to create Superior Value and Costs
- offering similar value at lower costs (controlling costs)
, WPC 480 Exam 1 Questions With Complete
Solutions
- resources are LIMITED
- used to value customers and control costs
- requires trade-offs
Vision - captures an organizations aspiration
- outlines its main goals to accomplish
- What do we want to ultimately accomplish?
- tied to Strategic Intent
What is the AFI Framework Designed for? 1 Explains and predicts differences in firm
Performance (Competitive Forces)
2. Help Managers formulate and implement strategy (Strategic Groups)
Strategy - goal- directed actions
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller UpperClass. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $20.99. You're not tied to anything after your purchase.
