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WPC 480 MIDTERM Questions With Complete Solutions Strategic Management Process full set of commitment, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns first step is to ANALYZE (external and internal resources, capabilities, core c...

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  • October 23, 2024
  • 48
  • 2024/2025
  • Exam (elaborations)
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  • wpc 480 midterm questions with complete solutions

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  • WPC 480
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WPC 480 MIDTERM Questions With
Complete Solutions

Strategic Management Process full set of commitment, decisions, and actions required for

a firm to achieve strategic competitiveness and earn above-average returns




first step is to ANALYZE (external and internal resources, capabilities, core competencies), next

STRATEGIZE (formulation and implementation), then take action to enact strategy to have good

PERFORMANCE




Todays competitive markets: 1. The global economy


2. Globalization

3. Rapid technological change

4. Increasing importance of knowledge and people




Hypercompetition -A term often used to capture the realities of the competitive landscape.




-Emergence of GLOBAL ECONOMY and TECHNOLOGY (rapid change) are two primary

drivers of hyper-competitive environments and nature of todays competitive landscape

, WPC 480 MIDTERM Questions With
Complete Solutions
Other strategic options:

-Use of

price-quality positioning to build market presence

-Creation of new know-how and

use of first-mover advantage

-Protection or invasion of established geographic or product markets




The Global competitive landscape Increasing:


-Market volatility and instability due to

the rapid pace of change in markets

-Globalized flow of financial capital

-Strategic and operational complexity

of global-scale competition

-Need for flexibility, speed, innovation,

and integration in the use of technology

-Rising product quality standards




Decreasing:

, WPC 480 MIDTERM Questions With
Complete Solutions
-Time for adapting to change

-Traditional sources of competitive advantage

-Traditional managerial mindset




Technology and Technological Changes Technology trends impacting the global

competitive environment

-Increasing rate of technology diffusion and the emergence

of disruptive technologies

-The information age: Internet and the global proliferation of low-cost computing power

-Increasing knowledge intensity

as an intangible source of competitive advantage




In order to cope with new marketplace... Strategic Flexibility


-coping with the uncertainty and risks of hypercompetitive environments.

-requires continuous learning and applying the new and updated skills sets and competencies to

the firm's competitive advantage.

--must overcome built-up organizational inertia.

, WPC 480 MIDTERM Questions With
Complete Solutions
What is the marketplace like for today's firms? •A piece of it has moved online


•Globalization, firms were competing with local firms, now you're competing with national firms

•Omni-channel

•More regulations trying to hold CEO's more accountable

•Consumers are more demanding because there are so many other options so they want better

quality for cheaper price

•Pressure to innovate

-Hypercompetition




Where do firm profits come from? o Sales revenue, brand recognition


o Firms that have something valuable internally make a lot of money (resources, capabilities)

o The nature of the industry (some just picked an industry that just isn't very profitable)

o Firm performance comes from

♣ 1. Industry (I/O, Porters 5 Forces)

♣ 2. Firm (e.g., Resource-Based Model)




Can we model this? o Yes, the I/O Model = industry becomes homogeneous

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