WPC 480 Zhu Midterm UPDATED ACTUAL Questions and CORRECT Answers
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Course
WPC480
Institution
WPC480
WPC 480 Zhu Midterm UPDATED
ACTUAL Questions and CORRECT
Answers
an integrated and coordinated set of commitments and actions designed to exploit core
competencies and gain a competitive advantage - CORRECT ANSWER - strategy
WPC 480 Zhu Midterm UPDATED
ACTUAL Questions and CORRECT
Answers
an integrated and coordinated set of commitments and actions designed to exploit core
competencies and gain a competitive advantage - CORRECT ANSWER - strategy
a firm has a __________ __________ when it creates superior call for customers in ways that
competitors are unable to imitate or find too costly to imitate - CORRECT ANSWER -
competitive advantage
a competitive advantage often leads to __________-average returns- returns in excess of what an
investor expects to earn from other investments with a similar level of risk (ROE, ROA, ROS,
EPS, EBITA, etc.) - CORRECT ANSWER - above
What Model is this?
1. External Environment
2. An Attractive Industry
3. Strategy Formulation
4. Assets and Skills
5. Strategy Implementation
6. Superior Returns - CORRECT ANSWER - I/O Model of Above-Average Returns
I/O Assumption:
1. strategic decision makers are __________ and engage in profit-__________ behaviors -
CORRECT ANSWER - rational, maximizing
I/O Assumption:
2. Resource differences among competitors are __________-lived due to resource __________
across firms - CORRECT ANSWER - short, mobility
,I/O Assumption:
3. __________ in strategically relevant resources causes competitors to pursue __________
strategies - CORRECT ANSWER - similarity, similar
I/O Assumption:
4. The __________ environment imposes pressures and contusing that determine strategic
__________. - CORRECT ANSWER - external, choices
Five Forces Model of Competition - CORRECT ANSWER - 1. Industry Rivalry
2. Threat of Substitutes
3. Buying Power of Buyers
4. Threat of Potential Entrants
5. Buying Power of Suppliers
Five Forces Model Assumptions:
1. Industry __________ is a function of interactions among the five forces - CORRECT
ANSWER - profitability
Five Forces Model Assumptions:
2. Industry __________ equates to its potential earning above-average returns by:
- producing standardized goods or services at costs __________ competitor costs (cost leadership
strategy)
- producing differentiated goods or services for which customers are willing to pay a price
__________ (a differentiation strategy) - CORRECT ANSWER - attractiveness, below,
premium
The Resource Based Model of Above-Average Returns - CORRECT ANSWER - building
competitive advantage:
1. resources
, 2. capability
3. core competency
Resource-Based Model Assumption:
1. resources and certain capabilities are not highly __________ across firms - CORRECT
ANSWER - mobile
Resource-Based Model Assumption:
2. firms acquire __________ resources - CORRECT ANSWER - different
Resource-Based Model Assumption:
3. Firms develop __________ capabilities based on how they ___________ and _____ resources
- CORRECT ANSWER - unique, combine, use
Resource-Based Model assumption:
4. __________ in resources and capabilities are the bases of competitive advantage and a firm's
performance rather than its industry's structural characteristics. - CORRECT ANSWER -
differences
how resources become core competencies:
- costly to __________
- valuable
- nonsubstitutable
- rare - CORRECT ANSWER - imitate
What model is this?
1. Resources
2. Capability
3. Competitive Advantage
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