WPC 480 Exam #1 UPDATED ACTUAL Questions and CORRECT Answers
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Course
WPC 480
Institution
WPC 480
WPC 480 Exam #1 UPDATED ACTUAL
Questions and CORRECT Answers
Strategy - CORRECT ANSWER - An integrated set of goal-directed actions a firm takes to
gain and sustain competitive advantages.
Vision - CORRECT ANSWER - What do we want to accomplish?
WPC 480 Exam #1 UPDATED ACTUAL
Questions and CORRECT Answers
Strategy - CORRECT ANSWER - An integrated set of goal-directed actions a firm takes to
gain and sustain competitive advantages.
Vision - CORRECT ANSWER - What do we want to accomplish?
Mission - CORRECT ANSWER - How do we accomplish our goals? And what do we do
to accomplish our goals?
Stakeholders - CORRECT ANSWER - organizations, groups, and individuals. They can
affect or are affected by a firm's actions.
Competitive Advantage - CORRECT ANSWER - superior performance relative to other
competitors in the same industry or the industry average.
Sustainable Competitive Advantage - CORRECT ANSWER - outperforming competitors
or the industry average over a prolonged period of time.
Competitive Parity - CORRECT ANSWER - performance of two or more firms at the
same level
Intended strategy - CORRECT ANSWER - the outcome of a rational and structured top-
down strategic plan
, Emergent strategy - CORRECT ANSWER - any unplanned strategic initiative, bubbles up
from the bottom of the organization and can influence and shape a firm's overall strategy.
Realized strategy - CORRECT ANSWER - combination of intended and emergent strategy
PESTEL Framework - CORRECT ANSWER - Political factors: processes and actions of
government bodies. Lobbying, public relations, contributions, litigations.
Strategic Groups - CORRECT ANSWER - companies in a specific industry that pursue
similar strategies.
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