Arrfelt Exam 1 WPC 480 UPDATED ACTUAL Questions and CORRECT Answers
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Course
WPC 480
Institution
WPC 480
Arrfelt Exam 1 WPC 480 UPDATED
ACTUAL Questions and CORRECT
Answers
Stategic Options in Hypercompetitive Enviroment (5) - CORRECT ANSWER - 1. Global
Economy
2. use of price quality positioning to build market presen
Arrfelt Exam 1 WPC 480 UPDATED
ACTUAL Questions and CORRECT
Answers
Stategic Options in Hypercompetitive Enviroment (5) - CORRECT ANSWER - 1. Global
Economy
2. use of price quality positioning to build market presence.
3. creation of new knowledge and use of first-movers advantage.
4. Protection or invasion of stablished geographic or product markets.
5. Technologies
What factors are increasing in the global competitive landscape? (3) - CORRECT
ANSWER - 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.
2. Strategic & operational complexity of global-scale competition
3. Expectations of better products and services.
Decreasing factors in global competitive landscape (3) - CORRECT ANSWER - 1. time to
adapt
2. traditional tangible source and competitive adv.
3. traditional managerial mindset
To cope with new marketplace.... - CORRECT ANSWER - Firms need strategic
FLEXABILITY
Where do firms profits come from? - CORRECT ANSWER - 1. Industry (external)
2. How hard you work & your skills (internal)
I/O Model - CORRECT ANSWER - 1. External Environment
,2. Attractive Industry
3. Strategy Formulation
4. Assets and Skills
5. Strategy Implementation
6. Superior Returns
I/O Model in simple terms - CORRECT ANSWER - 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 - CORRECT ANSWER - 1. Suppliers
2. Buyers
3. Industry Rivalry
4. Substitutes
5. Potetial Entrants
5 forces model: Try to earn above avg returns by.... - CORRECT ANSWER - Cos-
Leadership or
Differentiation
Cost-Leadership - CORRECT ANSWER - Producing standardized goods or service @
costs below competitors cost
Differentiation - CORRECT ANSWER - Proucing differentiated goods or services for
which customers are willing to pay a price premium
, Resource-Based Model - CORRECT ANSWER - 1. Resources
2. Capabilities
3. Competitive Advantage
4. Attractive Industry
5. Strategy Formulation and Implementation
What drives firm performance?(what doesn't) - CORRECT ANSWER - Capabilities drives
performance.
NOT Industry
core competencies - CORRECT ANSWER - capabilities that serve as a source of
competitive advantage for a firm over its rivals
capability - CORRECT ANSWER - an integrated set of resources
Examples of Resorces in Resource-Based Model - CORRECT ANSWER - physical,
human & organizational capital (tangible/intangible)
How to capabilities become core competencies? (4) - CORRECT ANSWER - 1. Rare
2. Valuable
3. Costly to Imitate
4. Nonsubstitutable
21st Century Competition Todays Competitive Markets (3) - CORRECT ANSWER - 1.
Globalization
2. Higher importance oof knowledge and people
3. Rapid tech growth
Stakeholders - CORRECT ANSWER - Can affect firms mission and vision
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