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WPC 480 MIDTERM ACTUAL 2024 EXAM WITH 100% CORRECT VERIFIED ANSWERS (ALREADY GRADED A+) $19.49   Add to cart
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WPC 480 MIDTERM ACTUAL 2024 EXAM WITH 100% CORRECT VERIFIED ANSWERS (ALREADY GRADED A+)

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WPC 480 MIDTERM ACTUAL 2024 EXAM WITH 100% CORRECT VERIFIED ANSWERS (ALREADY GRADED A+)

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  • May 25, 2024
  • 20
  • 2023/2024
  • Exam (elaborations)
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  • wpc 480
  • wpc 480 midterm actual 2024 exam
  • wpc 480 midterm actual 2024 exam graded a
  • wpc 480 midterm 2024 exam with verified answers

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WPC 480 MIDTERM ACTUAL 2024 EXAM WITH 100% CORRECT VERIFIED ANSWERS (ALREADY GRADED A+ ) Resources - ANSWER -inputs into a firm's production process, such as capital equipment, the skills of individual employees, patents, finances, and talented managers. Capability - ANSWER -capacity for a set of resources to perform a task or an activity in an integrative manner Core competencies - ANSWER -capabilities that serve as a source of competitive advantage for a firm over its rivals Porters five forces model - ANSWER -Industry Rivalry is in the middle surrounded by: buyers, suppliers, substitutes, p otential entrants -Industry profitability is a function of interactions among the five forces. -Industry attractiveness is potential for earning above -average returns by --Producing standardized goods or services at costs below competitor costs (cost leadership). --Producing differentiated goods or services for which customers are willing to pay a price premium (differentiation). • You can fight the forces but only with cost leadership and differentiation • Industry Rivalry through substitutes (few), su ppliers (many), potential entrants (few), and buyers (many) Resource -Based Model - ANSWER -Model on pg. 18 1. Firms acquire different resources. 2. Firms develop unique capabilities based on how they combine and use resources. 3. Resources and certain cap abilities are not highly mobile across firms. 4. Differences in resources and capabilities (core competencies) are the bases of competitive advantage --Resources drive firm performance, not industry Resources as core competencies - ANSWER -How resources B ECOME core competencies: Costly to imitate, rare, valuable, nonsubstituable Firm driving performance: resource -based model - ANSWER -resources --> capability --
> competitive advantage --> attractive industry --> strategy formulation and implementation --> superior returns Why do we have firms? - ANSWER -o Lower transaction costs o Buy/Make argument o Because we can organize people so it is more efficient Who do (should) firms benefit? - ANSWER -o Stakeholders (everyone dealing with the company) (employees , suppliers, customers, investors, lenders, government) o Shareholders, most important because they have the highest stake in the company (some think this) vison - ANSWER -picture of what the firm wants to be and in broad terms, what it wants to ultimately achieve mission - ANSWER -specifies the businesses in which the firm intends to compete and the customers it intends to serve Stakeholders: - ANSWER --Primary Stakeholders: (individuals, groups, and organizations) -Can affect development of the firm's vi sion and mission -Are affected by the strategic outcomes achieved by the firm -Can have enforceable claims on the firm's performance -Are influential when in control of critical or valued resources Capital Market stakeholders - ANSWER --Shareholders -major suppliers of capital (bank) Conflicting expectations of shareholders and lenders through: -influence -risk/return -enhanced wealth -preservation of investment Product Market Shareholders - ANSWER --primary customers -suppliers -host communities -unions Organizational Stakeholders - ANSWER --employees -managers -nonmanagers Responsibilities of strategic leaders for development and effective use of the firm's human capital -education and skills of employees -organizational cultures and ethical work envi ronment -strategic goals and global standards -international assignments strategic leaders - ANSWER -people located in different areas and levels of the firm using the strategic management process to select strategic actions that help the firm achieve its vision and fulfill its mission Profit Pool - ANSWER -entails the total profits earned in an industry at all points along the value chain Strategic Leadership: Decision Making - ANSWER -I/O Model + Resource -Based Model = Competitive Strategy Decision (For a ll stakeholders) External Environment Analysis - ANSWER -Industry environment: -Economic -Demographic -Physical -Sociocultural Competitor Environment -Political/Legal -Technological -Global This also includes - ANSWER -Scanning: Identifying early signals of environmental changes and trends Monitoring: Detecting meaning through ongoing observations of environmental changes and trends Forecasting: Developing projections of anticipated outcomes based on monitored changes and trends Assessing: Determining the timing and importance of environmental changes and trends for firms' strategies and their management Industry Environment - ANSWER -A set of factors that directly influences a firm and its competitive actions and responses. -factors and conditions infl uencing industry profitability --at industry level --by extension

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