,10/18/24, 5:09 PM WPC 480 Final Exam/WPC 480 – FINAL EXAM WITH COMPLETE SOLUTION(LATEST 2024-2025 GRADED A+) FREQUE…
What does strategic Trade-offs.
positioning require?
What is the fist step of a Define a firm's vision, mission, and values.
strategic goal to gain and
sustain competitive
advantage?
What is a firm's vision? What do we want to accomplish?
What is a firm's mission? How do we accomplish our goals?
What commitments do we make? What guardrails
What is a firm's values? do we put in place? How can we act legally and
ethically in pursuit of the vision and mission?
1) Capture an organization's aspiration . 2) Identifies
What are the key aspects what it ultimately wants to accomplish. 3) Motivates
of an effective vision? employees to aim for a target. 4) Leaves room for
contributions.
What is a product- Defines a business in terms of a good or service
oriented vision provided.
statement?
What is a customer- Defines a business in terms of providing solutions to
oriented vision customer needs.
statement?
What things can a firm do 1) The vision is customer-oriented, 2) Internal
to vision statements and stakeholders help define the vision, 3)
firm performance to be Organizational structures align with the vision
positively associated? statement.
1) Describes how to accomplish goals and 2)
What does a firm's Describes what the organization does (the products
mission statement do? and services it provides and the markets in which it
competes).
What is the difference Vision statements: WHAT an organization wants to
between vision and accomplish (ie: to). Mission statements: HOW the
mission statements? vision will be accomplished (ie: by).
What does establishing a Guides an organization to achieve its vision and
firm's value do? fulfill its mission.
, 10/18/24, 5:09 PM WPC 480 Final Exam/WPC 480 – FINAL EXAM WITH COMPLETE SOLUTION(LATEST 2024-2025 GRADED A+) FREQUE…
Organizations, groups, individuals that can affect or
Who are the are affected by a firm's actions and have a vested
stakeholders? claim or interest in the performance and continued
survival of the firm.
1) Managing stakeholders in order to gain and
What is a firm's
sustain competitive advantage, 2) Benefits of
stakeholder strategy?
effective stakeholder strategy to firm performance.
What are the layers of the 1) Philanthropic responsibilities, 2) Ethical
corporate social responsibilities, 3) Legal responsibilities, 4)
responsibility pyramid Economic Responsibilities.
(from the top-down)?
1) Successful use of power and influence, 2)
Directing the activities of others, 3) Pursuing an
What is strategic organization's goals, 4) Enabling organizational
leadership? competitive advantage, 5) Upper Echelon's Theory
(organizational outcomes reflect the values and
attributes of the top management team).
What is the AFI Analysis, Formulation, Implementation
Framework for Top-Down
strategic planning?
What are the 3 types of 1) Intended strategy, 2) Emergent strategy, 3)
strategies? Realized strategy.
What is intended The outcome of a rational and structured top-down
strategy? strategic plan.
Any unplanned strategic initiative, bubbles up from
What is emergent the bottom of the organization, can influence and
strategy? shape a firm's overall strategy. (ie: Starbucks
manager creating the frappuccino)
What is realized Combination of intended and emergent strategy.
strategy?
What are the 2 1) The PESTEL Framework, 2) The 5 Forces Model
EXTERNAL business (Porter's).
analysis models?
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