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WPC 480 Ch1 Exam Questions and Answers
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WPC 480 Ch1 Exam Questions and Answers
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WPC 480 Ch1 Exam Questions andAnswers
Strategic iiManagement ii- iiAnswers ii-an iiintegrative iimanagement iifield iithat iicombines
iianalysis, iiformulation, iiand iiimplementation iiin iithe iiquest iifor iicompetitive iiadvantage.
Strategy ii- iiAnswers ii-The iiset iiof iigoal-directed iiactions iia iifirm iitakes iito iigain iiand
iisustain iisuperior iiperformance iirelative iito iicompetitors.
Good iiStrategy ii- iiAnswers ii-1. iiA iidiagnosis iiof iithe iicompetitive iichallenge
ii(accomplished iithrough iistrategy iianalysis iiof iithe iifirm's iiexternal iiand iiinternal
iienvironments); ii
2. iiA iiguiding iipolicy iito iiaddress iithe iicompetitive iichallenge ii(accomplished iithrough
iistrategy iiformulation, iiresulting iiin iithe iifirm's iicorporate, iibusiness, iiand iifunctional
iistrategies); ii
3. iiA iiset iiof iicoherent iiactions iito iiimplement iithe iifirm's iiguiding iipolicy ii(accomplished
iithrough iistrategy iiimplementation).
Competitive iiadvantage ii- iiAnswers ii-Superior iiperformance iirelative iito iiother
iicompetitors iiin iithe iisame iiindustry iior iithe iiindustry iiaverage.
Sustainable iicompetitive iiadvantage ii- iiAnswers ii-Outperforming iicompetitors iior iithe
iiindustry iiaverage iiover iia iiprolonged iiperiod iiof iitime.
Competitive iidisadvantage ii- iiAnswers ii-Underperforming iirelative iito iiother iicompetitors
iiin iithe iisame iiindustry iior iithe iiindustry iiaverage.
Competitive iiparity ii- iiAnswers ii-Performance iiof iitwo iior iimore iifirms iiat iithe iisame iilevel.
Industry iieffects ii- iiAnswers ii-Firm iiperformance iiattributed iito iithe iistructure iiof iiindustry
iiin iiwhich iithe iifirm iicompetes.
Firm iieffects ii- iiAnswers ii-from iiperformance iiattributed iito iithe iiactions iimanagers iitake.
Black iiswan iievents ii- iiAnswers ii-incidents iithat iidescribe iihighly iiimprobable iibut iihigh-
impact iievents.
Stakeholders ii- iiAnswers ii-organizations, iigroups, iiand iiindividuals iithat iican iiaffect iior
iiare iiaffected iiby iia iifirm's iiactions.
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