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WPC 480 Exam 1 Questions and Answers
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WPC 480 Exam 1 Questions and Answers
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WPC 480 Exam 1 Questions andAnswers
Strategic iiManagement ii- iiAnswers ii-- iiintegrative iimanagement ii
- iicombines: iiAnalysis, iiFormulation, iiand iiImplementation
- iidesigned iito iilook iifor iia iicompanies iicompetitive iiadvantage
- iihelps iiyou iithink iilike iia iiGM
What iiis iiStrategy? ii- iiAnswers ii-- iito iiGain iiand iiSustain iiCompetitive iiAdvantage
- iiits iia iiset iiof iiGoal-directed iiactions iito iigain iiand iisustain iiSuperior iiPerformance
What iimakes iia iiGood iiStrategy? ii- iiAnswers ii-1.Analyze iifirms iiExternal iiand iiInternal
iiEnvironments
2. iiStrategy iiFormulation
3. iiAccomplished iithrough iiStrategy iiImplementation
How iito iiCalculate iiReceivable iiDays? ii- iiAnswers ii-= iiAccounts iiReceivable ii/ iiRevenue
iiPer iiDay
How iito iiCalculate iiInventory iiDays? ii- iiAnswers ii-= iiInventory ii/ iiRevenue iiPer iiDay
How iito iiCalculate iiReturn iion iiRevenue, iiROR? ii- iiAnswers ii-= iiNet iiIncome ii/ iiTotal
iiRevenue
Core iiValues ii- iiAnswers ii-- iiare iiethical iistandards
- iidesigned iito iiGovern iithe iibehavior iiof iiindividuals
- iiused iito iiprovide iiVision iiand iiCompetitive iiAdvantage iifor iiits iiMission
- ii"Guard iiRails" iiput iiin iiplace
Mission ii- iiAnswers ii-- iiused iito iidescribe iiwhat iian iiorganization iiactually iidoes
- iiproduct iiand iiservices iiplan iithe iimarkets iiin iiwhich iiit iiwill iicompete
- iiwhat iithe iicompany iiplans iito iiprovide iiconsistently
What iiare iiStrategic iiCommitments ii? ii- iiAnswers ii-- iiare iiexpensive iiactions
- iilong-term iioriented
- iidifficult iito iireverse
- iisteps iiare iitaken iito iiachieve iimission
,- iirivalry iiwill iioccur
- iiused iito iibe iieffective iiand iiback iiup iia iicompanies iiVision iiand iiMissions
Product-Oriented iiVision iiStatement ii- iiAnswers ii-- iidefines iia iibusiness iiin iiterms iiof iia
iigood iior iiservice
- iitend iito iiforce iiManagers iito iitake iia iimyopic ii(nearsighted) iiview iiof iithe iicompetitive
iilandscape
- iiLess iiflexible
"We iiare iiin iithe iitypewriter iibusiness"
Customer-Oriented iiVision iiStatement ii- iiAnswers ii-- iidesigned iito iiprovide iisolutions iito
iicustomer iineeds
- iiadapt iito iichanging iienvironments
- iiNeeds-based iivision**
Visionary iiCompanies ii- iiAnswers ii-- iihave iiaspirational iiideas iithat iiare iiNOT iiexclusive
iifinancially*
- iioutperform iicompanies iiin iithe iilong iirun*
- iithis iivision iimakes iiemployees iifeel iithey iiare iiapart iiof iisomething iibigger, iihighly
iimotivating*
Strategic iiPositioning ii- iiAnswers ii-- iito iicreate iiSuperior iiValue iiand iiCosts
- iioffering iisimilar iivalue iiat iilower iicosts ii(controlling iicosts)
- iiresources iiare iiLIMITED
- iiused iito iivalue iicustomers iiand iicontrol iicosts
- iirequires iitrade-offs
Vision ii- iiAnswers ii-- iicaptures iian iiorganizations iiaspiration
- iioutlines iiits iimain iigoals iito iiaccomplish
- iiWhat iido iiwe iiwant iito iiultimately iiaccomplish?
- iitied iito iiStrategic iiIntent
What iiis iithe iiAFI iiFramework iiDesigned iifor? ii- iiAnswers ii-1 iiExplains iiand iipredicts
iidifferences iiin iifirm iiPerformance ii(Competitive iiForces)
2. iiHelp iiManagers iiformulate iiand iiimplement iistrategy ii(Strategic iiGroups)
Strategy ii- iiAnswers ii-- iigoal- iidirected iiactions
- iiused iito iigain iiand iisustain iisuperior iiperformance
, - iistrategy iiis iiabout iicreating iiSUPERIOR iivalue*
- iiadopting iia iiset iiof iigoals iicollectively
Competitive iiAdvantage ii- iiAnswers ii-- iiis iialways iirelative, iiNOT iiabsolute
- iicompare iiperformance iito iibenchmark ii(other iifirms, iisame iiindustry)
- iiwhen iia iibusiness iihas iisuperior iiperformance iiover iisimilar iibusinesses iiin iiits iiindustry
Sustainable iiCompetitive iiAdvantage ii- iiAnswers ii-- iifirm iithat iiis iiable iito iioutperform iiits
iicompetitors iior iiindustry iiaverage
- iiusually iiover iia iilong iiperiod iiof iitime
Competitive iiDisadvantage ii- iiAnswers ii-- iiwhen iia iifirm iiunder-performs iiits iirivals iior
iiindustry iiaverage
Competitive iiParity ii- iiAnswers ii-- iiwhen iitwo iifirms iiperform iiat iithe iisame iilevel
- iihappens iiwith iiPerfect iiCompetition
- iihowever, iiit iidoesn't iimean iithey iiare iidoing iieverything iisimilar**
Main iiSteps iito iiAchieve iiCompetitive iiAdvantage ii- iiAnswers ii-1. iiVision, iiWhat iido iiwe
iiwant iito iiaccomplish iiultimately?
2. iiMission, iiHow iido iiwe iiwant iito iiaccomplish iiit?
3. iiValues, iiWhat iicommitments iido iiwe iimake. iiWhat iiguardrails iido iiwe iihave iito iistay
iifocus iiand iitrue iito iiour iivision iiand iimission*
Formulation ii(Strategy iiFormulation) ii- iiAnswers ii-1. iiBusiness iiStrategy, iiHow iishould
iithe iifirm iicompete? ii(cost iileadership, iidifferentiation, iivalue iiinnovation)
2. iiCorporate iiStrategy, iiWhere iishould iithe iifirm iicompete? ii(industry, iimarkets,
iigeographically)
3. iiGlobal iiStrategy, iiHow iiand iiwhere iishould iithe iifirm iicompete? ii(Local, iiRegional,
iiNational, iior iiInternational)
Where iiand iiHow iido iiwe iiCompete?
Implementation ii(Strategy iiImplementation) ii- iiAnswers ii-1. iiOrganizational iiDesign,
iiHow iishould iithe iifirm iiturn iistrategy iiinto iiaction?
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