Strategic management - Answer-An integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage.
Vision Statement - Answer-describes what organizations want to accomplish.
How is a vision statement different than a mission statement...
WPC 480 Final Exam Questions and
Answers
Strategic management - Answer-An integrative management field that combines
analysis, formulation, and implementation in the quest for competitive advantage.
Vision Statement - Answer-describes what organizations want to accomplish.
How is a vision statement different than a mission statement? - Answer-mission is an
action plan. it talks about how were going to accomplish these goals.
Product-Oriented Vision Statements - Answer-defines a business in terms of a good or
service provided. Tends to make managers take a more myopic view of the competitive
landscape.
Customer oriented vision statement - Answer-defines a business in terms of providing
solutions to customer needs. Can more easily adapt to changing environments.
Vision statements and firm performance can be positively associated if... - Answer-1)
internal stake holders help define the vision
2) organizational structures align with the vision statement.
Mission statement - Answer-It described how the vision will be accomplished (what the
organization does to achieve the vision)
How does a mission statement differ from a vision statement? - Answer-
Competitive advantage - Answer-superior performance relative to other competitors in
the same industry or the industry average.
Sustainable competitive advantage: - Answer-outperforming competitors or the industry
average over a prolonged period of time.
Stakeholders: - Answer-organizations, groups, and individuals who can affect or are
affected by a firm's actions.
(who have a vested claim or interest in the performance and continued survival of the
firm.
Stakeholder strategy - Answer-managing stakeholders in order to gain and sustain
competitive advantage.
(not only shareholders but also other external and internal stakeholders (employees,
suppliers, customers, environment, community...)
The purpose of external analysis
, -Why doe we analyze an industry structure and external environment? - Answer-
What is the PESTEL framework? - Answer-it allows the scanning, monitoring, and
evaluating of changes and trends in a firm's macro environment.
Six factors of PESTEL - Answer-1. Political
2. legale
3. ecological
4. technological
5. socio-cultural
6. economic
Porter's five forces model - Answer-Key features of five forces- external environment
analysis measuring the overall attractiveness of the industry.
Each force
-threat of entry is high when...
-threat of substitutes is high when...
-power of buyers is high when...
-power of suppliers is high when...
-rivalry among existing competitors is intense when...
Industry effects - Answer-firm performance attributed to the structure of the industry in
which the firm competes.
Firm effects - Answer-firm performance attributed to the actions strategic leaders take.
Which is more important in explaining firm performance, industry effect vs firm effect? -
Answer-
Core competencies - Answer-allows a firm to differentiate its product sand services from
its rivals, creating higher value of the customer or offering the products and services of
comparable value at lower cost.
Intangible resources - Answer-no physical attributes/ visible (culture, knowledge,
reputations, intellectual property) -much more difficult to imitate not easily purchased/
thus contribute more to sustainable competitive advantage
Two critical assumptions of RBV - Answer-Resource heterogeneity, resource immobility
Resource heterogeneity - Answer-different firms have different resources
resource immobility - Answer-resources are not free to move from one firm to another
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