WPC 470 Quizzes 1-6 Exam Questions with Latest Update
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Course
WPC 470
Institution
WPC 470
Tommy wants to open his own food truck but doesn't know anything about business. He needs help determining who his competition is, how he should craft his strategy to compete and how he'll implement his strategy to achieve a competitive advantage. He's hired you to help him get started. As a result...
WPC 470 Quizzes 1-6 Exam Questions
with Latest Update
Tommy wants to open his own food truck but doesn't know anything about business. He
needs help determining who his competition is, how he should craft his strategy to
compete and how he'll implement his strategy to achieve a competitive advantage. He's
hired you to help him get started. As a result, you know that you will probably use the -
Answer-AFI Strategy Framework
What part of the AFI strategy framework does the question "How does the firm make
money?" relate to? - Answer-competitive advantage, firm performance, and business
models
John is a bit confused about the difference between stakeholders and stockholders. You
meet with John and inform him that the main difference is that - Answer-stakeholders
can be both internal and external while stockholders own shares of a firm and are
classified as internal to the firm.
Suger & Sweet Sodas has seen its market share erode in recent years, as consumers
increasingly turn toward healthier beverage choices such as unsweetened sparkling
water. Hoping to rekindle interest in sugary sodas, Suger & Sweet decides to produce a
limited run of "throwback" cans using labeling first introduced in the 1980s. What is
wrong with this strategy? - Answer-It fails to face the competitive challenge
Jill is interested in the concept of strategy and decides to create her own. As a result, Jill
says that her strategy is to focus on growth and marketing to achieve competitive
advantage. How would you evaluate Jill's statement? - Answer-Jill should reevaluate
her statement because it fails to meet the principles of what a strategy should be.
Chris is the manager of a graphic design firm, and he relies on a top-down strategic
management approach to maintain tight control over the activities of his employees. The
company has recently started to lose market share to its more innovative competitors,
and Chris wants to encourage his employees to start contributing to the strategy
formulation process to make the company more competitive. Which of the following
steps should Chris take? - Answer-Designate Friday afternoons as time for employees
to pursue outside interests loosely related to the business.
The distribution department at Wheat, Barley and Whey Corp. has decided to adopt the
FIFO (first in, first out) method of inventory to dispatch its bags of wheat. Which of the
following strategies does this scenario best illustrate? - Answer-functional strategy
Which of the following methods of developing a strategy best illustrates scenario
planning? - Answer-The managers at North Clothing Inc. formulated a strategy that can
handle small to medium to large increases in the prices of cotton in the future.
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