WPC 480 Zhu Midterm Questions With Complete Solutions
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Course
WPC 480
Institution
WPC 480
WPC 480 Zhu Midterm Questions With
Complete Solutions
What Model is this?
1. External Environment
2. An Attractive Industry
3. Strategy Formulation
4. Assets and Skills
5. Strategy Implementation
6. Superior Returns I/O Model of Above-Average Returns
I/O Assumption:
1. strategic decision...
WPC 480 Zhu Midterm Questions With
Complete Solutions
What Model is this?
1. External Environment
2. An Attractive Industry
3. Strategy Formulation
4. Assets and Skills
5. Strategy Implementation
6. Superior Returns I/O Model of Above-Average Returns
I/O Assumption:
1. strategic decision makers are __________ and engage in profit-__________ behaviors
rational, maximizing
I/O Assumption:
2. Resource differences among competitors are __________-lived due to resource __________
across firms short, mobility
I/O Assumption:
, WPC 480 Zhu Midterm Questions With
Complete Solutions
3. __________ in strategically relevant resources causes competitors to pursue __________
strategies similarity, similar
I/O Assumption:
4. The __________ environment imposes pressures and contusing that determine strategic
__________. external, choices
Five Forces Model of Competition 1. Industry Rivalry
2. Threat of Substitutes
3. Buying Power of Buyers
4. Threat of Potential Entrants
5. Buying Power of Suppliers
Five Forces Model Assumptions:
1. Industry __________ is a function of interactions among the five forces profitability
Five Forces Model Assumptions:
2. Industry __________ equates to its potential earning above-average returns by:
, WPC 480 Zhu Midterm Questions With
Complete Solutions
- producing standardized goods or services at costs __________ competitor costs (cost leadership
strategy)
- producing differentiated goods or services for which customers are willing to pay a price
__________ (a differentiation strategy) attractiveness, below, premium
The Resource Based Model of Above-Average Returns building competitive advantage:
1. resources
2. capability
3. core competency
Resource-Based Model Assumption:
1. resources and certain capabilities are not highly __________ across firms mobile
Resource-Based Model Assumption:
2. firms acquire __________ resources different
Resource-Based Model Assumption:
, WPC 480 Zhu Midterm Questions With
Complete Solutions
3. Firms develop __________ capabilities based on how they ___________ and _____ resources
unique, combine, use
Resource-Based Model assumption:
4. __________ in resources and capabilities are the bases of competitive advantage and a firm's
performance rather than its industry's structural characteristics. differences
how resources become core competencies:
- costly to __________
- valuable
- nonsubstitutable
- rare imitate
What model is this?
1. Resources
2. Capability
3. Competitive Advantage
4. An Attractive Industry
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