WPC 480 Strategic Management Exam Questions and Answers
6 views 0 purchase
Course
WPC 480
Institution
WPC 480
Strategic Management - Answer-the integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage.
Strategy - Answer-set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors.
Three th...
WPC 480 Strategic Management Exam
Questions and Answers
Strategic Management - Answer-the integrative management field that combines
analysis, formulation, and implementation in the quest for competitive advantage.
Strategy - Answer-set of goal-directed actions a firm takes to gain and sustain superior
performance relative to competitors.
Three things for good strategy - Answer-1. diagnosis of competitive challenge
2. guiding policy to address competitive challenge
3. A set of coherent actions to implement the firm's guiding policy.
competitive advantage - Answer-firm that achieves superior performance relative to
other competitors in the same industry or the industry average
sustainable advantage - Answer-A firm that is able to outperform its competitors or the
industry average over a prolonged period of time
competitive disadvantage - Answer-firm underperforms its rivals or the industry average
industry effects - Answer-describe the underlying economic structure of the industry.
firm effects - Answer-attribute firm performance to the actions managers take.
Stakeholder strategy - Answer-integrative approach to managing a diverse set of
stakeholders effectively in order to gain and sustain competitive advantage.
corporate social responsibility (CSR). - Answer-1. philanthropic: corporate citizenship
2. ethical: do what is right
3. legal
4. economic: gain/sustain competitive advantage
A successful strategy requires three integrative
management tasks: - Answer-analysis, formulation, and
implementation.
competitive parity - Answer-firms that perform at the same level
Which are both are relevant in determining firm
, performance. - Answer-firm and industry effects are interdependent
A firm's performance is more closely related to - Answer-managers actions (firm effects)
Three components are critical to evaluating any
good or service: - Answer-1. Value
2. Price
3. Cost
To measure competitive advantage, we must be
able to - Answer-(1) accurately assess firm performance,
and (2) compare and benchmark the focal firm's
performance to other competitors in the same
industry or the industry average.
Investors are primarily interested in - Answer-in total return to shareholders, which
includes stock price appreciation plus dividends received over a specific period.
Economic value - Answer-value - cost
Three dimensions that make up the triple bottom line - Answer-economic- profits
social- people
ecological- planet
PESTEL - Answer-Political
Economic
Social culture
Technology
Ecological
Legal
Porters Five Forces - Answer-1. Threat of entry
2. Power of Suppliers
3. Power of buyers
4. Threat of substitutes
5. Rivalry
Perfect competitive industry - Answer-a bunch of small firms
commodity product
low entry barriers
no pricing power for individual firms.
Monopolistic industry - Answer-characterized by many firms, a differentiated product,
medium entry barriers, and some pricing power.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lectknancy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
