Exam (elaborations)
WPC 480 MIDTERM questions well answered to pass
- Course
- Institution
WPC 480 MIDTERM questions well answered to pass
[Show more]
Content preview
WPC 480 MIDTERM questions wellanswered to pass
Strategic Competitiveness - correct answer ✔✔achieved when a firm successfully formulates and
implements a value-creating strategy
Strategy - correct answer ✔✔integrated and coordinated set of commitments and actions designed to
exploit core competencies and gain a competitive advantage
Competitive Advantage - correct answer ✔✔when it implements a strategy that creates superior value
for customers and competitors are unable to duplicate or find too costly to try to imitate.
Above average returns - correct answer ✔✔returns in excess of what an investor expects to earn from
other investments with a similar amount of risk
Risk - correct answer ✔✔investors uncertainty about the economic gains or losses that will result from a
particular investment
Average returns - correct answer ✔✔returns equal to those an investor expects to earn from other
investments with a similar amount of risk
Strategic Management Process - correct answer ✔✔full set of commitment, decisions, and actions
required for a firm to achieve strategic competitiveness and earn above-average returns
first step is to ANALYZE (external and internal resources, capabilities, core competencies), next
STRATEGIZE (formulation and implementation), then take action to enact strategy to have good
PERFORMANCE
Todays competitive markets: - correct answer ✔✔1. The global economy
2. Globalization
3. Rapid technological change
,4. Increasing importance of knowledge and people
Hypercompetition - correct answer ✔✔-A term often used to capture the realities of the competitive
landscape.
-Emergence of GLOBAL ECONOMY and TECHNOLOGY (rapid change) are two primary drivers of hyper-
competitive environments and nature of todays competitive landscape
Other strategic options:
-Use of
price-quality positioning to build market presence
-Creation of new know-how and
use of first-mover advantage
-Protection or invasion of established geographic or product markets
The Global competitive landscape - correct answer ✔✔Increasing:
-Market volatility and instability due to
the rapid pace of change in markets
-Globalized flow of financial capital
-Strategic and operational complexity
of global-scale competition
-Need for flexibility, speed, innovation,
and integration in the use of technology
-Rising product quality standards
Decreasing:
-Time for adapting to change
-Traditional sources of competitive advantage
-Traditional managerial mindset
, Technology and Technological Changes - correct answer ✔✔Technology trends impacting the global
competitive environment
-Increasing rate of technology diffusion and the emergence
of disruptive technologies
-The information age: Internet and the global proliferation of low-cost computing power
-Increasing knowledge intensity
as an intangible source of competitive advantage
In order to cope with new marketplace... - correct answer ✔✔Strategic Flexibility
-coping with the uncertainty and risks of hypercompetitive environments.
-requires continuous learning and applying the new and updated skills sets and competencies to the
firm's competitive advantage.
--must overcome built-up organizational inertia.
What is the marketplace like for today's firms? - correct answer ✔✔•A piece of it has moved online
•Globalization, firms were competing with local firms, now you're competing with national firms
•Omni-channel
•More regulations trying to hold CEO's more accountable
•Consumers are more demanding because there are so many other options so they want better quality
for cheaper price
•Pressure to innovate
-Hypercompetition
Where do firm profits come from? - correct answer ✔✔o Sales revenue, brand recognition
o Firms that have something valuable internally make a lot of money (resources, capabilities)
o The nature of the industry (some just picked an industry that just isn't very profitable)
o Firm performance comes from
♣ 1. Industry (I/O, Porters 5 Forces)
♣ 2. Firm (e.g., Resource-Based Model)
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 BravelRadon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now