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WPC 480 Final Exam questions well answered to pass
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WPC 480 Final Exam questions well answered to pass
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WPC 480 Final Exam questions wellanswered to pass
Strategic management - correct answer ✔✔An integrative management field that combines analysis,
formulation, and implementation in the quest for competitive advantage.
Vision Statement - correct answer ✔✔describes what organizations want to accomplish.
How is a vision statement different than a mission statement? - correct answer ✔✔mission is an action
plan. it talks about how were going to accomplish these goals.
Product-Oriented Vision Statements - correct 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 - correct 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... - correct answer ✔✔1) internal
stake holders help define the vision
2) organizational structures align with the vision statement.
Mission statement - correct 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? - correct answer ✔✔
Competitive advantage - correct answer ✔✔superior performance relative to other competitors in the
same industry or the industry average.
Sustainable competitive advantage: - correct answer ✔✔outperforming competitors or the industry
average over a prolonged period of time.
, Stakeholders: - correct 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 - correct 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? - correct answer ✔✔
What is the PESTEL framework? - correct answer ✔✔it allows the scanning, monitoring, and evaluating
of changes and trends in a firm's macro environment.
Six factors of PESTEL - correct answer ✔✔1. Political
2. legale
3. ecological
4. technological
5. socio-cultural
6. economic
Porter's five forces model - correct 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...
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