Business > EXAM > WPC 480 Actual Final Exam Actual Questions & Answers, All Complete (All)

WPC 480 Actual Final Exam Actual Questions & Answers, All Complete

Document Content and Description Below

WPC 480 Actual Final Exam Actual Questions & Answers, All Complete-What is strategy? - An integrated set of goal-directed actions a firm takes to gain and sustain competitive advantage. What are the 2... business analysis? - Internal and External. What are the 3 business strategies? - 1) Cost, 2) Differentiation, 3) Innovation. What is competitive advantage? - Superior performance relative to other competitors in the same industry or the industry average. How do you assess competitive advantage? - Compare firm performance to a benchmark. What is sustainable competitive advantage? - Outperforming competitors or the industry average over a prolonged period of time. What is competitive disadvantage? - Underperformance relative to other competitors in the same industry or the industry average. What is competitive parity? - A performance of two or more firms at the same level. What is the key to successful strategy and gain competitive advantages? - Combine activities for a unique position in an industry. Where does competitive advantage come from? - 1) Performing different activities, or 2) Performing the same activities differently than rivals. What does strategic positioning require? - Trade-offs. What is the fist step of a strategic goal to gain and sustain competitive advantage? - Define a firm's vision, mission, and values. What is a firm's vision? - What do we want to accomplish? What is a firm's mission? - How do we accomplish our goals? What is a firm's values? - What commitments do we make? What guardrails do we put in place? How can we act legally and ethically in pursuit of the vision and mission? What are the key aspects of an effective vision? - 1) Capture an organization's aspiration . 2) Identifies what it ultimately wants to accomplish. 3) Motivates [Show More]

Last updated: 2 years ago

Preview 1 out of 26 pages

Buy Now

Instant download

We Accept: