Wpc 480 Final Exam (A+ Guaranteed)

What is strategy? correct answers An integrated set of goal-directed actions a firm takes to gain and sustain competitive advantage. What are the 2 business analysis? correct answers Internal and External. What are the 3 business strategies? correct answers 1) Cost, 2) Differentiation, 3) Innovation. What is competitive advantage? correct answers Superior performance relative to other competitors in the same industry or the industry average. How do you assess competitive advantage? correct answers Compare firm performance to a benchmark. What is sustainable competitive advantage? correct answers Outperforming competitors or the industry average over a prolonged period of time. What is competitive disadvantage? correct answers Underperformance relative to other competitors in the same industry or the industry average. What is competitive parity? correct answers A performance of two or more firms at the same level. What is the key to successful strategy and gain competitive advantages? correct answers Combine activities for a unique position in an industry. Where does competitive advantage come from? correct answers 1) Performing different activities, or 2) Performing the same activities differently than rivals. What does strategic positioning require? correct answers Trade-offs. What is the fist step of a strategic goal to gain and sustain competitive advantage? correct answers Define a firm's vision, mission, and values. What is a firm's vision? correct answers What do we want to accomplish? What is a firm's mission? correct answers How do we accomplish our goals? What is a firm's values? correct answers 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? correct answers 1) Capture an organization's aspiration . 2) Identifies what it ultimately wants to accomplish. 3) Motivates employees to aim for a target. 4) Leaves room for contributions.