WPC 480 Exam 1 Questions With Complete
Solutions
What makes a Good Strategy? 1.Analyze firms External and Internal Environments
2. Strategy Formulation
3. Accomplished through Strategy Implementation
How to Calculate Receivable Days? = Accounts Receivable / Revenue Per Day
How to Calculate Inventory Days? = Inventory / Revenue Per Day
How to Calculate Return on Revenue, ROR? = Net Income / Total Revenue
Core Values - are ethical standards
- designed to Govern the behavior of individuals
- used to provide Vision and Competitive Advantage for its Mission
, WPC 480 Exam 1 Questions With Complete
Solutions
- "Guard Rails" put in place
Mission - used to describe what an organization actually does
- product and services plan the markets in which it will compete
- what the company plans to provide consistently
What are Strategic Commitments ? - are expensive actions
- long-term oriented
- difficult to reverse
- steps are taken to achieve mission
- rivalry will occur
- used to be effective and back up a companies Vision and Missions
Product-Oriented Vision Statement - defines a business in terms of a good or service
, WPC 480 Exam 1 Questions With Complete
Solutions
- tend to force Managers to take a myopic (nearsighted) view of the competitive landscape
- Less flexible
"We are in the typewriter business"
Customer-Oriented Vision Statement - designed to provide solutions to customer needs
- adapt to changing environments
- Needs-based vision**
Visionary Companies - have aspirational ideas that are NOT exclusive financially*
- outperform companies in the long run*
- this vision makes employees feel they are apart of something bigger, highly motivating*
Strategic Positioning - to create Superior Value and Costs
- offering similar value at lower costs (controlling costs)
, WPC 480 Exam 1 Questions With Complete
Solutions
- resources are LIMITED
- used to value customers and control costs
- requires trade-offs
Vision - captures an organizations aspiration
- outlines its main goals to accomplish
- What do we want to ultimately accomplish?
- tied to Strategic Intent
What is the AFI Framework Designed for? 1 Explains and predicts differences in firm
Performance (Competitive Forces)
2. Help Managers formulate and implement strategy (Strategic Groups)
Strategy - goal- directed actions
Solutions
What makes a Good Strategy? 1.Analyze firms External and Internal Environments
2. Strategy Formulation
3. Accomplished through Strategy Implementation
How to Calculate Receivable Days? = Accounts Receivable / Revenue Per Day
How to Calculate Inventory Days? = Inventory / Revenue Per Day
How to Calculate Return on Revenue, ROR? = Net Income / Total Revenue
Core Values - are ethical standards
- designed to Govern the behavior of individuals
- used to provide Vision and Competitive Advantage for its Mission
, WPC 480 Exam 1 Questions With Complete
Solutions
- "Guard Rails" put in place
Mission - used to describe what an organization actually does
- product and services plan the markets in which it will compete
- what the company plans to provide consistently
What are Strategic Commitments ? - are expensive actions
- long-term oriented
- difficult to reverse
- steps are taken to achieve mission
- rivalry will occur
- used to be effective and back up a companies Vision and Missions
Product-Oriented Vision Statement - defines a business in terms of a good or service
, WPC 480 Exam 1 Questions With Complete
Solutions
- tend to force Managers to take a myopic (nearsighted) view of the competitive landscape
- Less flexible
"We are in the typewriter business"
Customer-Oriented Vision Statement - designed to provide solutions to customer needs
- adapt to changing environments
- Needs-based vision**
Visionary Companies - have aspirational ideas that are NOT exclusive financially*
- outperform companies in the long run*
- this vision makes employees feel they are apart of something bigger, highly motivating*
Strategic Positioning - to create Superior Value and Costs
- offering similar value at lower costs (controlling costs)
, WPC 480 Exam 1 Questions With Complete
Solutions
- resources are LIMITED
- used to value customers and control costs
- requires trade-offs
Vision - captures an organizations aspiration
- outlines its main goals to accomplish
- What do we want to ultimately accomplish?
- tied to Strategic Intent
What is the AFI Framework Designed for? 1 Explains and predicts differences in firm
Performance (Competitive Forces)
2. Help Managers formulate and implement strategy (Strategic Groups)
Strategy - goal- directed actions
