WPC 480 Chapter 1 Exam Questions With 100% Correct Answers.

WPC 480 Chapter 1 Exam Questions With 100% Correct Answers. Which of the following could be a definition of strategic competitiveness? - answerThe ability of a firm to outperform its rivals by forming and executing a strategy that creates value for its stakeholders The strategic management process is the: - answerway that businesses formulate initiatives to create superior value for customers, then implement those initiatives to out-perform competitors. Which of the following describes a company that has delivered above-average returns to its investors? - answerA tool manufacturer that announced it will increase its dividend payment—the highest dividend amongst all of its industry competitors—for the upcoming quarter due to market share gains in overseas markets Hypercompetition describes a competitive landscape in which: - answerthe industry is constantly changing with global competition and innovative competitors. Michael is the CEO of a manufacturer with plants in three countries. He currently has a product line that is manufactured only in the company's U.S. plant. That product has experienced a steady increase in its export sales to Europe over the last three years. The international sales director is recommending that the company expand manufacturing capabilities at the European plant to include this product line. Michael and his management team must consider whether to pursue this strategy. This is: - answera decision that would benefit from using the entire strategic management process. Which of the following is an example of a disruptive technology? - answerThe introduction of Global Positioning System (GPS) technology, which is used in standalone and handheld navigation tools, smartphone apps, and in-car navigation systems Companies must be aware of technological advances within their industry and make strategic management decisions that take into account perpetual innovation and disruptive technologies. Which of the following is an example of a company that did not respond strategically to technological changes? - answerKodak revolutionized the automatic snapshot camera more than 100 years ago, making photography accessible to everyone. When innovators brought digital cameras to the marketplace, Kodak focused on making it easy for people to print their photos using this technology. The industrial organization (I/O) model of above-average returns: - answerputs emphasis on the external environment, which plays a role in determining a company's ability to achieve above-average returns. Which of the following represents a criticism of the industrial organization (I/O) model of above- average returns? - answerThe model assumes that most firms operating in an industry have similar valuable resources that are mobile across companies, which is not necessarily true. Which of the following is an example of the mobility of strategies and resources across firms in the mobile network industry, one of the assumptions of the industrial organization (I/O) model of above-average returns? - answerThe spread of 4G technology between Verizon, AT&T, and Sprint makes the high-speed network available to nearly all mobile phone customers. A multidivisional corporation that manufactures large steel tanks is considering starting a new business unit to serve the transportation industry. The company is utilizing the I/O model to develop its strategy. Which of the following decisions is consistent with this model? - answerThe company's research into a new railcar guideline that requires all tanker cars to be replaced or retrofitted over the next five years leads its leaders to start a business that manufactures tanker cars to capitalize on the new demand. In the resource-based model of above-average returns, differences in company performance can be attributed to the: - answera. unique capabilities and resources of the company In the resource-based model of above-average returns, a core competency is something that - answergives a company an edge over the competition, something that the company possesses that its competitors do not have, and something that is too difficult or costly for competitors to copy or produce an alternative. A local community arts nonprofit organization is seeking to expand its programming and is considering putting just one new program in place this year. It may choose painting workshops, youth summer camps, a musical performing arts series, or classes for seniors. The organization's most committed volunteer is a kindergarten art teacher who has offered to be the leader of whichever new program the organization implements. If the nonprofit is utilizing the resource- based model of above-average returns, in which of the following ways should it expand its programming? - answerYouth summer camps because the organization should use the knowledge of its passionate volunteer to its greatest advantage Which of the following represents a core competency for Alibaba as presented in the opening case in the chapter? - answerThe company's diversification of web services tailored to the Chinese market directly, which has resulted in transactions that account for more than 2 percent of China's GD A mission statement can describe: - answerwhat the company does in terms of its customers and their needs and what core competencies it utilizes to meet those needs. Below are several statements from companies. Which of these is a vision statement? - answerHabitat for Humanity: A world where everyone has a decent place to live. A vision statement differs from a mission statement in that it - answerspeaks in broad terms of what the company ultimately would like to achieve