WPC 480 FINAL COMPREHENSIVE STUDY
GUIDE WITH SOLUTIONS
◉ What does strategic positioning require?
Answer: Trade-offs.
◉ What is the fist step of a strategic goal to gain and sustain
competitive advantage?
Answer: Define a firm's vision, mission, and values.
◉ What is a firm's vision?
Answer: What do we want to accomplish?
◉ What is a firm's mission?
Answer: How do we accomplish our goals?
◉ What is a firm's values?
Answer: 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?
,Answer: 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.
◉ What is a product-oriented vision statement?
Answer: Defines a business in terms of a good or service provided.
◉ What is a customer-oriented vision statement?
Answer: Defines a business in terms of providing solutions to
customer needs.
◉ What things can a firm do to vision statements and firm
performance to be positively associated?
Answer: 1) The vision is customer-oriented, 2) Internal stakeholders
help define the vision, 3) Organizational structures align with the
vision statement.
◉ What does a firm's mission statement do?
Answer: 1) Describes how to accomplish goals and 2) Describes
what the organization does (the products and services it provides
and the markets in which it competes).
◉ What is the difference between vision and mission statements?
,Answer: Vision statements: WHAT an organization wants to
accomplish (ie: to). Mission statements: HOW the vision will be
accomplished (ie: by).
◉ What does establishing a firm's value do?
Answer: Guides an organization to achieve its vision and fulfill its
mission.
◉ Who are the stakeholders?
Answer: Organizations, groups, individuals that can affect or are
affected by a firm's actions and have a vested claim or interest in the
performance and continued survival of the firm.
◉ What is a firm's stakeholder strategy?
Answer: 1) Managing stakeholders in order to gain and sustain
competitive advantage, 2) Benefits of effective stakeholder strategy
to firm performance.
◉ What are the layers of the corporate social responsibility pyramid
(from the top-down)?
Answer: 1) Philanthropic responsibilities, 2) Ethical responsibilities,
3) Legal responsibilities, 4) Economic Responsibilities.
◉ What is strategic leadership?
, Answer: 1) Successful use of power and influence, 2) Directing the
activities of others, 3) Pursuing an organization's goals, 4) Enabling
organizational competitive advantage, 5) Upper Echelon's Theory
(organizational outcomes reflect the values and attributes of the top
management team).
◉ What is the AFI Framework for Top-Down strategic planning?
Answer: Analysis, Formulation, Implementation
◉ What are the 3 types of strategies?
Answer: 1) Intended strategy, 2) Emergent strategy, 3) Realized
strategy.
◉ What is intended strategy?
Answer: The outcome of a rational and structured top-down
strategic plan.
◉ What is emergent strategy?
Answer: Any unplanned strategic initiative, bubbles up from the
bottom of the organization, can influence and shape a firm's overall
strategy. (ie: Starbucks manager creating the frappuccino)
◉ What is realized strategy?
Answer: Combination of intended and emergent strategy.
GUIDE WITH SOLUTIONS
◉ What does strategic positioning require?
Answer: Trade-offs.
◉ What is the fist step of a strategic goal to gain and sustain
competitive advantage?
Answer: Define a firm's vision, mission, and values.
◉ What is a firm's vision?
Answer: What do we want to accomplish?
◉ What is a firm's mission?
Answer: How do we accomplish our goals?
◉ What is a firm's values?
Answer: 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?
,Answer: 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.
◉ What is a product-oriented vision statement?
Answer: Defines a business in terms of a good or service provided.
◉ What is a customer-oriented vision statement?
Answer: Defines a business in terms of providing solutions to
customer needs.
◉ What things can a firm do to vision statements and firm
performance to be positively associated?
Answer: 1) The vision is customer-oriented, 2) Internal stakeholders
help define the vision, 3) Organizational structures align with the
vision statement.
◉ What does a firm's mission statement do?
Answer: 1) Describes how to accomplish goals and 2) Describes
what the organization does (the products and services it provides
and the markets in which it competes).
◉ What is the difference between vision and mission statements?
,Answer: Vision statements: WHAT an organization wants to
accomplish (ie: to). Mission statements: HOW the vision will be
accomplished (ie: by).
◉ What does establishing a firm's value do?
Answer: Guides an organization to achieve its vision and fulfill its
mission.
◉ Who are the stakeholders?
Answer: Organizations, groups, individuals that can affect or are
affected by a firm's actions and have a vested claim or interest in the
performance and continued survival of the firm.
◉ What is a firm's stakeholder strategy?
Answer: 1) Managing stakeholders in order to gain and sustain
competitive advantage, 2) Benefits of effective stakeholder strategy
to firm performance.
◉ What are the layers of the corporate social responsibility pyramid
(from the top-down)?
Answer: 1) Philanthropic responsibilities, 2) Ethical responsibilities,
3) Legal responsibilities, 4) Economic Responsibilities.
◉ What is strategic leadership?
, Answer: 1) Successful use of power and influence, 2) Directing the
activities of others, 3) Pursuing an organization's goals, 4) Enabling
organizational competitive advantage, 5) Upper Echelon's Theory
(organizational outcomes reflect the values and attributes of the top
management team).
◉ What is the AFI Framework for Top-Down strategic planning?
Answer: Analysis, Formulation, Implementation
◉ What are the 3 types of strategies?
Answer: 1) Intended strategy, 2) Emergent strategy, 3) Realized
strategy.
◉ What is intended strategy?
Answer: The outcome of a rational and structured top-down
strategic plan.
◉ What is emergent strategy?
Answer: Any unplanned strategic initiative, bubbles up from the
bottom of the organization, can influence and shape a firm's overall
strategy. (ie: Starbucks manager creating the frappuccino)
◉ What is realized strategy?
Answer: Combination of intended and emergent strategy.
