WPC 480 Final Exam Possible Questions with complete solutions | Latest 2023/2024

WPC 480 Final Exam Possible Questions with complete solutions | Latest 2023/2024 Soil and Sod Gardening Supplies has a vision of helping every American learn how to grow their own food. Its management team recently unveiled the mission statement "A garden at every home." What is wrong with this mission statement? -- It does not indicate how the company will accomplish its goals. Bubble Buddy is a company that manufactures hot tubs. Which of the following best illustrates a product-oriented vision for Bubble Buddy? -- to be the pioneering manufacturer of hot tubs In the AFI strategy framework, strategy analysis primarily involves -- evaluating the effects of internal resources and core competencies on a firm's potential to gain and sustain a competitive advantage. During an AFI planning session, the managers of the Fukuhara Motorcycle Corporation decided to place various stages of production in different countries in order to implement the strategy of cutting overhead costs. By doing this, what issue did the firm address? -- organizational design Which of the following summarizes the difference between a firm's vision and mission? - - A vision states what a firm wants to accomplish; a mission states how a firm plans to accomplish this vision. Carlos is the manager of a graphic design firm, and he relies on a top-down strategic management approach to maintain tight control over the activities of his employees. The company has recently started to lose market share to its more innovative competitors, and Carlos wants to encourage his employees to start contributing to the strategy formulation process to make the company more competitive. Which of the following steps should Carlos take? -- Designate Friday afternoons as time for employees to pursue outside interests loosely related to the business. BlueStainless Corp. has been able to gain and sustain a competitive advantage due to its strong relationship with its employees, customers, suppliers, and local communities. The company believes in lifetime employment and ensures that its employees grow along with the company. Investors are more than satisfied with the returns on their investments. Also, 3 percent of the company's profit is spent on community development. With initiatives like these, customers feel privileged to associate themselves with BlueStainless products. This scenario best illustrates the implementation of a -- stakeholder strategy. In the pyramid of corporate social responsibility, ________ responsibilities are the foundational building block. -- economic Which of the following scenarios best illustrates a good stakeholder strategy? -- PA Corp. distributes only 40 percent of its annual profit after taxes to shareholders, while the remaining is invested for further research, and distributed among employees and the local community. Which of the following is an assumption that top-down strategic planning rests on? -- We can predict the future from the past. Eon Inc., Electravia Inc., and FC Inc., the three largest firms in the consumer electronics industry, hold close to 85 percent of the industry's market share. These companies mainly compete against each other by providing unique features in their products rather than pricing them low. These firms are interdependent, and each firm must consider the strategic actions of its competitors. Which of the following industry competitive structures does this scenario best illustrate? -- oligopoly The primary objective of Porter's five forces model is to -- understand the profit potential of industries. Which of the following is a drawback of Porter's five forces model? -- Managers cannot determine the changing speed of an industry or the rate of innovation. Hammer and Nails, Local Motion, DIY Palace, and Handy Paradise are all hardware stores that compete against each other through everyday low pricing and discounts on bulk purchases. All four stores cater to the needs of highly price-sensitive customers. Thus, together these stores form a -- strategic group. In 2008, BlackBerry's market cap peaked at $75 billion. By 2017 this valuation had fallen more than 90 percent, to $3.9 billion. BlackBerry fell victim to two important PESTEL factors in its external environment: sociocultural and technological. How did technology contribute to BlackBerry's decline? -- BlackBerry failed to change its device into one that could perform multiple tasks effectively How are the critical assumptions of the resource-based model of a firm fundamentally different from the way in which a firm is viewed in the perfectly competitive industry structure? -- In perfect competition, all firms have access to the same capabilities, whereas in the resource-based model, resource differences exist between firms in the same industry. Dynamic capabilities are especially relevant for surviving and competing in markets that -- shift quickly. The "Natural Nourishment" granola bars manufactured by Global Good Foods have been the top-selling granola bars in the market. Though the market for granola bars is flooded with competitors, Global Good has been able to maintain its market position for a long time. This is mainly attributed to the pleasant texture of its granola, which comes