WPC 480 Exam #1 Question with complete solution 2023

WPC 480 Exam #1 Question with complete solution 2023Strategy An integrated set of goal-directed actions a firm takes to gain and sustain competitive advantages. Vision What do we want to accomplish? Mission How do we accomplish our goals? And what do we do to accomplish our goals? Stakeholders organizations, groups, and individuals. They can affect or are affected by a firm's actions. Competitive Advantage superior performance relative to other competitors in the same industry or the industry average. Sustainable Competitive Advantage outperforming competitors or the industry average over a prolonged period of time. Competitive Parity performance of two or more firms at the same level Strategic Management Process -Environmental scanning -Strategy formulation -Strategy implementation -Strategy evaluation Intended strategy the outcome of a rational and structured top-down strategic plan Emergent strategy any unplanned strategic initiative, bubbles up from the bottom of the organization and can influence and shape a firm's overall strategy. Realized strategy combination of intended and emergent strategy PESTEL Framework Political factors: processes and actions of government bodies. Lobbying, public relations, contributions, litigations. Economic factors: macro economic climates. Growth rates, employment, interest rates, price stability, currency exchange rates. Sociocultural factors:demographic trends,cultures, norms, and values. Technological factors: innovations in process and product technology Ecological factors:involve environmental issues (e.g., Natural environment, global warming, sustainable economic growth). Legal factors:official outcomes of political processes (e.g., (de)regulations, court decisions, laws) Competitive Industry Structure -Perfect competition -Oligopoly -Monopolistic competition -Monopoly Strategic Groups companies in a specific industry that pursue similar strategies.