WPC 480 - Final Exam Question and answer already solved 2023

WPC 480 - Final Exam Question and answer already solved 2023sustainable competitive advantage Competitors are unable (or unwilling) to duplicate the benefits of a firm's strategy Is created through a value-creating strategy, based on core competencies. What are some strategic challenges businesses face? - Tech (*THIS IS A CRITICAL ONE) - Globalization - Pace of Change or speed - Dynamic and Uncertain market conditions - Growth of knowledge base and information Core competencies are 1. Valuable 2. Rare 3. Inimitable 4. Non-substitutable Industry organization Model EXTERNAL analysis: 1.Analyze the external environment 2.Identify an industry with high potential 3.Develop a strategy 4.Develop or acquire needed assets(people, tech,) 5.Implement the strategy resource-based model INTERNAL analysis: 1. Identify the firm's strengths and weaknesses 2.Determine the firm's capabilities 3.Match capabilities and resources to determine a competitive advantage 4.Locate an attractive industry(size, growth, etc.) 5.Set and implement a strategy looks at a firm's internal environment, what it can do: Resources - Capabilities - Core Competencies What is vision? A clear (blank) demonstrates "why do we exist" A short and concise description of what the firm aspires to be and expects to achieve in the future - Reflects the firm's values - Stretches and challenges its people - Should be inspiring and relevant to all stakeholder What is mission? An effective (blank) promotes shared values and objectives. Specifies the present business or businesses in which the firm intends to compete and the customers it intends to serve A (blank) has a more concrete, near-term focus on current product markets, customers and stakeholders than the firm's (blank2) Stakeholders people who are affected by a firm's performance and who have claims on its performance Capital Market Stakeholders shareholders, major suppliers of capital (e.g. banks) Product Market Stakeholders primary customers, suppliers, host communities, unions Organizational Stakeholders employees, managers, non-managers Primary Stakeholders... - Can affect development of the firm's vision and mission - Are impacted by the strategic outcomes achieved by the firm - Can have enforceable claims on the firm's performance - Are influential when in control of critical or valued resources Corporate governance is the oversight of companies by their boards and owners, with aligning interests of owners and managers being a primary goal