WPC 480 Study Guide Exam With Latest Solutions

WPC 480 Study Guide Exam With Latest Solutions Strategic Management - answerIntegrative management field combining analysis, formulation, and implementation Strategy - answerGoal directed actions for superior performance relative to competitors Competitive Advantage - answerSuperior performance relative to competitors in the same industry Sustainable Competitive Advantage - answerOutperforming competitors over a prolonged period of time Competitive Disadvantage - answerUnderperformance relative to competitors in the same industry Competitive Parity - answerPerformance of two or more firms at the same level Stakeholders - answerThose affected by firm's actions with a 'stake' in performance Effective Stakeholder Management - answerBenefits firms with cooperation, lowered costs, adaptability, stability, reputation Stakeholder Impact Analysis - answerDecision tool to recognize, prioritize, and address stakeholder needs Corporate Responsibility - answerEconomic, legal, ethical, philanthropic responsibilities PESTEL Framework - answerMacroeconomic factors: Political, Economic, Sociocultural, Technological, Ecological, Legal Porter's Five Forces - answerThreat of entry, power of suppliers, power of buyers, threat of substitutes, rivalry among existing firms Strategic Groups - answerCompanies pursuing similar strategy within an industry Core Competences - answerUnique strengths critical to gaining and sustaining competitive advantage Resources - answerAssets used when formulating and implementing strategy