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WPC 480 Final Exam Questions with 100% Correct Answers | Latest Version 2024 | Verified

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What is strategy? - An integrated set of goal-directed actions a firm takes to gain and sustain competitive advantage. What are the 2 business analysis? - Internal and External. What are the 3 business strategies? - 1) Cost, 2) Differentiation, 3) Innovation. What is competitive advantage? - Superior performance relative to other competitors in the same industry or the industry average. How do you assess competitive advantage? - Compare firm performance to a benchmark. What is sustainable competitive advantage? - Outperforming competitors or the industry average over a prolonged period of time. What is competitive disadvantage? - Underperformance relative to other competitors in the same industry or the industry average. What is competitive parity? - A performance of two or more firms at the same level. What is the key to successful strategy and gain competitive advantages? - Combine activities for a unique position in an industry.

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