Midterm WPC 470 Exam Questions With Answers

Midterm WPC 470 Exam Questions With Answers AFI strategy framework - ANSWER A model that links three interdependent strategic management tasks—analyze, formulate, and implement—that, together, help managers plan and implement a strategy that can improve performance and result in competitive advantage. competitive advantage - ANSWER a firm that achieves superior performance relative to other competitors in the same industry or the industry average competitive disadvantage - ANSWER firm underperforms its rivals or the industry average competitive parity - ANSWER two or more firms perform at the same level core values statement - ANSWER statement of principles to guide an organization as it works to achieve its vision and fulfill its mission, for both internal conduct and external interactions; it often includes explicit ethical considerations mission - ANSWER Description of what an organization actually does—the products and services it plans to provide, and the markets in which it will compete. organizational core values - ANSWER ethical standards and norms that govern the behavior of individuals within a firm or organization strategic commitments - ANSWER actions that are costly, long-term oriented, and difficult to reverse strategy - ANSWER a plan of action sustainable competitive advantage - ANSWER outperforming competitors or the industry average over a prolonged period of time