Strategic Management – WPC 470 – Arizona State University – 2024 – Complete Final Exam Material with Verified Answers

Strategic Management – WPC 470 – Arizona State University – 2024 – Complete Final Exam Material with Verified AnswersThis document provides the complete and updated 2024 final exam content for the WPC 470 course at Arizona State University. It contains 400 actual exam questions along with correct and detailed verified answers, already graded A+. Topics covered span the full strategic management curriculum, including business-level and corporate-level strategies, competitive dynamics, international strategy, mergers and acquisitions, organizational structure, governance, and more. Ideal for final exam preparation and concept review.Wallingford Company is trying to determine optimal ways to collect and distribute knowledge throughout the firm. This is an activity for which support function in the value chain? a. Human resources b.Finance c. Management information systems d. Distribution - ANSWERManagement Information Systems Vendors across the country offer sunglasses that look virtually identical to those made by Chanel, Prada, Gucci, and other luxury brands—including the trademark logos—but cost far less. These products are the result of: tition. tion. erfeiting. ing consumer preferences. - ANSWERcounterfeiting JoAnn Tucker recently took over as Chief Executive Officer (CEO) of Burger-Rama, Inc. Burger-Rama has seen declining profits over the past five years and has struggled to remain competitive in the fast-food industry. In order to achieve strategic competitiveness, JoAnn must: a. .conduct training programs and hire educated and experienced employees. b. invest in sophisticated technology in relevant knowledge areas. the current board of directors and start afresh. the company's focus to marketing and develop an extensive advertising campaign. - ANSWERconduct training programs and hire educated and experienced employees Firms failing to perform the value-chain activities and support functions in an optimum manner when implementing the strategy become "stuck in the middle." leadership rentiation rated cost leadership/differentiation - ANSWERintegrated cost leadership/differentiation The chief executive officer (CEO) and other top-level managers often involve other people to develop the mission statement because: mission deals more directly with product markets and customers. is viewed as a task that can easily be delegated. mission deals more directly with capital markets and shareholders. ng the mission is typically not the final responsibility of the CEO or other top-level managers. - ANSWERThe mission deals more directly with product markets and customers A firm should outsource only activities where it: the probability of developing core competencies. developed the ability to innovate. t match up a value chain activity with a support function. t create value or where it is at a substantial disadvantage compared to competitors. - ANSWERcannot create value or where it is at a substantial disadvantage compared to competitiors Which of the following strategies helps a firm concentrate on understanding its customers and their needs with greater clarity as a foundation for innovation? a. Market segmentation strategy b. Business model strategy c. Digital strategy d. Cost leadership strategy - ANSWERDigital strategy When a firm earns below-average returns, it: a. is able to maximize the interests of all stakeholders. d reward those stakeholders who have the least power. d try to minimize the amount of support lost from stakeholders. d treat all stakeholders the same. - ANSWERshould minimize the amount of support lost from stakeholders Which of the following statements about a flexible manufacturing system (FMS) is NOT true? a. .Used properly, an FMS allows the firm to increase its effectiveness in responding to changes in its customers' needs, while retaining low-cost advantages and consistent product quality. b. An FMS is a computer-controlled process that allows firms to produce a variety of products in moderate, flexible quantities with a minimum of manual intervention. c. The goal of an FMS is to eliminate the "low cost versus product variety" trade-off that is inherent in traditional manufacturing technologies. d. An FMS allows a manufacturer to connect with its suppliers, distributors, and customers, which enables it to satisfy customer expectations in terms of product quality and delivery speed. - ANSWERAn FMS allows a manufacturer to connect with its suppliers, distributors, and customers, which enables it to satisfy customer expectations in terms of product quality and delivery speed. Which of the following statements about a firm's resources and capabilities is true? a.All of a firm's resources and capabilities have the potential to be the foundation for a competitive advantage. b. It is difficult to achieve and sustain a competitive advantage based on resources alone. c. As a source of competitive advantage, a capability must be exceedingly complex to understand and manage. d. When a resource is rare and valuable, it becomes a core competency. - ANSWERIt is difficult to achieve and sustain a competitive advantage based on resources alone When examining the component of Future Objectives for a competitor analysis, which of the following is NOT a question that is addressed? a. How do our goals compare with our competitors' goals? b. Where will emphasis be placed in the future? c. What is the attitude toward risk? d. What is our future break-even point? - ANSWERWhat is our future break-even point? A competitive advantage exists only when competitors are unable to duplicate the benefits of a firm's strategy or when they lack the resources to attempt imitation. table rary inable - ANSWERsustainable Powerful customers can force a cost leader to reduce its prices, but not below the level at which the cost leader's: -most-efficient industry competitor can earn average returns. efficient industry competitor can earn average returns. -most-efficient industry competitor can earn above-average returns. -most-efficient industry competitor can earn below-average returns. - ANSWERnext-most-efficient industry competitor can earn average returns. A firm combines individual tangible and intangible resources to create: s. ilities. tencies. tages. - ANSWERcapabilities The main competitive advantage of a particular major U.S. technology firm is sourcing and procurement of raw materials. This company is facing increasing competition on price and is strongly considering outsourcing as a means of reducing costs. The LAST function this firm should consider outsourcing is: tions. y-chain management. rch and development. ibution. - ANSWERSupply chain management Which of the following statements about a firm's customers is true? a.Customers are the most obvious stakeholders, at least in U.S. organizations. b.Customers are part of its capital market stakeholders. c.Customers are more important than its other product market stakeholders. d.Customers prefer that investors receive a maximum return on their investments. - ANSWERCustomers are more important than its other product market stakeholders. Joplin Tires' corporate website states "Joplin Tires strives to be the top-selling tire manufacturer in the United States." This statement is Joplin Tires': on. ment of organizational culture. of ethics. d. ision. - ANSWERVision When examining the Assumptions component for a competitor analysis, which of the following is a question that is addressed? a. Do we assume the future will be volatile? b. How are we currently competing? c. How do we rate compared to our competitors? d. What are our strengths and weaknesses? - ANSWERDo we assume the future will be volatile? Which of the following is NOT an implication of strategic groups? a. Because firms within a group offer similar products to the same customers, the competitive rivalry among them can be intense. b. The strengths of the five forces differ across strategic groups. c. The closer the strategic groups are in terms of their strategies, the greater is the likelihood of rivalry between the groups. d. Strategic groups have less threats to each firm's profitability. - ANSWERStrategic groups have less threats to each firm's profitability. Which of the following statements about determining which customer needs to satisfy is NOT true? a. In a general sense, needs are related to a product's benefits and features. b.Customers prefer to buy customized products. c. The most effective firms strive continuously to anticipate changes in customers' needs. d. The generalized forms of value that products provide are either high cost with acceptable features or similar features with acceptable cost. - ANSWERThe generalized forms of value that products provide are either high cost with acceptable features or similar features with acceptable cost Which of the following is an assumption of the industrial organization (I/O) model? a.Organizational decision makers are rational individuals who are committed to acting in the firm's best interests. b. Resources and capabilities are not highly mobile across firms.