WPC480 Midterm Exam 2025 COMPREHENSIVE EXAM QUESTIONS
WPC480 Midterm Exam
|FREQUENTLY TESTED QUESTIONS |RECENTLY TESTING REAL
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EXAM QUESTIONS|VERIFIED SOLUTIONS (100% CORRECT)
1. Strategic Competitiveness firms achieve strategic competitiveness by suc-
cessfully formulating and implementing a value
creating strategy
2. Strategy a strategy is an integrated and coordinated set
of commitments and actions designed to exploit
core competencies and gain a competitive ad-
vantage
3. Competitive advantage a firm has a competitive advantage when, by im-
plementing a chosen strategy, it creates superior
value for customers, and when competitors are
not able to imitate the firm's products create or
find it too expensive to attempt imitation
4. Above-average returns are returns in excess of what in investor expects
to earn from investments with a similar amount
of risk
5. Risk is an investor's uncertainty about the economic
gains or losses that will result from a particular
investment
6. Hypercompetition is a condition where competitors engage in in-
tense rivalry, markets change quickly and often,
and entry barriers are low
7. Global economy a global economy is one in which goods, ser-
vices, people, skills, and ideas move with limited
barriers across geographic borders
8. Protectionism
, WPC480 Midterm Exam
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involves action taken by a government to protect
its economy from adverse influences due to for-
eign trade
9. Globalization is the increasing economic interdependence
among countries and their organizations as re-
flected in the flow of products, financial capital,
and knowledge across country borders
10. Global supply chain a global supply chain is a network of firms that
spans multiple countries with the purpose of
supplying goods and services
11. Global value chain refers to the processes through which a firm
receives raw materials, uses them to addvalue
through manufacturing a product that provides
greater utility for the consumer, and sells the
product to another firm or the ultimate con-
sumer or the product, in a global setting
12. Strategic flexibility is a set of capabilities firms use to respond to
various demands and opportunities existing in
today's dynamic and uncertain competitive en-
vironment
13. Sustainability means that a firm should not deplete or destroy
natural elements upon which it depends for sur-
vival
14. The I/O Model of Above-Average Re- - the external environment
turns - an attractive industry
- strategy formulation
- assets and skills
, WPC480 Midterm Exam
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- strategy implementation
- superior returns
15. Resources are inputs into a firm's production process, such
as capital equipment, the skills of individual em-
ployees, patents, finances, and talented man-
agers
16. Capability is the capacity for a set of resources to perform
a task or an activity in an integrative manner
17. Core competencies are capabilities that serve as a source of compet-
itive advantage for a firm over its rivals
18. The Resource-Based Model of resources, capability, competitive advantage, an
Above-Average Returns attractive industry, strategy formulation and im-
plementation
19. Stakeholders are individuals, groups, and organizations that
can both influence and are affected by the ob-
jectives, actions, and outcomes of a firm
20. Primary stakeholders are directly involved in the value creating process
of the firm
21. Secondary stakeholders can both influence and are influenced by what
the firm does, but they do not contribute directly
to the value the firm creates
22. The Stakeholder Model of Above-Aver- - stakeholders
age Returns - reciprocity
- information useful for strategic planning
- strategy formulation
WPC480 Midterm Exam
|FREQUENTLY TESTED QUESTIONS |RECENTLY TESTING REAL
Study online at https://quizlet.com/_fqam0m
EXAM QUESTIONS|VERIFIED SOLUTIONS (100% CORRECT)
1. Strategic Competitiveness firms achieve strategic competitiveness by suc-
cessfully formulating and implementing a value
creating strategy
2. Strategy a strategy is an integrated and coordinated set
of commitments and actions designed to exploit
core competencies and gain a competitive ad-
vantage
3. Competitive advantage a firm has a competitive advantage when, by im-
plementing a chosen strategy, it creates superior
value for customers, and when competitors are
not able to imitate the firm's products create or
find it too expensive to attempt imitation
4. Above-average returns are returns in excess of what in investor expects
to earn from investments with a similar amount
of risk
5. Risk is an investor's uncertainty about the economic
gains or losses that will result from a particular
investment
6. Hypercompetition is a condition where competitors engage in in-
tense rivalry, markets change quickly and often,
and entry barriers are low
7. Global economy a global economy is one in which goods, ser-
vices, people, skills, and ideas move with limited
barriers across geographic borders
8. Protectionism
, WPC480 Midterm Exam
Study online at https://quizlet.com/_fqam0m
involves action taken by a government to protect
its economy from adverse influences due to for-
eign trade
9. Globalization is the increasing economic interdependence
among countries and their organizations as re-
flected in the flow of products, financial capital,
and knowledge across country borders
10. Global supply chain a global supply chain is a network of firms that
spans multiple countries with the purpose of
supplying goods and services
11. Global value chain refers to the processes through which a firm
receives raw materials, uses them to addvalue
through manufacturing a product that provides
greater utility for the consumer, and sells the
product to another firm or the ultimate con-
sumer or the product, in a global setting
12. Strategic flexibility is a set of capabilities firms use to respond to
various demands and opportunities existing in
today's dynamic and uncertain competitive en-
vironment
13. Sustainability means that a firm should not deplete or destroy
natural elements upon which it depends for sur-
vival
14. The I/O Model of Above-Average Re- - the external environment
turns - an attractive industry
- strategy formulation
- assets and skills
, WPC480 Midterm Exam
Study online at https://quizlet.com/_fqam0m
- strategy implementation
- superior returns
15. Resources are inputs into a firm's production process, such
as capital equipment, the skills of individual em-
ployees, patents, finances, and talented man-
agers
16. Capability is the capacity for a set of resources to perform
a task or an activity in an integrative manner
17. Core competencies are capabilities that serve as a source of compet-
itive advantage for a firm over its rivals
18. The Resource-Based Model of resources, capability, competitive advantage, an
Above-Average Returns attractive industry, strategy formulation and im-
plementation
19. Stakeholders are individuals, groups, and organizations that
can both influence and are affected by the ob-
jectives, actions, and outcomes of a firm
20. Primary stakeholders are directly involved in the value creating process
of the firm
21. Secondary stakeholders can both influence and are influenced by what
the firm does, but they do not contribute directly
to the value the firm creates
22. The Stakeholder Model of Above-Aver- - stakeholders
age Returns - reciprocity
- information useful for strategic planning
- strategy formulation
