WPC 480 Final - Strategic Management- Questions- With Complete Solutions

Sustainable competitive advantage correct answer: Competitors are unable (or unwilling) to duplicate the benefits of a firm's strategy How is sustainable competitive advantage created? correct answer: created through a value-creating strategy, based on core competencies critical strategic strategy correct answer: disruptive technology Disruptive technology correct answer: destroy value; create markets what is critical to strategic success? correct answer: Developing a shared vision and mission statement two models involved in competitive strategy decision correct answer: industry organization (I/O) model and the resource-based model The Industry Organization (I/O) Model correct answer: 1. Analyze the external environment 2. Identify an industry with high potential 3. Develop a strategy 4. Develop or acquire needed assets (people, tech, etc.) 5. Implement the strategy The Resource-based Model correct answer: 1. Identify the firm's strengths and weaknesses 2. Determine the firm's capabilities 3. Match capabilities and resources to determine a competitive advantage 4. Locate an attractive industry (size, growth, etc.) 5. Set and implement a strategy A clear Vision correct answer: "Why do we exist?" Reflecting the company's values and aspira