WPC 480 - Final Exam Questions and
Answers
sustainable iicompetitive iiadvantage ii- iiAnswers ii-Competitors iiare iiunable ii(or iiunwilling)
iito iiduplicate iithe iibenefits iiof iia iifirm's iistrategy
Is iicreated iithrough iia iivalue-creating iistrategy, iibased iion iicore iicompetencies.
What iiare iisome iistrategic iichallenges iibusinesses iiface? ii- iiAnswers ii-- iiTech ii(*THIS
iiIS iiA iiCRITICAL iiONE) ii
- iiGlobalization
- iiPace iiof iiChange iior iispeed
- iiDynamic iiand iiUncertain iimarket iiconditions ii
- iiGrowth iiof iiknowledge iibase iiand iiinformation
Core iicompetencies iiare ii- iiAnswers ii-1. iiValuable ii2. iiRare ii3. iiInimitable ii4. iiNon-
substitutable
Industry iiorganization iiModel ii- iiAnswers ii-EXTERNAL iianalysis: ii
1.Analyze iithe iiexternal iienvironment
2.Identify iian iiindustry iiwith iihigh iipotential
3.Develop iia iistrategy
4.Develop iior iiacquire iineeded iiassets(people, iitech,)
5.Implement iithe iistrategy
resource-based iimodel ii- iiAnswers ii-INTERNAL iianalysis: ii
1. iiIdentify iithe iifirm's iistrengths iiand iiweaknesses
2.Determine iithe iifirm's iicapabilities
3.Match iicapabilities iiand iiresources iito iidetermine iia iicompetitive iiadvantage
4.Locate iian iiattractive iiindustry(size, iigrowth, iietc.)
5.Set iiand iiimplement iia iistrategy
looks iiat iia iifirm's iiinternal iienvironment, iiwhat iiit iican iido: iiResources ii- iiCapabilities ii-
iiCore iiCompetencies
What iiis iivision? ii- iiAnswers ii-A iiclear ii(blank) iidemonstrates ii"why iido iiwe iiexist"
A iishort iiand iiconcise iidescription iiof iiwhat iithe iifirm iiaspires iito iibe iiand iiexpects iito
iiachieve iiin iithe iifuture
, - iiReflects iithe iifirm's iivalues
- iiStretches iiand iichallenges iiits iipeople
- iiShould iibe iiinspiring iiand iirelevant iito iiall iistakeholder
What iiis iimission? ii- iiAnswers ii-An iieffective ii(blank) iipromotes iishared iivalues iiand
iiobjectives.
Specifies iithe iipresent iibusiness iior iibusinesses iiin iiwhich iithe iifirm iiintends iito iicompete
iiand iithe iicustomers iiit iiintends iito iiserve
A ii(blank) iihas iia iimore iiconcrete, iinear-term iifocus iion iicurrent iiproduct iimarkets,
iicustomers iiand iistakeholders iithan iithe iifirm's ii(blank2)
Stakeholders ii- iiAnswers ii-people iiwho iiare iiaffected iiby iia iifirm's iiperformance iiand
iiwho iihave iiclaims iion iiits iiperformance
Capital iiMarket iiStakeholders ii- iiAnswers ii-shareholders, iimajor iisuppliers iiof iicapital
ii(e.g. iibanks)
Product iiMarket iiStakeholders ii- iiAnswers ii-primary iicustomers, iisuppliers, iihost
iicommunities, iiunions
Organizational iiStakeholders ii- iiAnswers ii-employees, iimanagers, iinon-managers
Primary iiStakeholders... ii- iiAnswers ii-- iiCan iiaffect iidevelopment iiof iithe iifirm's iivision
iiand iimission
- iiAre iiimpacted iiby iithe iistrategic iioutcomes iiachieved iiby iithe iifirm
- iiCan iihave iienforceable iiclaims iion iithe iifirm's iiperformance
- iiAre iiinfluential iiwhen iiin iicontrol iiof iicritical iior iivalued iiresources
Corporate iigovernance ii- iiAnswers ii-is iithe iioversight iiof iicompanies iiby iitheir iiboards
iiand iiowners, iiwith iialigning iiinterests iiof iiowners iiand iimanagers iibeing iia iiprimary iigoal
Agency iiRelationship iiproblems ii- iiAnswers ii-Principal iiand iiagent iihave iidivergent
iiinterests iiand iigoals:
- iiShareholders iilack iidirect iicontrol iiof iilarge, iipublicly iitraded iicorporations.
- iiAgent iimakes iidecisions iithat iiresult iiin iithe iipursuit iiof iigoals iithat iiconflict iiwith iithose
iiof iithe iiprincipal.
- iiIt iiis iidifficult iior iiexpensive iifor iithe iiprincipal iito iiverify iithat iithe iiagent iihas iibehaved
iiappropriately.
- iiAgent iifalls iiprey iito iimanagerial iiopportunism.
Answers
sustainable iicompetitive iiadvantage ii- iiAnswers ii-Competitors iiare iiunable ii(or iiunwilling)
iito iiduplicate iithe iibenefits iiof iia iifirm's iistrategy
Is iicreated iithrough iia iivalue-creating iistrategy, iibased iion iicore iicompetencies.
What iiare iisome iistrategic iichallenges iibusinesses iiface? ii- iiAnswers ii-- iiTech ii(*THIS
iiIS iiA iiCRITICAL iiONE) ii
- iiGlobalization
- iiPace iiof iiChange iior iispeed
- iiDynamic iiand iiUncertain iimarket iiconditions ii
- iiGrowth iiof iiknowledge iibase iiand iiinformation
Core iicompetencies iiare ii- iiAnswers ii-1. iiValuable ii2. iiRare ii3. iiInimitable ii4. iiNon-
substitutable
Industry iiorganization iiModel ii- iiAnswers ii-EXTERNAL iianalysis: ii
1.Analyze iithe iiexternal iienvironment
2.Identify iian iiindustry iiwith iihigh iipotential
3.Develop iia iistrategy
4.Develop iior iiacquire iineeded iiassets(people, iitech,)
5.Implement iithe iistrategy
resource-based iimodel ii- iiAnswers ii-INTERNAL iianalysis: ii
1. iiIdentify iithe iifirm's iistrengths iiand iiweaknesses
2.Determine iithe iifirm's iicapabilities
3.Match iicapabilities iiand iiresources iito iidetermine iia iicompetitive iiadvantage
4.Locate iian iiattractive iiindustry(size, iigrowth, iietc.)
5.Set iiand iiimplement iia iistrategy
looks iiat iia iifirm's iiinternal iienvironment, iiwhat iiit iican iido: iiResources ii- iiCapabilities ii-
iiCore iiCompetencies
What iiis iivision? ii- iiAnswers ii-A iiclear ii(blank) iidemonstrates ii"why iido iiwe iiexist"
A iishort iiand iiconcise iidescription iiof iiwhat iithe iifirm iiaspires iito iibe iiand iiexpects iito
iiachieve iiin iithe iifuture
, - iiReflects iithe iifirm's iivalues
- iiStretches iiand iichallenges iiits iipeople
- iiShould iibe iiinspiring iiand iirelevant iito iiall iistakeholder
What iiis iimission? ii- iiAnswers ii-An iieffective ii(blank) iipromotes iishared iivalues iiand
iiobjectives.
Specifies iithe iipresent iibusiness iior iibusinesses iiin iiwhich iithe iifirm iiintends iito iicompete
iiand iithe iicustomers iiit iiintends iito iiserve
A ii(blank) iihas iia iimore iiconcrete, iinear-term iifocus iion iicurrent iiproduct iimarkets,
iicustomers iiand iistakeholders iithan iithe iifirm's ii(blank2)
Stakeholders ii- iiAnswers ii-people iiwho iiare iiaffected iiby iia iifirm's iiperformance iiand
iiwho iihave iiclaims iion iiits iiperformance
Capital iiMarket iiStakeholders ii- iiAnswers ii-shareholders, iimajor iisuppliers iiof iicapital
ii(e.g. iibanks)
Product iiMarket iiStakeholders ii- iiAnswers ii-primary iicustomers, iisuppliers, iihost
iicommunities, iiunions
Organizational iiStakeholders ii- iiAnswers ii-employees, iimanagers, iinon-managers
Primary iiStakeholders... ii- iiAnswers ii-- iiCan iiaffect iidevelopment iiof iithe iifirm's iivision
iiand iimission
- iiAre iiimpacted iiby iithe iistrategic iioutcomes iiachieved iiby iithe iifirm
- iiCan iihave iienforceable iiclaims iion iithe iifirm's iiperformance
- iiAre iiinfluential iiwhen iiin iicontrol iiof iicritical iior iivalued iiresources
Corporate iigovernance ii- iiAnswers ii-is iithe iioversight iiof iicompanies iiby iitheir iiboards
iiand iiowners, iiwith iialigning iiinterests iiof iiowners iiand iimanagers iibeing iia iiprimary iigoal
Agency iiRelationship iiproblems ii- iiAnswers ii-Principal iiand iiagent iihave iidivergent
iiinterests iiand iigoals:
- iiShareholders iilack iidirect iicontrol iiof iilarge, iipublicly iitraded iicorporations.
- iiAgent iimakes iidecisions iithat iiresult iiin iithe iipursuit iiof iigoals iithat iiconflict iiwith iithose
iiof iithe iiprincipal.
- iiIt iiis iidifficult iior iiexpensive iifor iithe iiprincipal iito iiverify iithat iithe iiagent iihas iibehaved
iiappropriately.
- iiAgent iifalls iiprey iito iimanagerial iiopportunism.
