- Study guides, Class notes & Summaries

WPC 480 - Final Exam Practice Questions with Correct Answers Graded A+ What is strategy? - CORRECT ANSWER-An integrated set of goal-directed actions a firm takes to gain and sustain competitive advantage. What are the 2 business analysis? - CORRECT ANSWER-Internal and External. What are the 3 business strategies? - CORRECT ANSWER-1) Cost, 2) Differentiation, 3) Innovation. What is competitive advantage? - CORRECT ANSWER-Superior performance relative to other competitors in the same i...

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20 pages

Written in 2022/2023

Grade A+

LmstopAchiever

What is strategy? An integrated set of goal-directed actions a firm takes to gain and sustain competitive advantage. What are the 2 business analysis? Internal and External. What are the 3 business strategies? 1) Cost, 2) Differentiation, 3) Innovation. What is competitive advantage? Superior performance relative to other competitors in the same industry or the industry average. How do you assess competitive advantage? Compare firm performance to a benchmark. ...

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27 pages

Written in 2022/2023

Grade A+

YANCHY

sustainable competitive advantage Competitors are unable (or unwilling) to duplicate the benefits of a firm's strategy Is created through a value-creating strategy, based on core competencies. What are some strategic challenges businesses face? - Tech (*THIS IS A CRITICAL ONE) - Globalization - Pace of Change or speed - Dynamic and Uncertain market conditions - Growth of knowledge base and information Core competencies are 1. Valuable 2. Rare 3. Inimitable 4. Non-substit...

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15 pages

Written in 2022/2023

Grade A+

YANCHY