WPC 470 FINAL EXAM NEWEST 2024 EXAM ACTUAL
EXAM COMPLETE 400 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A+
The goal-directed actions managers take in their quest for competitive advantage
when competing in a single product market - ANSWER: Business-level strategy
Business level strategy that successfully combines differentiation and cost-leadership
activities using value innovation to reconcile the inherent tradeoffs - ANSWER: Blue
ocean strategy
Generic business strategy that seeks to create the same or similar value for
customers at a lower cost - ANSWER: Cost-leadership strategy
Generic business strategy that seeks to create higher value for customers than the
value that competitors create, while containing costs - ANSWER: Differentiation
strategy
Increases in cost per unit when output increases - ANSWER: Diseconomies of scale
Decreases in cost per unit as output increases - ANSWER: Economies of scale
Savings that come from producing two or more outputs at less cost than producing
each output individually, despite using the same resources and technology -
ANSWER: Economies of scope
Output range needed to bring down the cost per unit as much as possible, allowing a
firm to stake out the lowest-cost position that is achievable through economies of
scale - ANSWER: Minimum efficient scale (MES)
Choices between a cost or value position. Such choices are necessary because higher
value creation tends to generate higher cost - ANSWER: Strategic trade-offs
A new product which known components, based on existing technologies, are
reconfigured In a novel way to attack new markets - ANSWER: Architectural
innovation
An innovation that leverages new technologies to attack existing markets from the
bottom up - ANSWER: Disruptive innovation
An innovation that squarely builds on an established knowledge base and steadily
improves an existing product or service - ANSWER: Incremental innovation
, New ways to produce existing products or deliver existing services - ANSWER:
Process innovation
The simultaneous pursuit of differentiation and low cost in a way that creates a leap
in value for both the firm and the consumers; considered a cornerstone of blue
ocean strategy - ANSWER: Value innovation
Conceptual model that shows how each stage of the industry life cycle is dominated
by a different customer group - ANSWER: Crossing-the-chasm framework
The process by which people undertake economic risk to innovate- to create new
products, processes, and sometimes new organizations - ANSWER: Entrepreneurship
Competitive benefits that accrue to the successful innovator - ANSWER: First-mover
advantages
The five different stages; introduction, growth, shakeout, maturity, and decline, that
occur in the evolution of an industry over time - ANSWER: Industry life cycle
The positive effect (externality) that one user of a product or service has on the value
of that product for other users - ANSWER: Network effects
A form of intellectual property that gives the inventor exclusive rights to benefit
from commercializing a technology for a specified time period in exchange for public
disclosure of the underlying idea - ANSWER: Patent
An enterprise that creates value by matching external producers and consumers in a
way that creates value for all participants, and that depends on the infrastructure or
platform that the enterprise manages - ANSWER: Platform business
The market environment in which all players participate relative to the platform -
ANSWER: Platform ecosystem
An innovation that was developed for emerging economies before introduced in
developed economies. Sometimes also called frugal innovation - ANSWER: Reverse
innovation
The pursuit of social goals while creating a profitable business - ANSWER: Social
entrepreneurship
Markets where the market leader captures almost all of the market share and is able
to extract a significant amount of the value created - ANSWER: Winner-take-all
markets
Changes in an industry value chain that involve moving ownership of activities
upstream to originating (inputs) point of value chain - ANSWER: Backward vertical
integration
EXAM COMPLETE 400 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A+
The goal-directed actions managers take in their quest for competitive advantage
when competing in a single product market - ANSWER: Business-level strategy
Business level strategy that successfully combines differentiation and cost-leadership
activities using value innovation to reconcile the inherent tradeoffs - ANSWER: Blue
ocean strategy
Generic business strategy that seeks to create the same or similar value for
customers at a lower cost - ANSWER: Cost-leadership strategy
Generic business strategy that seeks to create higher value for customers than the
value that competitors create, while containing costs - ANSWER: Differentiation
strategy
Increases in cost per unit when output increases - ANSWER: Diseconomies of scale
Decreases in cost per unit as output increases - ANSWER: Economies of scale
Savings that come from producing two or more outputs at less cost than producing
each output individually, despite using the same resources and technology -
ANSWER: Economies of scope
Output range needed to bring down the cost per unit as much as possible, allowing a
firm to stake out the lowest-cost position that is achievable through economies of
scale - ANSWER: Minimum efficient scale (MES)
Choices between a cost or value position. Such choices are necessary because higher
value creation tends to generate higher cost - ANSWER: Strategic trade-offs
A new product which known components, based on existing technologies, are
reconfigured In a novel way to attack new markets - ANSWER: Architectural
innovation
An innovation that leverages new technologies to attack existing markets from the
bottom up - ANSWER: Disruptive innovation
An innovation that squarely builds on an established knowledge base and steadily
improves an existing product or service - ANSWER: Incremental innovation
, New ways to produce existing products or deliver existing services - ANSWER:
Process innovation
The simultaneous pursuit of differentiation and low cost in a way that creates a leap
in value for both the firm and the consumers; considered a cornerstone of blue
ocean strategy - ANSWER: Value innovation
Conceptual model that shows how each stage of the industry life cycle is dominated
by a different customer group - ANSWER: Crossing-the-chasm framework
The process by which people undertake economic risk to innovate- to create new
products, processes, and sometimes new organizations - ANSWER: Entrepreneurship
Competitive benefits that accrue to the successful innovator - ANSWER: First-mover
advantages
The five different stages; introduction, growth, shakeout, maturity, and decline, that
occur in the evolution of an industry over time - ANSWER: Industry life cycle
The positive effect (externality) that one user of a product or service has on the value
of that product for other users - ANSWER: Network effects
A form of intellectual property that gives the inventor exclusive rights to benefit
from commercializing a technology for a specified time period in exchange for public
disclosure of the underlying idea - ANSWER: Patent
An enterprise that creates value by matching external producers and consumers in a
way that creates value for all participants, and that depends on the infrastructure or
platform that the enterprise manages - ANSWER: Platform business
The market environment in which all players participate relative to the platform -
ANSWER: Platform ecosystem
An innovation that was developed for emerging economies before introduced in
developed economies. Sometimes also called frugal innovation - ANSWER: Reverse
innovation
The pursuit of social goals while creating a profitable business - ANSWER: Social
entrepreneurship
Markets where the market leader captures almost all of the market share and is able
to extract a significant amount of the value created - ANSWER: Winner-take-all
markets
Changes in an industry value chain that involve moving ownership of activities
upstream to originating (inputs) point of value chain - ANSWER: Backward vertical
integration
