WPC 480 EXAM QUESTIONS AND ANSWERS
LATEST UPDATE (ALREADY GRADED A+)
strategic management
an integrative management field that combines analysis, formulation, and implementation in the quest
for competitive advantage.
strategy
the set of goal-directed actions that a firm takes to gain and sustain superior performance relative to
competitors
competitive advantage
superior performance relative to other competitors in the same industry or the industry average
sustainable competitive advantage
outperforming competitors or the industry average over a prolonged period of time
competitive disadvantage
underperformance relative to other competitors in the same industry or the industry average
competitive parity
performance of two or more firms at the same level
industry effects
firm performance attributed to the structure of the industry in which the firm competes
firm effects
firm performance attributed to the actions managers take
black swan events
incidents that describe highly improbable but high-impact events
stakeholders
organizations, groups, and individuals that can affect or are affected by a firm's actions
stakeholder strategy
an integrative approach to managing a diverse set of stakeholders effectively in order to gain and sustain
competitive advantage
stakeholder impact analysis
, a decision tool with which managers can recognize, prioritize, and address the needs of different
stakeholders, enabling the firm to achieve competitive advantage while acting as a good corporate
citizen
corporate social responsibility
a framework that helps firms recognize and address the economic, legal, social, and philanthropic
expectations that society has of the business enterprise at a given point in time
AFI strategy framework
a model that links three interdependent strategic management tasks- analyze, formulate, and
implement that together, help managers plan and implement a strategy that can improve performance
and results in competitive advantage
strategic management process
method put in place by strategic leaders to formulate and implement a strategy, which can lay the
foundation for a sustainable competitive advantage
strategic leadership
executives' use of power and influence to direct the activities of others when pursuing an organization's
goals
vision
a statement about what an organization ultimately wants to accomplish; it captures the company's
aspiration
mission
description of what an organization actually does the products and services it plans to provide and the
markets in which it will compete
strategic commitments
actions to achieve the mission that are costly, long-term oriented, and difficult to reverse
core values statement
statement of principles to guide an organization as it works to achieve its vision and fulfill its mission, for
both internal conduct and external interactions; it often includes explicit ethical considerations
organizational core values
ethical standards and norms that govern the behavior of individuals within a firm or organization
upper-echelons theory
a conceptual framework that views organizational outcomes-strategic choices and performance levels-
as reflections of the values of the members of the top management team
level 5 leadership pyramid
LATEST UPDATE (ALREADY GRADED A+)
strategic management
an integrative management field that combines analysis, formulation, and implementation in the quest
for competitive advantage.
strategy
the set of goal-directed actions that a firm takes to gain and sustain superior performance relative to
competitors
competitive advantage
superior performance relative to other competitors in the same industry or the industry average
sustainable competitive advantage
outperforming competitors or the industry average over a prolonged period of time
competitive disadvantage
underperformance relative to other competitors in the same industry or the industry average
competitive parity
performance of two or more firms at the same level
industry effects
firm performance attributed to the structure of the industry in which the firm competes
firm effects
firm performance attributed to the actions managers take
black swan events
incidents that describe highly improbable but high-impact events
stakeholders
organizations, groups, and individuals that can affect or are affected by a firm's actions
stakeholder strategy
an integrative approach to managing a diverse set of stakeholders effectively in order to gain and sustain
competitive advantage
stakeholder impact analysis
, a decision tool with which managers can recognize, prioritize, and address the needs of different
stakeholders, enabling the firm to achieve competitive advantage while acting as a good corporate
citizen
corporate social responsibility
a framework that helps firms recognize and address the economic, legal, social, and philanthropic
expectations that society has of the business enterprise at a given point in time
AFI strategy framework
a model that links three interdependent strategic management tasks- analyze, formulate, and
implement that together, help managers plan and implement a strategy that can improve performance
and results in competitive advantage
strategic management process
method put in place by strategic leaders to formulate and implement a strategy, which can lay the
foundation for a sustainable competitive advantage
strategic leadership
executives' use of power and influence to direct the activities of others when pursuing an organization's
goals
vision
a statement about what an organization ultimately wants to accomplish; it captures the company's
aspiration
mission
description of what an organization actually does the products and services it plans to provide and the
markets in which it will compete
strategic commitments
actions to achieve the mission that are costly, long-term oriented, and difficult to reverse
core values statement
statement of principles to guide an organization as it works to achieve its vision and fulfill its mission, for
both internal conduct and external interactions; it often includes explicit ethical considerations
organizational core values
ethical standards and norms that govern the behavior of individuals within a firm or organization
upper-echelons theory
a conceptual framework that views organizational outcomes-strategic choices and performance levels-
as reflections of the values of the members of the top management team
level 5 leadership pyramid
