WPC 480 EXAM QUESTIONS AND ANSWERS
LATEST UPDATE (ALREADY GRADED A+)
Which of the following summarizes the difference between a firm's vision and mission?
A vision states how much a firm wants to earn; a mission states how these earnings will be
accomplished.
A vision states the management values of a firm; a mission states the values of the other workers.
A vision states the ethical values of a firm; a mission states the monetary goals of a firm.
A vision states what a firm wants to accomplish; a mission states how a firm plans to accomplish this
vision.
A vision states what a firm wants to accomplish; a mission states how a firm plans to accomplish this
vision.
A vision defines what an organization wants to accomplish ultimately. A mission describes how the
vision is accomplished.
Which of the following is a customer-oriented vision?
to be the most progressive insurance company
to manufacture innovative products through continuous learning
to be the best automobile company in the world
to enable businesses to improve their employee communications
to enable businesses to improve their employee communications
A customer-oriented vision defines a business in terms of providing solutions to customer needs. The
statement "to enable businesses to improve their employee communications" is a customer-oriented
vision.
A firm is said to gain a competitive advantage when it can
perform at the same level as that of its competitors.
exceed its own previous performances.
, minimize the difference between value creation and cost.
provide products similar to its competitors, but at lower prices.
provide products similar to its competitors, but at lower prices.
To gain a competitive advantage, a firm needs to provide either goods or services consumers value more
highly than those of its competitors, or goods or services similar to the competitors' at a lower price.
Upper management at Softstep Inc., a manufacturer of insoles for shoes, wants to work on improving
the product lines it already has without taking on other challenges at this time. Which of the following
vision statements reflects that goal?
Softstep Inc. wants to adapt their insoles to the changing demands of consumers.
Softstep Inc. wants to provide the best benefits for employees in the insole industry.
Softstep Inc. wants to be the best manufacturer of insoles in the industry.
Softstep Inc. wants to always satisfy the consumers who purchase insoles.
Softstep Inc. wants to be the best manufacturer of insoles in the industry.
Because it of its goals, Softstep would choose a product-oriented vision statement, which focuses
employees on improving existing products and services without consideration of underlying customer or
employee problems to be solved.
Which of the following is an implication of all firms in an industry pursuing a low-cost position through
application of competitive benchmarking?
Each firm would be in a better position to gain a competitive advantage.
No firm would face direct competition from others in the industry; hence, profit potential would be
high.
Each firm would be catering to a different customer segment.
The firms would eventually have no resources to invest in product and process improvements.
If all firms in the same industry pursued a low-cost position through application of competitive
benchmarking, all firms would have identical cost structures. None could gain a competitive advantage.
There would be little if any value creation for customers because companies would have no resources to
invest in product and process improvement
LATEST UPDATE (ALREADY GRADED A+)
Which of the following summarizes the difference between a firm's vision and mission?
A vision states how much a firm wants to earn; a mission states how these earnings will be
accomplished.
A vision states the management values of a firm; a mission states the values of the other workers.
A vision states the ethical values of a firm; a mission states the monetary goals of a firm.
A vision states what a firm wants to accomplish; a mission states how a firm plans to accomplish this
vision.
A vision states what a firm wants to accomplish; a mission states how a firm plans to accomplish this
vision.
A vision defines what an organization wants to accomplish ultimately. A mission describes how the
vision is accomplished.
Which of the following is a customer-oriented vision?
to be the most progressive insurance company
to manufacture innovative products through continuous learning
to be the best automobile company in the world
to enable businesses to improve their employee communications
to enable businesses to improve their employee communications
A customer-oriented vision defines a business in terms of providing solutions to customer needs. The
statement "to enable businesses to improve their employee communications" is a customer-oriented
vision.
A firm is said to gain a competitive advantage when it can
perform at the same level as that of its competitors.
exceed its own previous performances.
, minimize the difference between value creation and cost.
provide products similar to its competitors, but at lower prices.
provide products similar to its competitors, but at lower prices.
To gain a competitive advantage, a firm needs to provide either goods or services consumers value more
highly than those of its competitors, or goods or services similar to the competitors' at a lower price.
Upper management at Softstep Inc., a manufacturer of insoles for shoes, wants to work on improving
the product lines it already has without taking on other challenges at this time. Which of the following
vision statements reflects that goal?
Softstep Inc. wants to adapt their insoles to the changing demands of consumers.
Softstep Inc. wants to provide the best benefits for employees in the insole industry.
Softstep Inc. wants to be the best manufacturer of insoles in the industry.
Softstep Inc. wants to always satisfy the consumers who purchase insoles.
Softstep Inc. wants to be the best manufacturer of insoles in the industry.
Because it of its goals, Softstep would choose a product-oriented vision statement, which focuses
employees on improving existing products and services without consideration of underlying customer or
employee problems to be solved.
Which of the following is an implication of all firms in an industry pursuing a low-cost position through
application of competitive benchmarking?
Each firm would be in a better position to gain a competitive advantage.
No firm would face direct competition from others in the industry; hence, profit potential would be
high.
Each firm would be catering to a different customer segment.
The firms would eventually have no resources to invest in product and process improvements.
If all firms in the same industry pursued a low-cost position through application of competitive
benchmarking, all firms would have identical cost structures. None could gain a competitive advantage.
There would be little if any value creation for customers because companies would have no resources to
invest in product and process improvement
