WPC 480

Classifying and connecting with stakeholders is 'mission critical' in strategy formation. Which of the following is an example of how stakeholders can be grouped?

Salience model - complex and dynamic By relationship such as supplier, customer, ect. By evaluating influence and interest ALL OF THE ABOVE

What is the key assumption behind an internal analysis?

To make a profit To create value for customers To leverage resources to gain competitive advantage ALL OF THE ABOVE

Economic value is the difference between the perceived benefits gained by the purchasers and the economic costs to the enterprise.

True

Strategy is the art and science of planning and marshalling resources for the most efficient and effective use in achieving a significant outcome

True

In the aircraft manufacturing industry, at least for large commercial jets, Boeing and Airbus are the only competitors. There is not a significant threat of entry because

Entering the aircraft manufacturing industry requires huge capital investments There is not a significant threat of entry because entering the aircraft manufacturing industry requires huge capital investments

A firm's _____ relates to its ability to create value for customers (V) while containing the cost to do so (C).

Strategic position A firm's strategic position relates to its ability to create value for customers (V) while containing the cost to do so (C). Competitive advantage flows to the firm that is able to create as large a gap as possible between the value the firm's product or service generates and the cost required to produce it (V C)