Strategic & Entrepreneur Thinking

In the external analysis phase of the AFI strategy framework, managers should ask,

" How do external forces affect our strategy and competitive advantage?"

Which of the following are aims of stakeholder strategy? ( Select all that apply,)

- To gain and sustain competitive advantage - To manage various stakeholders effectively

Stakeholder Impact Analysis is a decision tool that helps a company do which of the following? ( Check all that apply.)

- act as a good corporate citizen - achieve competitive advantage

Which of the following topics should be considered during the analysis phase of the AFI framework?

- the firm's business model and competitive advantages - the role of strategic leadership and strategy process - the firm's internal strengths and resources - the external environment and associated challenges

Which of the following questions are part of the five steps in stakeholder impact analysis?

- who are our stakeholders? - their interests and claims? - opportunities and threats?

Which of the following are relationships that a firm has with stakeholders?

-The actions of the firm can affect stakeholders - Stakeholders can affect the firm's actions

Which of the following are the three important stakeholder attributes managers must pay particular attention to during stakeholder impact analysis? (Check all that apply.)

-power -legitimacy -urgency

Stakeholder Impact Analysis Order

1. Who are our stakeholders? 2. What are our stakeholders' interests and claims? 3. What opportunities and threats do our stakeholders present? 4. What economic, legal, ethical, and philanthropic responsibilities do we have to our stakeholders? 5. What should we do to effectively address the stakeholder concerns?

What is the first step in the AFI strategy framework?

Analysis

What is the overall purpose of strategic management?

Gain competitive advantage

Burger Bomb a new hamburger restaurant. In order to compete successfully against many competitors, Burger Bomb has decided to focus on quality and an interesting, unique menu that uses locally sourced, organic ingredients. This is known as Burger Bomb's

Strategy

Burger Bomb has been outperforming other burger restaurants for a decade. This indicates that Burger Bomb has which of the following?

a competitive advantage

A stakeholder has when its needs are within the bounds of the law or are otherwise relevant to the firm

a legitimate claim

When a firm implements a strategy that leads to superior performance relative to tother companies in the same industry, it is said to have achieved

competitive advantage

What must a firm fo after diagnosing its specific competitive challenge?

create a guiding policy

Stakeholder impact analysis is a_____ -step process that allows managers to better understand and address stakeholders' needs

five

The stakeholders of a firm are

individuals or groups that can affect and are affected by the actions of the firm

The overall purpose of a firm's strategy is to

perform better than other companies in the same industry

The concept, or framework, of corporate social guides firms in identifying and addressing their economic, legal, ethical, and philanthropic obligations society.

responsibility

A firm's attempts to manage the web of relationships between internal and external stakeholders in order to create value is known as

stakeholder strategy

Effective guiding policy is supported by and stays consistent through the use of

strategic commitments

Strategy is

the set of actions a firm takes to achieve competitive advantage

Which of the following statements regarding tasks in the AFI strategy framework is true?

the tasks are very interdependent

Which of the following elements comprise strategic management? (Check all that apply.)

- analysis -formulation -implementation