Chapter 1 - What is Strategy

Which statement about strategies is true?

A statement of desire on its own often leads to goal conflict.

Who among the following are considered internal stakeholders?

Board members, Stockholders, Employees

In the ______ step of the stakeholder impact analysis, managers need to decide the appropriate course of action for the firm in relation to stakeholder concerns.

Fifth

The expectations that society has toward business, in contrast to what society requires, result in which of the following elements of the pyramid of corporate social responsibility?

Philanthropic and ethical responsibilities

Which of the following is a tool that managers can use to address the needs of stakeholders while maintaining a competitive advantage?

Stakeholder Impact Analysis

Customers, suppliers, creditors, unions, and governments are known as ______.

External Stakeholders

Which statement is true about pricing strategies, internet strategies, alliance strategies, and brand strategies?

They may be a necessary part of a firm's initiatives to support its competitive advantage

A good strategy consists of three elements. The first element is accomplished through analysis of the firm's external and internal environments. We also call this ______.

a diagnosis policy to address the competitive advantage

How should managers prioritize stakeholder concerns in the final step of stakeholder impact analysis?

by considering the power, legitimacy, and urgency of stakeholder claims.

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

When identifying stakeholders, a firm should focus on those stakeholders that ______.

currently have, or could potentially have, a material effect on the firm.

The third step of stakeholder impact analysis requires managers to identify the ______ presented by internal and external stakeholders.

opportunities and threats

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

Achieve a competitive advantage Act as a good corporate citizen

Which of the following incentivize workers by offering them discounted shares or retirement plans based on company stock?

Employee stock ownership plans

Which statement about shareholders and employees is true?

Employees are often made into shareholders through employee stock ownership plans.

Internet privacy, genetic engineering, and stem-cell research are examples of areas in which a firm's ______ responsibilities exceed its legal responsibilities.

Ethical

A statement such as, "We will be the biggest company in the world," is an example of strategy.

False

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

Five

In the _____ step of the stakeholder impact analysis, firms identify their various social responsibilities to stakeholders.

Fourth