MGMT 498 Ch 1

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

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

Place the five steps of the stakeholder impact analysis in order, with the first step at the top.

1. Who are our stakeholders? 2. What are our stakeholders' interests? 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?

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 a competitive advantage

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

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

Which of the following questions are part of the five steps in stakeholder impact analysis? (Check all that apply.)

What are our stakeholders' interests and claims? Who are our stakeholders? What opportunities and threats do our stakeholders present?

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

a legitimate claim

What is the first step in the AFI strategy network?

analysis

Which framework helps firms to identify their economic, legal, ethical, and philanthropic obligations to society?

corporate social responsibility

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

create an effective guiding policy

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

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

The stakeholders of a firm are ______.

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

Which of the following elements of the pyramid of corporate social responsibility are required by society? (Check all that apply.)

legal responsibilities economic responsibilities

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

The groups or individuals who can impact or be impacted by a firm's actions are known as ______.

stakeholders

In a nutshell, strategy is the art and science of ______.

success and failure

Based on its long dominance as a coffeehouse chain, Starbucks has ______.

a sustainable competitive advantage

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? (Check all that apply.)

ethical responsibilities philanthropic responsibilities

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

responsibility

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

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

Which of the following are aims of stakeholder strategy?

to gain and sustain competitive advantage to manage various stakeholders effectively

Which of the following are aims of stakeholder strategy?

to manage various stakeholders effectively to gain and sustain competitive advantage

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

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

strategic commitments

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

a competitive advantage

When a stakeholder has power over a company it is ______.

able to influence the company to do something it would otherwise not do

To which types of organizations can we apply the principles of strategic management?

all types of organizations

Match the element of the pyramid of corporate social responsibility (on the left) with its explanation (on the right).

philanthropic responsibilities-corporate citizenship ethical responsibilities-do what is right, just, and fair legal responsibilities-laws and regulations are society's codified ethics; define minimum acceptable standard economic responsibilities- gain and sustain competitive advantage

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

The tasks are very interdependent.

In the ______ step of a stakeholder impact analysis, firms identify those stakeholders that currently have, or potentially can have, a material effect on the company.

first

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

five