MGT 495: Chapter 2 LearnSmart

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

1) What are our stakeholders' interests and claims? 2) what opportunities and threats do our stakeholder present? 3) who are you stakeholders?

Place the progression of steps in the traditional top-down strategic planning in order, with the first step at the top

1) analysis 2) formulation 3) implementation

Which of the following is considered an internal stakeholder?

1) board members 2) employees 3) stockholders

Which of the following are types of corporate social responsibilities that a firm may identify during the fourth step of stakeholder impact analysis?

1) economic 2) legal 3) philanthropic 4) ethical

Rank the following levels of the level-5 leadership pyramid, placing the highest level at the top

1) executive 2) effective leader 3) competent leader 4) contributing team member 5) highly capable individual

When a stakeholder has power over a company it is_____

Able to influence the company to pursue a course of action it would not otherwise take

Which of the following is NOT one of the variables used to determine whether the appropriate strategy is strategic planning, scenario planning, or strategy as planned emergence?

Current laws and regulations governing the industry

When identifying stakeholders, a firm should focus only on those stakeholders that _________

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

According to the level-5 pyramid, which level of leadership has the fewest members?

Executives

Customers, suppliers, creditors, unions, and governments are known as____________-.

External stakeholders

The goal of using the AFI strategy framework for scenario planning is to create strategic plans that are_________.

Flexible

A level-________- leader presents a convincing vision and mission that helps groups improve their performance

Four

Microsoft donating more than $3 billion in cash and software to people in need is a an example of which type of corporate social responsibility?

Philanthropic

_____________ planning is a strategy-planning activity in which top management envisions various what-if scenarios to anticipate plausible futures in order to derive strategic responses

Scenario

The resource-allocation process (RAP) can be designed to support planned emergence

True

If parts of a firm's intended strategy fall by the wayside, it is referred to as

Unrealized strategy

Corporate strategy concerns questions related to_________.

Where to compete

What are the approaches that can be utilized when strategizing for competitive advantage?

1) Scenario planning 2) strategic planning 3) strategy as planned emergence

Which of the following are aims of stakeholder strategy?

1) To gain and sustain competitive advantage 2) to manage various stakeholders effectively

Which of the following is NOT an issue involving CORPORATE strategy formulation?

1) how to compete 2) how to implement business strategy

Shortcomings of top-down strategic planning are that ____________.

1) plans for the future can be wrong 2) there is uncertainty about the future

A level-_________- leader is referred to as a contributing team member

2

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

By considering the power, legitimacy, and urgency of stakeholder claims

Which of the following is NOT necessarily a capability a level-1 leader typically exhibits?

Contributes through collaboration

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

Corporate social responsibility

Managing the interactions of individuals and groups that affect and are affected by the activities of a firm is known as _____ strategy

Stakeholder

The major assumption in the top-down strategic planning process is that ____________.

The future can be predicted based on information from the past

In the ______ step of the stakeholder impact analysis, the firm identifies the opportunities and threats that stakeholders present to the firm

Third

________ -down strategic planning is a rational process through which executives attempt to program future success

Top

A successful business strategy creates _____________ for both producers and consumers

Value

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

ethical

Which of the following are outcomes of effective stakeholder management?

1) it leads to beneficial cooperation from stakeholders 2) it helps the firm achieve predictable and stable returns 3) it lowers the cost of business transactions by building trust

Which of the following are outcomes of of effective stakeholder management?

1) it leads to beneficial cooperation from stakeholders 2) it helps the firm achieve predictable and stable returns 3) it lowers the cost of business transactions by building trust

An intended strategy is the outcome of a plan that has which of the following characteristics?

1) rational 2) strategic 3) top-down

A firm that successfully executes a strategy benefits society by____________.

1) reinvesting profits and increasing employment 2) creating value

Which of the following statements are true about the views held by Sheryl Sandberg, one of the most influential women in the tech industry today?

1) she is a vocal advocate for women in leadership 2) she thinks there are too few female leaders in today's society 3) she wrote a best selling book about women and workplace leadership

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

1) stakeholders can affect the firm's actions 2) the actions of the firm can affect stakeholders

Which of the following are examples of a black swan event?

1) the 9/11 terrorist attacks 2) the Fukushima nuclear disaster 3) the accounting scandal at Enron

Institutional investors, such as TIAA-CREF and The Vanguard Group, have much more power over a firm than individual investors, because __________.

1) they can exercise block-voting rights or otherwise influence the corporate government process 2) they are able to buy or sell a much larger number of shares than can individuals

Among the various types of responsibilities a business has, which of the following are specifically considered to be economic responsibilities?

1) to repay debts to suppliers 2) to give investors a return on invested capital

A(n) _____- swan event is an unexpected and unlikely occurrence that has a significant impact on society

Black

_______ strategy addressed the question of HOW to compete

Business

Which one of the following is a capability a level-3 leader typically exhibits?

Does things right

Which one of the following is a capability of a level-leader typically exhibits?

Does things right

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

Five

Functional strategy answers which question?

How to implement business strategy?

A(n)_____________ of control describes the tendency of managers to overestimate their ability to manage events

Illusion

Strategy _____________ concerns the organization, coordination, and integration of how work gets done.

Implementation

The stakeholders of a firm are___________

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

A standalone division of a larger conglomerate, with its own profit-land-loss responsibilities, is called a(n)

SBU

___________ describes random events, pleasant surprises, and accidental happenstances that can have a profound impact on a firm's strategic initiatives

Serendipity

Stakeholder strategy argues that focusing only on the needs of ________ places the firm at risk of failure

Shareholders

A(n)_______ is any activity a firm pursues to explore and develop new products and processes, new markets, or new ventures

Strategic initiative

Functional strategy is primarily concerned with__________

Strategy implementation

What was BP's strategic response to the penalties associated with the 2010 Deepwater Horizon oil spill?

The company sold off a significant number of assets, creating a smaller, more agile business

Which of the following is the conceptual framework developed by Jim Collins that describes the progression of leadership through distinct, sequential levels?

The level-5 leadership pyramid

upper-echelons theory views organizational outcomes as a reflection of the values of the ________________

Top management