MGT498 - Strategic Management

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

corporate social responsibility

Select all that apply Which of the following are the 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 statements regarding tasks in the AFI strategy framework is true?

The tasks are very interdependent.

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

a legitimate claim

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

a sustainable competitive advantage

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

all types of organizations

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

first

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

five

Strategic positioning allows managers to Blank______.

provide customers value while controlling costs

Burger Bomb has been outperforming other burger restaurants in recent years. This indicates that Burger Bomb has which of the following?

A competitive advantage

Select all that apply Stakeholder impact analysis is a decision tool that helps a company do which of the following?

Act as a good corporate citizen Achieve a competitive advantage

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

Create an effective guiding policy

Drag the type of business action to the appropriate element of the pyramid of corporate social responsibility.

Exhibit 1.3, pg 21, Chapter 1

Select all that apply Which of the following questions are part of the five steps in stakeholder impact analysis?

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

What term describes the groups or individuals who can impact or be impacted by a firm's actions?

stakeholders

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

strategic commitments

What is the overall purpose of strategic management?

Gain competitive advantage

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

a competitive advantage

Andrew's Home Center has created a unique situation for itself in its industry that allows the company to not only provide excellent value to its customers but also control its costs. This is known as Blank______.

strategic positioning

Select all that apply Which of the following topics should be considered during the analysis phase of the AFI framework?

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

What is strategy?

the set of actions a firm takes to achieve a competitive advantage

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

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

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

power urgency legitimacy

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

responsibility

Select all that apply Which of the following elements comprise strategic management?

analysis implementation formulation

Sustainable competitive advantage exists when a firm Blank______.

maintains superior performance relative to its industry over a long period of time

What is the first step in the AFI strategy framework?

Analysis

Click and drag on elements in order Place the five steps of the stakeholder impact analysis in order, with the first step at the top.

Exhibit 1.2, pg 17, Chapter 1

Select all that apply Which of the following elements of the pyramid of corporate social responsibility are required by society and shareholders?

Legal responsibilities Economic responsibilities

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

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

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

strategy

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

success and failure