Smart Book 3

The people inside of an organization who have an important stake in how it performs are the organization's _____ stakeholders.

Internal

A distributor is sometimes referred to as a(n)

Middle Man

The ______ of an organization consist of all those who can claim it as their legal property.

Owners

A company's triple bottom line represents which three aspects?

People, profit, and planet

A company's decision to move its operations out of the country will affect its employees, owners, suppliers, distributors, and everyone else who has an interest in the business. All of these groups together make up the company's _____.

Stakeholders

Which broad term identifies anyone impacted by a business, including but not limited to stockholders, employees, and customers?

Stakeholders

Two or more organizations that join forces in order to achieve advantages that neither can perform as well alone are known as _______.

Strategic allies

A company or person that provides raw materials, services, equipment, labor, or energy to another organization is called a(n) _____.

Supplier

The ten groups that present a company with its daily tasks to handle represent the company's _____ environment.

Task

True or false: Local communities can be affected greatly by the entrance or exit of large businesses.

True

An employee organization that represents hourly workers as opposed to salaried employees is called a(n) ______.

Union

People who are outside an organization but are still affected by the organization are called the ______.

external stakeholders

Suppliers are people or organizations that

provide raw materials, services, equipment, labor, or energy to other organizations.

If you run a one-person operation with no other investors or employees, your company is a(n):

sole proprietorship

A person or an organization that helps another organization sell its goods and services to customers is called a(n)

-Distributor

A company's triple bottom line measures which aspects of its performance? (select all that apply)

-Environmental -Financial -Social

A company's external environment consists of which two environments?

-General -Task

What are four of the groups that make up part of the task environment?

-Local communities -Distributors -Government regulators -Strategic allies

Which of these organizations are considered special-interest groups? Choose all that apply.

-Mothers Against Drunk Driving -People for the Ethical Treatment of Animals

What are two examples of economic forces within a company's general environment?

-Unemployment rate -Bank interest rate

Millennials in the workforce: (select all that apply)

-want work/life balance -expect more from the organizations they do business with -are concerned about a corporation's ethics, motives, and methods -expect more from the organizations they work for

When companies link up with one another in order to realize certain advantages, they are known as strategic _____.

Allies

Local communities are important organizational stakeholders. In fact, if a community gives a company tax breaks in return for the promise of new jobs and the firm fails to deliver those jobs, the community may be able to institute a _____ and rescind the tax breaks.

Clawback

Four restaurants that are all seeking to attract the same customers would be categorized as _______.

Competitors

The people or organizations that vie with your company for customers or resources are known as _____.

Competitors

Sofia paid for a haircut and some hair-care products at a local salon. In the task environment, Sofia would be classified as a _______.

Customer

Those who pay to use an organization's services or to buy their goods are called ______.

Customers

Recent trends show that the percentage of the labor force represented by unions has _____.

Decreased

In modern organizations, _____ are the most important resource.

Employees

True or false: Unlike generations before them, Millennials have little concern for the environment and are more interested in profit over planet.

False

Which of these are forces within an organization's general environment? (select all that apply)

economic, technological, sociocultural, demographic, political-legal, and international.

Forward-thinking organizations tend to consider ______ as the most important resource a company has.

employees

An organization's internal stakeholders consist of

employees, owners, and the board of directors.