STRAT CLICKER
In the external analysis phase of the AFI strategy framework, managers should ask:
"How do external forces affect our strategy and competitive advantage?"
What must a firm do after diagnosing its specific competitive challenge?
Create an effective guiding policy
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. This is known as Burger Bomb's ______.
Strategy
Which of the following statements regarding tasks in the AFI strategy framework is true?
The tasks are very interdependent.
Which of the following are aims of stakeholder strategy? (Select all that apply.)
To manage various stakeholders effectively To gain and sustain competitive advantage
Which of the following questions are part of the five steps in stakeholder impact analysis? (Check all that apply.)
What are our stakeholders' interest and claims? Who are our stakeholders? What opportunities and threats do our stakeholders present?
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 ______.
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
The stakeholders of a firm are ______.
individuals or groups that can affect and are affected by the actions of the firm
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 is a tool that managers can use to address the needs of stakeholders while maintaining a competitive advantage?
stakeholder impact analysis
The field of management that focuses on attaining competitive advantage by combining analysis, formulation, and implementation is known as ______.
strategic management