Ch.1 questions LS

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.

First step in AFI:

analysis

A ______ _______ event is an unexpected and unlikely occurrence that has a significant impact on society.

black swan

What are the expectations that society has of the business enterprise as described in the CSR framework?

philanthropic, legal, ethical, economic

Strategic positioning allows managers to:

provide customer value while controlling costs.

___________ ________ is an integrative approach to managing of stakeholders effectively in order to gain and sustain competitive advantage.

stakeholder strategy

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

stakeholders

A competitive advantage that lasts for a long period of time is said to be:

sustainable

The industry a firm is in determines about ________ of a firm's profitability.

20%

Which of the following could accurately be called a strategy?

A set of activities designed to achieve a sustainable competitive advantage.

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

Corporate social responsibility