chapter 2
When a firm correctly anticipates and addresses a public issue, the firm often _____.
gains a competitive advantage
True or false: Four out of five Millennials believe that business should completely avoid social involvement, according to a 2014 survey.
False
True or false: The purpose of environmental analysis is for a firm to identify, monitor, and evaluate public issues that may require action from the firm.
True
Public issues are considered broad in nature because they ______.
are of concern to a significant number of people
Corporate stakeholder engagement is defined as the process of ongoing relationships between _____.
businesses and customers businesses and the government
True or false: Stakeholder engagement should include both internal, as well as external, stakeholders and emphasize issues that directly affect corporate strategy.
true
According to the eight radar screens, challenges to acquiring environmental intelligence can include _____.
-organizational reporting relationships -cultural traditions in the workplace
Identify the benefits of stakeholder engagement.
Access to information in stakeholder networks Raising awareness of emerging issues
When managers are flexible, creative and willing to learn from mistakes, they are addressing which aspect of emerging public issues?
Complexity
The search for competitive intelligence sometimes causes which boundaries to be crossed?
Ethical Legal
What role does social media play in stakeholder engagement?
Shares information Tracks customer suggestions Identifies problems
What was the major public issue that Coca-Cola started addressing in 2018?
high plastic waste
Environmental analysis refers to scanning for public issues _____.
outside the organization
The properties of competitive intelligence include _____.
systematic continuous external information
A new public issue often indicates a performance-expectations gap between what stakeholders expect and _____.
what a company is currently doing what a company wants to do
Issue management at Publix is correctly described by which of the following?
-The corporate communications team handles internal communications. -The customer care team manages client issues. -Each division has a media and community relations team.
Environmental analysis
-The goal is to develop a company strategy to minimize the threat of external issues. -A method managers use to gather information about external issues and trends
Environmental intelligence
-The goal is to help an organization avoid crisis, and to spot opportunities if done well. -The acquisition of information gained from analyzing the multiple environments affecting organizations
Companies progress through the stages of a business-stakeholder relationship in what way?
Backward in the sequence Remaining in one stage One stage to the next, in order
What did Coca-Cola's program "A World Without Waste" aim to accomplish?
Collect and recycle all equivalent plastic packaging
What is the critical difference between using social media for stakeholder engagement over traditional communications?
Communications are faster and more effective.
Why do some Millennials believe that business is equipped to address social issues?
Companies have collective intelligence and technology. Businesses have access to many financial resources.
Which types of businesses cut ties with the NRA after the Parkland shootings, according to the case Businesses Respond to the Movement for School Safety?
Insurance companies Banking organizations
The concept of a public issue is characterized by which statement(s)?
It is often highly contentious. It is sometimes called a social or sociopolitical issue. It often has public policy or legislative implications.
Where can a company search for reliable stakeholder issues?
Mission statements 10-K filings Websites
What are the drivers of stakeholder engagement?
Motivation Organizational capacity Goals
How well do companies that actively engage with stakeholders manage public issues, as compared to companies that do not?
Much better
Companies progress through the stages of a business-stakeholder relationship in what way?
Remaining in one stage Backward in the sequence One stage to the next, in order
Which public issue was associated with business leaders Bill O'Reilly, Roger Ailes, Harvey Weinstein, Matt Lauer, Steve Wynn, and others, in 2017?
Sexual harassment
What advantage does competitive intelligence offer managers?
The ability to make informed decisions
How did Chipotle respond to outbreaks of E. coli that sickened hundreds of their customers in 2015?
The firm pledged $10 million to help local growers meet food safety standards.
What action did MetLife, Symantec, Hertz, and Avis take in response to the Parkland shootings, according to the case Businesses Respond to the Movement for School Safety?
They ended discount programs with the NRA.
True or false: Stakeholder expectations are a mixture of people's opinions, attitudes, and beliefs about what constitutes reasonable business behavior.
True
The primary goals of stakeholder dialogue include _____.
identifying solutions for mutual gain defining a common definition of the problem
According to the Foundation for Public Affairs, the majority of corporate budgets used for remediation of public issue since the mid-2000's has _____.
increased slightly or stayed the same
Successful stakeholder dialogue requires participants to _____.
listen carefully and respectfully to others
The importance of a stakeholder to a firm is called stakeholder _____.
materiality
Failure to understand a firm's stakeholder concerns can result in _____.
missed business opportunities
Competitive intelligence can be used to create business strategies for _____.
research and development marketing financial investing