BUS 491

Which of the following elements of the pyramid of corporate social responsibility are required by society? (Check all that apply.)

Legal responsibilities Economic responsibilities

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

Blank 1: responsibility

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.

A company with a ______ vision statement tends to be more flexible and more likely to succeed.

customer-oriented

A competitive advantage _____.

is assessed relative to other competitors in the industry

Among the various types of responsibilities a business firm has, which are specifically considered to be economic responsibilities? (Check all that apply.)

repaying debts to creditors giving investors a return on invested capital

A(n) ______ is a statement of principles to guide an organization as it works to achieve its vision and fulfill its mission.

core values statement

Match the element of the pyramid of corporate social responsibility (on the left) with its explanation (on the right). Instructions

philanthropic responsibilities ---- corporate citizenship ethical responsibilities ----- do what is right, just, and fair legal responsibilities ---- laws and regulations are society's codified ethics; define minimum acceptable standard economic responsibilities --- gain and sustain competitive advantage

Strategic positioning allows managers to ______.

provide customers value while controlling costs

Place the five steps of the stakeholder impact analysis in order, with the first step at the top.

1 Who are our stakeholders 2 What are out starkholders' interests 3 What opportunities and threats do our stakeholders present 4 What economic, legal, ethical, and philanthropic responsibilities do we have to our stakeholders 5 What should we do to effectively address the stakeholder concerns

A __________ (fill out one word only) outlines what an organization does, while a vision outlines what the organization wants to do.

Blank 1: mission, missions, or mission statement

Which of the following are characteristics of the strategic plan that makes up an intended strategy?

Top-down Rational Structured

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

What is the first step in the AFI strategy framework?

Analysis

An organization's ______ is what an organization actually does, including the products and services it plans to provide and the markets in which it will compete.

mission