MGMT 481 Ch 1 smartbook

And what step of the stakeholder impact analysis do firms identify those stakeholders that currently have or potentially can have a material effect on the company

1st

In the _______ step of the stakeholder impact analysis firms identify those stakeholders that currently have or potentially can have a material effect on the company 1 2 3 4 5

1st

The stakeholder impact analysis is a______ Step process that allows managers to better understand and address stakeholder needs

5

Which statement about strategies true Statements of desired typically address economic fundamentals A statement of desire on its own often leads to conflict Vision and mission statements cannot lay the foundation of the strategies We will be the best is an example of strategy

A statement of desires on its own often leads to conflict

When I stakeholder has power over a company it is Able to get the company more profit Able to influence the company to do something it would otherwise not do Helping to improve the sales of the company by implementing new strategies Helping to implement the farm strategies

Able to influence the company to do something it would otherwise not do

To which types of organizations can we apply the principles of strategic management Privately owned companies only All types of organizations Nonprofit organizations only Government agencies

All types of organizations

One of them implement a strategy that leads to superior performance relative to other companies in the same industry it is said to have achieved _______

Competitive advantage

A ________ occurs whether a firm performs below the industry average or is outperform bites competitors Negative advantage Competitive parity Purchasing parity Under performing norms Competitive disadvantage

Competitive disadvantage

If a firm has a 10% return on investment capital while the industry average return on investment capital is 80% the firm has a

Competitive disadvantage

Michael's deli is able to perform at the same level as its primary competitor Michael's deli has A competitive disadvantage A competitive advantage Competitive parity A non-competitive business

Competitive parity

Which of the following legal developments allows business to function as an institution Freedom of speech Voting rights Contract enforcement Property rights

Contract enforcement and property rights

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

Corporate social responsibility

What must a firm do after diagnosing it's specific competitive challenge? Implement a set of coherent actions Create an effective guiding policy Collect investments from shareholders Identify it's primary competitors

Create an effective guiding policy

When identifying stakeholders a firm should focus on those stakeholders that Currently have or could potentially have a material fact on the firm Can be ignored with no material impact to the firm Are directly involved with the production or distribution of the company's products Purchase and use its products

Currently have or could potentially have a material effect on the firm

Which of the four corporate social responsibility is considered first and foremost for business enterprise Legal economic ethical philanthropic

Economic

Internet privacy genetic engineering and stem cell research are examples of areas in which a firms_________ responsibilities exceeded the legal responsibilities Philanthropic educational economic ethical

Ethical

Starbucks commitment to fair trade and responsible growing practices indicate that the firm takes its__________ Responsibility seriously Legal ethical economic philanthropic

Ethical

True or false statements such as "we will be the biggest company in the world" is an example of strategy

False

What is the overall purpose of strategic management? Gain competitive advantage Perform risk analysis Calculate parity performance measures Respond to globalization Create competitive transparency

Gain competitive advantage

Among the various types of responsibilities a business firm has which Are specifically considered to be economic responsibilities Obeying customer protection laws Giving investors a return on investment capital Repaying debts to creditors Doing what society deems just and fair

Giving investors a return on invested capital Repaying debts to creditors

In the extra on ours is phase of the AFI strategy framework what should managers ask

How do you external forces affect our strategy and competitive advantage

Which of the following elements compromise strategic management Implementation Analysis Definition Realization Formulation

Implementation analysis formulation

The stakeholders of a firm are___________ Individuals or groups who own at least one share of the farm stock Only those who directly profit from the firm success Individuals or groups that can affect and or affected by the actions of the firm Only those firms that contribute to the production and distribution of a company's product

Individuals or groups that can affect and or affected by the actions of the firm

In the second step of the stakeholders impact analysis managers need to identify and understand stakeholders Interest in claims Entire investment portfolio Political and cultural affiliations Likelihood of bringing legal action against the firm

Interest in claims

A competitive advantage________________ Takes into consideration globalization and Rival factors Is based on the return of investment capital over a 15 year period Is assessed relative to other competitors in the industry Place is firm at a disadvantage in regards to it's ROI

Is assessed relative to other competitors in the industry

A stakeholder has _____ when it needs are within the bounds of law or are otherwise relevant to the firm False claim Urgent claim Power over a company Legitimate claim

Legitimate claim

Sustainable Competitive advantage exist when a firm Formulate and implement strategy It's self regulated and self motivated Starts up and compete for existing market shares in the industry Maintain superior performance relative to its industry over a long period of time

Maintain superior performance relative to its industry over a long period of time

The overall purpose of a firm strategy is to Generates Significant interest from foreign investors Sell all existing inventory of a given product Determine demand for new product ideas Perform better than other companies in the same industry

Perform better than other companies in the same industry

The overall purpose of a firm strategy is to________ Sell all existing inventory of a giving product Perform better than other companies in the same industry Generates Significant and interest from foreign investors Determine demand for a new product ideas

Perform better than other companies in the same industry

The exceptions that society has toward business in contrast to what society requires results in which of the following of the pyramid of corporate social responsibility Philanthropic responsibilities Legal responsibilities Economic responsibility Ethical responsibilities

Philanthropic and ethical

Strategic positioning allows managers to Provide customer value while controlling cost Balance foreign and domestic sales Illuminate competition in a given industry Provide superior customer value regardless of cost

Provide customer value while controlling cost

A firms attempts to manage the web of relationships between internal and external stakeholders in order to create value is known as Shareholder strategy Integrative strategy Stakeholder strategy Happiness management strategy

Stakeholder strategy

Which of the following is a tool that managers can use to address the needs of stakeholders while maintaining a competitive advantage Stakeholders impact analysis Corporate citizen strategy Ethical choice analysis Group having a strategy

Stakeholders impact analysis

Effective guarding policy is supported by the stays consistent through the use of Strategic commitment Grandiose statements Social responsibilities Trade-offs

Strategic commitments

Effective guiding policies is supported by and stays consistent through the use of Grandiose statements Social responsibilities Trade-offs Strategic commitments

Strategic commitments

Andrews home center has created a big situation for itself in his industry that allows the company to not only provide excellent value to customers but also control its cost. This is known as Competitive disadvantage Competitive challenge Strategic positioning Competitive parity

Strategic positioning

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 users locally sourced organic ingredients. This is known as burger bombs Core value statement Competitive parity Strategy Vision

Strategy

In a nut shell strategy is the art and science of

Success and failure

A competitive advantage that last for a long period of time is said to be Theoretical Sustainable Accurate Geo graphic Topical

Sustainable

Based on his long domination as a coffeehouse chain Starbucks has Competitive parity Competitive disadvantage Sustainable competitive advantage Absolute advantage

Sustainable competitive advantage

Which of the following are the relationships that a firm has with stakeholders The actions of the firms can affect stakeholders The firm controls the action of stakeholders Stakeholders can affect the firms actions The stakeholders generally have no interest in the firm

The actions of the firms can affect stack holders Stakeholders can affect the firms actions

Which of the following topics should be considered during the analysis phase of the AF I framework The external environment and associated challenges The location in the world where the firm should compete The firms internal strengths and resources The firms business model and competitive advantages The role of strategic leader ship in the strategy process

The external environment and associated challenges The firms internal strengths and resources The firms business model and competitive advantages The role of strategic leader ship in the strategy process

In order to determine if Home Depot has a competitive advantage we must compare Home Depot's performance to It's past financial performance The performance of other firms in its industry Only non-US base firms Firm in the Technology industry

The performance of other firms in its industry

Which of the following statements regarding task in the AFI strategy framework is true The task are very inter-dependent The task happen in sequence as separate steps The task or inner changeable Only two of the task need to be followed for success

The task are very inter-dependent

In which of the following situations can a firm providing goods and services gain a competitive advantage? Their offerings are similar to competitors offerings at high prices Their offerings cost more to produce then Competitors offerings Their offerings or of similar quality to competitors offerings but can be sold at a lower price due to lower cost Their offerings provide more value for consumers then competitors offerings

Their offerings or of similar quality to competitors offerings but can be sold at a lower price due to lower cost Their offerings provide more value for consumers then competitors offerings

Which of the following are claims of a stakeholder strategy? To manage various stakeholders effectively To reduce the number of stakeholders of a firm To gain and sustain competitive advantage To preserve internal stakeholders to cede control to external steak

To manage various stakeholders effectively To gain and sustain competitive advantage

True or false firm should I buy all walls including but not limited to labor customer protection and the environment

True

Competitive parity occurs when Two or more firms have the same performance results The performance of two more firms is superior to the industry average Two more firms enter into a strategic alliance Two more firms rely on international outsourcing to remain competitive

Two or more firms have the same performance results

What are the five steps of the stakeholders impact analysis in order

Who are the stakeholders What are our stakeholders What opportunities and threats do stakeholders present What economic legal ethical and philanthropic responsibilities do we have to our stakeholders What should we do to effectively dress is stakeholders concerns