MGT 4300
Which of the following are the three important stakeholder attributes managers must pay particular attention to during stakeholder impact analysis?
-urgency -power -legitimacy
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 our stakeholders' 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?
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
Based on its long dominance as a coffeehouse chain, Starbucks has ______.
a sustainable competitive advantage
To which types of organizations can we apply the principles of strategic management?
all types of organizations
What is the first step in the AFI strategy framework?
analysis
Which framework helps firms to identify their economic, legal, ethical, and philanthropic obligations to society?
corporate social responsibility
When identifying stakeholders, a firm should focus on those stakeholders that ______.
currently have, or could potentially have, a material effect on the firm
In the ______ step of the stakeholder impact analysis the firm identifies their stakeholders' interests and claims according to the power, legitimacy, and urgency framework.
second
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
Which of the following elements of the pyramid of corporate social responsibility are required by society?
-Economic responsibilities -Legal responsibilities
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.
In which of the following situations can a firm providing goods and services gain a competitive advantage?
-Their offerings are of similar quality to competitors' offerings but can be sold at lower prices due to lower costs. -Their offerings provide more value for consumers than competitors' offerings.
Which of the following are aims of stakeholder strategy?
-To gain and sustain competitive advantage -To manage various stakeholders effectively
The expectations that society has toward business, in contrast to what society requires, result in which of the following elements of the pyramid of corporate social responsibility?
-philanthropic responsibilities -ethical responsibilities
Which of the following topics should be considered during the analysis phase of the AFI framework?
-the external environment and associated challenges -the firm's business model and competitive advantages -the firm's internal strengths and resources -the role of strategic leadership and the strategy process
What must a firm do after diagnosing its specific competitive challenge?
Create an effective guiding policy
What is the overall purpose of strategic management?
Gain competitive advantage
The field of management that focuses on attaining competitive advantage by combining analysis, formulation, and implementation is known as ______.
Strategic management
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
The Bright Bulb light bulb company produces a line of LED bulbs that customers consider very similar to competitors' LED bulbs. Which of the following conditions must be true for Bright Bulb to have a competitive advantage?
The bulbs must have a lower cost than competitors' bulbs.
Which of the following statements regarding tasks in the AFI strategy framework is true?
The tasks are very interdependent.
When a stakeholder has power over a company it is ______.
able to influence the company to do something it would otherwise not do
In the ______ step of a stakeholder impact analysis, firms identify those stakeholders that currently have, or potentially can have, a material effect on the company.
first
Stakeholder impact analysis is a _____-step process that allows managers to better understand and address stakeholders' needs.
five
The stakeholders of a firm are ______.
individuals or groups that can affect and are affected by the actions of the firm
In the second step of the stakeholder impact analysis, managers need to identify and understand stakeholders' ______.
interests and claims
The overall purpose of a firm's strategy is to ______.
perform better than other companies in the same industry
The concept, or framework, of corporate social _________________ guides firms in identifying and addressing their economic, legal, ethical, and philanthropic obligations to society.
responsibility
A firm's attempts to manage the web of relationships between internal and external stakeholders in order to create value is known as ______.
stakeholder strategy
The groups or individuals who can impact or be impacted by a firm's actions are known as ______.
stakeholders
Effective guiding policy is supported by and stays consistent through the use of ______.
strategic commitments
In a nutshell, strategy is the art and science of ______.
success and failure
A competitive advantage that lasts for a long period of time is said to be ______.
sustainable
Strategy is ______.
the set of actions a firm takes to achieve a competitive advantage
