Strategic Management- Chp 1
Among the various types of responsibilities a business firm has, which are specifically considered to be economic responsibilities? (Check all that apply.)
giving investors a return on invested capital repaying debts to creditors
philanthropic responsibilities
Be a good corporate citizen. Contribute resources to the community; improve the quality of life.
True or false: Managers should not only obey laws that reduce the effectiveness of the firm's strategy.
False
legal responsibilities
Law is society's codification of right and wrong; play by the rules of the game
Which of the following statements regarding tasks in the AFI strategy framework is true?
The tasks are very interdependent.
Which of the following questions are part of the five steps in stakeholder impact analysis? (Check all that apply.)
Who are our stakeholders? What opportunities and threats do our stakeholders present? What are our stakeholders' interests and claims?
When a stakeholder has power over a company it is ______.
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?
all types of organizations
How should managers prioritize stakeholder concerns in the final step of stakeholder impact analysis?
by considering the power, legitimacy, and urgency of stakeholder claims
ethical responsibilities
do what is right, just, and fair
Which of the four corporate social responsibilities is considered first and foremost for business enterprises?
economic
In the ______ step of the stakeholder impact analysis, managers need to decide the appropriate course of action for the firm in relation to stakeholder concerns.
fifth
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
In the second step of the stakeholder impact analysis, managers need to identify and understand stakeholders' ______.
interests and claims
Microsoft donating more than $3 billion in cash and software to people in need is an example of which type of corporate social responsibility?
philanthropic
Which of the following legal developments allow business to function as an institution? (Check all that apply.)
property rights contract enforcement
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
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
In a nutshell, strategy is the art and science of ______
success and failure
In the ______ step of the stakeholder impact analysis, the firm identifies the opportunities and threats that stakeholders present to the firm.
third
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? (Check all that apply.)
philanthropic responsibilities ethical responsibilities
The concept, or framework, of corporate social ____ guides firms in identifying and addressing their economic, legal, ethical, and philanthropic obligations to society
responsibility
The idea that firms should voluntarily give back to society when they are able to do so is also known as ____
corporate citizenship
Which framework helps firms to identify their economic, legal, ethical, and philanthropic obligations to society?
corporate social responsibility
Internet privacy, genetic engineering, and stem-cell research are examples of areas in which a firm's ______ responsibilities exceed its legal responsibilities.
ethical
When identifying stakeholders, a firm should focus on those stakeholders that ______.
currently have, or could potentially have, a material effect on the firm
Which of the following elements of the pyramid of corporate social responsibility are required by society? (Check all that apply.)
economic responsibilities legal responsibilities
In the _____ step of the stakeholder impact analysis, firms identify their various social responsibilities to stakeholders.
fourth
economic responsibilities
gain and sustain competitive advantage
What is the first step in the AFI strategy network?
analysis
What are the categories of expectations that society has of the business enterprise as described in the CSR framework? (Check all that apply
economic legal philanthropic ethical
Starbucks's commitment to fair trade and responsible growing practices indicates that the firm takes its ______ responsibilities seriously.
ethical