BUS/475: Integrated Business Topics Wk 1 - Practice: Ch. 1, What Is Strategy? [due Day 5]

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?

Stakeholder impact analysis is a decision tool that helps a company do which of the following? (Check all that apply.)

Act as a good corporate citizen Achieve a competitive advantage

Which of the following elements comprise strategic management? (Check all that apply.)

Analysis, Formulation, and Implementation

What must a firm do after diagnosing its specific competitive challenge?

Create an effective guiding policy

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

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

Which of the following are the relationships that a firm has with stakeholders?

Stakeholders can affect the firm's actions. The actions of the firm can affect stakeholders.

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.

In which of the following situations can a firm providing goods and services gain a competitive advantage? (Check all that apply.)

Their offerings provide more value for consumers than competitors' offerings. Their offerings are of similar quality to competitors' offerings but can be sold at lower prices due to lower costs.

Which of the following are aims of stakeholder strategy? (Select all that apply.)

To gain and sustain competitive advantage To manage various stakeholders effectively

Which of the following questions are part of the five steps in stakeholder impact analysis? (Check all that apply.)

What are our stakeholders' interests and claims? Who are our stakeholders? What opportunities and threats do our stakeholders present?

A stakeholder has ______ when its needs are within the bounds of the law or are otherwise relevant to the firm.

a legitimate claim

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

What is the first step in the AFI strategy framework?

analysis

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 ______.

competitive advantage

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 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

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

legal responsibilities economic responsibilities

Sustainable competitive advantage exists when a firm ______.

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

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

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

Effective guiding policy is supported by and stays consistent through the use of ______.

strategic commitments

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

In a nutshell, strategy is the art and science of ______.

success and failure

Based on its long dominance as a coffeehouse chain, Starbucks has ______.

sustainable competitive advantage

Which of the following topics should be considered during the analysis phase of the AFI framework?

the firm's internal strengths and resources the firm's business model and competitive advantages the external environment and associated challenges the role of strategic leadership and the strategy process

Strategy is ______.

the set of actions a firm takes to achieve a competitive advantage

Which of the following statements regarding tasks in the AFI strategy framework is true?

the tasks are very interdependent

In the external analysis phase of the AFI strategy framework, managers should ask,

"How do external forces affect our strategy and competitive advantage?"