Chapter 1 Strategic management
A competitive advantage that lasts for a long time is said to be _______.
Sustainable
philanthropic responsibilities
Under the idea of corporate citizenship, reflecting the notion of voluntarily giving back to society
What is the overall purpose of strategic management?
competitive advantage
Who are internal stakeholders?
employees, stockholders, board members
Competitive Parity
performance of two or more firms at the same level
Stakeholder Impact Analysis
A decision tool with which managers can recognize, assess, and address the needs of different stakeholders, to allow the firm to perform optimally and act as a good corporate citizen.
Corporate Citizenship
A firm gives back to its investors and society
competitive disadvantage
A firm that underperforms its rivals or the industry average
Stakeholder strategy
A firms attempt to manage the web of relationships between integrate internal and external stakeholders in order to create value
How should managers prioritize stakeholder concerns in the final step of the Stakeholder Impact Analysis
Considering power, legitimacy and urgency
What must a firm do after diagnosing its specific competitive challenge?
Create an effective guiding policy
Strategic Management
Field of management on attaining competitive advantage by combining analysis, formulation, and implementation
A competitive advantage _________.
Is assessed relative to other companies in the industry
Strategic positioning
Provide excellent value to its customers but also control its cost
A firm that successfully executed a strategy benefits society by
Reinvesting profits and increasing employment, creating value
Strategy
Set of actions a firm takes to achieve a competitive advantage