MGT 491 Ch 1.

which could accurately be called a strategy?

a set of activities designed to achieve a sustainable comp. advantage

AFI Framework

analyze, formulate, implement

unexpected event and unlikely occurrence that has a significant impact on society

black swan event

in this type of strategy formulation, managers focus on deciding HOW the firm should compete

business

which framework helps firms to identify their economic, legal, ethical, and philanthropic obligations to society?

corporate social responsibility

starbucks commitment to fair trade and responsible growing practice indicates they take their ____ responsibilities seriously

ethical

which factor was not pointed out towards apples success?

expensively priced products

As CEO, Mayas actions influence company performance

firm effects

managers have ___ resources in their quest for a competitive advantage

limited

in the ___ step of AFI managers examine how the firm should be structured in order to implement the desired strategy

organizational design

strategic positioning allows managers to

provide customers value while controlling costs

an integrative approach to managing a diverse set of stakeholders effectively in order to gain and sustain a competitive advantage

stakeholder strategy

in order to achieve and sustain a competitive advantage, a company devises and adopts a set of goals and directed actions known as

strategy

stakeholder impact analysis steps:

1. who are stakeholders 2. what are stakeholders interests/ claims 3. what opportunities and threats do stakeholders represent 4. what economic, legal, ethical, philanthropic responsibilities 5. what to do to address stakeholder concerns

the industry a firm is in determines about ___% of a firms profitability

20

stakeholder impact analysis

5 step process

researchers have determined that a firms strategy can explain up to ___% of its performance

55