Strate Entre

stakeholder strategy

an integrative approach to managing a diverse set of stakeholders effectively in order to gain and sustain competitive advantage helps first analyze and manage how various external and internal stakeholders interact

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

analysis implementation formulation

In order to be successful, a firm must have a resource that is valuable, rare, costly to imitate, and the firm must ______.

be organized to capture value

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

In the ______ stage of the industry life cycle, falling demand leads to a reduction in market size.

decline

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

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

Stake holder impact analysis 5 step process

1. Who are stakeholders 2. what are their interests and claims 3. what opportunities and threats do they present 4. what economic, legal, ethical responsibility do we have to them 5. what to address their concerns

Which statement describes the long tail?

A large amount of revenue derived from a small number of units among almost unlimited choices

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

Formulating Strategy

Developing the grand and business-level strategies to be used by the company

Which statement best describes the speed of innovation over the past hundred years?

It has accelerated dramatically.

What are the characteristics of a strategic activity system as it applies to firms? (Check all that apply.)

It is socially complex. It is causally ambiguous. It consists of interconnected activities.

Which of the following best describes the core competency of the Five Guys Burgers and Fries company?

Making high-quality burgers without limiting costs

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

strategic commitments

______ suggests that sometimes even random events may have a large impacts on an outcome.

Path dependence

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.

Which of the following are situations in which a resource is considered valuable? (Check all that apply.)

The resource helps the firm increase its economic value creation (V-C). The resource helps a firm exploit an external opportunity.

Which of the following are characteristics of the early majority? (Check all that apply.)

They have a strong sense of practicality. They weigh benefits and costs carefully.

Which of the following identifies the resources that can lead to a competitive advantage?

VRIO framework

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

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

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

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

Which customer segment dominates the market growth stage of the industry life cycle?

early adopters

A significant difference between technology enthusiasts and early adopters is that ______.

early adopters are interested in how a new technology will improve their lives, rather than in the details of the technology itself

What should a firm do in order to be organized to capture value? (Check all that apply.)

have a good organizational structure have good coordinating systems

Corporate Social Responsibility

helps firms recognize and address the economic, legal, ethical, and philanthropic ex

Resource ______ and resource ______ are the key assumptions behind the resource-based model of the firm.

heterogeneity; immobility

Place the four steps of the innovation process in order from first to last.

idea, invention, innovation, imitation

The ______ identifies how industries tend to develop and change over time

industry life cycle

When a company introduces a new product or process or business model with the intent of gaining a competitive advantage, that company is engaging in ______.

innovation

Which of the following is a primary factor in avoiding creative destruction?

innovation

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

legitimate claim

After creating a vision as part of the strategic management process, a firm must next establish a(n) ______

mission

stakeholders

organizations, groups, and individuals that can affect or be affected by firms actions

Which of the following can help a firm extend its competitive advantage? (Check all that apply.)

path dependence intellectual property protection better expectations of future resource value

3 stakeholder attributes

power, legitimacy, urgency

What type of vision statement focuses on the good or service provided?

product-oriented

Innovation can ______. (Select all that apply.)

provide firms with a competitive advantage make existing products or businesses obsolete

Stakeholder Impact Analysis

provides a decision tool with which managers can recognize, prioritize, and address the needs of different stakeholders helps firm achieve a competitive advantage

It is common for firms to get their start by introducing a(n) ______ innovation.

radical

What do the best firms in an industry seek to identify and manage on an ongoing basis as sources to respond to their external environment? (Check all that apply.)

resources capabilities core competencies

strategy

set of goal directed actions a firm takes to gain and sustain superior performance real-time to competitors

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

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

competitive advantage

superior performance relative to competitors in same industry

Unlike capabilities, resources can be both ______.

tangible and intangible

DaShawn likes to do a lot of research before he buys a new product and relies on the endorsement by others. He also wants to be sure the product will be practical. DaShawn is likely a member of which type of customer?

the early majority

Strategic Management

the integrative management field that combines analysis, formulation and implantation in the quest for competitive advantage

The resource-based model views resources as ______.

the main driver of firm performance

A firm's attempts to shorten the length of time a process takes, may lead to disappointing outcomes because of ______.

time compression diseconomies

A resource is considered ______ if it helps a firm to deal with an external threat.

valuable

In the strategic management process, which basic principle must be defined first?

vision

Isolating mechanisms are considered to be ______.

barriers to imitation