Wk 1 - Practice: Ch. 1, What is Strategy

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

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

What is the first step in the AFI strategy framework?

Analysis

The concept, or framework, of corporate social_______guides firms in identifying and addressing their economic, legal, ethical, and philanthropic obligations to society.

Blank 1: responsibility

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

a sustainable competitive advantage

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

success and failure

Strategy is ______

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

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

Which of the following elements of the pyramid of corporate social responsibilities are result from a society's expectations toward business?

ethical responsibilities philanthropic responsibilities

Which of the following elements of the pyramid of corporate social responsibility are required by society and shareholders?

Legal responsibilities Economic responsibilities

Which of the following elements comprise strategic management?

analysis implementation formulation

To which types of organizations can we apply the principles of strategic management?

all types of organizations

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

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

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

The tasks are very interdependent.

When a stakeholder has power over a company it is ______

able to influence the company to do something it would otherwise not do

When a stakeholder has power over a company it is ______.

able to influence the company to do something it would otherwise not do

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

corporate social responsibility

Stakeholder impact analysis is a _____-step process that allows managers to better understand and address stakeholders' needs.

five

Which of the following are the three important stakeholder attributes managers must pay particular attention to during stakeholder impact analysis?

urgency power legitimacy

Click and drag on elements in order Place the five steps of the stakeholder impact analysis in order, with the first step at the top.

Who are our stakeholders What are our stakeholders' interests and claims? What opportunities and threats do our stakeholders present? What economic legal, ethical, and philanthropic responsibilities do we have to our stakeholders What should we do to effectively address the stakeholders concerns

Which of the following questions are part of the five steps in stakeholder impact analysis?

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

Burger Bomb has been outperforming other burger restaurants in recent years. This indicates that Burger Bomb has which of the following?

a competitive advantage

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 ______.

a competitive advantage

When identifying stakeholders, a firm should focus on those stakeholders that ______.

currently have, or could potentially have, a material effect on the firm

The stakeholders of a firm are ______.

individuals or groups that can affect and are affected by the actions of the firm

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

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 is a tool that managers can use to address the needs of stakeholders while maintaining a competitive advantage?

stakeholder impact analysis

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

The groups or individuals who can impact or be impacted by a firm's actions are known as ______

stakeholders Reason: Recall that shareholders are individuals or groups who own shares of a company's stock. The larger group of individuals who are affected by a firm's activities are known as stakeholders.

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

A competitive advantage that lasts for a long period of time is said to be ______

sustainable

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

Create an effective guiding policy

Stakeholder impact analysis is a _____-step process that allows managers to better understand and address stakeholders' needs.

Five

Which of the following are aims of stakeholder strategy?

To gain and sustain competitive advantage To manage various stakeholders effectively