CHAPTER 2 Strategic Leadership: Managing the Strategy Process

Stakeholder strategy argues that focusing only on the needs of ________ places the firm at risk of failure. A. Competitors B. Shareholders C.Managers D. Employees

B. Shareholders

Internet privacy, genetic engineering, and stem-cell research are examples of areas in which firms ________ responsibilities exceed its legal responsibilities.

Ethical

What are the categories of expectations that society has of business enterprise as described in CSR framework.

Ethical, eco, philanthropic, legal

True of False: Managers should only obey laws when they do not interfere with the firms strategy.

False

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

five

Place five steps of stakeholder impact analysis in order, with the first step at top.

1. Who are our stakeholders? 2. What are stakeholders interest? 3. What opportunities and threats do our stakeholders present? 4. What economic, legal, ethnic, and philanthropic responsibilities do we have to our stakeholders? 5. What should we do to effectively address the stakeholder concerns.

In the _______ step of the stakeholder impact analysis, managers need to decide the appropriate course of action for the firm in relation to stakeholder concerns. 1 2 3 4 5

5

When identifying stakeholders, a firm should focus only on those stakeholders that A. Purchase and use its products B. Can be ignored with no material impact to the firm. C. Are directly involved with the production or distribution of the company products D. Currently have, or could potentially have, a material effect on the firm.

Currently have, or could potentially have, a material effect not eh firm.

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

Legitimacy Urgency Power

A firms attempt to manage the web of relationships between internal and external stakeholders in order to create value known as ______.

Stakeholder Strategy