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