Strategic Management- Chp 1

Among the various types of responsibilities a business firm has, which are specifically considered to be economic responsibilities? (Check all that apply.)

giving investors a return on invested capital repaying debts to creditors

philanthropic responsibilities

Be a good corporate citizen. Contribute resources to the community; improve the quality of life.

True or false: Managers should not only obey laws that reduce the effectiveness of the firm's strategy.

False

legal responsibilities

Law is society's codification of right and wrong; play by the rules of the game

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

The tasks are very interdependent.

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

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

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

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

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

all types of organizations

How should managers prioritize stakeholder concerns in the final step of stakeholder impact analysis?

by considering the power, legitimacy, and urgency of stakeholder claims

ethical responsibilities

do what is right, just, and fair

Which of the four corporate social responsibilities is considered first and foremost for business enterprises?

economic

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.

fifth

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

In the second step of the stakeholder impact analysis, managers need to identify and understand stakeholders' ______.

interests and claims

Microsoft donating more than $3 billion in cash and software to people in need is an example of which type of corporate social responsibility?

philanthropic

Which of the following legal developments allow business to function as an institution? (Check all that apply.)

property rights contract enforcement

In the ______ step of the stakeholder impact analysis the firm identifies their stakeholders' interests and claims according to the power, legitimacy, and urgency framework.

second

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

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

success and failure

In the ______ step of the stakeholder impact analysis, the firm identifies the opportunities and threats that stakeholders present to the firm.

third

The expectations that society has toward business, in contrast to what society requires, result in which of the following elements of the pyramid of corporate social responsibility? (Check all that apply.)

philanthropic responsibilities ethical responsibilities

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

responsibility

The idea that firms should voluntarily give back to society when they are able to do so is also known as ____

corporate citizenship

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

corporate social responsibility

Internet privacy, genetic engineering, and stem-cell research are examples of areas in which a firm's ______ responsibilities exceed its legal responsibilities.

ethical

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

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

Which of the following elements of the pyramid of corporate social responsibility are required by society? (Check all that apply.)

economic responsibilities legal responsibilities

In the _____ step of the stakeholder impact analysis, firms identify their various social responsibilities to stakeholders.

fourth

economic responsibilities

gain and sustain competitive advantage

What is the first step in the AFI strategy network?

analysis

What are the categories of expectations that society has of the business enterprise as described in the CSR framework? (Check all that apply

economic legal philanthropic ethical

Starbucks's commitment to fair trade and responsible growing practices indicates that the firm takes its ______ responsibilities seriously.

ethical