Question 1

What is meant by corporate social responsibility (CSR)?

Accepted Answer

To identify a firm's responsibilities toward its stakeholders, scholars have advanced the notion of corporate social responsibility (CSR).This framework helps firms recognize and address the economic, legal, ethical, and philanthropic expectations that society has of the business enterprise at a given point in time.CSR goes beyond the notion of encouraging businesses to "just be nice." Instead, managers need to realize that society grants shareholders the right and privilege to create a publicly traded stock company, and therefore the firm owes something to society.Moreover, CSR provides managers with a conceptual model that more completely describes a society's expectations and can guide strategic decision making more effectively.In particular, CSR has four components: economic, legal, ethical, and philanthropic responsibilities.

Question 2

Within corporate social responsibility, _____ essentially reflects the notion of a business voluntarily giving back to society.

Accepted Answer

A)  social networking 
B)  corporate citizenship 
C)  corporate governance 
D)  social bookmarking 
A)  social networking 
B)  corporate citizenship 
C)  corporate governance 
D)  social bookmarking B

Question 3

What are the economic responsibilities of a business?

Accepted Answer

The business enterprise is first and foremost an economic institution.Investors expect an adequate return for their risk capital.Consumers expect safe products and services at appropriate prices and quality.Suppliers expect to be paid in full and on time.Governments expect the firm to pay taxes and to manage natural resources such as air and water under a decent stewardship.To accomplish all this, firms must obey the law and act ethically in their quest to gain and sustain competitive advantage.

Question 4

Which of the following stages in the AFI strategy framework involves designing a business, corporate, and global strategy?

Accepted Answer

A)  Strategy control 
B)  Strategy implementation 
C)  Strategy analysis 
D)  Strategy formulation 
A)  Strategy control 
B)  Strategy implementation 
C)  Strategy analysis 
D)  Strategy formulation

Question 5

_____ is best described as an integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage.

Accepted Answer

A)  Supply chain management 
B)  Integrated technology management 
C)  Strategic management 
D)  Inventory management 
A)  Supply chain management 
B)  Integrated technology management 
C)  Strategic management 
D)  Inventory management

Question 6

State-level government agencies that check whether firms are meeting statutory safety measures in their production units are considered to be the firms' _____.

Accepted Answer

A)  stockholders 
B)  shareholders 
C)  internal stakeholders 
D)  external stakeholders 
A)  stockholders 
B)  shareholders 
C)  internal stakeholders 
D)  external stakeholders

Question 7

What are the issues to be addressed by managers during the strategy implementation stage of the AFI strategy framework?

Accepted Answer

The topics and questions to be addressed

Question 8

Define strategic management.What prevented Apple from going bankrupt approximately 15 years before its sudden success in 2012?

Accepted Answer

Strategic management, the topic of this

Question 9

Keeping in mind Apple's competitive advantage, which of the following products was introduced by Apple in 2007?

Accepted Answer

A)  iPad 
B)  iPhone 
C)  iPod 
D)  iTunes 
A)  iPad 
B)  iPhone 
C)  iPod 
D)  iTunes

Question 10

Cadia Foods Inc.was the first company to start selling energy drinks in its country-a product that gained popularity among diverse groups.Soon, other companies started to sell their own brands of energy drinks, thereby giving Cadia Foods ample competition.In response, Cadia Foods decided to limit its variety of energy drinks to only two.However, it ensured that these two flavors were free of calories and low in cost.With this innovation, Cadia Foods Inc.consistently outperformed its competitors for ten years.In this scenario, Cadia Foods Inc.has maintained a _____ through its innovative strategy.

Accepted Answer

A)  balanced scorecard 
B)  fiduciary responsibility 
C)  consistent power position 
D)  sustainable competitive advantage 
A)  balanced scorecard 
B)  fiduciary responsibility 
C)  consistent power position 
D)  sustainable competitive advantage

Question 11

Not long after Apple became the world's most valuable company, signs of trouble emerged.This made it more difficult for Apple to sustain its competitive advantage.Explain.

Accepted Answer

As discussed in Chapter Case 1, not long

Question 12

How is competitive advantage different from competitive parity?

Accepted Answer

A firm that achieves superior performanc

Question 13

A core tenet of stakeholder strategy is that a:

Accepted Answer

A)  firm should isolate its internal stakeholders from its external stakeholders. 
B)  single-minded focus on shareholders alone exposes a firm to undue risks that can threaten the very survival of the enterprise. 
C)  multifaceted exchange relationship with internal and external stakeholders can lead to a firm's competitive disadvantage. 
D)  firm should work toward competitive parity rather than gaining and sustaining a competitive advantage. 
A)  firm should isolate its internal stakeholders from its external stakeholders. 
B)  single-minded focus on shareholders alone exposes a firm to undue risks that can threaten the very survival of the enterprise. 
C)  multifaceted exchange relationship with internal and external stakeholders can lead to a firm's competitive disadvantage. 
D)  firm should work toward competitive parity rather than gaining and sustaining a competitive advantage.

Question 14

A firm is embedded in a multifaceted exchange relationship with a number of diverse internal and external stakeholders.Elaborate on this statement.

Accepted Answer

All stakeholders make specific contribut

Question 15

JetBlue's "Customer Bill of Rights" declared its dedication to "bringing humanity back to air travel." Discuss this statement in light of the strategies for obtaining competitive advantage.

Accepted Answer

As mentioned in Strategy Highlight 1.1,

Question 16

Keeping in mind the process of stakeholder impact analysis, how was Sony Corp.able to transform threats into opportunities?

Accepted Answer

In the best-case scenario, managers tran

Question 17

List a few legal responsibilities of a business.

Accepted Answer

Laws and regulations are a society's cod

Question 18

The management of Five Square Corp.wants to reduce the separation between ownership (by shareholders)and control of the firm (by professional managers).Which of the following practices would best help the company do this?

Accepted Answer

A)  Allowing employees to purchase the stock of the company at a discounted rate 
B)  Reinvesting the annual profits of the company into research and development 
C)  Issuing new additional shares to the existing stockholders in proportion to their current holdings 
D)  Declaring the annual profits as bonus dividends to the existing stockholders 
A)  Allowing employees to purchase the stock of the company at a discounted rate 
B)  Reinvesting the annual profits of the company into research and development 
C)  Issuing new additional shares to the existing stockholders in proportion to their current holdings 
D)  Declaring the annual profits as bonus dividends to the existing stockholders

Question 19

Which of the following forces is most closely related to industry effects within the automobile industry?

Accepted Answer

A)  The actions taken to improve employee productivity within a firm 
B)  The human resource strategy managers adopt to acquire the best talent from the industry 
C)  The types of products and the services offered within the industry 
D)  The decisions made within a firm regarding pricing of a product in the market 
A)  The actions taken to improve employee productivity within a firm 
B)  The human resource strategy managers adopt to acquire the best talent from the industry 
C)  The types of products and the services offered within the industry 
D)  The decisions made within a firm regarding pricing of a product in the market

Question 20

After a firm has identified its key stakeholders in stakeholder impact analysis, the immediate next step is to:

Accepted Answer

A)  recognize the opportunities and threats the stakeholders present. 
B)  identify stakeholders' interests and claims. 
C)  formulate a stakeholder strategy. 
D)  address the stakeholders' concerns. 
A)  recognize the opportunities and threats the stakeholders present. 
B)  identify stakeholders' interests and claims. 
C)  formulate a stakeholder strategy. 
D)  address the stakeholders' concerns.

What is meant by corporate social responsibility (CSR)?

Within corporate social responsibility, _____ essentially reflects the notion of a business voluntarily giving back to society.

What are the economic responsibilities of a business?

Which of the following stages in the AFI strategy framework involves designing a business, corporate, and global strategy?

_____ is best described as an integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage.

State-level government agencies that check whether firms are meeting statutory safety measures in their production units are considered to be the firms' _____.

What are the issues to be addressed by managers during the strategy implementation stage of the AFI strategy framework?

Define strategic management.What prevented Apple from going bankrupt approximately 15 years before its sudden success in 2012?

Keeping in mind Apple's competitive advantage, which of the following products was introduced by Apple in 2007?

Not long after Apple became the world's most valuable company, signs of trouble emerged.This made it more difficult for Apple to sustain its competitive advantage.Explain.

How is competitive advantage different from competitive parity?

A core tenet of stakeholder strategy is that a:

A firm is embedded in a multifaceted exchange relationship with a number of diverse internal and external stakeholders.Elaborate on this statement.

JetBlue's "Customer Bill of Rights" declared its dedication to "bringing humanity back to air travel." Discuss this statement in light of the strategies for obtaining competitive advantage.

Keeping in mind the process of stakeholder impact analysis, how was Sony Corp.able to transform threats into opportunities?

List a few legal responsibilities of a business.

The management of Five Square Corp.wants to reduce the separation between ownership (by shareholders)and control of the firm (by professional managers).Which of the following practices would best help the company do this?

Which of the following forces is most closely related to industry effects within the automobile industry?

After a firm has identified its key stakeholders in stakeholder impact analysis, the immediate next step is to:

Strategic Leadership: Managing the Strategy Process

External Analysis: Industry Structure, Competitive Forces, and Strategic Groups

Internal Analysis: Resources, Capabilities, and Core Competencies

Competitive Advantage, Firm Performance, and Business Models

Business Strategy: Differentiation, Cost Leadership, and Blue Oceans

Business Strategy: Innovation, Entrepreneurship, and Platforms

Corporate Strategy: Vertical Integration and Diversification

Corporate Strategy: Strategic Alliances, Mergers and Acquisitions

Global Strategy: Competing Around the World

Organizational Design: Structure, Culture, and Control

Corporate Governance and Business Ethics

Filters

Exam 1: What Is Strategy

What is meant by corporate social responsibility (CSR)?

Within corporate social responsibility, _____ essentially reflects the notion of a business voluntarily giving back to society.

What are the economic responsibilities of a business?

Which of the following stages in the AFI strategy framework involves designing a business, corporate, and global strategy?

_____ is best described as an integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage.

State-level government agencies that check whether firms are meeting statutory safety measures in their production units are considered to be the firms' _____.

What are the issues to be addressed by managers during the strategy implementation stage of the AFI strategy framework?

Define strategic management.What prevented Apple from going bankrupt approximately 15 years before its sudden success in 2012?

Keeping in mind Apple's competitive advantage, which of the following products was introduced by Apple in 2007?

Not long after Apple became the world's most valuable company, signs of trouble emerged.This made it more difficult for Apple to sustain its competitive advantage.Explain.

How is competitive advantage different from competitive parity?

A core tenet of stakeholder strategy is that a:

A firm is embedded in a multifaceted exchange relationship with a number of diverse internal and external stakeholders.Elaborate on this statement.

JetBlue's "Customer Bill of Rights" declared its dedication to "bringing humanity back to air travel." Discuss this statement in light of the strategies for obtaining competitive advantage.

Keeping in mind the process of stakeholder impact analysis, how was Sony Corp.able to transform threats into opportunities?

List a few legal responsibilities of a business.

The management of Five Square Corp.wants to reduce the separation between ownership (by shareholders)and control of the firm (by professional managers).Which of the following practices would best help the company do this?

Which of the following forces is most closely related to industry effects within the automobile industry?

After a firm has identified its key stakeholders in stakeholder impact analysis, the immediate next step is to:

Strategic Leadership: Managing the Strategy Process

External Analysis: Industry Structure, Competitive Forces, and Strategic Groups

Internal Analysis: Resources, Capabilities, and Core Competencies

Competitive Advantage, Firm Performance, and Business Models

Business Strategy: Differentiation, Cost Leadership, and Blue Oceans

Business Strategy: Innovation, Entrepreneurship, and Platforms

Corporate Strategy: Vertical Integration and Diversification

Corporate Strategy: Strategic Alliances, Mergers and Acquisitions

Global Strategy: Competing Around the World

Organizational Design: Structure, Culture, and Control

Corporate Governance and Business Ethics

Filters