Question 1

Stakeholder strategy is an integrative approach to managing a diverse set of stakeholders effectively in order to _____.

Accepted Answer

A)  single-mindedly focus on the stockholders alone 
B)  gain and sustain competitive advantage 
C)  minimize the joint value created 
D)  minimize the difference between value creation and cost 
A)  single-mindedly focus on the stockholders alone 
B)  gain and sustain competitive advantage 
C)  minimize the joint value created 
D)  minimize the difference between value creation and cost

Question 2

Provide examples of a firm's internal and external stakeholders.

Accepted Answer

A firm's internal stakeholders include s

Question 3

The _____ is a model that links strategy analysis, strategy formulation, and strategy implementation, which together help managers plan and implement a strategy that can improve performance and result in competitive advantage.

Accepted Answer

A)  Ansoff's growth strategy matrix 
B)  AFI strategy framework 
C)  Sarbanes-Oxley Act 
D)  stakeholder impact analysis 
A)  Ansoff's growth strategy matrix 
B)  AFI strategy framework 
C)  Sarbanes-Oxley Act 
D)  stakeholder impact analysis

Question 4

The society and shareholders mandatorily require a firm to perform its _____.

Accepted Answer

A)  ethical responsibilities 
B)  philanthropic responsibilities 
C)  legal responsibilities 
D)  political responsibilities 
A)  ethical responsibilities 
B)  philanthropic responsibilities 
C)  legal responsibilities 
D)  political responsibilities

Question 5

Which of the following statements should ideally reflect a firm's strategy for competitive advantage?

Accepted Answer

A)  Our strategy is to win at any cost. 
B)  We will be number one in the industry. 
C)  Our aim is to create superior customer value while controlling costs. 
D)  We want to be the market leader by exactly replicating our competitor's strategy. 
A)  Our strategy is to win at any cost. 
B)  We will be number one in the industry. 
C)  Our aim is to create superior customer value while controlling costs. 
D)  We want to be the market leader by exactly replicating our competitor's strategy.

Question 6

Which of following practices of a firm satisfies its ethical responsibilities?

Accepted Answer

A)  Using plastic as the packaging material though it is harmful to the environment, yet legal 
B)  Outsourcing production to a less developed country and paying wages that are below its own country's accepted minimum wages 
C)  Using advertising and other forms of promotion to endorse luxurious lifestyles 
D)  Selling vaccines at a subsidized price in a less developed country even though this results in reduced shareholder returns 
A)  Using plastic as the packaging material though it is harmful to the environment, yet legal 
B)  Outsourcing production to a less developed country and paying wages that are below its own country's accepted minimum wages 
C)  Using advertising and other forms of promotion to endorse luxurious lifestyles 
D)  Selling vaccines at a subsidized price in a less developed country even though this results in reduced shareholder returns

Question 7

The society and the shareholders just expect, and not mandatorily require a firm to:

Accepted Answer

A)  pay fair dividends and returns to the investors. 
B)  follow the employment laws of a country. 
C)  provide safe and quality products to the customers. 
D)  pay its workers more than the minimum living wages. 
A)  pay fair dividends and returns to the investors. 
B)  follow the employment laws of a country. 
C)  provide safe and quality products to the customers. 
D)  pay its workers more than the minimum living wages.

Question 8

In terms of BP's social responsibilities, many experts argued that, technical problems aside, BP's Deepwater Horizon disaster was caused by systemic problems.Discuss this statement in terms of stakeholder impact analysis.

Accepted Answer

As discussed in Strategy Highlight 1.2,

Question 9

What are the topics and questions managers need to address in the strategy analysis stage of the AFI strategy framework?

Accepted Answer

The topics and questions covered in stra

Question 10

Discuss the pyramid of corporate social responsibility (CSR).

Accepted Answer

The pyramid summarizes the four componen

Question 11

What is the relationship between firm effects and industry effects?

Accepted Answer

A firm's performance is more closely rel

Question 12

As the legal owners, _____ have the most legitimate claim on a company's profits.

Accepted Answer

A)  creditors 
B)  employees 
C)  shareholders 
D)  board members 
A)  creditors 
B)  employees 
C)  shareholders 
D)  board members

Question 13

Outline the relationship between strategic management and the role of business in society.

Accepted Answer

Companies with successful strategies gen

Question 14

What is the AFI strategy framework used for?

Accepted Answer

Managers use the AFI framework to do two

Question 15

The minimum wage in the country of New Morland is $8 an hour.Odion, a restaurant in the New Morland's capital city, pays its servers $8 per hour.However, the management of the restaurant feels that this amount is excessive for workers whose only job is to clear tables.By continuing to adhere to the rules set by the government of New Morland, which of the following responsibilities is Odion satisfying?

Accepted Answer

A)  Legal responsibilities 
B)  Philanthropic responsibilities 
C)  Ethical responsibilities 
D)  Demographic responsibilities 
A)  Legal responsibilities 
B)  Philanthropic responsibilities 
C)  Ethical responsibilities 
D)  Demographic responsibilities

Question 16

Which of the following is typically an economic responsibility of a firm?

Accepted Answer

A)  Sourcing raw materials from highly developed countries 
B)  Paying adequate returns to the firm's stockholders on the capital invested by them 
C)  Donating resources, in terms of money and time, toward community development 
D)  Helping a nation increase its import of goods and services 
A)  Sourcing raw materials from highly developed countries 
B)  Paying adequate returns to the firm's stockholders on the capital invested by them 
C)  Donating resources, in terms of money and time, toward community development 
D)  Helping a nation increase its import of goods and services

Question 17

Which of the following statements accurately describes firm effects?

Accepted Answer

A)  They attribute firm performance to the industry in which the firm competes. 
B)  They attribute firm performance to the actions managers take within a chosen industry. 
C)  They refer to the value-creation potential of a large, diversified enterprise. 
D)  They refer to the external circumstances surrounding all the firms in an industry. 
A)  They attribute firm performance to the industry in which the firm competes. 
B)  They attribute firm performance to the actions managers take within a chosen industry. 
C)  They refer to the value-creation potential of a large, diversified enterprise. 
D)  They refer to the external circumstances surrounding all the firms in an industry.

Question 18

Which of the following responsibilities results from a society's mere expectations of a business and not because the society and the shareholders mandatorily require the business to demonstrate it?

Accepted Answer

A)  Economic responsibilities 
B)  Legal responsibilities 
C)  Contract responsibilities 
D)  Philanthropic responsibilities 
A)  Economic responsibilities 
B)  Legal responsibilities 
C)  Contract responsibilities 
D)  Philanthropic responsibilities

Question 19

Discuss the ethical responsibilities of a business.

Accepted Answer

Legal responsibilities often define only

Question 20

When a firm adopts a differentiation strategy to attain competitive advantage, it focuses on:

Accepted Answer

A)  delivering unique features to its customers. 
B)  providing the lowest prices to its customers. 
C)  maximizing its profits by providing minimal customer service. 
D)  lowering costs by employing low-skill employees. 
A)  delivering unique features to its customers. 
B)  providing the lowest prices to its customers. 
C)  maximizing its profits by providing minimal customer service. 
D)  lowering costs by employing low-skill employees.

Stakeholder strategy is an integrative approach to managing a diverse set of stakeholders effectively in order to _____.

Provide examples of a firm's internal and external stakeholders.

The _____ is a model that links strategy analysis, strategy formulation, and strategy implementation, which together help managers plan and implement a strategy that can improve performance and result in competitive advantage.

The society and shareholders mandatorily require a firm to perform its _____.

Which of the following statements should ideally reflect a firm's strategy for competitive advantage?

Which of following practices of a firm satisfies its ethical responsibilities?

The society and the shareholders just expect, and not mandatorily require a firm to:

In terms of BP's social responsibilities, many experts argued that, technical problems aside, BP's Deepwater Horizon disaster was caused by systemic problems.Discuss this statement in terms of stakeholder impact analysis.

What are the topics and questions managers need to address in the strategy analysis stage of the AFI strategy framework?

Discuss the pyramid of corporate social responsibility (CSR).

What is the relationship between firm effects and industry effects?

As the legal owners, _____ have the most legitimate claim on a company's profits.

Outline the relationship between strategic management and the role of business in society.

What is the AFI strategy framework used for?

Which of the following is typically an economic responsibility of a firm?

Which of the following statements accurately describes firm effects?

Which of the following responsibilities results from a society's mere expectations of a business and not because the society and the shareholders mandatorily require the business to demonstrate it?

Discuss the ethical responsibilities of a business.

When a firm adopts a differentiation strategy to attain competitive advantage, it focuses on:

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

Stakeholder strategy is an integrative approach to managing a diverse set of stakeholders effectively in order to _____.

Provide examples of a firm's internal and external stakeholders.

The _____ is a model that links strategy analysis, strategy formulation, and strategy implementation, which together help managers plan and implement a strategy that can improve performance and result in competitive advantage.

The society and shareholders mandatorily require a firm to perform its _____.

Which of the following statements should ideally reflect a firm's strategy for competitive advantage?

Which of following practices of a firm satisfies its ethical responsibilities?

The society and the shareholders just expect, and not mandatorily require a firm to:

In terms of BP's social responsibilities, many experts argued that, technical problems aside, BP's Deepwater Horizon disaster was caused by systemic problems.Discuss this statement in terms of stakeholder impact analysis.

What are the topics and questions managers need to address in the strategy analysis stage of the AFI strategy framework?

Discuss the pyramid of corporate social responsibility (CSR).

What is the relationship between firm effects and industry effects?

As the legal owners, _____ have the most legitimate claim on a company's profits.

Outline the relationship between strategic management and the role of business in society.

What is the AFI strategy framework used for?

Which of the following is typically an economic responsibility of a firm?

Which of the following statements accurately describes firm effects?

Which of the following responsibilities results from a society's mere expectations of a business and not because the society and the shareholders mandatorily require the business to demonstrate it?

Discuss the ethical responsibilities of a business.

When a firm adopts a differentiation strategy to attain competitive advantage, it focuses on:

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