B. Strategic Management of Stakeholder Relationship

Question 1

defined as a plan of action taken to achieve objectives.

Answer 1

Strategy

Question 2

Three steps involved in strategy:

Answer 2

(1) Formulation
(2) Implementation
(3) Evaluation

Question 3

is a process of creating a competitive advantage over its competitor and sustaining this advantage in the long term.

Answer 3

Strategic Management

Question 4

Five steps for strategic management

Answer 4

(1) Establish goals
(2) Scan environment
(3) Formulation
(4) Implementation
(5) Evaluation

Question 5

initially performed by creating and/or clarifying business vision/mission and identifying goals/objectives.

Answer 5

Establish goals

Question 6

what the company envisions itself to be in the future or to become.

Answer 6

vision

Question 7

describes what the company is all about, who they are, what and how they do things and for whom.

Answer 7

mission

Question 8

desired outcomes of planning, broader than objectives.

Answer 8

goals

Question 9

aimed targets that are needed to achieve goals.

Answer 9

objectives

Question 10

perform thorough analysis and assessment of the internal and external environment of the company

Answer 10

scan environment

Question 11

looks at the external opportunities and threats, given the dynamics of a particular industry.

Answer 11

external

Question 12

looks at a company’s strength and weaknesses by assessing its resources.

Answer 12

internal

Question 13

develops top level strategies that can be trickled down to the rest of the organization.

Answer 13

formulation

Question 14

executes developed plans by providing detailed objectives and action plans

Answer 14

implementation

Question 15

measures and assesses results and recommends changes for improvement if necessary

Answer 15

evaluation

Question 16

are individuals or groups of people who can be affected by the activities engaged in by corporations in achieving their goals.

Answer 16

stakeholders

Question 17

are shareholders (investors, owners, partners, or anyone who has a financial stake in the company), customers, employees, suppliers, and society (government, civil society, and institutions).

Answer 17

key stakeholders

Question 18

this theory states that companies are responsible for generating reasonable profits for their stakeholders but should also be responsible for their stakeholders’ well-being.

Answer 18

Stakeholder Theory

Question 19

starts within an organization when it embeds and aligns its CSR initiative as part of the company’s overall strategy.

Answer 19

Strategic CSR

Question 20

It means that a company’s objectives, strategies, and core values take into consideration the impact its operations have on the stakeholders.

Answer 20

Strategic CSR

Question 21

An effective CSR strategy entails performing the following steps:

Answer 21

(1) Identify the goals/objectives of the company
(2) Scan the environment
(3) Formulate CSR strategy
(4) Implement the CSR program
(5) Evaluate the program

Question 22

looks at the vision, mission, resources, strength, and weaknesses of the company.

Answer 22

internal assessment

Question 23

looks at the needs of the stakeholder, considering the given opportunities and threats that are in line with corporate goals and objectives.

Answer 23

external assessment

Question 24

This step provides a foundation and aids in developing a strategic CSR program.

Answer 24

Scan the environment

Question 25

Six Success Indicators

Answer 25

(1) Alignment of CSR with Business Strategy (2) Leadership (3) Employee engagement (4) Collaboration (5) Communication (6) Value Creation

Question 26

Focusing on particular objectives in consonance with corporate strategy will yield the best results: a growing and profitable business and satisfied stakeholders.

Answer 26

Alignment of CSR with Business Strategy

Question 27

Passion most importantly - follow the lead of "management's heart". Authenticity is key. When you see the management's heart is the one leading and when you keep the company's best interest upfront - everything becomes natural, cohesive, and authentic.

Answer 27

Leadership

Question 28

Through employee volunteerism, CSR can be strengthened. Companies pave the way for employees to engage in the program voluntarily and some provide incentives to employees who participate in these activities.

Answer 28

Employee engagement

Question 29

CSR is operated in cooperation with various institutions to make it work effectively and efficiently.

Answer 29

Collaboration

Question 30

True or False: The role of government in CSR is to ensure that the very essence of corporations is to provide for the common good which pertains to stakeholders

Answer 30

True

Question 31

True or False: Civil society’s CSR role is to ensure that stakeholders serve as watchdogs in the monitoring and implementation of CSR.

Answer 31

True

Question 32

True or False: Corporations must be aware of the impact of their activities on the public.

Answer 32

True

Question 33

is needed to allow strategic CSR to come into fruition.

Answer 33

Synergy

Question 34

True or False: Alliances or partnerships with government, civil society, business and all stakeholders are important sources of legitimacy.

Answer 34

True

Question 35

By communicating the success of a company’s CSR initiatives, it would have an immediate effect on strengthening buy-in within the company and encourage participants to perform better. Informing various stakeholders on success stories will increase public trust and legitimacy.

Answer 35

Communication

Question 36

The ultimate goal of business is to create sustainable value for its stakeholders. Companies must be aware of how they operate in today’s volatile and uncertain environment and how they eventually affect our daily lives.

Answer 36

Value Creation