Chapter 1: Competitive Advantage and Stakeholders

Question 1

Business Strategy

Answer 1

A leadership plan that achieves a specific set of goals or objectives, such as increasing sales, decreasing costs, entering new markets

Question 2

Stakeholder

Answer 2

A person or group that has an interest or concern in an organization

Question 3

Government

Answer 3

Adhere to regulations/laws

Increase employment

ethical taxation reporting

Question 4

Customers

Answer 4

Exceptional customer service

High-quality products

Ethical dealing

Question 5

Employees

Answer 5

Fair compensation

Job security

Ethical conduct/treatment

Question 6

Community

Answer 6

Professional associations

Ethical recycling

Increase employment

Question 7

Shareholders/Investors

Answer 7

Maximize profits

Grow market share

High return on investment

Question 8

Partners/Suppliers

Answer 8

Reliable contracts

Ethical materials handling

Responsible production

Question 9

Competitive Advantage

Answer 9

A feature of a product or service on which customers place a greater value than they do on similar offerings from competitors.

Question 10

First Mover Advantage

Answer 10

Occurs when a company can significantly increase its market share by being first with a new competitive advantage.

Question 11

Competitive Intelligence

Answer 11

The process of gathering information about the competitive environment, including competitors’ plans, activities, and products, to improve a company’s ability to succeed.