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MBA - MGT 552 - Nonmarket Strategy > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Define business

A

Collection of private, commercially oriented organizations, ranging in size from one-family proprietorships to corporate giants

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2
Q

Define Society

A

A community, nation, or a broad grouping of people w/common traditions, values, institutions, and collective activities and interests

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3
Q

What is the macroenvironment

A

The total environment outside the firm

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4
Q

What are the four segments of the macroenvironment

A

Social, Economic, Political, and Technology

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5
Q

What composes the social macroenvironment

A

Demographics, lifestyles, culture and social values of society

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6
Q

What composes the economic environment

A

Nature and direction of the economy in which business operates

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7
Q

What composes the political environment

A

The process by which laws get passed and officials get elected and all other aspects of the interaction between firms, political practices and government

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8
Q

What composes the technological environment

A

The total set of tech-based advancements taking place in society and the world

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9
Q

Define pluralism

A

A diffusion of power among society’s many groups nd organizations

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10
Q

What is a pluralistic society

A

One in which there is a wide decentralization and diversity of power concentration

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11
Q

What is a special interest society

A

One characterized by many special interest groups with pursuit of their own agendas

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12
Q

Define Nongovernmental organization (NGO)

A

Interest groups that represent all sectors of society

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13
Q

ist the ten factors in the social environment

A 
Affluence
Education
Awareness by TV, movie, internet, and social media
Revolution of rising expectations
Entitlement Mentality
Rights movement
Victimization Philosophy
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14
Q

Define affluence

A

Level of wealth, disposable income, and standard of living of the society

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15
Q

What is the revolution of rising expectations

A

One of the factors of the social environment that is the belief that each generation ought to have a higher standard of living than the previous

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16
Q

What is entitlement mentality

A

One of the factors of the social environment that is the general belief that someone is owed something simply by being a part of society

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17
Q

What is the rights movement

A

One of the factors of the social environment that is the combination of rising expectations and entitled mentality

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18
Q

What is the victimization philisophy

A

One of the factors of the social environment that states that people/groups are the victim of buisness

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19
Q

What is business power

A

The capacity to impart a group of people/society

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20
Q

What are the four levels of business power

A

Macrolevel, intermediate, microlevel, individual level

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21
Q

What is the macrolevel of bus power

A

the entire corporate system

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22
Q

what is the intermediate level of bus power

A

Groups of corporations working together to produce an effect

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23
Q

What is the microlevel of bus power

A

The level of an individual firm

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24
Q

What is the individual level of bus power

A

The leader of a corporate firm

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25
Q

What are the spheres of power (list)

A 
Economic
Social/cultural
Individual
Technological
Environmental
Political
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26
Q

What is the Iron law of Responsibility

A

If power and responsibility become out of balance, forces will be generated to return it to balance

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27
Q

What is a social contract

A

Set of the reciprocal understand and expect that characterize the relationship between business and society

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28
Q

What is business ethics

A

Urgent ethical issues (fairness/justness) in the organizational realm

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29
Q

What is sustainability

A

Businesses ability to survive and thrive long term

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30
Q

Sustainable Development

A

Pattern of resource use that aims to meet current needs while considering the envirnoment

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31
Q

What is a stakeholder

A

Has a vied interest in the firm

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32
Q

Initial definition of corporate social responsibility (CSR)

A

Seriously considering the impact of the company on society

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33
Q

Define Business for social responsibility (BSR)

A

A national business alliance that fosters responsible social practices

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34
Q

What were the components of the Economic Model (1800s)

A

Philanthropy, community obligations, and paternalism

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35
Q

Define philanthropy

A

Contributions to charity and other worthy causes

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36
Q

Define CSR (modern)

A

The social responsibility of business encompasses the economic, legal, ethical and discretionary expectations that society has of organizations at a given point of time

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37
Q

Define economic responsibility

A

Part of CSR that is the base-level tier of production of goods that society wants and to sell them at fair prices

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38
Q

Define legal responsibility

A

Business must follow the laws set in place and society can change if not followed

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39
Q

Define ethical responsibility

A

Encompassing the decision and behaviour arenas in which society expects certain levels of moral or principled performance but has not yet been put into law

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40
Q

Define Philanthropic responsibility

A

Expectation that business will give back even though it is not required by law nor ethics

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41
Q

What is the pyramid of CSR

A

1 - be profitable
2 - obey the law
3 - be ethical
4 - be a good corporate citizen

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42
Q

Define CSR exemplar firms

A

Take the lead on Corporate Social Responsibility - social entrepreneurship, social intrapreneruship, and mainstream adopters

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43
Q

Define social entrepreneurship firm

A

A CSR exemplar firm that begins with the CSR values and move forward

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44
Q

Define social intrapreneurship firm

A

A CSR exemplar firm that did not start with a social agenda but have developed a highly visible one

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45
Q

Define mainstream adopters

A

A CSR exemplar firm that has some degree of adoption of a social agenda

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46
Q

What are the four approaches to CSR

A

Defensive approach
Cost-benefit approach
Strategic approach
Innovation and learning approach

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47
Q

Define defensive approach

A

An approach to CSR that is focused on alleviating negatives

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48
Q

Define cost-benefit approach

A

An approach to CSR that is focused on the benefits over the cost of something

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49
Q

Define strategic approach

A

An approach to CSR that is focused on the environmental changes

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50
Q

Define innovation and learning

A

An approach to CSR that states that it provides opportunity to the business

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51
Q

What are the five ages of CSR

A

Greed, philanthropy, marketing, management, and responsibility

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52
Q

What is CSR Greenwashing

A

Intentionally seeking to conevy the image of social responsibility when there is no evidence that they are

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53
Q

What is political CSR

A

emphasizes activities with unintentional poltical consequences

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54
Q

What is Corporate Social Responsivess

A

Difference between an obligation and an action/dynamic decision

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55
Q

What is corporate social performance (CSP)

A

Suggests that the results are better than the intentions

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56
Q

What is Carroll’s CSP model

A

1 - categories (CSP levels)
2 - philosophies of social responsibility
3 - social issues involved

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57
Q

What are the seven dimensions of corporate citizenship

A

Citizen concept, strategic intent, leadership, structural, issues material, stakeholder relationship, and transparency

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58
Q

What is the triple-bottom line composed of?

A

3 key spheres of sustainability that must be met - economic, social, and environmental (the 3 Ps! Profits, People, and Planet)

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59
Q

What is the economic component of the triple-bottom line

A

Creation of wealth - profits

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60
Q

What is the social component of the triple-bottom line

A

Quality of life- people

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61
Q

What is the environmental component of the triple-bottom line

A

Protection and conservation - planet

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62
Q

What is creating shared value

A

Framework developed by Porter and Kramer that allows for the generation of economic value while also producing value for society

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63
Q

What is conscious cpitalism

A

Capitalism that reflects and leverages the interdependent nature of life and the stakeholders in business

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64
Q

What are the 4 pillars of conscious capitalism

A

Higher Purpose
Stakeholder Orientation
Conscious Leadership
Conscious Culture

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65
Q

ESG investing?

A

Environmental, Social, Governance investing

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66
Q

What is the 21st century key to success

A

Stakeholder Inclusion

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67
Q

Define stake

A

An interest in or a share in an undertaking

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68
Q

Define claim

A

demand for something thought to be or actually due

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69
Q

What is a legal right

A

When a person or group has a legal claim to be treated in a certain way or to have a particular right protected

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70
Q

Stakeholder

A

Individual or group that has one or more of the various levels of stakes in an organization

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71
Q

What is the most imoprtant stakeholder

A

The natural environment

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72
Q

What are the stakeholder groups (examples)

A 
Employee
Shareholder
Customer
Community
Competitors
Supplies
Media
Society
Specialist Groups
Activist Groups
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73
Q

What is the production view of firms

A

Owners viewed stakeholder as the individual or groups that supplied resources or bought products/services

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74
Q

What is the managerial view

A

View that in addition to suppliers and users of goods, the owners and employyees are also stakeholders

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75
Q

What is the stakeholder view

A

Encompasses the numerous different individuals and groups that are embedded in the firms international and external environment

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76
Q

What is a primary social stakeholder

A

One with a direct stake in the organization and thus are the most influential

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77
Q

Examples of primary social stakeholders

A 
Shareholders and investors
Employees
Customers
Suppliers
Local Community
78
Q

what is a secondary social stakeholder

A

One that can also be extremely influential, especially in public reputation and public standing, but their stake is indirect or derived

79
Q

Examples of a secondary social stakeholder

A 
Government and regulators
Civic Institutions
Social Pressure
Media
Trade bodies
Competitors
80
Q

What are primary nonsocial stakeholders

A

Natural environment, future generation, nonhuman species

81
Q

What are secondary nonsocial stakeholders

A

Those who represent the primary nonsocial stakeholders - can be activist groups

82
Q

What are the important stakeholder attributes (list)

A

Legitimacy, power, and urgency

83
Q

Define legitamacy

A

The perceived validity of a stakeholders claim to stake (one of the important stakeholder attributes)

84
Q

Define Power

A

The ability or capacity of the stakeholder to produce an effect (one of the important stakeholder attributes)

85
Q

Define Pressure

A

The ability and capacity of stakeholders to affect an organization by influencing its organizational decisions - regardless of legitimacy, power, and urgency

86
Q

Define Urgency

A

The degree to which the stakeholders claim on the business calls for the businesses immediate action/response (one of the important stakeholder attributes)

87
Q

Define proximity

A

The spatial distance between the organization and its stakeholders

88
Q

What is the strategic approach SH

A

An approach to stakeholders where the stakeholders are viewed as factors to be taken into consideration and managed while the firm pursues profits for its shareholders

89
Q

What is the multifiduciary approach SH

A

An approach to stakeholders where stakeholders are more than just individuals/groups that can wield economic or legal power, and management has a responsibility towards them

90
Q

What is the stakeholder synthesis appraoch

A

An approach to stakeholders where business has a moral responsibility to stakeholders but they should not be seen as part of a fiduciary obligation

91
Q

What are the three approaches to stakeholders (list)

A

Strategic
Multifiduciary
Stakeholder Synthesis

92
Q

What are the three values of the stakeholder model (List)

A

Descriptive
Instrumental
Normative

93
Q

Define descriptive value

A

A value of the stakeholder model that provides language and concepts to describe effectively the corporation or organization in stakeholder inclusion terms

94
Q

Define Instrumental value

A

A value of the stakeholder model that is useful in portraying the relationship b/t the practice of stakeholder management and the resulting achievement of corporate performance goals

95
Q

Define normative value

A

A value of the stakeholder model where stakeholders are seen as possessing value irrespective of their instrumental use to management

96
Q

What are the 5 key questions to Stakeholder mgt

A

Who are the organizations SH
What are their stakes
What opportunities and challenges do they present
What responsibilities do we have to them
What strategies or actions should firms take to best address the opp and challenges

97
Q

What are the kinds of responsibilities a firm has to a stakeholder?

A

Legal, Ethical, Economic and Philanthropic

98
Q

What are the four strategies to be taken towards stakeholders

A

Supportive SH - INVOLVEMENT (High coop, low threat)
Nonsupporive SH - DEFENSIVE (low coop, high threat)
Marginal SH - MONITOR (low coop, low threat)
Mixed-Blessing SH - COLLABORATE ( high coop, high threat)

99
Q

Define SH Thinking

A

Process of always reasoning in SH terms throughout the management process

100
Q

Define SH mindset

A

Managers look at world thru a SH script

101
Q

What is a SH culture

A

Embraces the beliefs, values, and practices that organizations have developed for addressing stakeholder issues and relationships

102
Q

What is stakeholder management capacity (SMC)

A

An organizational integration of SH thinking into its process at one of the three levels of increasing sophistication (rational - process - transactional)

103
Q

What are the three levels of stakeholder management capacity (SMC)

A

Rational - Company can ID who and what
Process - Company develops and implements a process to dealing with them
Transactional - Company engages with SH

104
Q

What is SH corporation

A

A corporation with a primary focus of SH inclusiveness and embraces the idea of a symbiotic rln

105
Q

What are the three strategic steps towards global SH MGT

A

Governing Philosophy, Values Statement, Measurement System

106
Q

Define legitimacy

A

Helps to explain the importance of relative roles of a corporations character, SH, board of directors, MGT and employees

107
Q

Define legitimation

A

Dynamic process by which bus seeks to perpetuate its acceptance

108
Q

Microlevel of legitimacy - 3

A

1 - adapt to societies expectations
2 - change societal values to those of rim
3 - enhance legitimacy by ID w/others already legit in society

109
Q

Define corporate governance

A

Method by which a firm is being governed, directed, administered, or controlled and to the goals for which it is being governed

110
Q

What is corporate governance concerned with

A

The relative roles, rights, and account of such SH groups (owners, board of direct, managers, employees, other)

111
Q

What is the American-Anglo model of corp gov

A

Outside directors, following common law, w/market oriented and SH governance

112
Q

What is continental-European model

A

Inside directors, civil law, block ownership w/bank orientation and SH-coordinated governance

113
Q

What is the role of SH in Anglo-Amer model

A

Own stock in firm which gives them ultimate control over corporation and its owners

114
Q

What is the role of the board of directors in Anglo-Amer model

A

Govern and oversee mgt of business - put SH interest first

115
Q

What is the role of MGT in Anglo-Amer model

A

Group of individuals hired by the board to run the company and manage it on a daily basis

116
Q

What is the role of employees in Anglo-Amer model

A

Hired by company to perform the operational work

117
Q

What are agency problems

A

Interests of SH do not equal the interests of MGT and MGT begins to pursue self-interest instead

118
Q

What is the CEO pay/firm performance relationship

A

One of the issues surrounding compensation of CEOs in which there is a relation between firm performance and compensation. Includes stock options such as backdating, spring-loading, bullet-dodging, and finding restricted stock

119
Q

Define backdating

A

Recipient has option to purchase stock at yesterdays price, resulting in an immediate increase “in the money”

120
Q

Define spring-loading

A

Buy at todays price with knowledge that something good is about to happen

121
Q

Define bullet dodging

A

Delay stock option grant until right after the bad news

122
Q

Define restricted stock

A

Stock that always has value, even in a down market and does not have an exercise price

123
Q

Define clean capitalism

A

An economic system in which prices fully incorporate social, economic and ecological costs

124
Q

Define clawback provisiosn

A

Compensation mechanisms that enable companies to recoup compensation

125
Q

What is the council of institutional Investors

A

A non profit association of corporate, public, and employee benefit funds

126
Q

What is the Say on Pay movement

A

Evolved from excessive CEO pay firms that involves the ideals of clean capitalism and clawback provisions

127
Q

What did the SEC require companies to do (with CEO pay)

A

Pay-ratio disclosure rule - requires company to publish the ratio

128
Q

What are some of the issues with CEO pay

A

Excessive compensation thru stock and large exit and retirement packages

129
Q

What is a poison pill

A

Intended to discourage/prevent a hostile takeover - when one SH hostily buys a lot of stock, other SH will buy more to dilute it

130
Q

What are golden parachutes

A

Provision in an employment contract in which a corporation agrees to make payments to key officers in the event of a change in control of the corporation

131
Q

What is insider trading?

A

Buying/selling info that is not available to the public

132
Q

What is the Sarbanes Oxley Act of 2002

A

Improves financial reporting in the company

133
Q

What are the principal monitoring committees?

A

Audit committee, nominating committee, and compensation committee

134
Q

What is the role of the audit committee

A

Responsible for assessing the adequacy of internal control systems and the integrity of financial statements

135
Q

What is the role of the nominating committee

A

Composed of outside directors, has the responsibility of evaluating executive performance and recommending terms and conditions of employment

136
Q

What is the role of the compensation committee

A

Has the responsibility of evaluating executive performance and recommending terms and conditions of employment

137
Q

What is the risk committee

A

Provides oversight about risks regarding strategy and tactics across operational, financial, and compliance areas

138
Q

What is CEO duality?

A

When someone is the CEO and sits on the board of directors

139
Q

What is a ponzi scheme

A

Lures investors in with fake promise of profit but actually pays earlier investors with later investors money

140
Q

What is the shareholder primacy model

A

Maximizing share value is the ultimate goal and increase corporate governance by decreasing board power and maximizing sh power

141
Q

what is the director primacy model

A

based on the idea that a corporation is not owned but is independent and owns itself

142
Q

what is shareholder engagement

A

a strategy and set of formal procedures for opening communication between sh and a company on a variety of issues

143
Q

Why do we have committees

A

Ensure there is no misleading financials and follow up on any irregularities

144
Q

What are the 9 red flags that there are board problems

A 
Company restates earnings
Poor employee moral
Adverse SOX 404 opinion
Poor customer satisfaction
MGT misses strategic performance goals
Company is target of employee lawsuits
Stock price decrease
Quarterly financial results miss analysis expectations
Low corporate governance quotient rating
145
Q

What are the 3 components to the democracy movement for SH

A

1 - majority vote
2 - banning classified/staggered boards
3 - proxy access

146
Q

What are the 9 steps to repair a board

A 
Spread risk oversight over committees
Seek outside help to ID risks
Deepen involvement in corp strategy
Align board size and skill mix strategy
Revamp executive compensation
Pick compensation committee members who will question the status quo
Use independent compensation consultants
Evaluate CEO on grooming potential replacers
Know what matters to your investors
147
Q

What is strategic mgt

A

overall mgt process that strives to ID corporate purpose and position in a firm to succeed in its market environment by achieving competitive advantage

148
Q

Corporate public policy

A

A firms posture, stance, strategy, or position regarding the environmental, social, global, and ethical aspects of stakeholders and corporate functioning

149
Q

What is corporate public affairs

A

public affairs mgt

150
Q

What are the four key strategy levels of strategic mgt (list)

A

Enterprise level
Corporate level
Business level
Functional Level

151
Q

Defin enterprise level strategy

A

The books fav strategic mgt strategy that poses basic questions and encompasses the development and articulation of corporate public policy

152
Q

Define corporate level stratgey

A

A strategic mgt strategy - defining business questions of the firm

153
Q

define bus level strategy

A

A strategic mgt strategy that asks - how should we compete in a given business or industry

154
Q

define functional level strategy

A

A strategic mgt strategy that asks how should a firm integrate its various subfunctional activities and how should they be related to changes taking place in the diverse firm areas

155
Q

What is social entrepreneurship

A

one in which the mission of societal value creation is central to the business - start w/sustainable social values and then continuously pursue and innovate ways to achieve it

156
Q

What is BOP (bottom of the pyramid)

A

largest and poorest socioeconomic group of people

157
Q

What are B Corporations

A

organizations that pursue SH and social welfare maximization and SH wealth max due to missions in society

158
Q

What are the 6 steps to the strategic mgt process

A 
goal formulation
strategy formulation
strategy evolution
strategy implementation
strategic control
environmental analysis
159
Q

Define responsive CSR

A

address generic social impacts through good corporate citizenship and value chain social impacts by mitigating them

160
Q

Define strategic csr

A

transform value chain social impacts into actions that benefit society and reinforce corporate input

161
Q

What is the Porter and Kramer Framework - steps

A

Inside-out vs outside-in link (company -> society)
categorize issues (gen, value chain, etc)
Split into 2 models - responsive vs strategic CSR
Integrate inside out and outside in
Create social dimension to value proposition

162
Q

Sustainable reporting/social responsibility reports/social audits/integrated reporting

A

measure firms overall value creation and spur integrated thinking

163
Q

What is ceres

A

An NGO national network of investors, environmental organizations, and other public interest groups that work with us to address sustainability challenges and promote sustainable reporting

164
Q

global reporting initative

A

more than 300 global organizations that want to standardize IR

165
Q

Define public affairs mgt

A

umbrella term used to describe management process that focuses on the formulization and institutionalization of corporate public policy

166
Q

what is the future of public affairs ? 3 options

A

PA develop value-based enterprises
PA assert as thought leaders of company and engage with outside
PA can seek alternate areas of resolution and broader issues

167
Q

Define Issue MGT

A

Process by which organization IDs issues in the SH environment, analyze and prioritize those issues in terms of their relation to the organization, plan responses to the issues and then evaluate and monitor the results

168
Q

Define Crisis MGT

A

MGT of issues that have become major threats

169
Q

Define Risk MGT

A

Efforst to keep issues from arising

170
Q

List the three types of risks

A

preventable, strategic, external

171
Q

Define preventable risks

A

internal and forseeable - no strategic benefit

172
Q

define strategic risks

A

risks taken to achieve greater returns

173
Q

Define external risks

A

External threats that cannot be controlled

174
Q

How to prep for strategic risks

A

can decrease probability of risk occurring and develop capacity to manage the risk

175
Q

How to prep for external risks

A

Scenarios and war gaming

176
Q

What is Risk shifting

A

places the risk of the firm onto the consumers

177
Q

What is the portfolio approach

A

issue mgt idea that experience with prior issues will ikely influence future issues

178
Q

What is an emerging issue

A

terms not clearly defined matters of conflicting values and interest, no automatic resolution stated in value-laden terms and trade offs are inherent

179
Q

List the steps of the issue management process

A 
ID of issues
Analysis of issues
Ranking and prioritizing issues
Formulation of issue response 
implementation of issue responses
Evaluating, monitoring, and controlling results
180
Q

what are the steps to the issue development process

A

felt need
media coverage
leading political jurisdictions adopt policy, federal government attention, legislation and regulation
regulation and litigation

181
Q

List the types of crises

A 
economic
physical
personnel
criminal
informational
reputational
natural disasters
182
Q

Examples of economic crises

A

recessions, hostile takeovers, stock market crashes

183
Q

ex of physical crises

A

industrial accidents, product failures, supply breakdown

184
Q

ex of personnel crises

A

strikes, exodus of key employees, workplace violence

185
Q

ex of criminal crises

A

product tampering, kidnapping, acts of terrorism

186
Q

ex of informational crises

A

thefot of proprietary info, cyber attacks

187
Q

ex of reputational crises

A

rumor mongeirng/slander, logo tampering

188
Q

ex of natural disasters

A

earth quakes, floods, fires, tornados

189
Q

What are the 4 crises stages

A

prodromal- warning
acute - actual crisis stage where event has occured
chronic - lingering period
crisis resolution - whole again and learn moving forward

190
Q

Steps to manage business crisis

A 
ID areas of vulnerability - scenarios, risk analysis
Develop a plan for dealing with threats
forming crisis teams
simulating crisis drills
learning from experience
191
Q

Crisis communcation

A

VERY important key to crisis management –> have a trained group and knowledgeable spokesperson to know the audience, ID key messages to comm to key groups, and redirect the storm

MBA - MGT 552 - Nonmarket Strategy (2 decks)

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