M1S2 Strategic Management of Stakeholder Relationship🤝

Question 1

defined as a plan of action taken to achieve.

Answer 1

Strategy

Question 2

Acording to David, 2017 strategic management involves three steps:

Answer 2

formulation, implementation and evaluation

Question 3

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

Answer 3

Strategic Management

Question 4

____________________ creating/clarifying vision-mission and identifying goals-objectives.

Answer 4

Establish Goals

Question 5

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

Answer 5

Vision

Question 6

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

Answer 6

Mission

Question 7

desired outcomes of planning, broader that objectives

Answer 7

Goals

Question 8

aimed targets that are needed to achieve goals

Answer 8

Objectives

Question 9

____________________ analysis and assessment of the internal and external environment of the company.

Answer 9

Scan the environment

Question 10

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

Answer 10

External Environment

Question 11

company’s strengths and weaknesses by assessing its resources.

Answer 11

Internal Environment

Question 12

Develop top-level strategies that can be cascaded down to the rest of the organization.

Answer 12

Formulation

Question 13

Execute developed plans by providing detailed objectives and action plans.

Answer 13

Implementation

Question 14

Measure and assess results, and recommend changes for improvement if necessary.

Answer 14

Evaluation

Question 15

Individuals or groups affected by a company’s activities.

Answer 15

Stakeholders

Question 16

What are The Five Key Stakeholders?

SSSCE

Answer 16

Shareholders
Suppliers
Society
Customers
Employees

Question 17

Investors, owners, partners or anyone who has a financial stake in the company

Answer 17

Shareholders

Question 18

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

Answer 18

Stakeholder Theory

Question 19

This theory states that a company’s primary responsibility is to maximize returns for its shareholders.

Answer 19

shareholder theory

Question 20

Starts within a company when it includes CSR initiatives as part of its overall strategy. This means considering the impact on stakeholders in the company’s objectives, strategies, and core values.

Answer 20

Strategic CSR

Question 21

A cornerstone of effective organizations. Many studies confirm its role in organizational outcomes, including CSR.

Answer 21

Leadership

Question 22

Companies encourage employees to join programs voluntarily, sometimes offering incentives for participation.

Answer 22

Employee Engagement

Question 23

CSR needs cooperation from various institutions to work effectively.

Answer 23

Collaboration

Question 24

Informing stakeholders about success stories increases public trust and legitimacy.

Answer 24

Communication

Question 25

Encourage success stories to be shared.

Answer 25

Communication

Question 26

is crucial for managing stakeholder relationships.

Answer 26

Communication

Question 27

Express the success of a company's CSR initiatives.

Answer 27

Communication

Question 28

Sharing success stories strengthens buy-in and encourages better performance.

Answer 28

Communication

Question 29

The main aim of business is to create lasting value for stakeholders, especially in today's uncertain world.

Answer 29

Value Creation

Question 30

Businesses are evolving beyond just creating wealth; they're influencing our values and guiding public policy.

Answer 30

Value Creation

Question 31

Making profits through commerce is not wrong; it's essential for human progress and development.

Answer 31

Value Creation