strategic management

Question 1

Superior performance relative to other competitors in the same industry or the industry average

Answer 1

competitive advantage

Question 2

outperforming competitors or the industry average over a prolonged period of time

Answer 2

sustainable competitive advantage

Question 3

underperformance relative to other competitors in the same industry or the industry average

Answer 3

competitive advantage

Question 4

performance of two or more firms at the same level

Answer 4

competitive parity

Question 5

firm performance attributed to the structure of industry in which the firm competes

Answer 5

industry effects

Question 6

firm performance attributed to the actions managers take

Answer 6

firm effects

Question 7

incidents that describe highly improbable but high-impact events

Answer 7

black swan events

Question 8

organizations, groups, and individuals that can affect or are affected by a firm’s actions

Answer 8

stakeholders

Question 9

an integrative approach to managing a diverse set of stakeholders effectively in order to gain and sustain competitive advantage

Answer 9

stakeholder strategy

Question 10

a decision tool with which managers can recognize, prioritize, and address the need of different stakeholders, enabling the firm to achieve competitive advantage while acting as a good corporate citizen

Answer 10

stakeholder impact analysis

Question 11

a framework that helps firms recognize and address the economic, legal, social, philanthropic expectations that society has of the business enterprise at a given point in time

Answer 11

corporate social responsibility

Question 12

CSR RESPONSIBILITIES

Answer 12

ECONOMIC
LEGAL
ETHICAL
PHILANTHROPIC