Busmhr 4490 Exam 1 (79 Q&a)

stakeholder impact analysis {Ans: a decision tool with which managers can recognize, prioritize, and address the needs of different stakeholders, enabling the firm to achieve competitive advantage while acting as a good corporate citizen}5 forces develop strategy {Ans: position company to cope with current forces anticipate and exploit shifts in forces shape industry to better suite your company}industry {Ans: a group of (incumbent) companies that face more or less the same set of suppliers and buyers; these firms tend to offer similar products or services to meet specific customer needs}Power of buyers happens when {Ans: few buyers undifferentiated products low switching costs price sensitive}Competitive disadvantage {Ans: Underperformance relative to other competitors in the same industry or the industry average}Unequal access to distribution channels {Ans: better access to distribution}industry effects {Ans: firm performance attributed to the structure of industry in which the firm competes}Needs based positioning {Ans: Serving most or all of the needs of a particular group of customers}Examples of ecological forces on firms {Ans: Oil spills}corporate strategy {Ans: the overall plan for a diversified company}