BUSINESS ADMINISTRATION
BUSINESS POLICY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Stakeholder
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Leader
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Organization
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Detailed explanation-1: -Stakeholders are the individuals, groups, and organizations that can affect the firm’s vision and mission, are affected by the strategic outcomes achieved, and have enforceable claims on the firm’s performance.
Detailed explanation-2: -Stakeholders are the individuals and groups who can affect and are affected by the strategic outcomes achieved and who have enforceable claims on a firm’s performance.
Detailed explanation-3: -The firm’s mission is based on its vision. It specifies the business(es) in which the firm intends to compete and the customers it intends to serve. The value of having a vision and mission is that they inform stakeholders what the firm is, what it seeks to accomplish, and who it seeks to serve.
Detailed explanation-4: -Strategic flexibility is a set of capabilities used to respond to various demands and opportunities existing in a dynamic and uncertain competitive environment.
Detailed explanation-5: -Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. A firm has a competitive advantage when it implements a strategy competitors are unable to duplicate or find too costly to try to imitate.