Question 1

Discuss the four fundamental social responsibilities of a business.

Accepted Answer

The four fundamental social responsibilities of a business are economic, legal, ethical, and philanthropic.

1. Economic Responsibility: This refers to the primary responsibility of a business to make a profit and contribute to the overall economic development of society. This includes creating jobs, generating income, and providing goods and services that meet the needs and wants of consumers.

2. Legal Responsibility: Businesses are expected to operate within the boundaries of the law and comply with all relevant regulations and legislation. This includes adhering to labor laws, environmental regulations, and consumer protection laws.

3. Ethical Responsibility: Businesses have a responsibility to conduct their operations in an ethical manner, which means making decisions that are fair, honest, and respectful of all stakeholders. This includes treating employees, customers, and suppliers with integrity and fairness, as well as being transparent in their business practices.

4. Philanthropic Responsibility: This refers to the voluntary actions that a business takes to give back to the community and contribute to social causes. This can include charitable donations, volunteer work, and initiatives to support education, healthcare, and environmental sustainability.

Overall, these four social responsibilities form the foundation of a business's role in society and its obligation to contribute to the well-being of the community in which it operates.

Question 2

Walter Inc., an engineering firm, follows stringent rules related to safety such as wearing helmets, sporting safety goggles, and dust masks while working on-site. In this scenario, which of the following responsibilities is fulfilled by Walter?

Accepted Answer

A) Hybrid responsibility 
B) Ethical responsibility 
C) Philanthropic responsibility 
D) Economic responsibility 
A) Hybrid responsibility 
B) Ethical responsibility 
C) Philanthropic responsibility 
D) Economic responsibility B

Question 3

Which of the following statements is true of institutional change?

Accepted Answer

A) Institutional change is most effective in organizations pursuing multiple goals of equal importance. 
B) Institutional change makes customers value an organization's output more because of its product or service. 
C) Institutional change entails transferring the ability to effectively perform tasks from one organization to another. 
D) Institutional change agents typically focus on large-scale social problems that have proven difficult for governments or other social actors to solve. 
A) Institutional change is most effective in organizations pursuing multiple goals of equal importance. 
B) Institutional change makes customers value an organization's output more because of its product or service. 
C) Institutional change entails transferring the ability to effectively perform tasks from one organization to another. 
D) Institutional change agents typically focus on large-scale social problems that have proven difficult for governments or other social actors to solve. D

Question 4

Which of the following describes those living in conditions of extreme poverty around the world, usually defined as less than $2 per day?

Accepted Answer

A) Line of sight 
B) Value net 
C) Backward integration 
D) Base of the pyramid 
A) Line of sight 
B) Value net 
C) Backward integration 
D) Base of the pyramid

Question 5

Which of the following is true of social value?

Accepted Answer

A) Social value may be a source of strategic advantage. 
B) Creating social value may decrease revenue through decreased customer loyalty. 
C) Creating social value may be a way to spend more on costs. 
D) Social value creation is critical for a business because its motive is to make a profit. 
A) Social value may be a source of strategic advantage. 
B) Creating social value may decrease revenue through decreased customer loyalty. 
C) Creating social value may be a way to spend more on costs. 
D) Social value creation is critical for a business because its motive is to make a profit.

Question 6

George Inc., a construction firm, bags a multibillion dollar deal from the federal government for the purpose of infrastructural development. This deal resulted in a sustainable stakeholder advantage and an increase in the firm's annual turnover. Which of the following best describes the social obligation exemplified by George in this scenario?

Accepted Answer

A) Philanthropic responsibilities 
B) Ethical responsibilities 
C) Economic responsibilities 
D) Legal responsibilities 
A) Philanthropic responsibilities 
B) Ethical responsibilities 
C) Economic responsibilities 
D) Legal responsibilities

Question 7

Inde Air Inc., a major airline, launches promotional schemes at regular intervals to increase its market share and counter the schemes launched by another airline, FlySky Inc. In the context of the value net model, which of the following best represents the relationship between Inde Air and FlySky?

Accepted Answer

A) Suppliers 
B) Competitors 
C) Complementors 
D) Principal investors 
A) Suppliers 
B) Competitors 
C) Complementors 
D) Principal investors

Question 8

Which of the following is true of the Global Reporting Initiative?

Accepted Answer

A) It was founded in 2000 in California by a group of engineers. 
B) It provides firms and stakeholders with an objective way to assess a firm's performance. 
C) It does not hold firms accountable for their labor practices and compliance with human rights standards and goals. 
D) It ignores dimensions such as energy use, biodiversity protection, and levels of emissions and waste. 
A) It was founded in 2000 in California by a group of engineers. 
B) It provides firms and stakeholders with an objective way to assess a firm's performance. 
C) It does not hold firms accountable for their labor practices and compliance with human rights standards and goals. 
D) It ignores dimensions such as energy use, biodiversity protection, and levels of emissions and waste.

Question 9

In terms of social entrepreneurship, which of the following is true of the role of social engineers?

Accepted Answer

A) They build something that did not exist before. 
B) They develop new models, products, or services. 
C) They agitate for change and design more effective social systems. 
D) They combine existing resources to focus on value creation. 
A) They build something that did not exist before. 
B) They develop new models, products, or services. 
C) They agitate for change and design more effective social systems. 
D) They combine existing resources to focus on value creation.

Question 10

___ refers to a social entrepreneur who creates something new through the combination of diverse and different elements.

Accepted Answer

The answer of ___ refers to a social entrepreneur who...

Question 11

James started a restaurant chain, Foodizza Inc., and specifically hired unemployed youth from the ghettos in the vicinity of his restaurants, thereby providing them with means of livelihood. James is most likely to be considered a(n)_________.

Accepted Answer

A) investment manager 
B) angel investor 
C) venture capitalist 
D) social entrepreneur 
A) investment manager 
B) angel investor 
C) venture capitalist 
D) social entrepreneur

Question 12

Which of the following statements is true of the fundamental social responsibilities of a business?

Accepted Answer

A) In order to survive, a firm must primarily focus on fulfilling its ethical responsibility over other responsibilities. 
B) In order to thrive and grow, a firm must prioritize its philanthropic responsibility above all other responsibilities. 
C) Firms must fill their ethical responsibilities only in limited and specific ways that conform to the legal statutes in that country. 
D) Philanthropic responsibility of a firm only appears as an obligation if the firm is viewed as an active member and contributing citizen of the community in which it operates. 
A) In order to survive, a firm must primarily focus on fulfilling its ethical responsibility over other responsibilities. 
B) In order to thrive and grow, a firm must prioritize its philanthropic responsibility above all other responsibilities. 
C) Firms must fill their ethical responsibilities only in limited and specific ways that conform to the legal statutes in that country. 
D) Philanthropic responsibility of a firm only appears as an obligation if the firm is viewed as an active member and contributing citizen of the community in which it operates.

Question 13

Stacy starts a day care center and hires unemployed mothers from poor economic backgrounds as babysitters. In this scenario, Stacy's initiative is most likely to be creating _________.

Accepted Answer

A) institutional change 
B) shared values 
C) economic responsibility 
D) joint ventures 
A) institutional change 
B) shared values 
C) economic responsibility 
D) joint ventures

Question 14

Elvis works as a dentist at Prince Inc., a premier dentist clinic. The clinic conducts free checkups every month in remote places of the country to create more awareness on good dental hygiene. Which of the following social responsibilities is best reflected in this scenario?

Accepted Answer

A) Economic responsibilities 
B) Philanthropic responsibilities 
C) Institutional responsibilities 
D) Legal responsibilities 
A) Economic responsibilities 
B) Philanthropic responsibilities 
C) Institutional responsibilities 
D) Legal responsibilities

Question 15

Emily works as a consultant in a firm that provides consulting and business solutions to global organizations to enhance their productivity and drive corporate performance and value. In the context of the value net model, Emily's firm is most likely to be considered a _________.

Accepted Answer

A) competitor 
B) principal investor 
C) supplier 
D) customer 
A) competitor 
B) principal investor 
C) supplier 
D) customer

Question 16

Which of the following statements best defines philanthropy?

Accepted Answer

A) It involves creating new social systems to create large-scale change. 
B) It involves acting in a way that promotes the good or well-being of others in the form of a gift. 
C) It involves creating something by combining diverse and different elements into a new setting. 
D) It involves transferring the ability to effectively perform tasks from one organization to another. 
A) It involves creating new social systems to create large-scale change. 
B) It involves acting in a way that promotes the good or well-being of others in the form of a gift. 
C) It involves creating something by combining diverse and different elements into a new setting. 
D) It involves transferring the ability to effectively perform tasks from one organization to another.

Question 17

___ means that entrepreneurs strive to change the way people and groups think about problems, and they work to create or change social institutions-from government policies to social values and norms.

Accepted Answer

Institutio

Question 18

Corporate social responsibility refers to:

Accepted Answer

A) a model of value creation that describes how an organization interacts with others in its environment to create value. 
B) the use of innovative organizations and business models to create social value. 
C) activities of companies designed to further some social objective and that lie beyond the direct economic interests of the organization. 
D) the ability of an organization to consistently gather resources from, or provide services to, key stakeholders such as donors, volunteers, students, or clients. 
A) a model of value creation that describes how an organization interacts with others in its environment to create value. 
B) the use of innovative organizations and business models to create social value. 
C) activities of companies designed to further some social objective and that lie beyond the direct economic interests of the organization. 
D) the ability of an organization to consistently gather resources from, or provide services to, key stakeholders such as donors, volunteers, students, or clients.

Question 19

Softlink Inc., a global computer software company, is involved in unique development initiatives in low-income countries. As part of this program, it developed model villages in a low-income country to ensure self-reliance in healthcare, infrastructure, and employment. In this scenario, which of the following best exemplifies Softlink's initiative?

Accepted Answer

A) Corporate social responsibility 
B) Competitor response strategy 
C) Strategic alliance 
D) Incremental innovation 
A) Corporate social responsibility 
B) Competitor response strategy 
C) Strategic alliance 
D) Incremental innovation

Question 20

Jack and Michael work as strategic consultants in a consulting firm in London. Jack is of the opinion that organizations focused on institutional change are most likely to be led by social bricoleurs, while Michael believes that it is a social engineer who adds value to organizations focused on capacity building. Which of the following statements, if true, would weaken Jack's opinion?

Accepted Answer

A) Organizations focused on capacity building need a leader who is a social constructionist who can successfully combine diverse and different elements to create something new. 
B) Social entrepreneurial organizations working to create larger, institutional changes succeed when led by a social engineer. 
C) Social entrepreneurship that focuses on bringing new, social-value products or services to markets require the skills of a social constructionist. 
D) Social entrepreneurship that focuses on institutional changes and innovative strategies which did not exist before require the skills of a social engineer. 
A) Organizations focused on capacity building need a leader who is a social constructionist who can successfully combine diverse and different elements to create something new. 
B) Social entrepreneurial organizations working to create larger, institutional changes succeed when led by a social engineer. 
C) Social entrepreneurship that focuses on bringing new, social-value products or services to markets require the skills of a social constructionist. 
D) Social entrepreneurship that focuses on institutional changes and innovative strategies which did not exist before require the skills of a social engineer.

Discuss the four fundamental social responsibilities of a business.

Walter Inc., an engineering firm, follows stringent rules related to safety such as wearing helmets, sporting safety goggles, and dust masks while working on-site. In this scenario, which of the following responsibilities is fulfilled by Walter?

Which of the following statements is true of institutional change?

Which of the following describes those living in conditions of extreme poverty around the world, usually defined as less than $2 per day?

Which of the following is true of social value?

Inde Air Inc., a major airline, launches promotional schemes at regular intervals to increase its market share and counter the schemes launched by another airline, FlySky Inc. In the context of the value net model, which of the following best represents the relationship between Inde Air and FlySky?

Which of the following is true of the Global Reporting Initiative?

In terms of social entrepreneurship, which of the following is true of the role of social engineers?

___ refers to a social entrepreneur who creates something new through the combination of diverse and different elements.

James started a restaurant chain, Foodizza Inc., and specifically hired unemployed youth from the ghettos in the vicinity of his restaurants, thereby providing them with means of livelihood. James is most likely to be considered a(n)_________.

Which of the following statements is true of the fundamental social responsibilities of a business?

Stacy starts a day care center and hires unemployed mothers from poor economic backgrounds as babysitters. In this scenario, Stacy's initiative is most likely to be creating _________.

Elvis works as a dentist at Prince Inc., a premier dentist clinic. The clinic conducts free checkups every month in remote places of the country to create more awareness on good dental hygiene. Which of the following social responsibilities is best reflected in this scenario?

Emily works as a consultant in a firm that provides consulting and business solutions to global organizations to enhance their productivity and drive corporate performance and value. In the context of the value net model, Emily's firm is most likely to be considered a _________.

Which of the following statements best defines philanthropy?

___ means that entrepreneurs strive to change the way people and groups think about problems, and they work to create or change social institutions-from government policies to social values and norms.

Corporate social responsibility refers to:

What Is Business Strategy

Analysis of the External Environment: Opportunities and Threats

Internal Analysis: Strengths, Weaknesses and Competitive Advantage

Cost Advantage

Differentiation Advantage

Corporate Strategy

Vertical Integration and Outsourcing

Strategic Alliances

International Strategy

Innovative Strategies That Change the Nature of Competition

Competitive Strategy

Implementing Strategy

Corporate Governance and Ethics

Filters

Exam 14: Strategy and Society

Discuss the four fundamental social responsibilities of a business.

Walter Inc., an engineering firm, follows stringent rules related to safety such as wearing helmets, sporting safety goggles, and dust masks while working on-site. In this scenario, which of the following responsibilities is fulfilled by Walter?

Which of the following statements is true of institutional change?

Which of the following describes those living in conditions of extreme poverty around the world, usually defined as less than $2 per day?

Which of the following is true of social value?

Inde Air Inc., a major airline, launches promotional schemes at regular intervals to increase its market share and counter the schemes launched by another airline, FlySky Inc. In the context of the value net model, which of the following best represents the relationship between Inde Air and FlySky?

Which of the following is true of the Global Reporting Initiative?

In terms of social entrepreneurship, which of the following is true of the role of social engineers?

___ refers to a social entrepreneur who creates something new through the combination of diverse and different elements.

James started a restaurant chain, Foodizza Inc., and specifically hired unemployed youth from the ghettos in the vicinity of his restaurants, thereby providing them with means of livelihood. James is most likely to be considered a(n)_________.

Which of the following statements is true of the fundamental social responsibilities of a business?

Stacy starts a day care center and hires unemployed mothers from poor economic backgrounds as babysitters. In this scenario, Stacy's initiative is most likely to be creating _________.

Elvis works as a dentist at Prince Inc., a premier dentist clinic. The clinic conducts free checkups every month in remote places of the country to create more awareness on good dental hygiene. Which of the following social responsibilities is best reflected in this scenario?

Emily works as a consultant in a firm that provides consulting and business solutions to global organizations to enhance their productivity and drive corporate performance and value. In the context of the value net model, Emily's firm is most likely to be considered a _________.

Which of the following statements best defines philanthropy?

___ means that entrepreneurs strive to change the way people and groups think about problems, and they work to create or change social institutions-from government policies to social values and norms.

Corporate social responsibility refers to:

What Is Business Strategy

Analysis of the External Environment: Opportunities and Threats

Internal Analysis: Strengths, Weaknesses and Competitive Advantage

Cost Advantage

Differentiation Advantage

Corporate Strategy

Vertical Integration and Outsourcing

Strategic Alliances

International Strategy

Innovative Strategies That Change the Nature of Competition

Competitive Strategy

Implementing Strategy

Corporate Governance and Ethics

Filters