ASM Quiz 1

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Questions and Answers

Which concept focuses primarily on the societal impact of business operations and aims to create benefits for both the company and the community?

  • Innovative Strategy
  • Corporate Social Responsibility (correct)
  • Digital Transformation
  • Sustainable Growth

What aspect of organizational design is essential for effective corporate social responsibility initiatives?

  • Rigid Hierarchical Structures
  • Profit Maximization
  • Competitive Retaliation
  • Community Engagement (correct)

In the context of strategic management, which strategy encompasses both economic success and social value creation?

  • Shared Value Strategy (correct)
  • Digital Communication Strategy
  • Resource Allocation Strategy
  • Cost Minimization Strategy

What is a key benefit of integrating corporate social responsibility into business strategy?

<p>Enhanced brand loyalty (D)</p> Signup and view all the answers

Which of the following best represents the idea of 'creating shared value' in relation to corporate social responsibility?

<p>Investing in community health while reducing costs (C)</p> Signup and view all the answers

Which trend reflects the growing importance of social and environmental responsibilities in strategic planning?

<p>Corporate Social Responsibility (A)</p> Signup and view all the answers

What role do external growth strategies play in fostering corporate social responsibility?

<p>They create partnerships that can enhance social impact. (D)</p> Signup and view all the answers

How do digital business models contribute to corporate social responsibility?

<p>By enabling broader outreach and engagement (B)</p> Signup and view all the answers

Which of the following is a significant challenge companies face when trying to implement effective corporate social responsibility?

<p>Balancing it with profit objectives (D)</p> Signup and view all the answers

What societal demand is increasingly influencing strategic management practices?

<p>Social and environmental responsibility (A)</p> Signup and view all the answers

Which statement best describes the role of AI in modern business strategies?

<p>AI is becoming practical and accessible for various business applications. (B)</p> Signup and view all the answers

What is a critical implication of hypercompetition for stakeholder management?

<p>Engaging stakeholders becomes essential for sustained competitive advantage. (D)</p> Signup and view all the answers

How can companies measure their impact on sustainability?

<p>Using ESG criteria to assess environmental, social, and governance performance. (A)</p> Signup and view all the answers

What is a challenge associated with creating social value in organizations?

<p>Navigating the complexities of stakeholder interests and expectations. (C)</p> Signup and view all the answers

What is the significance of e-commerce growth in relation to corporate social responsibility?

<p>E-commerce platforms can enhance transparency and ethical practices. (C)</p> Signup and view all the answers

In the context of social forces, what is a relevant consequence of prioritizing corporate social responsibility?

<p>Increased public trust and customer loyalty. (C)</p> Signup and view all the answers

Why is measuring the impact of business practices on social value crucial?

<p>To understand the effectiveness of social initiatives and justify resources. (D)</p> Signup and view all the answers

What factor most influences stakeholder management in the digital age?

<p>Increased consumer access to information and digital literacy. (D)</p> Signup and view all the answers

What is a key aspect of digital strategy at the corporate level?

<p>Defining competitive advantage in value creation (A)</p> Signup and view all the answers

How does AI impact job descriptions within organizations?

<p>It inspires the creation of new job categories. (C)</p> Signup and view all the answers

Which of the following best describes the concept of digital value creation?

<p>Leveraging digital technologies to configure resources for value capture (C)</p> Signup and view all the answers

What is the primary focus of corporate social responsibility in relation to digital strategies?

<p>Ensuring ethical considerations are integrated into digital practices (C)</p> Signup and view all the answers

What aspect of digital strategy is emphasized at the functional level?

<p>Daily operations and implementation processes (C)</p> Signup and view all the answers

In terms of AI utility within organizations, what is a critical area that requires moderation?

<p>AI's potential to take over strategic decision-making (A)</p> Signup and view all the answers

Which level of strategy addresses how value is configured and captured?

<p>Business level (A)</p> Signup and view all the answers

What is a common misconception about digital ecosystems in relation to traditional value chains?

<p>Digital ecosystems eliminate the need for value chains. (B)</p> Signup and view all the answers

Flashcards

E-commerce boom

Rapid increase in online retail sales.

Hypercompetition

A highly competitive market environment with rapid change and intense rivalry.

AI accessibility

Artificial intelligence becoming more usable and affordable.

Stakeholder management

Managing the needs and expectations of all parties involved in a business (e.g. employees, customers, the public).

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ESG Impact Measurement

Evaluating a company's environmental, social, and governance performance.

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Digital world strategy

The plan to succeed in a digital environment.

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FAANG stock performance

Stock performance of the top 5 tech companies (Facebook, Amazon, Apple, Netflix, Google).

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Pandemic's influence on digital shift

The pandemic sped up the move towards online shopping and services.

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Digital Ecosystem

A network of interconnected digital actors (companies, individuals, platforms) working together to create value.

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Digital Scope

The extent to which a company integrates digital technologies, processes, and strategies into its core operations.

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AI Moderation

The process of controlling and managing the use of Artificial Intelligence to ensure ethical, safe, and responsible applications.

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AI in Strategy

Using AI tools and insights to inform strategic decisions in areas like diagnosis, search, choice, and monitoring.

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Digital Value Creation

Creating new value through combining digital resources and capabilities to offer innovative products or services.

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Digital Value Capture

Collecting and retaining the value created through digital strategies, often by using data analytics and monetization models.

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Digital Strategy Levels

Digital strategy operates at three levels: Corporate (where to compete), Business (value creation and capture), and Functional (how things are done).

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Value Chain Transformation

Rethinking a traditional value chain by incorporating digital technologies to improve efficiency, create new offerings, or reach new customers.

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New Economy Collapse

The bursting of the dot-com bubble in the early 2000s, leading to a decline in internet-based businesses and a loss of value in technology stocks.

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Corporate Scandals

A period in the early 2000s marked by high-profile cases of corporate fraud and unethical behavior, such as those involving Enron, WorldCom, and Parmalat.

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Financial Crisis

A severe global economic downturn that began in 2008, triggered by the collapse of the housing market and the failure of financial institutions.

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Third Industrial Revolution

A period of technological advancement characterized by the widespread adoption of digital technologies, intelligent systems, and the disintermediation of human beings.

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Social Responsibility

The concept of businesses operating ethically and sustainably, taking into account the impacts of their decisions on society and the environment.

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Digital Strategy

The plan businesses create to succeed in a digital world, covering elements like online presence, e-commerce, and digital marketing.

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Managing Growth and Innovation

The strategies businesses use to expand and adapt to rapid change, including new product development, market expansion, and innovation.

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Sustainability and CSR

The integration of environmental, social, and governance (ESG) considerations into business practices to achieve long-term sustainability.

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Open Strategy

A strategy that involves collaboration, transparency, and the sharing of information with external stakeholders, such as customers, suppliers, and even competitors.

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Creating Shared Value

A framework that encourages businesses to create value for both their shareholders and the wider community, aligning their goals with societal needs.

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Study Notes

Advanced Strategic Management

  • This course covers advanced strategic management principles and current trends.
  • The first lecture focuses on course organization, a review of fundamental concepts, and industry trends in strategic management.
  • The goals of the course include understanding current trends’ impact on strategy, applying elementary and advanced strategic concepts, and sharpening analytical thinking.
  • The course materials include a book by Robert M. Grant, "Contemporary Strategy Analysis," 10th Edition, published by Wiley.
  •  A 60% final exam covers lecture content, acting as a discussion facilitator, not comprehensive exam preparation material.

Course Organization

  •  The first chapter details the course organization.

Review of Fundamental Concepts

  • The second chapter reviews fundamental concepts of strategy, such as corporate strategy, planning, uncertainty, competitive advantage, and adaptation.
  • The third chapter examines current trends in strategic management and its impact on business.
  • The chapter discusses topics such as the collapse of the New Economy, the financial crisis, the Third Industrial Revolution, digital technologies, demands of society, and the need for organizational design adjustments.

Additional Topics

  • The slides cover various aspects of strategic management, including analyzing external and internal contexts using Porter's Five Forces and the Resource-Based View of the Firm.
  • Different strategies to implement competitive advantages, including cost leadership, differentiation, and focus (niche).
  • Value creation, configuration, and capture are also explored.
  • Current trends in strategic thinking, such as strategy in a digital world, managing growth and innovation, social forces, and organizational design are covered.
  • Discussion on the difficulty of imitating successful strategies due to causal ambiguity, social complexity, and historical conditions is presented.
  •  Concepts like levels of strategy (corporate, business, functional), different types of scope (vertical, product, geographical, digital), and competitive advantage (cost leadership, differentiation, focus) are reviewed.
  •  The slides provide examples of various types of organizations and industries, illustrating how these companies' strategic decisions are applied.
  •  A comparison of pipeline versus multi-sided platform (MSP) business models is also presented along with the challenges and benefits, including chicken and egg problem and higher barriers to entry, such as the scale advantage.
  •  The course emphasizes digital business models in creating and capturing value, including trends in the digital world, and the journey from "place" to "space."
  • The evolution of Al and its impact on organizational design and decision-making is discussed.
  •  The slides show how to integrate Al into the organization, reallocating tasks and reskilling employees.
  • Assessing ESG standards, measuring environmental, social, and governance metrics is covered.
  • The presentation examines the complexities of measuring these factors, the limited convergence among raters, and alternative methods for assessing ESG's value.

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