MGMT 3211 Chapter 2 – Flashcards
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public issue
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an issue that is of mutual concern to an organization and its stakeholders, sometimes called a social or sociopolitical issue
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performance-expectations gap
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the perceived distance between what a firm wants to do or is doing and what the stakeholder expects
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environmental analysis
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a method managers use to gather information about external issues and trends
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environmental intelligence
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the acquisition of information gained from analyzing the multiple environments affecting the organization
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competitive intelligence
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the systematic and continuous process of gathering, analyzing, and managing external information on the organization's competitors
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issue management
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the active management of public issues once they come to the attention of a business organizations
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issue management process
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5 step process where managers identify the issue, analyze the issue, generate options, take action, and evaluate results
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stakeholder engagement
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an ongoing process of relationship building between a business and its stakeholders
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stakeholder dialogue
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conversations between representatives of a company and its stakeholders to pursue a common interest
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stakeholder networks
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a connected assembly of concerned individuals or organizations defined by their shared focus on a particular issue, problem, or opportunity
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A public issue exists when there is agreement between the stakeholders' expectations of what a business firm should do and the actual performance of that business firm.
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False
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According to management scholar Karl Albrecht, scanning to acquire environmental intelligence should focus on four strategic radar screens.
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False
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Because the public issues that garner the most public attention change over time, companies do not waste time tracking them.
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False
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Companies are learning that it is important to take a strategic approach to the management of public issues, both domestically and globally.
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True
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Competitive intelligence enables managers in companies of all sizes to make informed decisions in all areas of the business.
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True
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Dialogue between a single firm and its stakeholders is always sufficient to address an issue effectively.
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False
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Emerging public issues are both a risk and an opportunity.
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True
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Environmental analysis is a method managers use to gather information about external issues and trends.
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True
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Environmental intelligence is the acquisition of information gained from analyzing the multiple environments affecting organizations.
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True
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Financially sound companies do not need to understand how a public issue is likely to evolve, or how it will affect them.
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False
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For stakeholder engagement to occur, both the business and the stakeholder must be motivated to work with one another to solve the problem.
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True
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In the issue management process, identifying the issue involves anticipating emerging issues.
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True
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Legal environment includes the structure, processes, and actions of government at the local, state, national, and international levels.
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False
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Organizations always have full control of a public issue.
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False
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Understanding and responding to changing societal expectations is a business necessity.
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True
