Which of the following statements about the social responsibilities of a business is accurate?

Industrial Drills, a company that manufactures industrial tools, incurs higher costs because of its refusal to outsource its manufacturing to countries where labor costs are lower. This reflects Industrial Drills’________ responsibility.

LuxWear Inc., an apparel company, recently moved locations to be closer to their main manufacturer in South Carolina. The move required the firm to upgrade its legacy ordering system with its manufactures ordering system, which should facilitate its supply chain to gain future efficiencies and reap future savings. However, the new system costs $75,000 and will require a significant amount of time to train employees. This best represents a significant increase in the company’s

Juan wants to open his own hot dog restaurant but doesn’t know anything about business. He needs help determining who his competition is, how he should craft his strategy to compete and how he’ll implement his strategy to achieve a competitive advantage. He’s hired you to help him get started. As a result, you will probably use which of the following?

Both Lorenzo’s Engines and Water King incur a cost of $5,000 to manufacture a boat engine. However, the economic value created by Water King is more than that created by Lorenzo’s Engines. What does this indicate?

Both Medical Manufacturing and R&D Health Inc. have developed advanced hearing aid technologies. R&D’s hearing aids sell at $4,000 per pair, whereas Medical Manufacturing sells its hearing aids at $3,500 per pair. This price differentiation has mainly been attributed to the companies’ capital decisions. While Medical Manufacturing used its retained earnings to develop its technology, R&D Health borrowed funds from banks to develop its hearing aids. Thus, R&D pays a higher interest on its capital, which makes it necessary to price its product higher. Therefore, the key driver for Medical Manufacturing’s competitive advantage is

Strategic leadership refers to the use of power and influence by________ to direct the activities of others when pursuing an organization’s goals.

Mejor Maíz tortilla chips, manufactured by Tampico Alimentos, have been the top-selling tortilla chips in the market. Though the market for chips is flooded with competitors, Tampico Alimentos has been able to maintain its market position for a long time. This is mainly attributed to the fact that its chips have all the flavor of competing brands but only half the fat, the result of a proprietary cooking method used by the company. This competency of Tampico Alimentos will be considered as a(n)________ resource in the VRIO framework.

Makita, DuPont, Builder’s Square, and Nut’s & Bolts are all hardware stores that compete against each other through everyday low pricing and discounts on bulk purchases. All four stores cater to the needs of highly price-sensitive customers. Thus, together these stores form a________ group.

The PESTEL framework allows the scanning, monitoring, and evaluating of________ in a firm’s macro environment.