______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. Determine organizational readiness. A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. a. return on assets. statements, like vision statements, should be massively inspiring to an organization's main stakeholders and include the purpose of the organization, its scope of operations, and the basis of its competitive advantage. b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. Definition. .It is well known that the elected school board of a large city engages in unethical and illegal activities involving the awarding of major contracts. A firm's vision, mission, and strategic objectives form a hierarchy of . c. Sustainable competitive advantage a. disruptive technologies. All of the following are assumptions of the industrial organization (I/O) model EXCEPT Authors: Tanya Sammut-Bonnici. c. disruptive technologies. 2. It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. Strategic management is a process that requires the ability to manage change. examples of each based on your own experiences. . Formulation of strategies; Environment and organizational appraisal help to find out the opportunities and threats operating in the environment and the strengths and weaknesses of an organization in order to create a match between them. Use the simple interest formula method. In smaller, new venture firms, returns are sometimes measured in terms of A strategic management process is an essential tool for any organization looking to optimize performance and reach success. True/False, Developed countries still have major advantages in their access to information technology when compared to emerging countries because of the significant cost of the infrastructure needed for computing power. determines how organization as a whole supports and enhances the value of the business units w/in it. Strategic management of an organization entails which of the following ongoing processes? Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). b. total profits earned in an industry along all points of the value chain. $$ people throughout the organization strive toward overall goals. This improved performance is best explained by Strategic management is the process of finding and describing the strategies used by management to improve the financial performance of a company, particularly in comparison to competitors in the same sector. b. customers pay the highest sustainable price for the goods and services they receive. $46,375 a. flexibility b. innovation c. speed d. All of these options are correct. A strategic management process can help guide the decisions and actions of senior executives within an organisation. a. culture The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. Firms use both the ______ and ______ models. In the POLC framework, where does strategy implementation take place. c. the interests of the firm's organizational stakeholders have been maximized. b. weak competition Strategy formulation is the next step in the strategic management process. d. government regulators. True/False, Organizational mission statements typically do not include statements about profitability and earning above-average returns. Planning Team and Executive Team. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. Make Better business decisions: It is important to understand the difference between a great idea and a good idea. (Check all that apply.). b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. a. values. The culmination of the strategic management process is - Resource analysis to select workforce and assign suitable tasks. c. economics. Match the type of leader (on the left) with the corresponding description (on the right). d. concentration on the practical day-to-day aspects of the organization's operations. c. the CEO, COO, and CFO only. c. In reporting her investment center's performance for the past 10 years, the manager of the Snack Division accounted for the depreciation of her division's assets by using an accelerated depreciation method allowed for tax purposes. Which of the following statements regarding corporate-level strategy are correct? Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. The five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. d. critically important mainly in high technology industries. d. located at different levels, but only in the operating area of the organization, . Firms use the five forces model to identify the of the industry as measured by its Collect and analyze information. b. shareholders. a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. True/False, Ms.Smith is a strategic leader of the firm. This ad seeks to convey a sense of the organization's to the viewers. strategic objectives. Let us take a look at the five conventional functions of the management process. d. strengths, weaknesses, opportunities, and threats. To implement a strong strategy effectively, an experienced . c. strategy formulation. Strategic management is the process of setting organizational goals, performing a competitive analysis, reflecting on a company's internal structure, and evaluating current strategies. a. telephone The resource-based view of the firm Readiness assessment. Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. Importance of Strategic Management. We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage. Strategic management requires that ______. Financial markets often place an emphasis on managers meeting ______ performance goals. (Remember to type only one word in the blank.). areas, are relatively rare. The strategic management provides a base for the organization on the basis of which progress can be measured and on the basis of the same, the employees can be compensated. b. global competition. Is is measure by its ___. Consequently, how managers understand and interpret the performance of their firms is often central to understanding strategy. The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. . (2014, November 29). a. competitive resilience c. employees. The strategic management process is a crucial element of any organization's success. Strategic management process has following four steps: Environmental Scanning-Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. Why is it important to view strategic management as a process? (n.d.). b. mission The strategic management process is the full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns. c. The firm has a lot of old plant and equipment. As we have noted in this introductory chapter, strategic management is both an art and a science, and it involves multiple conceptualizations of the notion of strategy drawn from recent and ancient history. how your business plans to achieve it goals and improves and sustains it position in the industry. 2. Which of the following is an example of a firm's intellectual asset? Capital market stakeholders include d. easy to implement; unique. incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? Which of the following are reasons vision statements sometimes fail? True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. True/False, The resource-based model assumes that firms must have resources that are rare or costly to imitate to form a basis for competitive advantage. a. unique; easy to imitate. The process of strategic management sometimes encompasses the formulation of important policies. b. How much was invested? A.$2,375. Your mission statement. Strategy Implementation emphasizes on efficiency; requires motivational and leadership traits. In the POLC framework, where does strategy formulation take place? b. an important source of competitive advantage in virtually all industries. Alfred Chandler, 1962. In Chapter 6 Selecting Business-Level Strategies, we discuss how selecting business-level strategies helps to provide firms with a recipe that can be followed that will increase the likelihood that their strategies will be successful. b. determining how each functional department of the firm will operate. c. the firm's actions to exploit its competitive advantage over rivals. a. located only at the executive level. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. b. Strategic Management can be found in . McDonald's has been able to a. earn above-average returns. Name two benefits workers take for granted now that did not exist before labor organized. https://youtu.be/o0U0gwvnhek. Broad Plans Shaping: In this continuous process, the formulation & implementation of broader plans are made and finally, these are also controlled. The ending balance in retained earnings equals: Characteristics of Strategic Management. Situation Analysis. The culmination of the strategic management process is: Managers must adopt a new mind-set that values ______ and the challenges that evolve from constantly changing conditions. Strategic management adheres to the perspective that what might be seemingly ideal for one functional area of an organization might not be in the best interest of the total organization. B. 1x1+x\frac{1\ -\ \sqrt{x}}{1\ +\ \sqrt{x}} a. each firm is a unique collection of resources and capabilities. How much interest was earned? b. receiving the highest-quality products and services in the industry. Strategic Goals: a. the key factor in success is choosing the correct industry in which to compete. Inside CRM Editors. c. in the finance area a. at the top of the organization Strategic management can also be described as a bundle of decisions and acts which a manager undertakes and which determine the result of the business's performance. Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. a. are willing to be brutally honest. Managers execute or implement their decisions as ______ in the third step of the strategic management process. a. globalization. ______ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. b. return on equity. They involve balancing culture and boundaries or constraints. UMT360's Strategy Execution Management solution. The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. Generally speaking, product market stakeholders are satisfied when d. intelligence. The two opposing ways of examining stakeholder management are called ______ and ______. Strategic flexibility c. weak competitors in the industry. Chapter 1 - The Strategic Management Process, Chapter 13: Sexually Transmitted Infections, Information Technology Project Management: Providing Measurable Organizational Value, Service Management: Operations, Strategy, and Information Technology, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Chapter 10 /Dada/Magic Realism/Surrealism. It is important to emphasize that almost all strategic management process decisions have ______ because they are related to how a firm interacts with its stakeholders. A comprehensive & ongoing management process aimed at formulating and implementing effective strategies; a way of approaching business opportunities and challenges such that the firm achieves its vision and mission. Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. The external control view of leadership emphasizes the role of which of the following types of factors in the success or failure of a firm? a. strategic competitiveness b. a permanently sustainable . ______ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones. d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. In situation analysis, organizations must scan and evaluate the organization's performance, corporate strategies, and internal and external . d. Organizational intelligence. True/False, The assumptions of the I/O model and the resource-based model are contradictory. b. is an internally focused affirmation of the organization's financial, social, and ethical goals. Effective strategies Apple uses to create loyal customers. E.$(11,375). c. analyses; strategies a. analyses, successes, and purposes. Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage. a. D. $43,375. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. d. All of these options are correct. During the ______ step in the strategic management process, managers answer two questions: what industries should we compete in and how should we compete in those industries? When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n): In the resource-based model, which of the following factors would be considered a key organizational success? Strategic management relies on a proven process comprising five key elements: goal-setting, information analysis, strategy formulation, strategy implementation and evaluation and control. The strategic management process is the systematic analysis of an organization's internal and external environment to achieve and retain a competitive advantage. Synonymous with business planning and strategic planning. the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. True/False, When the firm earns lower-than-average returns, the highest priority is given to satisfying the needs of capital market stakeholders over the needs of product market and organizational shareholders. The strategic leader's work is characterized by b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. d. the interests of all stakeholders have been at least minimally satisfied, The Chambers of Commerce of cities and towns often implore citizens to buy from local businesses. Return b. a. CEO. Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. Strategic planning process is a systematic or emerged way of performing strategic planning in the organization through initial assessment, thorough analysis, strategy formulation, its implementation and evaluation. a. the march of globalization. Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. b. host communities. Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. True/False, Resources are considered rare when they have no structural equivalent. d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. Kick-Off Meeting: 1 hr. A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. Estimated Duration. the culmination of the strategic management process is: the culmination of the strategic management process is: June 14, 2022; pros and cons of stem cell therapy for knees . The value of SWOT analysis parallels ideas from classic military strategists such as Sun Tzu, who noted the value of knowing yourself as well as your opponent. d: 70: 3884478507 c. vulnerability of organizational stakeholders It is a continuous process of analyzing and evaluating an organization's internal and external environment, setting objectives and goals, developing strategies, and implementing and controlling those strategies. a. an hourly production employee's ability to catch subtle quality defects in products. d. All of these options are correct. c. an ability to identify the correct solutions to long-range problems. b. only top managers This perspective is known as ______. 1+x1x. Identify your goals. Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? Reward c. Risk d. Revenue ANSWER: c 105. a. operating each individual business under the corporate umbrella. Planning extensive employee training and hiring educated and experienced employees. A customer can buy an iPod that plays music from iTunesall of which can be stored in Apples Mac computer (Inside CRM Editors, n.d.). Measure the progress by comparing the plan against actual results. Some of the steps involved in the process of strategic management:- 1. d. companies are paying the highest prices to suppliers, Product market stakeholders include a. Introduction. b. a functional, although unethical, culture of the school board. Strategic management is when you identify and develop strategies developing strategies for employees to follow in order to perform better and achieve a competitive edge. This improved performance is best explained by: Research shows that approximately ___ percent of a firm's profitability is explained by the industry in which it competes, whereas ___ percent is explained by the firm's characteristics and actions. a. strategy, wealth, organization, and threats. en.wikipedia.org/wiki/Apple_Inc._ litigation, https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109, https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png, Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. Sun Tzu's best-known work is The Art of War. Certainly, part of Apples success is due to the unique products it offers the market, as well as how these products complement one another. In the instance, the implementation . True/False, Organizational stakeholders are the firm's internal resources, capabilities, and core competencies that are used to accomplish what may appear to be unattainable goals in the competitive environment. d. differences in resources and capabilities are the basis of competitive advantage. The primary drivers of hypercompetition are, All of the following are characteristic of the global economy EXCEPT, The economic interdependence among countries as reflected in the flow of goods, services, financial capital, and knowledge across country borders is defined as, . The process of implementation of strategy starts with the identification of key managerial tasks which form the basis for the creation of strategy starts with the identification of key b. local dimensions. Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is: obtaining reliable products at the lowest possible price. When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. b. mission. c. core competence. Which of the following was fastest in penetrating 25 percent of homes in the U.S. market? The company requires that all divisions generate a minimum return on invested assets of 8 percent. It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. Strategic management is a process that requires the ability to manage change wherein executives must be cautious to monitor and to interpret the events in their environment as well taking appropriate actions to ensure that their firm to survive and thrive over time. . In this latter case, performance is the result of a rare event that is itself the culmination of a long and ongoing process of daily . b. strategy Knowledge is an intangible resource. When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies.
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