It helps in analyzing the internal and external factors influencing an organization. Managers must adopt a new mind-set that values conditions. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. (Check all that apply.). Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage. Planning in management is a process of choosing apt goals and actions to pursue, and then determining what strategies to use, what steps to take, and what resources are needed to achieve the goals. This is because the organization's role as a taxpayer is most important to ___ as stakeholders. d. competitive dominance. Your company's core competencies. Continuous learning are established. The ability to effectively and efficiently access and use information is $$ 1. c. capabilities are highly mobile across firms. After executing the environmental analysis process, management . The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. Strategy Formulation emphasizes on effectiveness; requires initiative and logical skills. a. the social energy that drives, or fails to drive, the organization. d. the amount and speed of growth. Who typically develops a firm's mission statement? Feedback may occur at all times to revise these actions. ______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined time frame. True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. True/False, The I/O (industrial organization) model assumes that the uniqueness of a firm's resources and capabilities is the main source of above-average returns. Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. The invention of the car is an early example of: A company's ability to acquire knowledge is: an important source of competitive advantage in all industries. (2014, November 29). Pearce and Robinson, 1988. The modern competitive environment requires an iterative approach to strategic management where execution informs planning and planning guides execution. b. success, weakness, opportunities, and taxes. A sustainable competitive advantage is not achieved through operational effectiveness alone. a. operating each individual business under the corporate umbrella. a. each firm is a unique collection of resources and capabilities. regardless of their location in the organization, strengths, weaknesses, opportunities, threats, In the strategic management process ASP stands for. areas, are relatively rare. Your mission statement. Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. Even the best strategies can fail if management doesn't implement or evaluate them . If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. Efficiency, in terms of strategic management, can best be described as ______. It is long-term in nature. The Princeton Alliance Church states in its website that "PAC exists to help you live life to the fullest by knowing God, developing community and bringing hope." In order for strategic objectives to be meaningful they need to be ______. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. b. a functional, although unethical, culture of the school board. E.$(11,375). people throughout the organization strive toward overall goals. a. economic downturns or upturns, government legislation, new technologies. A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. Strategic Management can be found in . The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. Organizational stakeholders are usually satisfied when, companies provide a dynamic, stimulating, and rewarding work environment. Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. At this stage, your strategy is already in action and you need to measure the effectiveness of the strategy. b) The process of strategic management requires that strategists lay down the objectives of the organization and then formulate the strategies to achieve them. . Generally speaking, product market stakeholders are satisfied when Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. This ad seeks to convey a sense of the organization's to the viewers. (Check all that apply.). A vision Strategic management is the effective handling of a firm's resources to achieve its set objectives and goals. c. economies of scale Owner/CEO, Strategy Director. the key factor in success is choosing the correct industry in which to compete. This pronouncement is most precisely a statement of organizational All of the following are assumptions of the resource-based model EXCEPT According to Hitt, the final responsibility for forming the organization's mission lies with the: A key purpose of a mission statement is to inform___ what a firm is, what it seeks to accomplish, and who it seeks to serve. c. the key to earning above-average returns is strategic flexibility. Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. b. receiving the highest-quality products and services in the industry. the three processes are highly interdependent. d. mission, ___is an investor's uncertainty about the economic gains or losses that will result from a particular investment. New markets created by iPods, PDAs, and WiFi are a result of: Henry Ford once said, "If I had asked people what they wanted, they would have said faster horses." Organizational culture refers to Return b. b. c. in the finance area To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. What are the four steps of the strategic management process? Strategic management involves setting objectives, analyzing the competitive environment . It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. d. focus on innovation. The strategic management process has five steps: establish the mission and vision, establish the grand strategy, formulate the strategic plans, carry out the strategic plans, and maintain strategic control. ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. The process hinges on the philosophical approach that if a leader "thinks . d. hypercompetition. 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. c. information. True/False. The strategic management process is essentially a set of steps a leader can use to help achieve better business outcomes. Apple's iPod and iPad are examples of (Check all that apply.). True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. 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? 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.). The firm added to its plant and equipment in the past few years. b. only top managers A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". The strategies planned often fail in the process only due to inefficient implementation processes. Which of the following best explains a ratio of "net sales to average net fixed assets" that exceeds the industry average? Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? b. resources alone can be a source of sustainable competitive advantage. b. inspiring vision. 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. Financial markets often place an emphasis on managers meeting ______ performance goals. c. core competence. d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. a. culture c. Knowledge b. committed to nurturing those around them. c. employees. b. 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. a. at the top of the organization a. the power of the financial market stakeholders. 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. In the resource-based model, which of the following factors would be considered a key to organizational success? b. is an internally focused affirmation of the organization's financial, social, and ethical goals. c. the CEO and top managers symbiosis; zero sum. The essence of strategic management is the study of why some firms ______. a. flexibility b. innovation c. speed d. All of these options are correct. In such a . c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. The process of strategic management sometimes encompasses the formulation of important policies. a. a. vision 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. Which of the following statements is most consistent with the I/O view? c. focus on strategy implementation. Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage. c. employees. b. strategy implementation. d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. The culmination of the strategic management process is: a. performance. b. a firm's profit margin yields an above-average return to its capital market stakeholders. It determines which business(es) should be in the company's portfolio. d. global dimensions. c. an ability to identify the correct solutions to long-range problems. d. expand the strategic responsibilities to all organizational stakeholders. Which of the following statements regarding corporate-level strategy are correct? ), a destination that is driven by and evokes passion. c. the lack of an organizational mission for the school board. en.wikipedia.org/wiki/Apple_Inc._ litigation. It is important to emphasize that, primarily because they are related to how a firm interacts with its stakeholders, almost all strategic management process decisions have b. innovation a. performance. To have the potential to become sources of competitive advantage, resources and capabilities must be non- substitutable, valuable, , and c. defining the competitors in the pool. Synonymous with business planning and strategic planning. a. analyses; strengths An assessment od strengths, weakness, opportunities and threats. . Strategy execution management is the evolution of traditional project delivery. This is because the organization's role as a taxpayer is most important to as stakeholders. d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. a. only the CEO Is is measure by its ___. b. shareholders b. psychology. c. 36; 20 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. 3. CEOs, such as late Apple-founder Steve Jobs, must be able to carefully manage the possible actions that their firms might take to deal with changes that occur . 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. It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. Which statement about the triple bottom line is true? It should seek to diversify. The ending balance in retained earnings equals: Which of the following are reasons vision statements sometimes fail? one business-level strategy and one corporate-level strategy. In Wikipedia. \text{Cost of goods sold}&\text{493,000}\\ Which of the following are true of behavioral controls? c. a process directed by top . They involve balancing culture and boundaries or constraints. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. b. achieve strategic competitiveness. Which of the following is the most inclusive term for the individuals, groups, and organizations that have a claim in the success of an organization? Strategic Management is a stream of decisions and actions which lead to the development of an effective strategy or strategies to help achieve corporate objectives. d. strategy. Your long-term goals and/or BHAGs. $46,375 b. determining how each functional department of the firm will operate. b. internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? The profit pool is the Consistent failure to achieve this minimum target is grounds for the dismissal of a division manager. a. are willing to be brutally honest. (Check all that apply.). Strategic Implementation is defined as "the process by which strategies and policies are put into action through the development of programs, budgets and procedures" (Strategy implementation, 2009, para.1). is a capacity for a set of resources to perform a task or an activity in an integrative manner. c. the profitability of the industry in which the firm competes. In a diversified firm, corporate-level strategy is concerned with True/False, The assumptions of the I/O model and the resource-based model are contradictory. It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. Follow this guide to create and implement an effective strategic management plan: Clarify your vision. This perspective is known as ______. The steps in the strategic management process include the seven - the development of vision and mission, external and internal environment analysis, establishing long-term objectives, generating, evaluating, and selecting strategies, implementation, and strategy evaluation and control. b. strategy implementation. d. The firm uses straight-line depreciation. b. the resource-based model. The two opposing ways of examining stakeholder management are called ______ and ______. Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. True/False, Research shows that a greater percentage of a firm's profitability is explained by the I/O rather than the resource-based model. In the strategic management process ASP stands for Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. Learn more about how Pressbooks supports open publishing practices. c. employees. c. The firm has a lot of old plant and equipment. Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). Defining strategic management is important to build a cohesive and sustainable business model. 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. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. (Check all that apply.). strategic objectives. The importance of knowledge is increasing. McDonald's has been able to a. earn above-average returns. d. analysis. Chapter Layout for Strategic Management. CC BY-SA 4.0. Corporate-level strategy focuses on ______. b. predict growth in sales over the medium to long range. b. weak competition The ___ is the most critical criterion in prioritizing stakeholders. It is a . (Check all that apply.). b. the industry's structural characteristics have little impact on a firm's performance over time. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. This involves developing specific strategies and actions. All of the following are resources of an organization EXCEPT Strategic Management: Chapter 2 Multiple Choi, Barnes & Noble, Inc: Maintaining A Competitiv, Service Management: Operations, Strategy, and Information Technology, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Information Technology Project Management: Providing Measurable Organizational Value. a. return on assets. ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. d. ability, successes, and performance. Readiness assessment. For example, part of Apples success is due to its consistent focus on innovation and creativity that Steve Jobs described as similar to that of a start-up. A Deeper Dive into the Strategic Management Process. For example, Apples decision to create the iPhone demonstrates its ability to interpret that traditional industry boundaries that distinguished the cellular phone industry and the computer industry were beginning to blur. d. A goal, Strategic leaders are d. 20; 36. Generally speaking, product market stakeholders are satisfied when: a firm achieves a balance between profit margins, costs paid to suppliers and prices set for customers, Before liquidating during a bankruptcy, a company will take several actions to try to satisfy its ____ stakeholders. a. insight. Between 2008 and 2010, Apple filed more than 350 cases with the US Patent and Trademark Office to protect its use of such terms as apple, pod, and safari (Apple Inc.). (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. Figure 1.7: Kindred Grey (2020). b. mission . d. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. Strategy evaluation is the process by which the management assesses how well a chosen strategy has been implemented and how successful or otherwise the strategy is. Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). D. $43,375. Make Better business decisions: It is important to understand the difference between a great idea and a good idea. c. decisive. Firms don't apply for patents so that competitors can't access information in the patents. a. CEO. All of the following are assumptions of the industrial organization (I/O) model EXCEPT A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. Who makes the strategic decisions for most organizations? b. executives control strategy implementation. The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. The three primary participants in corporate governance are the ______, management, and board of directors. C ) rational . Strategic management is the process of defining and implementing an organization's strategy. The two primary drivers of hyper-competition are the emergence of the global economy and technology. Capital market stakeholders include Returns can only be measured in accounting terms such as return on assets, return on equity, or return on sales. Situation Analysis. 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. a. Strategic management of an organization entails which of the following ongoing processes? True or false: Intended strategy rarely survives in its original form. Return Definition. The process of creating strategy b. oil drilling rights in a promising region. Chapter 8 Selecting Corporate-Level Strategies focuses on selecting corporate-level strategies, and Chapter 9 Competing in International Markets presents possibilities for firms competing in international markets. c. competition; competency d. products that were not imitated by competitors. Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization. c. political dimensions. A strategy c. obtaining reliable products at the lowest possible price. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. c. Global Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. b. easy to imitate; difficult to implement. ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. Chess CC BY-NC 2.0. a. delegate strategic responsibilities to employees "closer to the action." Typically, the formulation process starts with an assessment of available resources, an industry analysis to assess the competitive environment in which the company operates . Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. d. increasing the profitability of the firm. 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? In the POLC framework, where does strategy formulation take place? True/False, Ms.Smith is a strategic leader of the firm. To simply put, strategy evaluation entails reviewing and appraising the strategy implementation process and measuring organizational performance. The message of the ad is that this firm's accountants love their work. d. critically important mainly in high technology industries. d. a firm's resources, intent, and mission. Which of the following are characteristics of a well-written organizational vision statement? a. organizational decision makers are rational and committed to acting in the firm's best interests. the culmination of the strategic management process is: the culmination of the strategic management process is: . d. intelligence. Managers must constantly scan the external environment for trends and events that affect the overall economy, and they must monitor changes in the particular industry in which the firm operates. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. Reflects what a firm is doing to achieve its mission and vision as seen by its achievement of specific goals & objectives. a. major suppliers of capital 2 St rategy formul at ion a nd i mp leme nt ati on in t he st rat e gi c mana ge me nt p roce ss Strategic management. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies The culmination of the strategic management process is Which of the following statements about operational effectiveness are correct? Strategic Management Process [Video]. Disruptive c. vision How do you think the economic growth of developing countries will affect you and your family in the future? Sue prefers the Red Shuttle because it gets her to the airport in an hour and a half, while the Blue Shuttle takes $80$ minutes. c. ability, strategies, and purposes. d. Internet. 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. a. the businesses in which the company intends to compete. The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. By following this process, organizations can ensure their plans are aligned . d. abilities; strategies. a. values. d. skilled employees. The is the most critical criterion in prioritizing stakeholders. Strategic Management. Strategic management process can be described as a set of managerial decisions and actions which determines the long-run direction and performance of the organization'. True/False, The five forces model suggests that firms should target the industry with the highest potential for above-average returns and then implement either a cost leadership or diffusion strategy Knowledge is an intangible resource, the importance of knowledge is increasing, and the value of knowledge as a proportion of shareholder value is increasing. a. unions. A strategic management process is an essential tool for any organization looking to optimize performance and reach success. Study with Quizlet and memorize flashcards containing terms like . Synonymous with business planning and strategic planning. a. the march of globalization. Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? b. all policies and procedures used in functional departments. a. goal b. strategy c. tactic d. mission ANSWER: b 104. 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 strategic management process is a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. A firm's mission a. strategic mission. a. committed to helping the firm create value for all stakeholder groups. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. . The steps for identifying the profit pools in an industry include all of the following EXCEPT C.$54,375. Planning extensive employee training and hiring educated and experienced employees. It offers courses accredited to AMBA, AACSB & NIRF. a. strategic competitiveness b. a permanently sustainable . It is a philosophical approach to business. Managers execute or implement their decisions as ______ in the third step of the strategic management process. $$ True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. Strategic management requires that ______. Which of the following are needed in order for entrepreneurial initiatives to be successful? Managers must determine how to create a(n) ______ advantage in the marketplace to be successful over the long-term. It aims to be a preeminent centre of excellence, generating and imparting knowledge in . c. culture c. the key to competitive success is the structure of the industry in which the firm competes. The strategic management process is. local line leader -> have significant profit-and-loss responsibility. Afra Alnaimi. The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. c. re-centralize the responsibility for strategy to the CEO. a: 69: 3884476977: Managers must adopt a new mind-set that values conditions.
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