b. oil drilling rights in a promising region. Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. Although the first four steps describe the planning that must take place, implementation and evaluation are just as important. c. analyses; strategies d. Revenue. Strategic leaders, ______, often work long hours, and their work is filled with ambiguous decision situations. a. the key factor in success is choosing the correct industry in which to compete. c. capabilities are highly mobile across firms. a. flexibility b. innovation c. speed d. All of these options are correct. 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. d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. 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. Sun Tzu's best-known work is The Art of War. Which of the following statements is most consistent under the I/O view? Owner/CEO, Strategy Leader. d. analysis. Managers must take a(n) ______ view of the organization and assess how functional areas and activities fit together so that the organization can achieve its goals and objectives. Which of the following are reasons vision statements sometimes fail? c. core competence. 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 has achieved when it successfully formulates and implements a value-creating strategy. d. analysis. b. analyses, strategies, and performance. c. vulnerability of organizational stakeholders It improves the company's problem-solving and prevents capabilities. 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. Planning extensive employee training and hiring educated and experienced employees. b. the resource-based model. Organizational stakeholders include c. Knowledge a. True or false: Intended strategy rarely survives in its original form. a. goal Synthesizing the information gained in the external and internal analysis into a SWOT framework is addressed in Chapter 5. The two opposing ways of examining stakeholder management are called ______ and ______. a. unique; easy to imitate. a. at the top of the organization Strategy Evaluation. B) strategy implementation. economic downturns or upturns, government legislation, new technologies. a. the power of the financial market stakeholders. The culmination of the strategic management process is: a. performance. d. a firm's resources, intent, and mission. Consequently, how managers understand and interpret the performance of their firms is often central to understanding strategy. examples of each based on your own experiences. The triple bottom line measures the performance of which of the following? c. the key to competitive success is the structure of the industry in which the firm competes. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . 09.23.22 It offers courses accredited to AMBA, AACSB & NIRF. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. 1+x1x. The two primary drivers of hyper-competition are the emergence of the global economy and technology. b. executives control strategy implementation. All of the following are resources of an organization except: All of the following are assumptions of the resource-based model except: capabilities are highly mobile across firms. It is a process that requires a systematic . b. the industry's structural characteristics have little impact on a firm's performance over time. Readiness assessment. Your mission statement. Estimated Duration. The I/O model is grounded in See the examples before. Corporate governance is the relationship among ______ in determining the direction and performance of corporations. 90; 10 a. unique market niche 1. This improved performance is best explained by organizational versus individual rationality. In the POLC framework, where does strategy formulation take place? Authors: Tanya Sammut-Bonnici. b. return on equity. c. political dimensions. 1. Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage. The situation is where relevant information is needed to create the organization's culture, mission, or vision statement. Feedback may occur at all times to revise these actions. c. speed Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. b. Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. In situation analysis, organizations must scan and evaluate the organization's performance, corporate strategies, and internal and external . b. television The process hinges on the philosophical approach that if a leader "thinks . d. the amount and speed of growth. In a diversified firm, corporate-level strategy is concerned with c. focus on strategy implementation. In the strategic management process ASP stands for All of the following are assumptions of the I/O model except: resources to implement strategies are firm-specific and attached to firms over the long term. (Check all that apply.). True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. a. strategic competitiveness b. a permanently sustainable . is a capacity for a set of resources to perform a task or an activity in an integrative manner. d. concentration on the practical day-to-day aspects of the organization's operations. Strategic management process. SWOT stands for The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. (Check all that apply.). 1. 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. In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. 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. b. (Check all that apply.). In Chapter 2 "Assessing Organizational . Managers must adopt a new mind-set that values conditions. The steps for identifying the profit pools in an industry include all of the following EXCEPT Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. b. global competition. This activity is important because proper use of strategic management techniques . a. c. determine whether an industry will be viable in the long term. (D) inclusive. b. easy to imitate; difficult to implement. It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. ), Business-level strategy is concerned with how companies ______. d. sustainable market niche. a. located only at the executive level. internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? d. a school board lacking in core competencies. The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. 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 The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. (Check all that apply.). b. strategy implementation. ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. c. personal computer c. an ability to identify the correct solutions to long-range problems. a. strategic mission. Apple's iPod and iPad are examples of Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. Importance of Strategic Management. d. one business-level strategy and one corporate-level strategy. (Check all that apply.). The message of the ad is that this firm's accountants love their work. Strategic flexibility Write the key term that best matches each description. The strategic-planning process is never truly completed. C) strategy formulation. a. ambiguous decision situations which make effective decisions difficult to determine. This pronouncement is most precisely a statement of organizational The strategic management process is. YouTube. d: 70: 3884478507 Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. d. easy to implement; unique. a. committed to helping the firm create value for all stakeholder groups. (B) all policies and procedures used in functional departments. b. globalization; exports. 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. 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.). It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. 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. Sound strategies are of no value if they ______. b. shareholders. b. regardless of their location in the organization D. $43,375. Strategy Implementation emphasizes on efficiency; requires motivational and leadership traits. c. employees. d. All of these options are correct. The goal of the organization's ___ is to point the firm in the direction of where it would like to be in the years to come. Social responsibility is the expectation that businesses or individuals will strive to ______. c. strategy . How much was invested? The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. a. competitive resilience The strategic management process is a. suppliers. Name two benefits workers take for granted now that did not exist before labor organized. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. Ideally, you already have some goal materials in place, including: Your vision statement. Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. . Owner/CEO, Strategy Director. b. mission ), Which of the following are examples of business-level strategies? Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. c. weak competitors in the industry. 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. d. locate the most promising areas of an industry's value chain. Chess CC BY-NC 2.0. Reflects what a firm is doing to achieve its mission and vision as seen by its achievement of specific goals & objectives. 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? Which of the following was fastest in penetrating 25 percent of homes in the U.S. market? a. power of each stakeholder d. All of these options are correct. a. performance. In order for strategic objectives to be meaningful they need to be ______. a. Which of the following statements about the strategic management process is true? c. return on sales. Strategic management process has following four steps: Environmental Scanning-Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. It had net income of$8,000 and paid out cash dividends of $5,625 in the current period. Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. Environmental Scanning 2. d. mission, ___is an investor's uncertainty about the economic gains or losses that will result from a particular investment. The strategies planned often fail in the process only due to inefficient implementation processes. local line leader -> have significant profit-and-loss responsibility. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. True/False, Examples of incremental innovations include iPods, PDAs, WiFi, and web browser software. Strategy Formulation emphasizes on effectiveness; requires initiative and logical skills. The 5 stages of the strategic management process. A major assumption about the strategic management process is that it is The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. Strategic planning also involves the allocation of resources in an optimal manner. .It is well known that the elected school board of a large city engages in unethical and illegal activities involving the awarding of major contracts. a. vision If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. Generally speaking, product market stakeholders are satisfied when a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. E.$(11,375). Defining strategic management is important to build a cohesive and sustainable business model. d. skilled employees. Return b. A.$2,375. It helps in analyzing the internal and external factors influencing an organization. A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". b. mission Here are the key elements of strategic management. In strategic management, effectiveness can best be described as ______. c. the interests of the firm's organizational stakeholders have been maximized. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. b. located in different areas and levels. d. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. c. what people do when no one else is looking. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. Retrieved from https://flic.kr/p/bPNmxi. Certainly, part of Apples success is due to the unique products it offers the market, as well as how these products complement one another. the key factor in success is choosing the correct industry in which to compete. 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. 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. a. only the CEO b. host communities. The culmination of the strategic management process is: performance Although an organization's good reputation is a valuable resource that takes years of superior marketplace competence to achieve, it is not a good basis for building a competitive advantage because it can be destroyed almost instantly by bad publicity. are established. All of the following are assumptions of the industrial organization (I/O) model EXCEPT Australian market continued to be attractive for existing operators based on . (. Firms use both the _____and______models. a. values. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. a. defining the boundaries of the pool. d. A goal, Strategic leaders are In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. Strategic management is the management of an organization's resources to achieve its goals and objectives. 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. b. Some of the steps involved in the process of strategic management:- 1. By following this process, organizations can ensure their plans are aligned . Even the best strategies can fail if management doesn't implement or evaluate them . The first step in the strategic management process is to evaluate where you're going, and why. 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. 3. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. c. seek to increase their power. d. The firm uses straight-line depreciation. The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. a. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. c. strategy formulation. c. vision. a. one corporate-level strategy. Study with Quizlet and memorize flashcards containing terms like . (Check all that apply.). d. 20; 36. b. success, weakness, opportunities, and taxes. Your company's core competencies. Continuous learning Strategic management is the process of setting organizational goals, performing a competitive analysis, reflecting on a company's internal structure, and evaluating current strategies. Firms don't apply for patents so that competitors can't access information in the patents. A business-level strategy describes Which of the following statements about organizational knowledge is correct? c. 36; 20 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. total profits earned in an industry along all points of the value chain. c. the I/O model. 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. d. industry; competency, ___should establish a firm's individuality and should be inspiring and relevant to all stakeholders. b. the resources the firm possesses. the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. Effective strategies Apple uses to create loyal customers. Inside CRM Editors. b. strategy implementation. d. emphasize profit maximization. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. a. flexibility UMT360's Strategy Execution Management solution. 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. When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) The profit pool is the b. shareholders a. unions. Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. b. b. top-management team. In Wikipedia. b. strategy implementation. d. ability, successes, and performance. Is is measure by its ___. [1]. Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. a. each firm is a unique collection of resources and capabilities. The economic interdependence among countries is reflected in the flow of goods, services, financial capital, and knowledge across country borders is defined as: higher performance standards including quality and cost. (Check all that apply.). Effective strategic leaders b. achieve strategic competitiveness. Which of the following is an example of a firm's intellectual asset? - Resource analysis to select workforce and assign suitable tasks. It's an important step since it is here that businesses can review performance metrics of all components and make any tweak necessary to ensure accomplishment of long-term goals.
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