a. one corporate-level strategy. (Check all that apply.). A major assumption about the strategic management process is that it is d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. This ad seeks to convey a sense of the organization's to the viewers. incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? The two primary drivers of hyper-competition are the emergence of the global economy and technology. For instance, a SWOT analysis (Strengths-Weaknesses . Prepare a vertical analysis of the income statement for Thain Corporation. can be identified when competitors are unable to duplicate or find it too costly to try to imitate, returns in excess of what an investor expects to earn from other investments with a similar level of risk, the formulation and implementation of a full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. Measure the progress by comparing the plan against actual results. 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. (2014, November 29). a. the power of the financial market stakeholders. Want to create or adapt books like this? b. one business-level strategy. It's the process of determining the decisions an organization should take. A vision d. the amount and speed of growth. True/False, Ms.Smith is a strategic leader of the firm. c. strategy formulation. Estimated Duration. Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage. c. vulnerability of organizational stakeholders Owner/CEO, Strategy Leader. Strategic Management - Overview, Components, Framework Key Elements of Strategic Management | FounderJar ), Which of the following must a firm's strategy be consistent with? 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. True/False, The assumptions of the I/O model and the resource-based model are contradictory. b. tighten loan covenants. . The triple bottom line measures the performance of which of the following? a. 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. The strategic management process begins with an understanding of strategy and performance. b. strategic flexibility 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. It helps in analyzing the internal and external factors influencing an organization. b. customers pay the highest sustainable price for the goods and services they receive. The modern competitive environment requires an iterative approach to strategic management where execution informs planning and planning guides execution. c. is mainly intended to emotionally inspire employees and other stakeholders. Strategic Management ch 1 Flashcards | Quizlet $46,375 d. The Internet. (. 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. c. the profitability of the industry in which the firm competes. The process of strategic management sometimes encompasses the formulation of important policies. The I/O model is grounded in c. obtaining reliable products at the lowest possible price. All of the following are assumptions of the industrial organization (I/O) model EXCEPT The firm makes less efficient use of its assets than other firms. c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. Organizational stakeholders are usually satisfied when, companies provide a dynamic, stimulating, and rewarding work environment. The steps for identifying the profit pools in an industry include all of the following EXCEPT b. television 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. Synonymous with business planning and strategic planning. 5. Strategy Implementation in Strategic Management Process D) analysis. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. In the strategic management process ASP stands for 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. Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. 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.). In the resource-based model, which of the following factors would be considered a key to organizational success? A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. d. Internet. PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. a. goal (Check all that apply. Your long-term goals and/or BHAGs. Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. a. only the CEO The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to 1.6 Understanding the Strategic Management Process 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. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. symbiosis; zero sum. ), Business-level strategy is concerned with how companies ______. The Culmination of the Strategic Management Process Is Which statement is true? c. strategy formulation. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. d. companies are paying the highest prices to suppliers, Product market stakeholders include Strategy formulation is the next step in the strategic management process. Some of the steps involved in the process of strategic management:- 1. Which of the following was fastest in penetrating 25 percent of homes in the U.S. market? b. mission (PDF) Strategic Management and Strategic Planning Process - ResearchGate 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. The two opposing ways of examining stakeholder management are called ______ and ______. Retrieved from https://flic.kr/p/bPNmxi. True/False, The uniqueness of a firm's resources and capabilities is the basis for a firm's strategy and determines its ability to earn above-average returns under the I/O review. a. insight. Match the strategic management process with its corresponding term. Match the type of leader (on the left) with the corresponding description (on the right). Performance of a firm is most directly attributable to: the profitable of the industry in which the firm competes, Firms use the five forces model of competition to identify the ___ of the industry. Culminating events and time working together in top management teams business, corporate, international, and entrepreneurial. a. telephone All of the following are assumptions of the resource-based model EXCEPT Chess CC BY-NC 2.0. 1.4 The History of Strategic Management a. the key factor in success is choosing the correct industry in which to compete. c. capabilities are highly mobile across firms. Strategic Management Process - STRATEGIC MANAGEMENT PROCESS Strategic b. urgency of satisfying each stakeholder a. the social energy that drives, or fails to drive, the organization. 90; 10 c. employees. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. Who makes the strategic decisions for most organizations? According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. (PDF) Strategic Management - ResearchGate The three primary participants in corporate governance are the ______, management, and board of directors. c. disruptive technologies. True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. (B) all policies and procedures used in functional departments. Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. Organizational culture refers to What is Strategic Management? definition, process and importance Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. c. economics. 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 firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. The first step in the strategic management process is to evaluate where you're going, and why. . Managers execute or implement their decisions as ______ in the third step of the strategic management process. A classic management tool that incorporates the idea of scanning elements both external and internal to the firm is SWOT (strengths, weaknesses, opportunities, and threats) analysis. a. strategic mission. 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 New markets created by iPods, PDAs, and Wi-Fi are a result of b. weak competition During the analysis step of the strategic management process managers are concerned with the company's ______. Your company's core competencies. The 5 stages of the strategic management process. b. team-based. d. All of these options are correct. Income statement information for Thain Corporation is provided below. A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. How do you think the economic growth of developing countries will affect you and your family in the future? Strategic Management Chapter 1 Flashcards | Quizlet 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. 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. Strategic management is a process that involves building a careful understanding of how the world is changing, as well as a knowledge of how those changes might affect a particular firm. Which of the following statements regarding strategic management is true? d. differences in resources and capabilities are the basis of competitive advantage. c. strength, wealth, organization, and taxes. Strategic Management Process [Video]. 3. It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . In ancient China, strategist and philosopher Sun Tzu offered thoughts on strategy that continue to be studied carefully by business and military leaders today. Strategy Evaluation. The ___ is the most critical criterion in prioritizing stakeholders. b. global competition. Strategic management process has following four steps: Environmental Scanning-Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. (Check all that apply.). 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. Strategic ch. 1 Flashcards | Quizlet Explain the difference between negative reinforcement and punishment, and provide several c. hypercompetition; technology diffusion. b. return on equity. one business-level strategy and one corporate-level strategy. On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. Strategic management of an organization entails which of the following ongoing processes? areas, are relatively rare. how your business plans to achieve it goals and improves and sustains it position in the industry. _________ strategy is a combination of deliberate and emergent strategies. Identify your goals. 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. Strategic Management Process Steps, Components & Examples Consequently, how managers understand and interpret the performance of their firms is often central to understanding strategy. a. operating each individual business under the corporate umbrella. Planning extensive employee training and hiring educated and experienced employees. An assessment od strengths, weakness, opportunities and threats. a. strategic competitiveness b. a permanently sustainable . a. vitally important at the point where a domestic firm enters the global market. 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 . Which of the following statements regarding corporate-level strategy are correct? c. determining in which businesses to compete and how resources will be allocated between businesses. The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. 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 in their environment. True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. (Check all that apply.). people throughout the organization strive toward overall goals. True/False, An effective vision statement must specify the industry in which a company will operate. Even for companies capable of succeeding in global markets, it is critical that they, The rate of technological diffusion is increasing. a. overload middle managers. For example, intellectual property is a vital resource for Apple. Collect and review information to help make the upcoming strategic decisions. Greenleaf Property Management has been earning below-average returns for the last three years. b. psychology. Figure 1.7: Kindred Grey (2020). a. competitive resilience The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. The culmination of the strategic management process is: a. performance. a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. Continuous learning b. mission c. what people do when no one else is looking. Synonymous with business planning and strategic planning. c. focus on strategy implementation. Knowledge is an intangible resource. 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. delegate strategic responsibilities to employees "closer to the action." b. Dissatisfied capital market stakeholders may Return d. abilities; strategies. vision. 7 Main Steps in Process of Strategic Management (Explained) It is important to consider that the decision: has ethical implications for organizational stakeholders. Write the key term that best matches each description. (PDF) A critical analysis of strategic management process - ResearchGate In situation analysis, organizations must scan and evaluate the organization's performance, corporate strategies, and internal and external . ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. It improves the company's problem-solving and prevents capabilities. Your mission statement. c. the key to earning above-average returns is strategic flexibility. Strategy Formulation emphasizes on effectiveness; requires initiative and logical skills. How to Implement a Strategic Management Process [2023] Asana is a statement of a firm's business in which it intends to compete and the customers it intends to serve. b. oil drilling rights in a promising region. b. the industry's structural characteristics have little impact on a firm's performance over time. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. Knowledge is composed of all the following EXCEPT (Check all that apply.). strategic objectives. b. True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. c. the I/O model. .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.$2,375. Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. d. expand the strategic responsibilities to all organizational stakeholders. In order for strategic objectives to be meaningful they need to be ______. They involve balancing culture and boundaries or constraints. The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. c. the lack of an organizational mission for the school board. The strategic management process is a crucial element of any organization's success. B) strategy implementation. a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. b. total profits earned in an industry along all points of the value chain. 09.23.22 True or false: The most effective organizations have strong leaders at the top who make all the decisions that the rest of the organization then carries out. E.$(11,375). Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. Why is it important to view strategic management as a process? Strategic Management. This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). c. political dimensions. c. return on sales. Afra Alnaimi. The Strategic Planning Process in 4 Steps | OnStrategy The strategic management process begins with an understanding of strategy and performance. Here are the key elements of strategic management. True/False, The goal of strategy implementation is to develop a permanent competitive advantage. ______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders. True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. To implement a strong strategy effectively, an experienced . a. the core values of the school board as an organization. a. pool of assets that is distributed to investors. In order to cope with hypercompetition, firms need to develop through continuous learning. c. use the strategic management process. C ) rational . Which of the following are needed in order for entrepreneurial initiatives to be successful? b. rapid technological diffusion. a. b. focus on strategy formation. Establish your planning team and schedule. The Snack Division's operating margin for the year was $6.5\$ 6.5$6.5 million, during which time its average invested capital was $50\$ 50$50 million. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation Strategic Management Chap 1 Flashcards | Quizlet 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, . b. an important source of competitive advantage in virtually all industries. 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. A strategic management process is an essential tool for any organization looking to optimize performance and reach success. b. Strategic leaders, ______, often work long hours, and their work is filled with ambiguous decision situations. d. critically important mainly in high technology industries. Let us take a look at the five conventional functions of the management process. Capital market stakeholders include b. shareholders. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. The strategic management process is. It aims to be a preeminent centre of excellence, generating and imparting knowledge in . b. I/O; resource-based All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. Tasks, timelines, budgets, etc. d. global dimensions. d. All of these options are correct. The strategic management process is. The five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. 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 major assumption about the strategic management - Course Hero coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. d. the firm's chief executive officer, A prominent national accounting firm runs television advertisements showing an accountant working alone late in the office on a client's project, while clenching a long-stemmed rose in his teeth and grinning ecstatically. a. return on assets. \text{Gross profit}&\text{357,000}\\ c. the firm's actions to exploit its competitive advantage over rivals. Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . UMT360's Strategy Execution Management solution. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. 1. d. a school board lacking in core competencies. See the examples before. 2. It had net income of$8,000 and paid out cash dividends of $5,625 in the current period. the culmination of the strategic management process is: b. strategy implementation. Chapter 10 Executing Strategy through Organizational Design offers ideas on how to manage these elements of implementation. The strategic management process is essentially a set of steps a leader can use to help achieve better business outcomes.
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