The firm added to its plant and equipment in the past few years. The strategic management process is the systematic analysis of an organization's internal and external environment to achieve and retain a competitive advantage. a. analyses; strengths b. expertise. ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. c. the firm's actions to exploit its competitive advantage over rivals. (Check all that apply. d. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. Successful strategic leaders are 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. 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. Strategic Management Chap 1 Flashcards | Quizlet The company requires that all divisions generate a minimum return on invested assets of 8 percent. b. one business-level strategy. c. is mainly intended to emotionally inspire employees and other stakeholders. Sun Tzu's best-known work is The Art of War. (D) inclusive. d. products that were not imitated by competitors. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. d: 70: 3884478507 Income statement information for Thain Corporation is provided below. 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. The rate of technology diffusion has been steadily increasing over the last two decades. b. oil drilling rights in a promising region. a. operating each individual business under the corporate umbrella. a. It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . 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. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. What are the four levels of a company's strategy formulation? 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. b. I/O; resource-based The strategies planned often fail in the process only due to inefficient implementation processes. The firm makes less efficient use of its assets than other firms. What is Strategic Management, and Why is it Important? - SearchCIO 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. It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. Strategy formulation is the next step in the strategic management process. c. strategic power d. All of these options are correct, Strategic delegation helps Key Elements of Strategic Management | FounderJar 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? A retail outlet can attempt several remedies to improve profitability to meet the expectations of its ___ stakeholders, including closing stores, changing the top management team, and seeking potential buyers. Alfred Chandler, 1962. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. b. Returns can only be measured in accounting terms such as return on assets, return on equity, or return on sales. Is is measure by its ___. In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. Strategic Management Flashcards | Quizlet b. the resource-based model. Definition, Examples and Features of Strategic Management incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? 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 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. c. what people do when no one else is looking. B. d. analysis. 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. PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. people throughout the organization strive toward overall goals. 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. (Check all that apply.). Strategic management is a process that requires the ability to manage change. vision. An assessment od strengths, weakness, opportunities and threats. The strategic management process is a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. b. team-based. The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. (. This is because the organization's role as a taxpayer is most important to as stakeholders. (Check all that apply. ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. A company had a beginning balance in retained earnings of $52,000. d. unions, Organizational stakeholders are usually satisfied when c. strength, wealth, organization, and taxes. True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. b. estimating the overall size of the pool. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. c. competition; competency (Check all that apply.). The two opposing ways of examining stakeholder management are called ______ and ______. Return b. In a diversified firm, corporate-level strategy is concerned with: determining in which businesses to compete and how resources will be allocated between businesses. . A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. 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. ), what business(es) should the company compete in. d. All of these options are correct. c. economics. 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. 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. True/False. 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. All of the following are assumptions of the industrial organization (I/O) model EXCEPT What is the Concept of Strategic Management? - Talentedge Which of the following is an example of a firm's intellectual asset? This model also guides our presentation of the chapters contained in this book. a. anthropology. In order to cope with hypercompetition, firms need to develop through continuous learning. d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). Effective strategies Apple uses to create loyal customers. The strategic management process is. Inside CRM Editors. The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. a. flexibility b. innovation c. speed d. All of these options are correct. 1.6 Understanding the Strategic Management Process Why is it important to view strategic management as a process? It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. a. telephone b. strategy implementation. Rationalize the denominator of each fraction and simplify. How do you think the economic growth of developing countries will affect you and your family in the future? d. abilities; strategies. Which of the following best explains a ratio of "net sales to average net fixed assets" that exceeds the industry average? a. located only at the executive level. a. their return on investment has been maximized. BUS400 Flashcards | Quizlet d. in the operations area. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. 98.:A business-level strategy describes (A) the businesses in which the company intends to compete. A firm's mission Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. Firms use both the ______ and ______ models. The steps for identifying the profit pools in an industry include all of the following EXCEPT Understanding the Strategic Management Process The industrial organization (I/O) model argues that Afra Alnaimi. You can view this video here: https://youtu.be/o0U0gwvnhek. c. 36; 20 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. a. True/False, Although organizational cultures vary considerably, one cannot make an objective judgement that some organizational cultures are more or less functional than others in terms of ethical considerations. ), Which of the following must a firm's strategy be consistent with? Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? Strategic Management - Definition, Importance and Need of - Harappa c. The firm has a lot of old plant and equipment. The 6 stages of the Strategic Management Process d. locate the most promising areas of an industry's value chain. This involves developing specific strategies and actions. strategic objectives. Reward c. Risk d. Revenue ANSWER: c 105. a. each firm is a unique collection of resources and capabilities. Tasks, timelines, budgets, etc. When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. a. culture By following this process, organizations can ensure their plans are aligned . The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. Strategy Evaluation. c. A mission d. global dimensions. The message of the ad is that this firm's accountants love their work. d. the CEO, COO, and CFO only. Strategic Management. Situation Analysis. Analysis of the industry's profit pool enables strategic managers to What Is Strategic Management? - Investopedia c. a process directed by top management with input from other stakeholders that seeks to achieve above- average returns for investors through effective use of the organization's resources. A company competing in a single product market has. 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. d. All of these options are correct. A vision c. determine whether an industry will be viable in the long term. $46,375 d. increasing the profitability of the firm. areas, are relatively rare. How much was invested? It is a process that requires a systematic . a. strategic mission. ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. Learn more about how Pressbooks supports open publishing practices. d. companies are paying the highest prices to suppliers, Product market stakeholders include Strategic management of an organization entails which of the following ongoing processes? Which of the following state the goals and intentions that help define a firm's competitive advantage? B the process of strategic management requires that True/False, Examples of incremental innovations include iPods, PDAs, WiFi, and web browser software. d. located at different levels, but only in the operating area of the organization, . c. focus on strategy implementation. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation The final responsibility for forming the organization's mission lies with the Which of the following are characteristics of a well-written organizational vision statement? To implement a strong strategy effectively, an experienced . Strategic Management Process - Meaning, Steps and Components Strategic Management ch 1 Flashcards | Quizlet Chess CC BY-NC 2.0. Importance of Strategic Management. a. only the CEO . Strategic management is directed toward the organization's overall organizational ________ and ______. 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? b. is an internally focused affirmation of the organization's financial, social, and ethical goals. In order for strategic objectives to be meaningful they need to be ______. This behavior has existed for decades, even as the membership in the school board has changed over time. d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. In the instance, the implementation . Managers execute or implement their decisions as ______ in the third step of the strategic management process. The strategic management process is. a. at the top of the organization b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . c. Knowledge Strategic management is directed toward a company's ______. 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 leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. c. defining the competitors in the pool. 09.23.22 A vision statement can lead to missed opportunities when it ______. Which of the following was fastest in penetrating 25 percent of homes in the U.S. market? What is Strategic Management Process? - Economics Discussion The process hinges on the philosophical approach that if a leader "thinks . 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. Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. Strategic Management Process Steps And It's Components - Resource analysis to select workforce and assign suitable tasks. A strategic management process is an essential tool for any organization looking to optimize performance and reach success. The Strategic Management Process Guide - cascade.app c. rare; costly to imitate. a. are willing to be brutally honest. Dissatisfied capital market stakeholders may . Which of the following are reasons vision statements sometimes fail? 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 . PDF is the culmination of a multi-year strategic planning process involving d. one business-level strategy and one corporate-level strategy. It helps in analyzing the internal and external factors influencing an organization. d. hypercompetition. What Is Strategic Management? Characteristics, Risk, Nature - Geektonight It involves identifying internal and external factors and understanding how they affect an organization. c. disruptive technologies. 7 Main Steps in Process of Strategic Management (Explained) In Chapter 2 "Assessing Organizational . 5. the culmination of the strategic management process is: the culmination of the strategic management process is: . Accordingly, the strategic management and planning process consists of sequential five key steps; (i) Goal setting, (ii) Analysis strategy formation, (iii) Strategy formation, (iv) Strategy . a. committed to helping the firm create value for all stakeholder groups. 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. All of the following are assumptions of the resource-based model EXCEPT Which of the following statements is most consistent with the I/O view? b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. local line leader -> have significant profit-and-loss responsibility. Environmental and internal scanning is the next stage in the process. The Five Stages of the Strategic Management Process Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. . 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 is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. d. attractiveness; profitability. (Check all that apply. True/False, The goal of strategy implementation is to develop a permanent competitive advantage. . Who typically develops a firm's mission statement? Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? ______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders. Corporate governance is the relationship among ______ in determining the direction and performance of corporations. Write the key term that best matches each description. Strategic Management Process | MiroBlog The 5-Step Strategic Management Process | Indeed.com If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. Strategic Management Course Online by IIM Lucknow - Talentedge b. 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. 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. C) strategy formulation. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. A strategy (Check all that apply.). b. a firm's profit margin yields an above-average return to its capital market stakeholders. After executing the environmental analysis process, management . a. predict future revenue streams for the organization. 3. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. 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. (PDF) Strategic Management and Strategic Planning Process - ResearchGate The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. c. the CEO, COO, and CFO only. (PDF) Strategic Management - ResearchGate Firms don't apply for patents so that competitors can't access information in the patents. Knowledge is an intangible resource. What is Strategic Management and Why is it Important? (Check all that apply.). a. pool of assets that is distributed to investors. d. estimating the size of the value-chain activity in the pool. True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. Typically, the formulation process starts with an assessment of available resources, an industry analysis to assess the competitive environment in which the company operates . b. an important source of competitive advantage in virtually all industries. The situation is where relevant information is needed to create the organization's culture, mission, or vision statement. a. industry; capability c. the profitability of the industry in which the firm competes. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. b. predict growth in sales over the medium to long range. Organizational goals and objectives should represent what is best for ______. Strategic flexibility In Wikipedia. True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. 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.). d. social value of each stakeholder. c. hypercompetition; technology diffusion. Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. a. size; number of competitors. Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. YouTube. d. critically important mainly in high technology industries. Synonymous with business planning and strategic planning. 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. 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. 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. What is the difference between strategy formulation and strategy implementation? The triple bottom line measures the performance of which of the following? Use the simple interest formula method. This behavior reflects c. knowledge intensity. a. power of each stakeholder Prepare a vertical analysis of the income statement for Thain Corporation. c. companies provide a dynamic, stimulating, and rewarding work environment. d. ability, successes, and performance. business, corporate, international, and entrepreneurial. strategic management chp 1 review Flashcards | Quizlet Strategic Management: Meaning, Concepts, Examples (Explained) - iEduNote Strategic Management Process [Video]. Effective strategic leaders b. committed to nurturing those around them. 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. a. disruptive technologies. Consistent failure to achieve this minimum target is grounds for the dismissal of a division manager. Chapter 10 Executing Strategy through Organizational Design offers ideas on how to manage these elements of implementation. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. 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 .
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the culmination of the strategic management process is: