d. attractiveness; profitability. Strategic Management - Definition, Process, Steps, Examples All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. Strategic Management can be defined as a decision-making process that leads to the development of the strategic position, i.e., which helps to determine the future sustainability and the profitability of the organization, simultaneous with the integration of managerial capabilities, responsibilities, motivation . 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. YouTube. True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. Strategy Implementation in Strategic Management Process The ability to effectively and efficiently access and use information is A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. (Check all that apply. Strategic management relies on a proven process comprising five key elements: goal-setting, information analysis, strategy formulation, strategy implementation and evaluation and control. PDF is the culmination of a multi-year strategic planning process involving Sound strategies are of no value if they ______. 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 The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. UMT360's Strategy Execution Management solution. $$ d. unions, Organizational stakeholders are usually satisfied when The 5-Step Strategic Management Process | Indeed.com True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. How much interest was earned? c. the interests of the firm's organizational stakeholders have been maximized. Readiness assessment. b. executives control strategy implementation. Which of the following state the goals and intentions that help define a firm's competitive advantage? (n.d.). 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. 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. The strategic management process begins with an understanding of strategy and performance. 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. 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 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. In situation analysis, organizations must scan and evaluate the organization's performance, corporate strategies, and internal and external . The first step in the strategic management process is to evaluate where you're going, and why. The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. b. a functional, although unethical, culture of the school board. b. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. Knowledge is composed of all the following EXCEPT . The process of strategic management sometimes encompasses the formulation of important policies. Apple's iPod and iPad are examples of Sun Tzu's best-known work is The Art of War. 1. The two primary drivers of hyper-competition are the emergence of the global economy and technology. a. the key factor in success is choosing the correct industry in which to compete. Organizational stakeholders include True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. Firms use both the _____and______models. (Check all that apply.). The ______ view of stakeholder management views the management process as groups competing for the organization's resources. What Is Strategic Management? | Indeed.com Canada Strategic Management - Your Article Library Strategic Management Chap 1 Flashcards | Quizlet . Strategic Management Process [Video]. 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 leader's work is characterized by Strategic Management Process - Stages of Strategic Management 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 model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. b. the complex set of ideologies, symbols, and core values that are shared throughout the firm. c. seek to increase their power. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University 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. The Five Stages of the Strategic Management Process It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. What are the four steps of the strategic management process? The strategic management process begins with an understanding of strategy and performance. Firms use the five forces model to identify the of the industry as measured by its 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. 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. d. total profits that can be divided among the competitors within an industry. Strategic Management Process - Meaning, Steps and Components The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. \begin{array}{llr} Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? 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.). a. major suppliers of capital a. unique market niche Strategy implementation is the final stage of the process. examples of each based on your own experiences. A.$2,375. Who makes the strategic decisions for most organizations? Efficiency, in terms of strategic management, can best be described as ______. ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. b. the resources the firm possesses. Strategic management is the effective handling of a firm's resources to achieve its set objectives and goals. d. The Internet. Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. c. the lack of an organizational mission for the school board. (Check all that apply.). 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'. d. personality. c. strength, wealth, organization, and taxes. As a result, virtually all of the assets under her control are fully depreciated. University of Malta. b. predict growth in sales over the medium to long range. d. mission, ___is an investor's uncertainty about the economic gains or losses that will result from a particular investment. Which of the following statements about the strategic management process is true? PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. Strategic Management - Overview, Components, Framework 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.). d. a school board lacking in core competencies. b. the resource-based model. To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. To have the potential to become sources of competitive advantage, resources and capabilities must be non- substitutable, valuable, , and 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'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. c. A mission b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. - Formulating an action plan and strategies. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. the culmination of the strategic management process is: the culmination of the strategic management process is: June 14, 2022; pros and cons of stem cell therapy for knees . Match the type of leader (on the left) with the corresponding description (on the right). . . a. sell their stock. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. 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. _________ strategy is a combination of deliberate and emergent strategies. c. the CEO and top managers What other games might help teach strategic thinking. 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. c. strategy . a. defining the boundaries of the pool. 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. ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. \text{Gross profit}&\text{357,000}\\ c. host communities According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. Reflects what a firm is doing to achieve its mission and vision as seen by its achievement of specific goals & objectives. This pronouncement is most precisely a statement of organizational c. re-centralize the responsibility for strategy to the CEO. d. skilled employees. Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. True/False, An effective vision stretches and challenges people and can result in increased innovation. c. the CEO, COO, and CFO only. 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, . 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). Organizational goals and objectives should represent what is best for ______. The steps for identifying the profit pools in an industry include all of the following EXCEPT Definition. b. focus on strategy formation. Collect and review information to help make the upcoming strategic decisions. 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. Reward c. Risk d. Revenue ANSWER: c 105. What is the difference between strategy formulation and strategy implementation? What Is Strategic Management? Characteristics, Risk, Nature - Geektonight (Check all that apply.). Effective strategic leaders (Check all that apply.). a. the businesses in which the company intends to compete. internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? (Check all that apply. business, corporate, international, and entrepreneurial. Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage. b. team-based. c. Knowledge B. a. are willing to be brutally honest. Strategic Management Process - STRATEGIC MANAGEMENT PROCESS Strategic c. personal computer a. performance. local line leader -> have significant profit-and-loss responsibility. It is a philosophical approach to business. Explain the difference between negative reinforcement and punishment, and provide several - Evaluating efficiency and effectiveness . Use the simple interest formula method. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. 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 a. flexibility a. a. an hourly production employee's ability to catch subtle quality defects in products. The strategic management process is b. A company competing in a single product market has. a. the social energy that drives, or fails to drive, the organization. ), a destination that is driven by and evokes passion. a. each firm is a unique collection of resources and capabilities. The triple bottom line measures the performance of which of the following? Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. Study with Quizlet and memorize flashcards containing terms like . Want to create or adapt books like this? d. coordinating the vision and mission of each subsidiary firm. b. innovation The strategic management process is. d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. (Check all that apply. 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. What are the four levels of a company's strategy formulation? Performance of the firm is most directly attributable to b. achieve strategic competitiveness. b. d. intelligence. Strategic ch. 1 Flashcards | Quizlet b. rapid technological diffusion. 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. A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. 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. hypercompetition. The rate of technology diffusion has been steadily increasing over the last two decades. a. analyses, successes, and purposes. New markets created by iPods, PDAs, and Wi-Fi are a result of Continuous learning Strategic Management & Strategic Planning Process Which of the following statements is most consistent with the I/O view? Planning extensive employee training and hiring educated and experienced employees. What is Strategic Management, and Why is it Important? - SearchCIO a. ambiguous decision situations which make effective decisions difficult to determine. 3. Strategic Management ch 1 Flashcards | Quizlet Here are the key elements of strategic management. 2. Planning. 97.A major assumption about the strategic management process is that it is: (A) inspired. The process of creating strategy 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. ability, strategies, and purposes. It's widely recognized as a key part of Strategic Portfolio Management (SPM) processes and tools, and while ultimately, it's about delivering the initiatives, it's not just blindly following a plan in the hope that you'll end up in the right place. It improves the company's problem-solving and prevents capabilities. 1x1+x\frac{1\ -\ \sqrt{x}}{1\ +\ \sqrt{x}} It is a process that requires a systematic . Which of the following was fastest in penetrating 25 percent of homes in the U.S. market? Managers are analyzing the firm's ______ when managers are studying its competitors. a. globalization. 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. Analysis of the industry's profit pool enables strategic managers to 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. c. tactic (B) all policies and procedures used in functional departments. Strategic management is directed toward the organization's overall organizational ________ and ______. ), what business(es) should the company compete in. Income statement information for Thain Corporation is provided below. During the analysis step of the strategic management process managers are concerned with the company's ______. a. power of each stakeholder In the resource-based model, which of the following factors would be considered a key to organizational success? The ending balance in retained earnings equals: Prepare a vertical analysis of the income statement for Thain Corporation. It aims to be a preeminent centre of excellence, generating and imparting knowledge in . Afra Alnaimi. The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. Therefore, organizational strategists must choose one or the other as the basis for developing a strategic plan. a. the culmination of the strategic management process is: ______ analysis is the starting point of the strategic management process and includes the advanced work that must be done to effectively formulate and execute strategies. c. employees. They involve balancing culture and boundaries or constraints. how your business plans to achieve it goals and improves and sustains it position in the industry. Strategy Evaluation. Return b. This improved performance is best explained by 5. a. ethical dimensions. B the process of strategic management requires that Australian market continued to be attractive for existing operators based on . The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. A business-level strategy describes True/False, Resources are considered rare when they have no structural equivalent. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to: delegate strategic responsibilities to employees "closer to the action". is a statement of a firm's business in which it intends to compete and the customers it intends to serve. a. one corporate-level strategy. Which of the following is an example of a firm's intellectual asset? b. strategy 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. It offers courses accredited to AMBA, AACSB & NIRF. The two opposing ways of examining stakeholder management are called ______ and ______. Management Process: Definition, Features & Functions The culmination of the strategic management process is: a. performance. Litigation. Firms use both the ______ and ______ models. The value of SWOT analysis parallels ideas from classic military strategists such as Sun Tzu, who noted the value of knowing yourself as well as your opponent. d. Revenue. This is the final stage of the strategic management process. 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. True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. conduct a thorough analysis of the external and internal environments, Strategies often fail when managers fail to do which of the following? d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. a. analyses; strengths 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. It guides the company to move in a specific direction. d. hypercompetition. In the POLC framework, where does strategy formulation take place? b. inspiring vision. a. anthropology. Retrieved from https://flic.kr/p/bPNmxi. A vision statement can lead to missed opportunities when it ______. D. $43,375. d. All of these options are correct, Strategic delegation helps ______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders. c. political dimensions. Meaning of Strategic Management. en.wikipedia.org/wiki/Apple_Inc._ litigation. b. strategy implementation. 09.23.22 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. Alfred Chandler, 1962. (Check all that apply.). d. analysis. Ideally, you already have some goal materials in place, including: Your vision statement. b. mission Consequently, how managers understand and interpret the performance of their firms is often central to understanding strategy. Chapter 01 Strategic Management and Competitiveness 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. 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 flexibility What is the Strategic Management process? b. weak competition c. strategy formulation. c. vulnerability of organizational stakeholders Apple Inc. Strategic Management Process Steps And It's Components The 6 stages of the Strategic Management Process 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
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