a. one corporate-level strategy. Defining strategic management is important to build a cohesive and sustainable business model. Although the first four steps describe the planning that must take place, implementation and evaluation are just as important. For instance, a SWOT analysis (Strengths-Weaknesses . b. return on equity. Corporate governance is the relationship among ______ in determining the direction and performance of corporations. (. A sustainable competitive advantage is not achieved through operational effectiveness alone. This involves developing specific strategies and actions. Managers must constantly scan the external environment for trends and events that affect the overall economy, and they must monitor changes in the particular industry in which the firm operates. b. resources alone can be a source of sustainable competitive advantage. Planning Team and Executive Team. This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). The I/O model is grounded in a. the social energy that drives, or fails to drive, the organization. Firms use the five forces model to identify the of the industry as measured by its ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. a. inspired. The strategic management process is. 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. d. All of these options are correct. A company competing in a single product market has. Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. Analysis of the industry's profit pool enables strategic managers to (Check all that apply.). a. delegate strategic responsibilities to employees "closer to the action." The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. A strategy Is is measure by its ___. Strategic Management is a stream of decisions and actions which lead to the development of an effective strategy or strategies to help achieve corporate objectives. c. tactic c. the profitability of the industry in which the firm competes. A company had a beginning balance in retained earnings of $52,000. b. (PDF) Strategic Management and Strategic Planning Process - ResearchGate the culmination of the strategic management process is: the culmination of the strategic management process is: . A company competing in a single product market has Effective strategies Apple uses to create loyal customers. (Check all that apply.). Environmental and internal scanning is the next stage in the process. d. in the operations area. Strategic Management - Definition, Process, Steps, Examples 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. Which of the following statements regarding corporate-level strategy are correct? Synthesizing the information gained in the external and internal analysis into a SWOT framework is addressed in Chapter 5. organizational versus individual rationality. It offers courses accredited to AMBA, AACSB & NIRF. 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 . Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Organizational culture refers to a. culture d. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. d. is developed by a firm before the firm develops its vision. True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. Strategic management is the process of setting organizational goals, performing a competitive analysis, reflecting on a company's internal structure, and evaluating current strategies. 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. The third step of the strategic management process is the ______ step. True or false: Intended strategy rarely survives in its original form. Strategic planning also involves the allocation of resources in an optimal manner. d. ability, successes, and performance. Strategic management process. A firm's vision, mission, and strategic objectives are used to develop specific goals, which form the basis for its ______. 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, 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. Strategic management is directed toward a company's ______. (Check all that apply. Kick-Off Meeting: 1 hr. It is important to consider that the decision: has ethical implications for organizational stakeholders. Who makes the strategic decisions for most organizations? b. mission. 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. profits that are accrued when a firm earns above-average returns. a. globalization. The Five Stages of the Strategic Management Process d. global dimensions. Understanding the Strategic Management Process Strategic Management Flashcards | CourseNotes d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. Owner/CEO, Strategy Director. The strategic leader's work is characterized by Which of the following are stakeholder groups that managers should consider when making decisions? d. concentration on the practical day-to-day aspects of the organization's operations. What is Strategic Management Process, and How Does It Work? c. companies provide a dynamic, stimulating, and rewarding work environment. Meaning of Strategic Management. d. Organizational intelligence. 97.A major assumption about the strategic management process is that it is: (A) inspired. ), Business-level strategy is concerned with how companies ______. c. defining the competitors in the pool. Dissatisfied capital market stakeholders may 3. b. all policies and procedures used in functional departments. Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? 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. b. urgency of satisfying each stakeholder b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. It is a . Feedback may occur at all times to revise these actions. [1]. conduct a thorough analysis of the external and internal environments, Strategies often fail when managers fail to do which of the following? What is Strategic Management and Why is it Important? 1.3 Intended, Emergent, and Realized Strategies, 1.5 Contemporary Critique of Strategic Management, 1.6 Understanding the Strategic Management Process, 3.2 The Relationship between an Organization and its Environment, 4.4 Intellectual Property & Isolating Mechanisms, 6.2 Understanding Business-Level Strategy through "Generic Strategies", 6.5 Focused Cost Leadership and Focused Differentation, 7.6 Responding to Innovation in the Market, 8.6 Portfolio Planning and Corporate-Level Strategy, 9.2 Advantages and Disadvantages of Competing in International Markets, 9.5 Drivers of Success and Failure When Competing in International Markets, 9.6 Options for Competing in International Markets, 10.3 The Basic Building Blocks of Organizational Structure, 10.4 Creating an Organizational Structure, 10.5 Creating Organizational Control Systems, 11.4 Corporate Ethics and Social Responsibility, 11.5 Contemporary Questions of Corporate Ethics. - Formulating an action plan and strategies. The goal of strategy implementation is to develop a permanent competitive advantage. a. vitally important at the point where a domestic firm enters the global market. Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. a. strategy, wealth, organization, and threats. d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. 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. - Resource analysis to select workforce and assign suitable tasks. How to Implement a Strategic Management Process [2023] Asana The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. b. total profits earned in an industry along all points of the value chain. What is the Strategic Management process? The Chamber of Commerce of cities and towns often implore citizens to buy from local businesses. The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. The strategic-planning process is never truly completed. \text{Cost of goods sold}&\text{493,000}\\ 1. 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. c. strategy . The Princeton Alliance Church states in its website that "PAC exists to help you live life to the fullest by knowing God, developing community and bringing hope." c. an ability to identify the correct solutions to long-range problems. d. critically important mainly in high technology industries. 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. d. locate the most promising areas of an industry's value chain. Strategic Management: Chapter 2 Multiple Choi, Barnes & Noble, Inc: Maintaining A Competitiv, Service Management: Operations, Strategy, and Information Technology, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Information Technology Project Management: Providing Measurable Organizational Value. b. top-management team. The profit pool is the a. each firm is a unique collection of resources and capabilities. The ending balance in retained earnings equals: a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. a. an hourly production employee's ability to catch subtle quality defects in products. A.$2,375. Firms don't apply for patents so that competitors can't access information in the patents. c. avoid too much managerial hubris. Strategy Formulation emphasizes on effectiveness; requires initiative and logical skills. It determines which business(es) should be in the company's portfolio. B) strategy implementation. c. vision This behavior has existed for decades, even as the membership in the school board has changed over time. . What other games might help teach strategic thinking. . Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. b. predict growth in sales over the medium to long range. (B) team-based. c. economics. C) strategy formulation. To have the potential to become sources of competitive advantage, resources and capabilities must be non- substitutable, valuable, , and c. determine whether an industry will be viable in the long term. Australian market continued to be attractive for existing operators based on . Your company's core competencies. Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. c. strength, wealth, organization, and taxes. Strategic planning process is a systematic or emerged way of performing strategic planning in the organization through initial assessment, thorough analysis, strategy formulation, its implementation and evaluation. a. the core values of the school board as an organization. ____has become the second-largest economy in the world. How much interest was earned? the key factor in success is choosing the correct industry in which to compete. The Strategic Planning Process in 4 Steps | OnStrategy After executing the environmental analysis process, management . It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. ), a destination that is driven by and evokes passion. A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. Collect and review information to help make the upcoming strategic decisions. c. the CEO, COO, and CFO only. True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. (Check all that apply. b. analyses, strategies, and performance. Which of the following statements regarding strategic management is true? a. goal What Is Strategic Management and Why Is It Important? ______ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones. d. Diffusion, provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. a. 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. focus on innovation. 1.6 Understanding the Strategic Management Process b. estimating the overall size of the pool. d. hypercompetition. True/False, The CEO must encourage ambidextrous learning, absorbing new information, and building incremental knowledge in order to make the firm strategically flexible. Key Elements of Strategic Management | FounderJar 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. Firms use both the _____and______models. The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. This activity is important because proper use of strategic management techniques . All businesses can benefit from strategic management to help them meet long-term objectives. Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. The importance of knowledge is increasing. It requires incorporating both short-term and long-term perspectives. What is Strategic Management? definition, process and importance a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. Strategic ch. 1 Flashcards | Quizlet The strategic management process begins with an understanding of strategy and performance. Apple's iPod and iPad are examples of How much was invested? a. flexibility b. innovation c. speed d. All of these options are correct. b. mission a. their return on investment has been maximized. What is the Concept of Strategic Management? - Talentedge In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. Income statement information for Thain Corporation is provided below. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . 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 ______ view of stakeholder management views the management process as groups competing for the organization's resources. 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. Strategy execution management is the evolution of traditional project delivery. b. regardless of their location in the organization a. flexibility Alfred Chandler, 1962. We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. Strategic Management. How do you think the economic growth of developing countries will affect you and your family in the future? Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. b. television BUS400 Flashcards | Quizlet (Check all that apply.). c. a process directed by top . 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. d. increasing the profitability of the firm. d. sustainable market niche. It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. d. a school board lacking in core competencies. This behavior reflects The process of strategic management sometimes encompasses the formulation of important policies. E.$(11,375). The ___ is the most critical criterion in prioritizing stakeholders. c. re-centralize the responsibility for strategy to the CEO. Which of the following are reasons vision statements sometimes fail? people throughout the organization strive toward overall goals. How is chess relevant to the study of strategic management? 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. Strategic Management Process Overview With Examples - Study.com c. knowledge intensity. Make Better business decisions: It is important to understand the difference between a great idea and a good idea. It is a process that requires a systematic . This is because the organization's role as a taxpayer is most important to ___ as stakeholders. 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 CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. Strategic management involves setting objectives, analyzing the competitive environment . c. economies of scale Management Process: Definition, Features & Functions The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. Strategic Goals: a. 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, . Disruptive Solved The strategic management process has five steps: | Chegg.com It involves identifying internal and external factors and understanding how they affect an organization. It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is: obtaining reliable products at the lowest possible price. In the strategic management process ASP stands for The firm added to its plant and equipment in the past few years. In terms of analyzing the external environment of the firm, the industry environment consists of ______ and other organizations that may threaten the company's success. 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. a. performance. ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. 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 . Strategic Management Process and Its Different Stages Organizational stakeholders include vision. The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. a. the march of globalization. This perspective is known as ______. . d. estimating the size of the value-chain activity in the pool. b. globalization; exports. What are the four steps of the strategic management process? This is the final stage of the strategic management process. b. the industry's structural characteristics have little impact on a firm's performance over time. b. an important source of competitive advantage in virtually all industries. 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. d. culture. c. vulnerability of organizational stakeholders Financial markets often place an emphasis on managers meeting ______ performance goals. Importance of Strategic Management. Which of the following statements is most consistent under the I/O view? The firm makes less efficient use of its assets than other firms. Definition, Examples and Features of Strategic Management b. resources to implement strategies are firm-specific and attached to firms over the long-term. The second step in the strategic management process is ______. (PDF) Strategic Management - ResearchGate Which of the following was fastest in penetrating 25 percent of homes in the U.S. market? c. return on sales. 2. The triple bottom line measures the performance of which of the following? b. the resources the firm possesses. This pronouncement is most precisely a statement of organizational d. The Internet. In order to cope with hyper competition, firms need to develop ___ through continuous learning. strategic objectives. _____ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. (Check all that apply. Chapter 01 Strategic Management and Competitiveness Strategic management is a process that requires the ability to manage change. a. analyses, successes, and purposes. b. oil drilling rights in a promising region. Managers are analyzing the firm's ______ when managers are studying its competitors. ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. Devise a strategy. (Check all that apply.). a. the three processes are highly interdependent. c. vision. Tasks, timelines, budgets, etc. This improved performance is best explained by c. rational. 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. A major assumption about the strategic management - Course Hero b) The process of strategic management requires that strategists lay down the objectives of the organization and then formulate the strategies to achieve them. b. the resource-based model. $46,375 Social responsibility is the expectation that businesses or individuals will strive to ______. For example, intellectual property is a vital resource for Apple. 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. . It involves action plans that ensure continued performance and thriving progression.
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