STRATEGIC MANAGEMENT PROCESS: F i gu re 10. 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. Knowledge is composed of all the following EXCEPT a. unique; easy to imitate. b. the industry's structural characteristics have little impact on a firm's performance over time. The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. a. ambiguous decision situations which make effective decisions difficult to determine. Above average returns are those in excess of what an investor expects to earn from other investments with similar stock prices. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . The 5 stages of the strategic management process. Dissatisfied capital market stakeholders may According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. Which of the following are stakeholder groups that managers should consider when making decisions? ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. c. the lack of an organizational mission for the school board. c. strategic power Reward c. Risk d. Revenue ANSWER: c 105. ), a destination that is driven by and evokes passion. Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). The two primary drivers of hyper-competition are the emergence of the global economy and technology. a. industry; capability d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. 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. At this stage, your strategy is already in action and you need to measure the effectiveness of the strategy. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. c. defining the competitors in the pool. b. only top managers This is because the organization's role as a taxpayer is most important to ___ as stakeholders. [1] Using the definition of strategic management above then, the strategic management process is "the coordinated means by which an organization achieves its goals and objectives.". a. the core values of the school board as an organization. The process of strategic management sometimes encompasses the formulation of important policies. 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. easy to implement; unique. a. defining the boundaries of the pool. (Check all that apply.). a. strategy, wealth, organization, and threats. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. Reflects what a firm is doing to achieve its mission and vision as seen by its achievement of specific goals & objectives. Knowledge is an intangible resource, the importance of knowledge is increasing, and the value of knowledge as a proportion of shareholder value is increasing. Strategic management is the process of defining and implementing an organization's strategy. Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. 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. The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. d. industry; competency, ___should establish a firm's individuality and should be inspiring and relevant to all stakeholders. a. inspired. Situation Analysis. d. estimating the size of the value-chain activity in the pool. Devise a strategy. d. analysis. a. overload middle managers. (Check all that apply.). Strategic flexibility The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. b. mission a. one corporate-level strategy. 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. Efficiency, in terms of strategic management, can best be described as ______. c. strategy formulation. It guides the company to move in a specific direction. a. unique market niche a. located only at the executive level. one business-level strategy and one corporate-level strategy. Firms use both the ______ and ______ models. b. host communities. b. a willingness to unify stakeholders through skillful manipulation. This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). Typically, the formulation process starts with an assessment of available resources, an industry analysis to assess the competitive environment in which the company operates . Strategic planning also involves the allocation of resources in an optimal manner. b. the firm's internal resources and capabilities represent the foundation for development of a value-creating strategy. d. hypercompetition. Apple's iPod and iPad are examples of 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. Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. c. ability, strategies, and purposes. 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. the CEO and top managers The culmination of the strategic management process is The is the most critical criterion in prioritizing stakeholders. UMT360's Strategy Execution Management solution. Sun Tzu's best-known work is The Art of War. A company had a beginning balance in retained earnings of $52,000. Identify your goals. d. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. Strategic Goals: b. 09.23.22 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. True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. c. determine whether an industry will be viable in the long term. In the POLC framework, where does strategy formulation take place? d. focus on innovation. b. global competition. The strategic management process is. The culmination of the strategic management process is: A) performance. Which of the following statements regarding strategic management is true? c. the firm's actions to exploit its competitive advantage over rivals. a. goal b. strategy c. tactic d. mission ANSWER: b 104. b. strategy Sound strategies are of no value if they ______. 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 industrial organization (I/O) model argues that Income statement information for Thain Corporation is provided below. The essence of strategic management is the study of why some firms ______. b. oil drilling rights in a promising region. a. the social energy that drives, or fails to drive, the organization. (Check all that apply.). It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. A major assumption about the strategic management process is that it is ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. The rate of technology diffusion has been steadily increasing over the last two decades. d. coordinating the vision and mission of each subsidiary firm. . b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Knowledge is an intangible resource. 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. (Remember to type only one word in the blank.). a. only the CEO Here are the key elements of strategic management. (Check all that apply.). b. inspiring vision. Which of the following are needed in order for entrepreneurial initiatives to be successful? $$ 1. c. focus on strategy implementation. (Check all that apply. The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. b. shareholders Strategic Management Process [Video]. 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. The final responsibility for forming the organization's mission lies with the c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. YouTube. Performance of the firm is most directly attributable to Capital market stakeholders include Generally speaking, product market stakeholders are satisfied when c. tactic Your long-term goals and/or BHAGs. 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. b. weak competition In Chapter 2 "Assessing Organizational . Social responsibility is the expectation that businesses or individuals will strive to ______. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. Chapter 3 Evaluating the External Environment examines the topic of evaluating the external environment in detail, and Chapter 4 Evaluating the Internal Environment presents concepts and tools for managing firm resources. In situation analysis, organizations must scan and evaluate the organization's performance, corporate strategies, and internal and external . ______ 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. d: 70: 3884478507 (Check all that apply.). 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. SWOT stands for It offers courses accredited to AMBA, AACSB & NIRF. D. $43,375. b. urgency of satisfying each stakeholder Planning. a. organizational decision makers are rational and committed to acting in the firm's best interests. c. employees. Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization. Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. Importance of Strategic Management. A Deeper Dive into the Strategic Management Process. . (Check all that apply. 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. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies Which of the following are characteristics of a well-written organizational vision statement? b. d. one business-level strategy and one corporate-level strategy. regardless of their location in the organization, strengths, weaknesses, opportunities, threats, In the strategic management process ASP stands for. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. a. power of each stakeholder One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. What is the Strategic Management process? Which of the following are true of behavioral controls? In the strategic management process ASP stands for Feedback may occur at all times to revise these actions. 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. a. size; number of competitors. . The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to A firm has achieved ______ when it successfully formulates and implements a value-creating strategy. Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. a. (Check all that apply.). It is a continuous process of analyzing and evaluating an organization's internal and external environment, setting objectives and goals, developing strategies, and implementing and controlling those strategies. d. critically important mainly in high technology industries. E.$(11,375). a. maximizing the firm's return on investment. Pearce and Robinson, 1988. 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. Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. ______ is performing similar activities better than rivals do. You can view this video here: https://youtu.be/o0U0gwvnhek. The strategic management process is a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. Kick-Off Meeting: 1 hr. 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. a. a. the key factor in success is choosing the correct industry in which to compete. True/False, Ms.Smith is a strategic leader of the firm. .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. - Evaluating efficiency and effectiveness . c. employees. a. the march of globalization. Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. c. A mission They involve balancing culture and boundaries or constraints. organizational versus individual rationality. . It is a philosophical approach to business. Use the simple interest formula method. True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. How is chess relevant to the study of strategic management? a. values. c. an ability to identify the correct solutions to long-range problems. (Check all that apply.). d. mission, ___is an investor's uncertainty about the economic gains or losses that will result from a particular investment. Strategic management is directed toward the organization's overall organizational ________ and ______. ), Business-level strategy is concerned with how companies ______. a. vitally important at the point where a domestic firm enters the global market. . The first step in the strategic management process is to evaluate where you're going, and why. Which statement about the triple bottom line is true? A firm's vision, mission, and strategic objectives form a hierarchy of . d. concentration on the practical day-to-day aspects of the organization's operations. What are the four levels of a company's strategy formulation? The process hinges on the philosophical approach that if a leader "thinks . A strategy is typically a higher level, broad goal, without a lot of specifics. 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. 1x1+x\frac{1\ -\ \sqrt{x}}{1\ +\ \sqrt{x}} C ) rational . A.$2,375. d. All of these options are correct. This ad seeks to convey a sense of the organization's to the viewers. coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. c. strategy . True/False. The mission of IIM Lucknow is to improve management systems with regard to business, industry and public services through pursuit of excellence in management education, research, consultancy and training. It is a process that requires a systematic . There are provisions to create, implement and appraise . d. accounting. 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. ______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined time frame. 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 ______. d. hypercompetition within the industry. \begin{array}{llr} 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. strategic flexibility The third step of the strategic management process is the ______ step. Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. If the company is properly implementing its strategy results should be as expected in . The ending balance in retained earnings equals: b. the resources the firm possesses. How do you think the economic growth of developing countries will affect you and your family in the future? (D) inclusive. c. hypercompetition; technology diffusion. Owner/CEO, Strategy Director. For example, intellectual property is a vital resource for Apple. b. located in different areas and levels. ), Which of the following must a firm's strategy be consistent with? True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . c. rational. Who typically develops a firm's mission statement? c. determining in which businesses to compete and how resources will be allocated between businesses. ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. Corporate-level strategy focuses on ______. In the instance, the implementation . Measure the progress by comparing the plan against actual results. Consequently, executives must be careful to monitor and to interpret the events in their environment, to take appropriate actions when change is needed, and to monitor their performance to ensure that their firms are able to survive and, it is hoped, thrive over time. Strategic management is when you identify and develop strategies developing strategies for employees to follow in order to perform better and achieve a competitive edge. 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 c. the profitability of the industry in which the firm competes. b. receiving the highest-quality products and services in the industry. 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. b. determining how each functional department of the firm will operate. Sue prefers the Red Shuttle because it gets her to the airport in an hour and a half, while the Blue Shuttle takes $80$ minutes. . All businesses can benefit from strategic management to help them meet long-term objectives. _____ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. Explain the difference between negative reinforcement and punishment, and provide several b. shareholders. Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage. Match the strategic management process with its corresponding term. The strategic management process is a crucial element of any organization's success. Organizational goals and objectives should represent what is best for ______. c. re-centralize the responsibility for strategy to the CEO. New markets created by iPods, PDAs, and WiFi are a result of: Henry Ford once said, "If I had asked people what they wanted, they would have said faster horses." Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. b. a. ), Which of the following are social responsibility expectations that go beyond a firm's product and service quality? internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? The Jayhawks Rising Strategic Alignment Model is the culmination of a multi-year strategic planning process involving many groups and individuals who proposed hundreds of ideas for how to advance us toward our vision to be an exceptional learning community that lifts each member and advances society. The strategic management process begins with an understanding of strategy and performance. d. Organizational intelligence. 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. Strategy Evaluation. Litigation. Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. Retrieved from https://flic.kr/p/bPNmxi. b. the complex set of ideologies, symbols, and core values that are shared throughout the firm.
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