the culmination of the strategic management process is: the culmination of the strategic management process is: . Prepare a vertical analysis of the income statement for Thain Corporation. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. c. a process directed by top . b. 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. The strategic leader's work is characterized by The firm added to its plant and equipment in the past few years. d: 70: 3884478507 \text{Cost of goods sold}&\text{493,000}\\ Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. d. focus on innovation. How much was invested? Reward c. Risk d. Revenue ANSWER: c 105. The company requires that all divisions generate a minimum return on invested assets of 8 percent. The modern competitive environment requires an iterative approach to strategic management where execution informs planning and planning guides execution. Which of the following statements about operational effectiveness are correct? Overall, strategic management is an important part of an organization's development and overall performance. \end{array} C ) rational . This is because the organization's role as a taxpayer is most important to ___ as stakeholders. Managers must adopt a new mind-set that values conditions. Financial markets often place an emphasis on managers meeting ______ performance goals. Income statement information for Thain Corporation is provided below. a. CEO. Strategic leaders, ______, often work long hours, and their work is filled with ambiguous decision situations. d. expand the strategic responsibilities to all organizational stakeholders. Organizational stakeholders include As a result, virtually all of the assets under her control are fully depreciated. The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. 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. Definition. c. ability, strategies, and purposes. incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) Firms use the five forces model to identify the of the industry as measured by its Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. b. all policies and procedures used in functional departments. a. industry competitors. Authors: Tanya Sammut-Bonnici. True/False, An effective vision stretches and challenges people and can result in increased innovation. The strategic management provides a base for the organization on the basis of which progress can be measured and on the basis of the same, the employees can be compensated. The steps for identifying the profit pools in an industry include all of the following EXCEPT a. located only at the executive level. 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. The ___ is the most critical criterion in prioritizing stakeholders. 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. The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to \text{Gross profit}&\text{357,000}\\ This is because the organization's role as a taxpayer is most important to as stakeholders. a. 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. b. tighten loan covenants. On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. d. abilities; strategies. Strategic management is directed toward the organization's overall organizational ________ and ______. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. (Check all that apply. d. global dimensions. (Check all that apply.). c. information. c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. c. vulnerability of organizational stakeholders b. psychology. b. estimating the overall size of the pool. 90; 10 . c. Knowledge a. committed to helping the firm create value for all stakeholder groups. Defend your answer. Strategic Management can be found in . (Check all that apply.). b. top-management team. Effective strategic leaders Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. All of the following are assumptions of the industrial organization (I/O) model EXCEPT During the analysis step of the strategic management process managers are concerned with the company's ______. Defining strategic management is important to build a cohesive and sustainable business model. Corporate-level strategy focuses on ______. - Evaluating efficiency and effectiveness . a. strategy, wealth, organization, and threats. c. core competence. Is is measure by its ___. 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 . en.wikipedia.org/wiki/Apple_Inc._ litigation. b. rapid technological diffusion. 98.:A business-level strategy describes (A) the businesses in which the company intends to compete. c. employees. Certainly, part of Apples success is due to the unique products it offers the market, as well as how these products complement one another. c. strategy formulation. b. globalization; exports. In Chapter 7, Innovation Strategies, we present insights on the role innovation plays in strategy development and implementation. (Check all that apply. True or false: Intended strategy rarely survives in its original form. 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 . d. companies are paying the highest prices to suppliers, Product market stakeholders include Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? How to develop a strategic management process. a. the power of the financial market stakeholders. 2. D. $43,375. c. rational. Planning Team and Executive Team. It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the competitors and take necessary . 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. d. hypercompetition within the industry. Strategy Evaluation. (Check all that apply.). c. capabilities are highly mobile across firms. one business-level strategy and one corporate-level strategy. A firm's vision, mission, and strategic objectives are used to develop specific goals, which form the basis for its ______. a. an hourly production employee's ability to catch subtle quality defects in products. The video for this lesson explains the strategic management process. \begin{array}{llr} 1+x1x. Strategy execution management is the evolution of traditional project delivery. b. mission. Meaning of Strategic Management. areas, are relatively rare. c. the I/O model. Return d. A goal, Strategic leaders are The external control view of leadership emphasizes the role of which of the following types of factors in the success or failure of a firm? Your company's core competencies. Pearce and Robinson, 1988. a. operating each individual business under the corporate umbrella. The second step in the strategic management process is ______. The message of the ad is that this firm's accountants love their work. True/False, The assumptions of the I/O model and the resource-based model are contradictory. A company competing in a single product market has. 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. Planning extensive employee training and hiring educated and experienced employees. Strategic management relies on a proven process comprising five key elements: goal-setting, information analysis, strategy formulation, strategy implementation and evaluation and control. This activity is important because proper use of strategic management techniques . ), Which of the following are examples of business-level strategies? emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. c. determining in which businesses to compete and how resources will be allocated between businesses. c. the lack of an organizational mission for the school board. local line leader -> have significant profit-and-loss responsibility. Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. The rate of technology diffusion has been steadily increasing over the last two decades. d. Revenue. ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. d. All of these options are correct, Strategic delegation helps a. culture Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is Strategic management is directed toward a company's ______. Strategic management process. ____has become the second-largest economy in the world. What are the four steps of the strategic management process? a. Continuous learning (Check all that apply.). 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. Retrieved from https://flic.kr/p/bPNmxi. b. the industry's structural characteristics have little impact on a firm's performance over time. b. the complex set of ideologies, symbols, and core values that are shared throughout the firm. The strategic management process is essentially a set of steps a leader can use to help achieve better business outcomes. 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. d. critically important mainly in high technology industries. b. shareholders c. analyses; strategies a. globalization. d. products that were not imitated by competitors. 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. b. resources to implement strategies are firm-specific and attached to firms over the long-term. Companies have realized that failure to measure it can negatively affect the company and its community. Information Technology Project Management: Providing Measurable Organizational Value, Operations Management: Sustainability and Supply Chain Management, Service Management: Operations, Strategy, and Information Technology, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine. A capability The importance of knowledge is increasing. PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. C) strategy formulation. The process of creating strategy d. culture. c. what people do when no one else is looking. b. abilities; strengths Managers must determine how to create a(n) ______ advantage in the marketplace to be successful over the long-term. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. For instance, a SWOT analysis (Strengths-Weaknesses . Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). In the instance, the implementation . Chess CC BY-NC 2.0. Which of the following is an example of a firm's intellectual asset? The strategic management process is a. overload middle managers. What is the difference between strategy formulation and strategy implementation? Which of the following are stakeholder groups that managers should consider when making decisions? Which of the following are reasons vision statements sometimes fail? True/False, Examples of incremental innovations include iPods, PDAs, WiFi, and web browser software. d. locate the most promising areas of an industry's value chain. 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. 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. . Retrieved from https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. A firm's hierarchy of goals include its ______. (Check all that apply.). 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. 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. 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. The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. a. vitally important at the point where a domestic firm enters the global market. The culmination of the strategic management process is 1x1+x\frac{1\ -\ \sqrt{x}}{1\ +\ \sqrt{x}} c. obtaining reliable products at the lowest possible price. A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. (Check all that apply. It is important to consider that the decision: has ethical implications for organizational stakeholders. The process of implementation of strategy starts with the identification of key managerial tasks which form the basis for the creation of strategy starts with the identification of key internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). It should seek to diversify. 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. True/False, Organizational mission statements typically do not include statements about profitability and earning above-average returns. A major assumption about the strategic management process is that it is Organizational goals and objectives should represent what is best for ______. c. hypercompetition; technology diffusion. b. I/O; resource-based It is a . c. seek to increase their power. b. a willingness to unify stakeholders through skillful manipulation. The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. d. strategy. It aims to be a preeminent centre of excellence, generating and imparting knowledge in . b. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. d. competitive dominance. c. strategic power Consistent failure to achieve this minimum target is grounds for the dismissal of a division manager. Owner/CEO, Strategy Leader. Introduction. d. increasing the profitability of the firm. 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. Knowledge is an intangible resource, the importance of knowledge is increasing, and the value of knowledge as a proportion of shareholder value is increasing. d. hypercompetition. a. telephone b. a functional, although unethical, culture of the school board. Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. 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. Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. How is chess relevant to the study of strategic management? . c. avoid too much managerial hubris. Strategy Formulation emphasizes on effectiveness; requires initiative and logical skills. Who typically develops a firm's mission statement? d. Internet. c. the interests of the firm's organizational stakeholders have been maximized. This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. d. emphasize profit maximization. how your business plans to achieve it goals and improves and sustains it position in the industry. a. anthropology. Which statement about the triple bottom line is true? organizational versus individual rationality. c. 36; 20 ______ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones. The two opposing ways of examining stakeholder management are called ______ and ______. Explain your reasoning. STRATEGIC MANAGEMENT PROCESS: F i gu re 10. 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. Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. c. defining the competitors in the pool. a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. 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. Strategic management is a process that requires the ability to manage change. Return b. a. predict future revenue streams for the organization. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . c. competition; competency To simply put, strategy evaluation entails reviewing and appraising the strategy implementation process and measuring organizational performance. c. the profitability of the industry in which the firm competes. Sound strategies are of no value if they ______. Make Better business decisions: It is important to understand the difference between a great idea and a good idea. In order to cope with hyper competition, firms need to develop ___ through continuous learning. a. flexibility a. major suppliers of capital B. True/False, The goal of strategy implementation is to develop a permanent competitive advantage. Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. 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. A classic management tool that incorporates the idea of scanning elements both external and internal to the firm is SWOT (strengths, weaknesses, opportunities, and threats) analysis. A firm has achieved ______ when it successfully formulates and implements a value-creating strategy. 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.). a. performance. 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. c. employees. 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. a. $$ a. organizational decision makers are rational and committed to acting in the firm's best interests. Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . d. concentration on the practical day-to-day aspects of the organization's operations. Study with Quizlet and memorize flashcards containing terms like . Strategic management is a process that requires the ability to manage change wherein executives must be cautious to monitor and to interpret the events in their environment as well taking appropriate actions to ensure that their firm to survive and thrive over time. The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. True/False. 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 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? d. suppliers of capital. Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization. True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . Successful strategic leaders are
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