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Strategic Management - THE STRATEGIC MANAGEMENT PROCESS Planning Ahead Reward c. Risk d. Revenue ANSWER: c 105. a. are willing to be brutally honest. All of the following are assumptions of the industrial organization (I/O) model EXCEPT True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. Strategic management is the process of defining and implementing an organization's strategy. conduct a thorough analysis of the external and internal environments, Strategies often fail when managers fail to do which of the following? b. all policies and procedures used in functional departments. 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. In strategic management, effectiveness can best be described as ______. c. in the finance area It improves the company's problem-solving and prevents capabilities. d. total profits that can be divided among the competitors within an industry. The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. A sustainable competitive advantage is not achieved through operational effectiveness alone. Here are the key elements of strategic management. A strategic management process is an essential tool for any organization looking to optimize performance and reach success. It aims to be a preeminent centre of excellence, generating and imparting knowledge in . A firm's hierarchy of goals include its ______. It involves identifying internal and external factors and understanding how they affect an organization. b. a willingness to unify stakeholders through skillful manipulation. 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. a. performance. b. the resources the firm possesses. b. executives control strategy implementation. Firms don't apply for patents so that competitors can't access information in the patents. a. the march of globalization. Feedback may occur at all times to revise these actions. Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. c. political dimensions. Chapter Layout for Strategic Management. CC BY-SA 4.0. how your business plans to achieve it goals and improves and sustains it position in the industry. This is because the organization's role as a taxpayer is most important to ___ as stakeholders. The two opposing ways of examining stakeholder management are called ______ and ______. a. values. \end{array} c. host communities True/False, The CEO must encourage ambidextrous learning, absorbing new information, and building incremental knowledge in order to make the firm strategically flexible. To implement a strong strategy effectively, an experienced . d. The Internet. Successful strategic leaders are d. All of these options are correct, Strategic delegation helps The strategic management process has five steps: establish the mission and vision, establish the grand strategy, formulate the strategic plans, carry out the strategic plans, and maintain strategic control. a. their return on investment has been maximized. 60; 40 The rate of technology diffusion has been steadily increasing over the last two decades. Formulation of strategies; Environment and organizational appraisal help to find out the opportunities and threats operating in the environment and the strengths and weaknesses of an organization in order to create a match between them. b. receiving the highest-quality products and services in the industry. Key Elements of Strategic Management | FounderJar A capability Disruptive d. a school board lacking in core competencies. The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. Learn more about how Pressbooks supports open publishing practices. Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). (Check all that apply.). The culmination of the strategic management process is: A) performance. 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 . Which of the following statements is most consistent under the I/O view? c. the CEO and top managers Therefore, organizational strategists must choose one or the other as the basis for developing a strategic plan. Which of the following is an example of a firm's intellectual asset? A business-level strategy describes Some of the steps involved in the process of strategic management:- 1. Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is 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. a. committed to helping the firm create value for all stakeholder groups. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University d. is developed by a firm before the firm develops its vision. ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. Figure 1.8: Shirinsokhan, Mahmoudreza. Which of the following statements regarding strategic management is true? In Wikipedia. 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. \text{Gross profit}&\text{357,000}\\ All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. a. disruptive technologies. As a result, virtually all of the assets under her control are fully depreciated. 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. 98.:A business-level strategy describes (A) the businesses in which the company intends to compete. a. culture Efficiency, in terms of strategic management, can best be described as ______. A firm's mission What strategic management process? | Egyptian Culture Center Strategy execution management is the evolution of traditional project delivery. Strategic Management Chapter 1 Flashcards | Quizlet Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. 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. Strategic Management Process - Your Article Library In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. c. profits that are accrued when a firm earns above-average returns. What is Strategic Management? Definition, Process, Types, Advantages a. strategic competitiveness b. a permanently sustainable . . Which of the following are characteristics of a well-written organizational vision statement? 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." b. a. sell their stock. (Check all that apply.). 1.6 Understanding the Strategic Management Process Chapter 10 Executing Strategy through Organizational Design offers ideas on how to manage these elements of implementation. True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . The strategic leader's work is characterized by In such a . The Chamber of Commerce of cities and towns often implore citizens to buy from local businesses. b. analyses, strategies, and performance. a. 2. b. achieve strategic competitiveness. a. only the CEO a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. SWOT stands for symbiosis; zero sum. The I/O model is grounded in d. A goal, Strategic leaders are b. shareholders. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to b. strategic flexibility Managers must determine how to create a(n) ______ advantage in the marketplace to be successful over the long-term. vision. a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. (Check all that apply. Alfred Chandler, 1962. Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. b. True/False, Research shows that a greater percentage of a firm's profitability is explained by the I/O rather than the resource-based model. The process of strategic management sometimes encompasses the formulation of important policies. . coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. b. the resource-based model. Strategic Management Process Overview With Examples - Study.com ______ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. 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. Collect and review information to help make the upcoming strategic decisions. (2014, November 29). Organizational stakeholders are usually satisfied when, companies provide a dynamic, stimulating, and rewarding work environment. a. unique; easy to imitate. d. locate the most promising areas of an industry's value chain. What is Strategic Management? definition, process and importance d. estimating the size of the value-chain activity in the pool. Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. Figure 1.7: Kindred Grey (2020). Match the strategic management process with its corresponding term. Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. The two primary drivers of hyper-competition are the emergence of the global economy and technology. b. mission. 1. To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. ), Which of the following must a firm's strategy be consistent with? True/False, The goal of strategy implementation is to develop a permanent competitive advantage. 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. Apple's iPod and iPad are examples of c. hypercompetition; technology diffusion. Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. Strategic Management can be found in . A.$2,375. The ending balance in retained earnings equals: Which of the following statements is most consistent with the I/O view? 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. Strategic Management Process - Meaning, Steps and Components True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. c. strategic power BUS400 Flashcards | Quizlet 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. (PDF) A critical analysis of strategic management process - ResearchGate Strategy Implementation emphasizes on efficiency; requires motivational and leadership traits. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. 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. In Chapter 7, Innovation Strategies, we present insights on the role innovation plays in strategy development and implementation. B. successfully than does the competitor environment. a. globalization. c. Global The profit pool is the is a statement of a firm's business in which it intends to compete and the customers it intends to serve. Strategic Goals: The strategic management process begins with an understanding of strategy and performance. . 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 minimum required for survival in virtually any industry. b. a firm's profit margin yields an above-average return to its capital market stakeholders. Strategic Management - Overview, Components, Framework b. strategy On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. Strategic management is the management of an organization's resources to achieve its goals and objectives. $$ c. an ability to identify the correct solutions to long-range problems. c. vulnerability of organizational stakeholders a. competitive resilience d. strategy. Understanding the Strategic Management Process This model also guides our presentation of the chapters contained in this book. Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? A major assumption about the strategic management - Course Hero c. strategy . It had net income of$8,000 and paid out cash dividends of $5,625 in the current period. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. C) strategy formulation. d. easy to implement; unique. What is Strategic Management, and Why is it Important? - SearchCIO A firm has achieved when it successfully formulates and implements a value-creating strategy. a. suppliers. Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. 1. Synonymous with business planning and strategic planning. 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. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. Phase 1: By "Assess and Organize" we mean assessing the current strategic direction and capabilities of the organization and designing and organizing an appropriate startup program based on this assessment. Strategic Management Course Online by IIM Lucknow - Talentedge c. personal computer 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. 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. 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. b. the firm's internal resources and capabilities represent the foundation for development of a value-creating strategy. Who typically develops a firm's mission statement? What is Strategic Management Process? - Economics Discussion a. industry; capability ______ 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. YouTube. b. total profits earned in an industry along all points of the value chain. 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. b. determining how each functional department of the firm will operate. 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. c. re-centralize the responsibility for strategy to the CEO. Overall, strategic management is an important part of an organization's development and overall performance. areas, are relatively rare. Social responsibility is the expectation that businesses or individuals will strive to ______. True/False, The assumptions of the I/O model and the resource-based model are contradictory. C ) rational . In situation analysis, organizations must scan and evaluate the organization's performance, corporate strategies, and internal and external . See the examples before. Strategic Management - Definition, Importance and Need of - Harappa Characteristics of Strategic Management. Strategic Management - Your Article Library Definition, Examples and Features of Strategic Management Tasks, timelines, budgets, etc. Which of the following are needed in order for entrepreneurial initiatives to be successful? True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. [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.". In the instance, the implementation . Study with Quizlet and memorize flashcards containing terms like . The steps for identifying the profit pools in an industry include all of the following EXCEPT 5. d. Internet. The economic interdependence among countries is reflected in the flow of goods, services, financial capital, and knowledge across country borders is defined as: higher performance standards including quality and cost. d. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. Strategic Management Process and Its Different Stages The ___ is the most critical criterion in prioritizing stakeholders. 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. 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. Estimated Duration. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Strategy formulation is the next step in the strategic management process. (Check all that apply.). To have the potential to become sources of competitive advantage, resources and capabilities must be non- substitutable, valuable, , and A company had a beginning balance in retained earnings of $52,000. (Check all that apply. Planning. Which of the following is the most inclusive term for the individuals, groups, and organizations that have a claim in the success of an organization? d. All of these options are correct. shareholders, management, and the board of directors. c. tactic Australian market continued to be attractive for existing operators based on . True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. (D) inclusive. Strategic Management Process Steps, Components & Examples Strategic planning also involves the allocation of resources in an optimal manner. Chapter 01 Strategic Management and Competitiveness In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. It is a philosophical approach to business. business, corporate, international, and entrepreneurial. Which of the following state the goals and intentions that help define a firm's competitive advantage? 1.2 What is Strategic Management? - Strategic Management - Virginia Tech c. The value of knowledge as a proportion of shareholder value is increasing. The importance of knowledge is increasing. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. c. knowledge intensity. The 'strategic management process' is the full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns. ______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders. E.$(11,375). ), Which of the following are examples of business-level strategies? ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. In the POLC framework, where does strategy implementation take place. the key factor in success is choosing the correct industry in which to compete. one business-level strategy and one corporate-level strategy. Identify your goals. . d. coordinating the vision and mission of each subsidiary firm. d. All of these options are correct. Retrieved from https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png. a. CEO. It is important to consider that the decision: has ethical implications for organizational stakeholders. The process hinges on the philosophical approach that if a leader "thinks . Make Better business decisions: It is important to understand the difference between a great idea and a good idea. Firms use both the _____and______models. True or false: Intended strategy rarely survives in its original form. A major assumption about the strategic management process is that it is Reflects what a firm is doing to achieve its mission and vision as seen by its achievement of specific goals & objectives.