a. unions. A company competing in a single product market has. D. $43,375. b. urgency of satisfying each stakeholder b. predict growth in sales over the medium to long range. 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. Greenleaf Property Management has been earning below-average returns for the last three years. - Executing plans and strategies. c. obtaining reliable products at the lowest possible price. a. performance. 97.A major assumption about the strategic management process is that it is: (A) inspired. b. global competition. C ) rational . a. organizational versus individual rationality. Use the simple interest formula method. d. social value of each stakeholder. It improves the company's problem-solving and prevents capabilities. c. an ability to identify the correct solutions to long-range problems. The strategic management process is. a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. \text{Cost of goods sold}&\text{493,000}\\ 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. ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. True or false: The most effective organizations have strong leaders at the top who make all the decisions that the rest of the organization then carries out. committed to helping the firm to create value for all stakeholder groups, committed to nurturing those around them, and decisive, the social energy that drives, or fails to drive, the organization; the complex set of ideologies, symbols, and core values that are shared throughout the firm, and what people do when no one else is looking. . a. flexibility b. innovation c. speed d. All of these options are correct. a. analyses; strengths 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. The industrial organization (I/O) model argues that Effective strategic leaders 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. Write the key term that best matches each description. A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. b. television It should seek to diversify. (Check all that apply.). a. all resources have the potential to be the basis of sustainable competitive advantage. c. decisive. It involves action plans that ensure continued performance and thriving progression. Synonymous with business planning and strategic planning. a. ______ 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. hypercompetition. The three primary participants in corporate governance are the ______, management, and board of directors. Dissatisfied capital market stakeholders may d. 20; 36. In the POLC framework, where does strategy implementation take place. one business-level strategy and one corporate-level strategy. d. Internet. symbiosis; zero sum. As a result, virtually all of the assets under her control are fully depreciated. This model also guides our presentation of the chapters contained in this book. 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. - Resource analysis to select workforce and assign suitable tasks. b. inspiring vision. d. the CEO, COO, and CFO only. 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." d. a firm's resources, intent, and mission. Strategic flexibility b. top-management team. Which of the following are characteristics of a well-written organizational vision statement? What is the Strategic Management process? Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. This perspective is known as ______. Firms use both the _____and______models. After executing the environmental analysis process, management . The strategic management process begins with an understanding of strategy and performance. b. estimating the overall size of the pool. Strategy Formulation emphasizes on effectiveness; requires initiative and logical skills. 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. 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. a. industry; capability 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." Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage. Tasks, timelines, budgets, etc. Organizational stakeholders include a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. Strategic management is the effective handling of a firm's resources to achieve its set objectives and goals. 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. d. skilled employees. Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. Determine organizational readiness. c. economics. c. return on sales. (. Study with Quizlet and memorize flashcards containing terms like . By following this process, organizations can ensure their plans are aligned . (Check all that apply.). To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. In such a . a. at the top of the organization d. A goal, Strategic leaders are A firm's hierarchy of goals include its ______. Which of the following state the goals and intentions that help define a firm's competitive advantage? True/False, The CEO must encourage ambidextrous learning, absorbing new information, and building incremental knowledge in order to make the firm strategically flexible. 5. b. strategy implementation. The third step of the strategic management process is the ______ step. This pronouncement is most precisely a statement of organizational The importance of knowledge is increasing. We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. Chess CC BY-NC 2.0. c. determining in which businesses to compete and how resources will be allocated between businesses. In order for strategic objectives to be meaningful they need to be ______. Your mission statement. To simply put, strategy evaluation entails reviewing and appraising the strategy implementation process and measuring organizational performance. It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. 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. an hourly production employee's ability to catch subtle quality defects in products. The culmination of the strategic management process is The final responsibility for forming the organization's mission lies with the Overall, strategic management is an important part of an organization's development and overall performance. The video for this lesson explains the strategic management process. a. disruptive technologies. Refer to the Terms to Know in the Summary & Study Guide on page 551. a method in which farmers move every one to three years to find better soil. The strategic management process is the systematic analysis of an organization's internal and external environment to achieve and retain a competitive advantage. b. all policies and procedures used in functional departments. Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). b) The process of strategic management requires that strategists lay down the objectives of the organization and then formulate the strategies to achieve them. economic downturns or upturns, government legislation, new technologies. UMT360's Strategy Execution Management solution. 2. ), Which of the following are social responsibility expectations that go beyond a firm's product and service quality? The two opposing ways of examining stakeholder management are called ______ and ______. Which of the following was fastest in penetrating 25 percent of homes in the U.S. market? d. organization's stakeholders. 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, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. d. a school board lacking in core competencies. 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. Strategic management of an organization entails which of the following ongoing processes? - Evaluating efficiency and effectiveness . It offers courses accredited to AMBA, AACSB & NIRF. (Check all that apply.). ______ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . d. a charity's endowment of $400 million. a. each firm is a unique collection of resources and capabilities. b. Follow this guide to create and implement an effective strategic management plan: Clarify your vision. business, corporate, international, and entrepreneurial. The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. c. A mission Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. Efficiency, in terms of strategic management, can best be described as ______. This is because the organization's role as a taxpayer is most important to ___ as stakeholders. a. telephone \begin{array}{llr} 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 . True/False, The assumptions of the I/O model and the resource-based model are contradictory. The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. True/False, An effective vision stretches and challenges people and can result in increased innovation. [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.". b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. a. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. The culmination of the strategic management process is: a. performance. Broad Plans Shaping: In this continuous process, the formulation & implementation of broader plans are made and finally, these are also controlled. True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. Return b. Which of the following best explains a ratio of "net sales to average net fixed assets" that exceeds the industry average? d. total profits that can be divided among the competitors within an industry. d. All of these options are correct, Strategic delegation helps d. attractiveness; profitability. (C) rational. d. in the operations area. 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. b. resources to implement strategies are firm-specific and attached to firms over the long-term. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University In strategic management, effectiveness can best be described as ______. Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. A vision d. strategy. a. are willing to be brutally honest. Which of the following are true of behavioral controls? Kick-Off Meeting: 1 hr. Your company's core competencies. _____ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. b. local dimensions. $46,375 d. personality. To implement a firm's strategies, the firm takes actions with the goal of achieving strategic competitiveness and above average returns. Return Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). Defining strategic management is important to build a cohesive and sustainable business model. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. This is because the organization's role as a taxpayer is most important to as stakeholders. c. hypercompetition; technology diffusion. Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. Strategic Management can be defined as a decision-making process that leads to the development of the strategic position, i.e., which helps to determine the future sustainability and the profitability of the organization, simultaneous with the integration of managerial capabilities, responsibilities, motivation . b. the resource-based model. Apple Inc. c. employees. c. strength, wealth, organization, and taxes. d. emphasize profit maximization. a. their return on investment has been maximized. The essence of strategic management is the study of why some firms ______. Here are the key elements of strategic management. b. weak competition The strategic management process is essentially a set of steps a leader can use to help achieve better business outcomes. 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. c. Risk regardless of their location in the organization, strengths, weaknesses, opportunities, threats, In the strategic management process ASP stands for. Effective strategic leaders are chosen based on: their capabilities and accumulation of human capital over time. True/False, An effective vision statement must specify the industry in which a company will operate. a. vision. 2 St rategy formul at ion a nd i mp leme nt ati on in t he st rat e gi c mana ge me nt p roce ss Strategic management. 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. d. one business-level strategy and one corporate-level strategy. ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. Defend your answer. Measure the progress by comparing the plan against actual results. Reflects what a firm is doing to achieve its mission and vision as seen by its achievement of specific goals & objectives. 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. pool of assets that is distributed to investors. What is the Strategic Management process? True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. The five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. 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? Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. Estimated Duration. The second step in the strategic management process is ______. The company requires that all divisions generate a minimum return on invested assets of 8 percent. c. weak competitors in the industry. Disruptive Corporate-level strategy focuses on ______. a. the businesses in which the company intends to compete. Inside CRM Editors. The strategic management process is d. government regulators. A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. (Check all that apply.). b. easy to imitate; difficult to implement. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. See the examples before. c. vision Knowledge is composed of all the following EXCEPT A.$2,375. In the POLC framework, where does strategy formulation take place? b. mission c. strategic power 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. Global 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. a. globalization. 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. Organizational culture refers to a. committed to helping the firm create value for all stakeholder groups. It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. (Check all that apply.). d. intelligence. Devise a strategy. STRATEGIC MANAGEMENT PROCESS: F i gu re 10. a. Perpetual a. c. information. Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. (Check all that apply. c. In reporting her investment center's performance for the past 10 years, the manager of the Snack Division accounted for the depreciation of her division's assets by using an accelerated depreciation method allowed for tax purposes. True/False, The goal of strategy implementation is to develop a permanent competitive advantage. Learn more about how Pressbooks supports open publishing practices. Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. Introduction. a. vision A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. d. critically important mainly in high technology industries. It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. The 5 stages of the strategic management process. b. located in different areas and levels. d. inclusive. The strategic management process begins with an understanding of strategy and performance. d. coordinating the vision and mission of each subsidiary firm. d. analysis. b. psychology. areas, are relatively rare. c. strategy formulation. The is the most critical criterion in prioritizing stakeholders. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. Corporate governance is the relationship among ______ in determining the direction and performance of corporations. In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. (Check all that apply.). c. political dimensions. The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. b. rapid technological diffusion. Strategic management process. The two primary drivers of hyper-competition are the emergence of the global economy and technology. b. the firm's internal resources and capabilities represent the foundation for development of a value-creating strategy. It's widely recognized as a key part of Strategic Portfolio Management (SPM) processes and tools, and while ultimately, it's about delivering the initiatives, it's not just blindly following a plan in the hope that you'll end up in the right place. It guides the company to move in a specific direction. d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. 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. c. speed ), a destination that is driven by and evokes passion. Income statement information for Thain Corporation is provided below. Strategy implementation is the final stage of the process. True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. Your long-term goals and/or BHAGs. en.wikipedia.org/wiki/Apple_Inc._ litigation, https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109, https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png, Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. The process hinges on the philosophical approach that if a leader "thinks . Which of the following are stakeholder groups that managers should consider when making decisions? d. unions, Organizational stakeholders are usually satisfied when b. I/O; resource-based b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. a. located only at the executive level. d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. Strategic management requires that ______. d. focus on innovation. a. It involves identifying internal and external factors and understanding how they affect an organization. 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. 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.
Sprained Wrist Still Hurts After A Year, Articles T
Sprained Wrist Still Hurts After A Year, Articles T