the culmination of the strategic management process is:

How to develop a strategic management process. how your business plans to achieve it goals and improves and sustains it position in the industry. It had net income of$8,000 and paid out cash dividends of $5,625 in the current period. In order for strategic objectives to be meaningful they need to be ______. Your mission statement. a. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. 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. Defend your answer. Strategic flexibility Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. Above average returns are those in excess of what an investor expects to earn from other investments with similar stock prices. Apple's iPod and iPad are examples of According to Hitt, the final responsibility for forming the organization's mission lies with the: A key purpose of a mission statement is to inform___ what a firm is, what it seeks to accomplish, and who it seeks to serve. \text{Cost of goods sold}&\text{493,000}\\ ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. Dissatisfied capital market stakeholders may Explain Strategy formulation. c. employees. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. It offers courses accredited to AMBA, AACSB & NIRF. the three processes are highly interdependent. 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. Name two benefits workers take for granted now that did not exist before labor organized. d. strengths, weaknesses, opportunities, and threats. Strategic management is the management of an organization's resources to achieve its goals and objectives. c. employees. c. an ability to identify the correct solutions to long-range problems. d. personality. They involve balancing culture and boundaries or constraints. ), Which of the following are examples of business-level strategies? True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. 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. The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. 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. It is a . All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. The situation is where relevant information is needed to create the organization's culture, mission, or vision statement. a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. b. oil drilling rights in a promising region. d. All of these options are correct. d. government regulators. Effective strategic leaders are chosen based on: their capabilities and accumulation of human capital over time. It determines which business(es) should be in the company's portfolio. Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. In the POLC framework, where does strategy formulation take place? Match the type of leader (on the left) with the corresponding description (on the right). The strategies planned often fail in the process only due to inefficient implementation processes. Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. d. accounting. Which of the following actions by the CEO would be most consistent with this need? a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. STRATEGIC MANAGEMENT PROCESS: F i gu re 10. True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. Afra Alnaimi. b. rapid technological diffusion. Strategic planning aims to create . b. tighten loan covenants. Environmental and internal scanning is the next stage in the process. How is chess relevant to the study of strategic management? d. The firm uses straight-line depreciation. 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. a. ambiguous decision situations which make effective decisions difficult to determine. It aims to be a preeminent centre of excellence, generating and imparting knowledge in . a. industry competitors. d. emphasize profit maximization. Capital market stakeholders include 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. Strategic management process can be described as a set of managerial decisions and actions which determines the long-run direction and performance of the organization'. 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 strategic-planning process is never truly completed. 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. A vision statement can lead to missed opportunities when it ______. Even for companies capable of succeeding in global markets, it is critical that they, The rate of technological diffusion is increasing. c. hypercompetition; technology diffusion. Rationalize the denominator of each fraction and simplify. b. an important source of competitive advantage in virtually all industries. (B) team-based. a. values. a. located only at the executive level. The two opposing ways of examining stakeholder management are called ______ and ______. c. tactic Continuous learning d. in the operations area. What other games might help teach strategic thinking. c. avoid too much managerial hubris. Reward Strategy Evaluation. $46,375 True or false: Intended strategy rarely survives in its original form. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University For instance, a SWOT analysis (Strengths-Weaknesses . True/False, Ms.Smith is a strategic leader of the firm. c. information. b. d. social value of each stakeholder. 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. (Check all that apply.). This model also guides our presentation of the chapters contained in this book. a. CEO. 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. Want to create or adapt books like this? b. mission $$ a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. Collect and analyze information. SWOT stands for d. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. Characteristics of Strategic Management. The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. The ending balance in retained earnings equals: c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. 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. All of the following are resources of an organization EXCEPT c. personal computer All of the following are assumptions of the resource-based model EXCEPT c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. Let us take a look at the five conventional functions of the management process. The process hinges on the philosophical approach that if a leader "thinks . 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. A firm's mission b. regardless of their location in the organization are established. Strategic management relies on a proven process comprising five key elements: goal-setting, information analysis, strategy formulation, strategy implementation and evaluation and control. Sound strategies are of no value if they ______. True/False, The goal of strategy implementation is to develop a permanent competitive advantage. 3. Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. ), Business-level strategy is concerned with how companies ______. It is a philosophical approach to business. d. mission, ___is an investor's uncertainty about the economic gains or losses that will result from a particular investment. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. d. abilities; strategies. This pronouncement is most precisely a statement of organizational Planning in management is a process of choosing apt goals and actions to pursue, and then determining what strategies to use, what steps to take, and what resources are needed to achieve the goals. Chapter 8 Selecting Corporate-Level Strategies focuses on selecting corporate-level strategies, and Chapter 9 Competing in International Markets presents possibilities for firms competing in international markets. Which statement is true? d. Internet. Who makes the strategic decisions for most organizations? symbiosis; zero sum. An assessment od strengths, weakness, opportunities and threats. 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. This is the final stage of the strategic management process. Chapter Layout for Strategic Management. CC BY-SA 4.0. This behavior has existed for decades, even as the membership in the school board has changed over time. B) strategy implementation. All businesses can benefit from strategic management to help them meet long-term objectives. The third step of the strategic management process is the ______ step. 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. Some of the steps involved in the process of strategic management:- 1. A firm's hierarchy of goals include its ______. c. strategy formulation. c. culture c. speed b. strategy implementation. Estimated Duration. The goal of strategy implementation is to develop a permanent competitive advantage. d. attractiveness; profitability. _________ strategy is a combination of deliberate and emergent strategies. New markets created by iPods, PDAs, and Wi-Fi are a result of c. knowledge intensity. d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. C.$54,375. A capability Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. d. All of these options are correct. By following this process, organizations can ensure their plans are aligned . c. analyses; strategies Retrieved from https://flic.kr/p/bPNmxi. b. located in different areas and levels. Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. D. $43,375. c. competition; competency ______ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. 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. Strategy execution management is the evolution of traditional project delivery. Environmental Scanning 2. Which of the following statements regarding strategic management is true? (Check all that apply. Firms don't apply for patents so that competitors can't access information in the patents. The process of creating strategy c. is mainly intended to emotionally inspire employees and other stakeholders. 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 A Deeper Dive into the Strategic Management Process. The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. Meaning of Strategic Management. d. located at different levels, but only in the operating area of the organization, . A firm's vision, mission, and strategic objectives are used to develop specific goals, which form the basis for its ______. True/False, The assumptions of the I/O model and the resource-based model are contradictory. C ) rational . 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. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. 09.23.22 Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. A strategy is typically a higher level, broad goal, without a lot of specifics. c. companies provide a dynamic, stimulating, and rewarding work environment. b. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. c. focus on strategy implementation. A sustainable competitive advantage is not achieved through operational effectiveness alone. ____has become the second-largest economy in the world. 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. b. top-management team. c. disruptive technologies. c. vision. c. host communities Reward c. Risk d. Revenue ANSWER: c 105. d. critically important mainly in high technology industries. a. unique; easy to imitate. It should seek to diversify. d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. b. 1. d. global dimensions. 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. Strategic management process has following four steps: Environmental Scanning-Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. It involves action plans that ensure continued performance and thriving progression. b. urgency of satisfying each stakeholder Strategic Management is a stream of decisions and actions which lead to the development of an effective strategy or strategies to help achieve corporate objectives. . 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. The resource-based view of the firm c. employees. Greenleaf will not be able to minimally satisfy all stakeholders. To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. 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 2. d. A goal, Strategic leaders are True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. c. Global Performance of the firm is most directly attributable to c. The value of knowledge as a proportion of shareholder value is increasing. a. Perpetual b. psychology. Establish your planning team and schedule. Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? b. estimating the overall size of the pool. In strategic management, effectiveness can best be described as ______. b. one business-level strategy. 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. (Check all that apply.). Which of the following statements about organizational knowledge is correct? True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. b. is an internally focused affirmation of the organization's financial, social, and ethical goals. d. estimating the size of the value-chain activity in the pool. 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. 3. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. Effective strategies Apple uses to create loyal customers. Which of the following are characteristics of a well-written organizational vision statement? A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. d. industry; competency, ___should establish a firm's individuality and should be inspiring and relevant to all stakeholders. In Chapter 6 Selecting Business-Level Strategies, we discuss how selecting business-level strategies helps to provide firms with a recipe that can be followed that will increase the likelihood that their strategies will be successful. Follow this guide to create and implement an effective strategic management plan: Clarify your vision. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. 60; 40 True/False, Examples of incremental innovations include iPods, PDAs, WiFi, and web browser software. b. success, weakness, opportunities, and taxes. During the analysis step of the strategic management process managers are concerned with the company's ______. a. analyses; strengths A firm's vision, mission, and strategic objectives form a hierarchy of . Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. Retrieved from https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png. Owner/CEO, Strategy Leader. After executing the environmental analysis process, management . 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.). ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. conduct a thorough analysis of the external and internal environments, Strategies often fail when managers fail to do which of the following? Which of the following was fastest in penetrating 25 percent of homes in the U.S. market? d. focus on innovation. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. is a capacity for a set of resources to perform a task or an activity in an integrative manner. Strategic management is the process of defining and implementing an organization's strategy. . PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. a. the core values of the school board as an organization. d. the CEO, COO, and CFO only. Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. Importance of Strategic Management. In the instance, the implementation . 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. 1. Planning. Figure 1.8: Shirinsokhan, Mahmoudreza. b. resources alone can be a source of sustainable competitive advantage. c. obtaining reliable products at the lowest possible price. The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. The strategic leader's work is characterized by Who typically develops a firm's mission statement? b. strategy implementation. Research shows that approximately___percent of a firm's profitability is explained by the industry in which it competes, whereas Therefore, organizational strategists must choose one or the other as the basis for developing a strategic plan. c. economies of scale ), what business(es) should the company compete in. In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. b. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. This improved performance is best explained by b. inspiring vision. Strategy implementation is the final stage of the process. c. Risk The strategic management process is more than a set of rules to follow. . In the resource-based model, which of the following factors would be considered a key to organizational success? c. use the strategic management process. The industrial organization (I/O) model argues that The strategic management process begins with an understanding of strategy and performance. 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. Strategic Implementation is defined as "the process by which strategies and policies are put into action through the development of programs, budgets and procedures" (Strategy implementation, 2009, para.1). b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Successful strategic leaders are Strategy formulation is the next step in the strategic management process. B. b. strategy Generally speaking, product market stakeholders are satisfied when It's the process of determining the decisions an organization should take. 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. capabilities are highly mobile across firms. d. Organizational intelligence. a. one corporate-level strategy. a. overload middle managers. Kick-Off Meeting: 1 hr. Which of the following are true of behavioral controls? a. predict future revenue streams for the organization. Strategic leaders, ______, often work long hours, and their work is filled with ambiguous decision situations. people throughout the organization strive toward overall goals. The firm makes less efficient use of its assets than other firms. Overall, strategic management is an important part of an organization's development and overall performance. a. all resources have the potential to be the basis of sustainable competitive advantage. 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.

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