c. strategy . 1. b. global competition. c. re-centralize the responsibility for strategy to the CEO. The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. An assessment od strengths, weakness, opportunities and threats. It is a process that requires a systematic . True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. [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.". The strategic-planning process is never truly completed. d. social value of each stakeholder. True or false: Intended strategy rarely survives in its original form. \text{Sales}&\text{\$850,000}\\ Definition. Strategic Management Flashcards | Quizlet Return b. Strategic leaders, ______, often work long hours, and their work is filled with ambiguous decision situations. (Check all that apply.). True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. A company competing in a single product market has. The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. b. Figure 1.8: Shirinsokhan, Mahmoudreza. Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage. c. 36; 20 d. a charity's endowment of $400 million. In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. What Is Strategic Management? - Investopedia Solved The strategic management process begins with | Chegg.com Establish your planning team and schedule. 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. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. (PDF) A critical analysis of strategic management process - ResearchGate a. delegate strategic responsibilities to employees "closer to the action." The resource-based view of the firm a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. shareholders, management, and the board of directors. Feedback may occur at all times to revise these actions. b. receiving the highest-quality products and services in the industry. b. strategy d. attractiveness; profitability. d: 70: 3884478507 According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. d. differences in resources and capabilities are the basis of competitive advantage. C ) rational . b. total profits earned in an industry along all points of the value chain. The 6 stages of the Strategic Management Process c. the firm's actions to exploit its competitive advantage over rivals. a. disruptive technologies. Corporate-level strategy focuses on ______. c. defining the competitors in the pool. Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). Explain the difference between negative reinforcement and punishment, and provide several c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. determines how organization as a whole supports and enhances the value of the business units w/in it. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. symbiosis; zero sum. True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. Strategy implementation is the final stage of the process. Name two benefits workers take for granted now that did not exist before labor organized. Organizational stakeholders are usually satisfied when, companies provide a dynamic, stimulating, and rewarding work environment. Planning Team and Executive Team. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. 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. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. a. all resources have the potential to be the basis of sustainable competitive advantage. c. strategic power c. the lack of an organizational mission for the school board. .It is well known that the elected school board of a large city engages in unethical and illegal activities involving the awarding of major contracts. d. is developed by a firm before the firm develops its vision. Strategy evaluation is the process by which the management assesses how well a chosen strategy has been implemented and how successful or otherwise the strategy is. 2. a. industry; capability The strategic management process is more than a set of rules to follow. c. employees. a. values. ), Which of the following are social responsibility expectations that go beyond a firm's product and service quality? It requires incorporating both short-term and long-term perspectives. The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. The two opposing ways of examining stakeholder management are called ______ and ______. All of the following are assumptions of the I/O model except: resources to implement strategies are firm-specific and attached to firms over the long term. In order for strategic objectives to be meaningful they need to be ______. Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. (Check all that apply.). 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. Strategic management is the management of an organization's resources to achieve its goals and objectives. (Check all that apply.). Which of the following are needed in order for entrepreneurial initiatives to be successful? a. major suppliers of capital Strategic Management - Definition, Process, Steps, Examples The importance of knowledge is increasing. The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. 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. d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. Alfred Chandler, 1962. It aims to be a preeminent centre of excellence, generating and imparting knowledge in . Readiness assessment. A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". b. easy to imitate; difficult to implement. a. The process hinges on the philosophical approach that if a leader "thinks . (Check all that apply.). A core competence b. mission c. determining in which businesses to compete and how resources will be allocated between businesses. Which of the following best explains a ratio of "net sales to average net fixed assets" that exceeds the industry average? It helps in analyzing the internal and external factors influencing an organization. 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? b. inspiring vision. d. strengths, weaknesses, opportunities, and threats. d. locate the most promising areas of an industry's value chain. ______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined time frame. Meaning of Strategic Management. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. \begin{array}{llr} b. resources to implement strategies are firm-specific and attached to firms over the long-term. The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. a. analyses, successes, and purposes. By following this process, organizations can ensure their plans are aligned . d. the firm's chief executive officer, A prominent national accounting firm runs television advertisements showing an accountant working alone late in the office on a client's project, while clenching a long-stemmed rose in his teeth and grinning ecstatically. E.$(11,375). A vision b. shareholders. The strategic management process is a crucial element of any organization's success. University of Malta. 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." 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." What are the four levels of a company's strategy formulation? Strategic Management Process - Stages of Strategic Management a. the social energy that drives, or fails to drive, the organization. d. estimating the size of the value-chain activity in the pool. You can view this video here: https://youtu.be/o0U0gwvnhek. c. the key to earning above-average returns is strategic flexibility. The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. A firm has achieved when it successfully formulates and implements a value-creating strategy. $$ Planning. d. a firm's resources, intent, and mission. Strategic management is the process of setting organizational goals, performing a competitive analysis, reflecting on a company's internal structure, and evaluating current strategies. (D) inclusive. Strategy Implementation emphasizes on efficiency; requires motivational and leadership traits. a. ambiguous decision situations which make effective decisions difficult to determine. Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. 1+x1x. BUS400 Flashcards | Quizlet d. a school board lacking in core competencies. The steps for identifying the profit pools in an industry include all of the following EXCEPT 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. b. expertise. The company requires that all divisions generate a minimum return on invested assets of 8 percent. A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. a. strategic mission. b. A firm's hierarchy of goals include its ______. c. the profitability of the industry in which the firm competes. (Check all that apply.). Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. The two opposing ways of examining stakeholder management are called ______ and ______. Strategic Management Process | MiroBlog a. the key factor in success is choosing the correct industry in which to compete. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. 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. Strategy formulation is the next step in the strategic management process. What is a Strategic Management Process? | Business Management & Marketing Strategic flexibility This ad seeks to convey a sense of the organization's to the viewers. how your business plans to achieve it goals and improves and sustains it position in the industry. 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. a. each firm is a unique collection of resources and capabilities. c. economics. a. The strategic management process begins with an understanding of strategy and performance. Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. a. Kick-Off Meeting: 1 hr. Which of the following are true of behavioral controls? The Five Stages of the Strategic Management Process The strategic management process is 1.2 What is Strategic Management? - Strategic Management - Virginia Tech Sound strategies are of no value if they ______. Determine organizational readiness. 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. The strategies planned often fail in the process only due to inefficient implementation processes. Key Elements of Strategic Management | FounderJar The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. . A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. 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. Synthesizing the information gained in the external and internal analysis into a SWOT framework is addressed in Chapter 5. Strategic management adheres to the perspective that what might be seemingly ideal for one functional area of an organization might not be in the best interest of the total organization. d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. a. suppliers. Firms don't apply for patents so that competitors can't access information in the patents. (Check all that apply. a. anthropology. b. television Managers must constantly scan the external environment for trends and events that affect the overall economy, and they must monitor changes in the particular industry in which the firm operates. c. obtaining reliable products at the lowest possible price. b. c. one business-level strategy for failure. b. the complex set of ideologies, symbols, and core values that are shared throughout the firm. How to Implement a Strategic Management Process [2023] Asana (Check all that apply. B. Strategic planning process is a systematic or emerged way of performing strategic planning in the organization through initial assessment, thorough analysis, strategy formulation, its implementation and evaluation. It is important to consider that the decision: has ethical implications for organizational stakeholders. Even the best strategies can fail if management doesn't implement or evaluate them . b. predict growth in sales over the medium to long range. d. focus on innovation. d. hypercompetition within the industry. Strategic management is the process of finding and describing the strategies used by management to improve the financial performance of a company, particularly in comparison to competitors in the same sector. b. psychology. This is because the organization's role as a taxpayer is most important to as stakeholders. a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. b. the industry's structural characteristics have little impact on a firm's performance over time. d. total profits that can be divided among the competitors within an industry. The culmination of the strategic management process is: a. performance. Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization. c. seek to increase their power. Strategic management is directed toward a company's ______. 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. The strategic management process is the systematic analysis of an organization's internal and external environment to achieve and retain a competitive advantage. ______ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones.
