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(n.d.). True/False, Organizational mission statements typically do not include statements about profitability and earning above-average returns. b. easy to imitate; difficult to implement. c. return on sales. Explain Strategy formulation. (Check all that apply.). en.wikipedia.org/wiki/Apple_Inc._ litigation. True/False, Ms.Smith is a strategic leader of the firm. A core competence During the ______ step in the strategic management process, managers answer two questions: what industries should we compete in and how should we compete in those industries? 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. c. analyses; strategies d. differences in resources and capabilities are the basis of competitive advantage. 5. b. the resource-based model. Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. b. strategic flexibility It is a philosophical approach to business. a. analyses, successes, and purposes. The message of the ad is that this firm's accountants love their work. a. operating each individual business under the corporate umbrella. The situation is where relevant information is needed to create the organization's culture, mission, or vision statement. d. The Internet. What Is Strategic Management and Why Is It Important? b. mission. What other games might help teach strategic thinking. D. $43,375. Strategic ch. 1 Flashcards | Quizlet b. analyses, strategies, and performance. d. located at different levels, but only in the operating area of the organization, . c. decisive. New markets created by iPods, PDAs, and Wi-Fi are a result of 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. In a diversified firm, corporate-level strategy is concerned with a. flexibility 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. In a diversified firm, corporate-level strategy is concerned with: determining in which businesses to compete and how resources will be allocated between businesses. c. the profitability of the industry in which the firm competes. The strategic leader's work is characterized by Managers are analyzing the firm's ______ when managers are studying its competitors. ______ is performing similar activities better than rivals do. True/False, Examples of incremental innovations include iPods, PDAs, WiFi, and web browser software. Which of the following statements is most consistent under the I/O view? c. strategy formulation. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to b. television Introduction. Establish your planning team and schedule. Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. 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." 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. Your mission statement. STRATEGIC MANAGEMENT PROCESS: F i gu re 10. The strategic management process is more than a set of rules to follow. d. coordinating the vision and mission of each subsidiary firm. What strategic management process? | Egyptian Culture Center B the process of strategic management requires that A capability c. seek to increase their power. a. goal What Is Strategic Management? | Indeed.com Canada Reward c. Risk d. Revenue ANSWER: c 105. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. B) strategy implementation. This improved performance is best explained by d: 70: 3884478507 True/False, The uniqueness of a firm's resources and capabilities is the basis for a firm's strategy and determines its ability to earn above-average returns under the I/O review. . Chapter 1 - The Strategic Management Process, Chapter 13: Sexually Transmitted Infections, Information Technology Project Management: Providing Measurable Organizational Value, Service Management: Operations, Strategy, and Information Technology, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Chapter 10 /Dada/Magic Realism/Surrealism. the culmination of the strategic management process is: The second step in the strategic management process is ______. Planning Team and Executive Team. b. the resources the firm possesses. Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage. Retrieved from https://flic.kr/p/bPNmxi. Capital market stakeholders include ), Which of the following are examples of business-level strategies? a. the key factor in success is choosing the correct industry in which to compete. \text{Gross profit}&\text{357,000}\\ $$ Defend your answer. 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. c. the interests of the firm's organizational stakeholders have been maximized. 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.). Write the key term that best matches each description. 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. The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. a. only the CEO are established. c. economics. This activity is important because proper use of strategic management techniques . c. employees. c. one business-level strategy for failure. Above average returns are those in excess of what an investor expects to earn from other investments with similar stock prices. c. political dimensions. Which of the following are reasons vision statements sometimes fail? (Check all that apply.). a. one corporate-level strategy. Why is it important to view strategic management as a process? d. emphasize profit maximization. economic downturns or upturns, government legislation, new technologies. (Check all that apply. Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. b. all policies and procedures used in functional departments. Strategic Management Process - Stages of Strategic Management c. an ability to identify the correct solutions to long-range problems. b. success, weakness, opportunities, and taxes. d. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. In the resource-based model, which of the following factors would be considered a key to organizational success? The is the most critical criterion in prioritizing stakeholders. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. c. weak competitors in the industry. Certainly, part of Apples success is due to the unique products it offers the market, as well as how these products complement one another. For example, part of Apples success is due to its consistent focus on innovation and creativity that Steve Jobs described as similar to that of a start-up. c. hypercompetition; technology diffusion. Characteristics of Strategic Management. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. ), Business-level strategy is concerned with how companies ______. A strategic management process can help guide the decisions and actions of senior executives within an organisation. The rate of technology diffusion has been steadily increasing over the last two decades. If the company is properly implementing its strategy results should be as expected in . Make Better business decisions: It is important to understand the difference between a great idea and a good idea. The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. c. competition; competency It involves action plans that ensure continued performance and thriving progression. All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. ____has become the second-largest economy in the world. Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. d. skilled employees. How is chess relevant to the study of strategic management? Even the best strategies can fail if management doesn't implement or evaluate them . The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. 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. True or false: Intended strategy rarely survives in its original form. b. strategy implementation. ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. Meaning of Strategic Management. d. analysis. (Check all that apply.). 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. Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? a. return on assets. In terms of analyzing the external environment of the firm, the industry environment consists of ______ and other organizations that may threaten the company's success. Definition. The resource-based view of the firm Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . The goal of strategy implementation is to develop a permanent competitive advantage. True/False, The five forces model suggests that firms should target the industry with the highest potential for above-average returns and then implement either a cost leadership or diffusion strategy The Jayhawks Rising Strategic Alignment Model is the culmination of a multi-year strategic planning process involving many groups and individuals who proposed hundreds of ideas for how to advance us toward our vision to be an exceptional learning community that lifts each member and advances society. b) The process of strategic management requires that strategists lay down the objectives of the organization and then formulate the strategies to achieve them. a. maximizing the firm's return on investment. .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. The two opposing ways of examining stakeholder management are called ______ and ______. a. vision Feedback may occur at all times to revise these actions. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. (. a. disruptive technologies. incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? All of the following are resources of an organization EXCEPT By following this process, organizations can ensure their plans are aligned . Disruptive [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.". _____ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. b. the industry's structural characteristics have little impact on a firm's performance over time. a. size; number of competitors. d. competitive dominance. Return It is a . . Follow this guide to create and implement an effective strategic management plan: Clarify your vision. the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. Strategic Management - THE STRATEGIC MANAGEMENT PROCESS Planning Ahead (Check all that apply.). Performance of the firm is most directly attributable to b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. Here are the key elements of strategic management. 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(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. c. speed Strategic Management - Your Article Library Kick-Off Meeting: 1 hr. $46,375 (2014, November 29). Inside CRM Editors. Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization. c. the lack of an organizational mission for the school board. b. inspiring vision. Managers execute or implement their decisions as ______ in the third step of the strategic management process. a. are willing to be brutally honest. https://youtu.be/o0U0gwvnhek. Synthesizing the information gained in the external and internal analysis into a SWOT framework is addressed in Chapter 5. Strategy implementation is the final stage of the process. A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. d. companies are paying the highest prices to suppliers, Product market stakeholders include Explain the difference between negative reinforcement and punishment, and provide several Which of the following are true of behavioral controls? Collect and review information to help make the upcoming strategic decisions. b. I/O; resource-based 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. (Check all that apply.). The profit pool is the What is the Strategic Management process? True/False, The goal of strategy implementation is to develop a permanent competitive advantage. There are provisions to create, implement and appraise . d. hypercompetition. Chess CC BY-NC 2.0. Strategic Management Course Online by IIM Lucknow - Talentedge During the analysis step of the strategic management process managers are concerned with the company's ______. 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. a. each firm is a unique collection of resources and capabilities. Who typically develops a firm's mission statement? The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. a. the social energy that drives, or fails to drive, the organization. b. innovation d. industry; competency, ___should establish a firm's individuality and should be inspiring and relevant to all stakeholders. c. employees. Strategic management is directed toward the organization's overall organizational ________ and ______. It determines which business(es) should be in the company's portfolio. Rationalize the denominator of each fraction and simplify. 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 b. expertise. 2. This perspective is known as ______. The strategic management process begins with an understanding of strategy and performance. (Check all that apply.). d. The firm uses straight-line depreciation. a. unique market niche The strategic management process is. Management Process: Definition, Features & Functions d. analysis. The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. Social responsibility is the expectation that businesses or individuals will strive to ______. It involves identifying internal and external factors and understanding how they affect an organization. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. A.$2,375. a. industry competitors. Successful strategic leaders are determines how organization as a whole supports and enhances the value of the business units w/in it. This ad seeks to convey a sense of the organization's to the viewers. areas, are relatively rare. It helps in analyzing the internal and external factors influencing an organization. coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. d. ability, successes, and performance. 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. b. mission The Five Stages of the Strategic Management Process 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. 1. Which of the following statements regarding corporate-level strategy are correct? b. return on equity. The culmination of the strategic management process is: performance Although an organization's good reputation is a valuable resource that takes years of superior marketplace competence to achieve, it is not a good basis for building a competitive advantage because it can be destroyed almost instantly by bad publicity. a. performance. b. executives control strategy implementation. c. Knowledge regardless of their location in the organization, strengths, weaknesses, opportunities, threats, In the strategic management process ASP stands for. In strategic management, effectiveness can best be described as ______. Understanding the Strategic Management Process Therefore, organizational strategists must choose one or the other as the basis for developing a strategic plan. The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. a. The culmination of the strategic management process is: Managers must adopt a new mind-set that values ______ and the challenges that evolve from constantly changing conditions. The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. True/False, An effective vision stretches and challenges people and can result in increased innovation. The company requires that all divisions generate a minimum return on invested assets of 8 percent. 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. A company competing in a single product market has. The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. It requires incorporating both short-term and long-term perspectives. Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). . It is a continuous process of analyzing and evaluating an organization's internal and external environment, setting objectives and goals, developing strategies, and implementing and controlling those strategies. c. what people do when no one else is looking. d. attractiveness; profitability. - Evaluating efficiency and effectiveness . d. sustainable market niche. 3. Companies have realized that failure to measure it can negatively affect the company and its community. 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. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. c. ability, strategies, and purposes. Strategic management is a process that requires the ability to manage change. c. avoid too much managerial hubris. b. 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. Dissatisfied capital market stakeholders may They involve balancing culture and boundaries or constraints. Strategic Management: Meaning, Concepts, Examples (Explained) - iEduNote Strategic Management Process - STRATEGIC MANAGEMENT PROCESS Strategic Sound strategies are of no value if they ______. b. total profits earned in an industry along all points of the value chain. 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. Strategic Management can be found in . innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . a. CEO. 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. b. a firm's profit margin yields an above-average return to its capital market stakeholders. Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. 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. c. focus on strategy implementation. c. use the strategic management process. Strategy execution management is the evolution of traditional project delivery. The 5-Step Strategic Management Process | Indeed.com c. defining the competitors in the pool. Which statement about the triple bottom line is true? C.$54,375. Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. d. a firm's resources, intent, and mission.