b. strategy implementation. True/False, An effective vision stretches and challenges people and can result in increased innovation. b. the firm's internal resources and capabilities represent the foundation for development of a value-creating strategy. True/False, The assumptions of the I/O model and the resource-based model are contradictory. The three primary participants in corporate governance are the ______, management, and board of directors. c. political dimensions. (Check all that apply. Return b. The profit pool is the a. are willing to be brutally honest. Is is measure by its ___. The strategic management process is more than a set of rules to follow. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. b. one business-level strategy. c. Sustainable competitive advantage The third step of the strategic management process is the ______ step. Study with Quizlet and memorize flashcards containing terms like . d. the CEO, COO, and CFO only. This model also guides our presentation of the chapters contained in this book. Strategic leaders, ______, often work long hours, and their work is filled with ambiguous decision situations. b. receiving the highest-quality products and services in the industry. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. a. major suppliers of capital Effective strategic leaders are chosen based on: their capabilities and accumulation of human capital over time. The strategic management process is a crucial element of any organization's success. d. companies are paying the highest prices to suppliers, Product market stakeholders include b) The process of strategic management requires that strategists lay down the objectives of the organization and then formulate the strategies to achieve them. b. mission Successful strategic leaders are c. an ability to identify the correct solutions to long-range problems. A firm's vision, mission, and strategic objectives are used to develop specific goals, which form the basis for its ______. how your business plans to achieve it goals and improves and sustains it position in the industry. Corporate governance is the relationship among ______ in determining the direction and performance of corporations. 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. Which of the following statements regarding strategic management is true? The is the most critical criterion in prioritizing stakeholders. How much was invested? Which of the following statements regarding corporate-level strategy are correct? Therefore, organizational strategists must choose one or the other as the basis for developing a strategic plan. a. vision a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. In Wikipedia. . Strategy execution management is the evolution of traditional project delivery. 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. True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. a. insight. How is chess relevant to the study of strategic management? True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. d. hypercompetition within the industry. Corporate-level strategy focuses on ______. d. analysis. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. A.$2,375. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. a. a. industry; capability 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. b. c. Risk Disruptive Sound strategies are of no value if they ______. A strategy is typically a higher level, broad goal, without a lot of specifics. 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? 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. Generally speaking, product market stakeholders are satisfied when The I/O model is grounded in Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. Feedback may occur at all times to revise these actions. Strategic Management can be found in . It is a process that requires a systematic . a. predict future revenue streams for the organization. The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. d. mission, ___is an investor's uncertainty about the economic gains or losses that will result from a particular investment. 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. d. The firm uses straight-line depreciation. a. unions. b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. b. return on equity. 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. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. 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). 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. d. sustainable market niche. In a diversified firm, corporate-level strategy is concerned with In ancient China, strategist and philosopher Sun Tzu offered thoughts on strategy that continue to be studied carefully by business and military leaders today. Managers must adopt a new mind-set that values conditions. d. All of these options are correct, Strategic delegation helps Typically, the formulation process starts with an assessment of available resources, an industry analysis to assess the competitive environment in which the company operates . Which of the following actions by the CEO would be most consistent with this need? a. strategic mission. ), Which of the following are social responsibility expectations that go beyond a firm's product and service quality? Firms use both the _____and______models. Which of the following are stakeholder groups that managers should consider when making decisions? d. The Internet. d. the amount and speed of growth. Which of the following statements about operational effectiveness are correct? a. the march of globalization. a. competitive resilience b. oil drilling rights in a promising region. The company requires that all divisions generate a minimum return on invested assets of 8 percent. Write the key term that best matches each description. In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. It should seek to diversify. ______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined time frame. PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. 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 . Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. . d. strategy. . Knowledge is an intangible resource, the importance of knowledge is increasing, and the value of knowledge as a proportion of shareholder value is increasing. Explain your reasoning. Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. d. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. a. delegate strategic responsibilities to employees "closer to the action." It determines which business(es) should be in the company's portfolio. Strategic management of an organization entails which of the following ongoing processes? The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. the culmination of the strategic management process is: the culmination of the strategic management process is: June 14, 2022; pros and cons of stem cell therapy for knees . ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. (Check all that apply.). The video for this lesson explains the strategic management process. 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." c. Global b. the industry's structural characteristics have little impact on a firm's performance over time. b. innovation symbiosis; zero sum. 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. Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. c. ability, strategies, and purposes. The strategic management process begins with an understanding of strategy and performance. d. 20; 36. In the resource-based model, which of the following factors would be considered a key to organizational success? Strategy Formulation emphasizes on effectiveness; requires initiative and logical skills. 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. a. all resources have the potential to be the basis of sustainable competitive advantage. Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). d. intelligence. c. personal computer Strategy Evaluation. (Check all that apply. c. avoid too much managerial hubris. It involves action plans that ensure continued performance and thriving progression. Readiness assessment. a. their return on investment has been maximized. d. a charity's endowment of $400 million. c. the lack of an organizational mission for the school board. Match the strategic management process with its corresponding term. c. employees. d. ability, successes, and performance. Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. d. one business-level strategy and one corporate-level strategy. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. organizational versus individual rationality. It helps in analyzing the internal and external factors influencing an organization. Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? d. easy to implement; unique. Let us take a look at the five conventional functions of the management process. Consequently, how managers understand and interpret the performance of their firms is often central to understanding strategy. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to (Check all that apply. Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. C) strategy formulation. a. strategic competitiveness b. a permanently sustainable . We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. 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. \text{Sales}&\text{\$850,000}\\ All businesses can benefit from strategic management to help them meet long-term objectives. a. Perpetual b. an important source of competitive advantage in virtually all industries. Pearce and Robinson, 1988. Which of the following are reasons vision statements sometimes fail? Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. b. globalization; exports. True/False, Ms.Smith is a strategic leader of the firm. The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. A firm's vision, mission, and strategic objectives form a hierarchy of . 98.:A business-level strategy describes (A) the businesses in which the company intends to compete. b. urgency of satisfying each stakeholder . True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization. c. the profitability of the industry in which the firm competes. Environmental and internal scanning is the next stage in the process. a. operating each individual business under the corporate umbrella. To simply put, strategy evaluation entails reviewing and appraising the strategy implementation process and measuring organizational performance. The five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. ______ 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. Strategic planning aims to create . b. success, weakness, opportunities, and taxes. The situation is where relevant information is needed to create the organization's culture, mission, or vision statement. 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. CEO. In order to cope with hypercompetition, firms need to develop through continuous learning. d. hypercompetition. It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. A company competing in a single product market has Who typically develops a firm's mission statement? The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. Use the simple interest formula method. In order for strategic objectives to be meaningful they need to be ______. 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. The strategic management process is vision. It offers courses accredited to AMBA, AACSB & NIRF. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. 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. Efficiency, in terms of strategic management, can best be described as ______. Firms use the five forces model to identify the of the industry as measured by its 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. _____ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. A firm has achieved when it successfully formulates and implements a value-creating strategy. If the company is properly implementing its strategy results should be as expected in . 09.23.22 The goal of strategy implementation is to develop a permanent competitive advantage. This pronouncement is most precisely a statement of organizational b. a. flexibility b. innovation c. speed d. All of these options are correct. For example, intellectual property is a vital resource for Apple. the three processes are highly interdependent. 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. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. a. the social energy that drives, or fails to drive, the organization. A sustainable competitive advantage is not achieved through operational effectiveness alone. The ability to effectively and efficiently access and use information is ), Which of the following are examples of business-level strategies? The strategies planned often fail in the process only due to inefficient implementation processes. Which of the following was fastest in penetrating 25 percent of homes in the U.S. market? c. return on sales. Strategic management process has following four steps: Environmental Scanning-Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. Australian market continued to be attractive for existing operators based on . What is the Strategic Management process? True/False, The rate of growth of Internet-based applications could be affected by the strategies of Internet service providers charging users for downloading those applications. The ending balance in retained earnings equals: 60; 40 the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. d. analysis. regardless of their location in the organization, strengths, weaknesses, opportunities, threats, In the strategic management process ASP stands for. This is the final stage of the strategic management process. The culmination of the strategic management process is a. performance. Characteristics of Strategic Management. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University d. increasing the profitability of the firm. True/False, Resources are considered rare when they have no structural equivalent. The mission of IIM Lucknow is to improve management systems with regard to business, industry and public services through pursuit of excellence in management education, research, consultancy and training.
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