the culmination of the strategic management process is:

d. companies are paying the highest prices to suppliers, Product market stakeholders include d. easy to implement; unique. The resource-based view of the firm - Resource analysis to select workforce and assign suitable tasks. Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. A firm's vision, mission, and strategic objectives are used to develop specific goals, which form the basis for its ______. b. customers pay the highest sustainable price for the goods and services they receive. d. hypercompetition within the industry. True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. c. The value of knowledge as a proportion of shareholder value is increasing. Apple Inc. . c. core competence. [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.". 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. Firms use both the _____and______models. business, corporate, international, and entrepreneurial. The importance of knowledge is increasing. A classic management tool that incorporates the idea of scanning elements both external and internal to the firm is SWOT (strengths, weaknesses, opportunities, and threats) analysis. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . Afra Alnaimi. coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. (D) inclusive. All of the following are assumptions of the resource-based model EXCEPT Strategic planning aims to create . 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. b. weak competition . The is the most critical criterion in prioritizing stakeholders. Learn more about how Pressbooks supports open publishing practices. strategic objectives. The resource-based model of the firm argues that Which of the following statements regarding corporate-level strategy are correct? 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). c. the CEO and top managers b. achieve strategic competitiveness. Who makes the strategic decisions for most organizations? Corporate-level strategy focuses on ______. Knowledge is an intangible resource. 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. d. abilities; strategies. A company competing in a single product market has. symbiosis; zero sum. Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is: obtaining reliable products at the lowest possible price. examples of each based on your own experiences. a. analyses, successes, and purposes. a. A.$2,375. It offers courses accredited to AMBA, AACSB & NIRF. YouTube. A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". 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. The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. c. 36; 20 It is a process that requires a systematic . The strategic management process is the systematic analysis of an organization's internal and external environment to achieve and retain a competitive advantage. b. estimating the overall size of the pool. . c. rare; costly to imitate. Which of the following statements about operational effectiveness are correct? (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. 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. Managers are analyzing the firm's ______ when managers are studying its competitors. Greenleaf will not be able to minimally satisfy all stakeholders. The strategic management process is. vision. $$ What are the four levels of a company's strategy formulation? Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. Organizational goals and objectives should represent what is best for ______. Retrieved from https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png. Strategy execution management is the evolution of traditional project delivery. d. estimating the size of the value-chain activity in the pool. See the examples before. This is because the organization's role as a taxpayer is most important to ___ as stakeholders. (n.d.). Sound strategies are of no value if they ______. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies True/False, Examples of incremental innovations include iPods, PDAs, WiFi, and web browser software. 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. d. strengths, weaknesses, opportunities, and threats. (Check all that apply.). Strategic Management Process [Video]. ), Which of the following are examples of business-level strategies? They involve balancing culture and boundaries or constraints. A core competence 97.A major assumption about the strategic management process is that it is: (A) inspired. The final responsibility for forming the organization's mission lies with the are established. Strategic management is a process that requires the ability to manage change. In the POLC framework, where does strategy formulation take place? The invention of the car is an early example of: A company's ability to acquire knowledge is: an important source of competitive advantage in all industries. Which of the following statements regarding strategic management is true? 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. c. weak competitors in the industry. In the POLC framework, where does strategy implementation take place. 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. At this stage, your strategy is already in action and you need to measure the effectiveness of the strategy. Characteristics of Strategic Management. Broad Plans Shaping: In this continuous process, the formulation & implementation of broader plans are made and finally, these are also controlled. - Evaluating efficiency and effectiveness . ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. Strategic management is directed toward a company's ______. b. strategy implementation. - Formulating an action plan and strategies. b. psychology. True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . d. mission, ___is an investor's uncertainty about the economic gains or losses that will result from a particular investment. C.$54,375. 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. a. 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. c. strength, wealth, organization, and taxes. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. d. Internet. c. hypercompetition; technology diffusion. Strategic management is directed toward the organization's overall organizational ________ and ______. Typically, the formulation process starts with an assessment of available resources, an industry analysis to assess the competitive environment in which the company operates . c. profits that are accrued when a firm earns above-average returns. b. total profits earned in an industry along all points of the value chain. local line leader -> have significant profit-and-loss responsibility. It's the process of determining the decisions an organization should take. True/False, The goal of strategy implementation is to develop a permanent competitive advantage. Sun Tzu's best-known work is The Art of War. The first step in the strategic management process is to evaluate where you're going, and why. en.wikipedia.org/wiki/Apple_Inc._ litigation. New markets created by iPods, PDAs, and Wi-Fi are a result of True/False, Organizational mission statements typically do not include statements about profitability and earning above-average returns. The triple bottom line measures the performance of which of the following? Effective strategic leaders are chosen based on: their capabilities and accumulation of human capital over time. Your mission statement. Effective strategic leaders A customer can buy an iPod that plays music from iTunesall of which can be stored in Apples Mac computer (Inside CRM Editors, n.d.). One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. The process of strategic management sometimes encompasses the formulation of important policies. c. obtaining reliable products at the lowest possible price. b. is an internally focused affirmation of the organization's financial, social, and ethical goals. 1x1+x\frac{1\ -\ \sqrt{x}}{1\ +\ \sqrt{x}} Companies have realized that failure to measure it can negatively affect the company and its community. Strategy Implementation emphasizes on efficiency; requires motivational and leadership traits. Write the key term that best matches each description. In such a . d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. Organizational stakeholders are usually satisfied when, companies provide a dynamic, stimulating, and rewarding work environment. The culmination of the strategic management process is a. performance. b. a functional, although unethical, culture of the school board. Establish your planning team and schedule. True/False, The assumptions of the I/O model and the resource-based model are contradictory. _________ strategy is a combination of deliberate and emergent strategies. A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. a. operating each individual business under the corporate umbrella. Environmental and internal scanning is the next stage in the process. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. It should seek to diversify. ), what business(es) should the company compete in. a. return on assets. A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. areas, are relatively rare. How is chess relevant to the study of strategic management? For instance, a SWOT analysis (Strengths-Weaknesses . 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. Which of the following was fastest in penetrating 25 percent of homes in the U.S. market? b. a firm's profit margin yields an above-average return to its capital market stakeholders. people throughout the organization strive toward overall goals. 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. Defend your answer. True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. Dissatisfied capital market stakeholders may Strategic management involves setting objectives, analyzing the competitive environment . 1. The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. 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. A company had a beginning balance in retained earnings of $52,000. 1.3 Intended, Emergent, and Realized Strategies, 1.5 Contemporary Critique of Strategic Management, 1.6 Understanding the Strategic Management Process, 3.2 The Relationship between an Organization and its Environment, 4.4 Intellectual Property & Isolating Mechanisms, 6.2 Understanding Business-Level Strategy through "Generic Strategies", 6.5 Focused Cost Leadership and Focused Differentation, 7.6 Responding to Innovation in the Market, 8.6 Portfolio Planning and Corporate-Level Strategy, 9.2 Advantages and Disadvantages of Competing in International Markets, 9.5 Drivers of Success and Failure When Competing in International Markets, 9.6 Options for Competing in International Markets, 10.3 The Basic Building Blocks of Organizational Structure, 10.4 Creating an Organizational Structure, 10.5 Creating Organizational Control Systems, 11.4 Corporate Ethics and Social Responsibility, 11.5 Contemporary Questions of Corporate Ethics. a. ethical dimensions. b. It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. It involves action plans that ensure continued performance and thriving progression. b. urgency of satisfying each stakeholder 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? A strategy is typically a higher level, broad goal, without a lot of specifics. Collect and review information to help make the upcoming strategic decisions. True/False, Ms.Smith is a strategic leader of the firm. Your company's core competencies. Alfred Chandler, 1962. Knowledge is an intangible resource, the importance of knowledge is increasing, and the value of knowledge as a proportion of shareholder value is increasing. Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. Explain Strategy formulation. 90; 10 In a diversified firm, corporate-level strategy is concerned with: determining in which businesses to compete and how resources will be allocated between businesses. a. globalization. To implement a strong strategy effectively, an experienced . The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. 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. Overall, strategic management is an important part of an organization's development and overall performance. d. inclusive. b. mission c. personal computer This perspective is known as ______. 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. Introduction. b. success, weakness, opportunities, and taxes. internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? The goal of the organization's ___ is to point the firm in the direction of where it would like to be in the years to come. c. A mission It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. a. flexibility b. innovation c. speed d. All of these options are correct. This involves developing specific strategies and actions. 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? c. Risk Estimated Duration. Disruptive . d: 70: 3884478507 b. global competition. The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. 5. c. speed d. All of these options are correct, Strategic delegation helps a. anthropology. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. c. the interests of the firm's organizational stakeholders have been maximized. 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 . True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. c. seek to increase their power. Which statement about the triple bottom line is true? Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. Figure 1.8: Shirinsokhan, Mahmoudreza. (Check all that apply.). d. All of these options are correct. True/False, The CEO must encourage ambidextrous learning, absorbing new information, and building incremental knowledge in order to make the firm strategically flexible. True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? Situation Analysis. It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . What is the Strategic Management process? b. shareholders True/False, An effective vision statement must specify the industry in which a company will operate. This improved performance is best explained by: Research shows that approximately ___ percent of a firm's profitability is explained by the industry in which it competes, whereas ___ percent is explained by the firm's characteristics and actions. Name two benefits workers take for granted now that did not exist before labor organized. Explain your reasoning. True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. 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 . d. attractiveness; profitability. Capital market stakeholders include d. increasing the profitability of the firm. d. hypercompetition. A vision statement can lead to missed opportunities when it ______. 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 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. The value of SWOT analysis parallels ideas from classic military strategists such as Sun Tzu, who noted the value of knowing yourself as well as your opponent. A firm's hierarchy of goals include its ______. (Check all that apply.). Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. Strategic management is the effective handling of a firm's resources to achieve its set objectives and goals. 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. Synonymous with business planning and strategic planning. 2. 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. b. executives control strategy implementation. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. a. b. only top managers The company requires that all divisions generate a minimum return on invested assets of 8 percent. When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) The Chamber of Commerce of cities and towns often implore citizens to buy from local businesses. The culmination of the strategic management process is: a. performance. The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization. a. insight. a. a. industry; capability the key factor in success is choosing the correct industry in which to compete. 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 this latter case, performance is the result of a rare event that is itself the culmination of a long and ongoing process of daily . This is the final stage of the strategic management process. b. abilities; strengths Which of the following statements about organizational knowledge is correct? In ancient China, strategist and philosopher Sun Tzu offered thoughts on strategy that continue to be studied carefully by business and military leaders today. Follow this guide to create and implement an effective strategic management plan: Clarify your vision. ____has become the second-largest economy in the world. The strategic management process is 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. It is important to consider that the decision: has ethical implications for organizational stakeholders. Continuous learning Strategy Formulation emphasizes on effectiveness; requires initiative and logical skills. (Check all that apply.). c. focus on strategy implementation. The strategic management provides a base for the organization on the basis of which progress can be measured and on the basis of the same, the employees can be compensated. 1. 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. d. strategy. a. vitally important at the point where a domestic firm enters the global market. Certainly, part of Apples success is due to the unique products it offers the market, as well as how these products complement one another. (B) all policies and procedures used in functional departments. Strategy Evaluation. a. performance. In Chapter 2 "Assessing Organizational . Readiness assessment. ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. b. the resources the firm possesses. This pronouncement is most precisely a statement of organizational In a diversified firm, corporate-level strategy is concerned with 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. the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. d. concentration on the practical day-to-day aspects of the organization's operations. 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. You can view this video here: https://youtu.be/o0U0gwvnhek. a. competitive resilience d. global dimensions. Firms use both the ______ and ______ models. The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. The culmination of the strategic management process is Feedback may occur at all times to revise these actions. Which of the following are characteristics of a well-written organizational vision statement? The strategic management process begins with an understanding of strategy and performance. d. in the operations area. All of the following are resources of an organization EXCEPT The culmination of the strategic management process is: A) performance. Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage. (Check all that apply. (Check all that apply.). (Check all that apply. 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. In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. a. unique; easy to imitate. 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. d. The firm uses straight-line depreciation. D. $43,375. Managers must adopt a new mind-set that values conditions. Is is measure by its ___. Devise a strategy. The third step of the strategic management process is the ______ step. It determines which business(es) should be in the company's portfolio. d. the amount and speed of growth. a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. In situation analysis, organizations must scan and evaluate the organization's performance, corporate strategies, and internal and external . 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. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. a. located only at the executive level. A strategy On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. b. expertise. c. Sustainable competitive advantage one business-level strategy and one corporate-level strategy.

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