The five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. a. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. Chess CC BY-NC 2.0. d. analysis. It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. d. expand the strategic responsibilities to all organizational stakeholders. a. the core values of the school board as an organization. d. All of these options are correct. d. emphasize profit maximization. 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. 1+x1x. d. increasing the profitability of the firm. The strategic management process is essentially a set of steps a leader can use to help achieve better business outcomes. Figure 1.7: Kindred Grey (2020). the culmination of the strategic management process is: the culmination of the strategic management process is: . c. Global Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). 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. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. 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). d. government regulators. c. hypercompetition; technology diffusion. c. tactic Litigation. 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. Why is it important to view strategic management as a process? a. located only at the executive level. ____has become the second-largest economy in the world. c. strength, wealth, organization, and taxes. Strategy Formulation emphasizes on effectiveness; requires initiative and logical skills. Planning extensive employee training and hiring educated and experienced employees. Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. a. predict future revenue streams for the organization. d. Revenue. Introduction. In Chapter 2 "Assessing Organizational . a. strategic competitiveness b. a permanently sustainable . c. capabilities are highly mobile across firms. b. oil drilling rights in a promising region. 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. a. vitally important at the point where a domestic firm enters the global market. Broad Plans Shaping: In this continuous process, the formulation & implementation of broader plans are made and finally, these are also controlled. True/False, Developed countries still have major advantages in their access to information technology when compared to emerging countries because of the significant cost of the infrastructure needed for computing power. https://youtu.be/o0U0gwvnhek. 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. goal Which of the following state the goals and intentions that help define a firm's competitive advantage? A company competing in a single product market has. 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. True or false: The most effective organizations have strong leaders at the top who make all the decisions that the rest of the organization then carries out. A vision A Deeper Dive into the Strategic Management Process. Strategic management requires that ______. Collect and review information to help make the upcoming strategic decisions. (Check all that apply.). Managers must adopt a new mind-set that values conditions. [1]. c. in the finance area ______ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. 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. Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. 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) strategy implementation. Companies have realized that failure to measure it can negatively affect the company and its community. d. abilities; strategies. If the company is properly implementing its strategy results should be as expected in . (Check all that apply.). b. receiving the highest-quality products and services in the industry. 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. True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. a. are willing to be brutally honest. Apple Inc. For instance, a SWOT analysis (Strengths-Weaknesses . (n.d.). It should seek to diversify. To implement a strong strategy effectively, an experienced . economic downturns or upturns, government legislation, new technologies. c. Sustainable competitive advantage a. c. determine whether an industry will be viable in the long term. Strategic planning aims to create . In the resource-based model, which of the following factors would be considered a key to organizational success? Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. Chapter 3 Evaluating the External Environment examines the topic of evaluating the external environment in detail, and Chapter 4 Evaluating the Internal Environment presents concepts and tools for managing firm resources. b. I/O; resource-based . Importance of Strategic Management. In smaller, new venture firms, returns are sometimes measured in terms of b. argues that the industry environment has a stronger influence on firms' ability to implement strategies The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. (Check all that apply. (Check all that apply.). b. This ad seeks to convey a sense of the organization's to the viewers. d. is developed by a firm before the firm develops its vision. c. A mission Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. (Check all that apply.). c. knowledge intensity. c. the profitability of the industry in which the firm competes. c. companies provide a dynamic, stimulating, and rewarding work environment. Effective strategic leaders According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. _____ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. a. unique market niche d. skilled employees. Knowledge is an intangible resource. 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. Chapter 10 Executing Strategy through Organizational Design offers ideas on how to manage these elements of implementation. To simply put, strategy evaluation entails reviewing and appraising the strategy implementation process and measuring organizational performance. E.$(11,375). a. disruptive technologies. b. mission Strategic Management Process [Video]. True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. Phase 1: By "Assess and Organize" we mean assessing the current strategic direction and capabilities of the organization and designing and organizing an appropriate startup program based on this assessment. d. located at different levels, but only in the operating area of the organization, . 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. The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. d. All of these options are correct, Strategic delegation helps a. unions. Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). What are the four steps of the strategic management process? Managers must determine how to create a(n) ______ advantage in the marketplace to be successful over the long-term. the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. b. estimating the overall size of the pool. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. In a diversified firm, corporate-level strategy is concerned with: determining in which businesses to compete and how resources will be allocated between businesses. d. focus on innovation. This behavior reflects d. coordinating the vision and mission of each subsidiary firm. The strategic-planning process is never truly completed. It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. The ___ is the most critical criterion in prioritizing stakeholders. The company requires that all divisions generate a minimum return on invested assets of 8 percent. b. customers pay the highest sustainable price for the goods and services they receive. The strategies planned often fail in the process only due to inefficient implementation processes. 1. 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. Which statement about the triple bottom line is true? The goal of strategy implementation is to develop a permanent competitive advantage. A firm's mission (Check all that apply.). d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. The two opposing ways of examining stakeholder management are called ______ and ______. c. use the strategic management process. A sustainable competitive advantage is not achieved through operational effectiveness alone. True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. In strategic management, effectiveness can best be described as ______. d. in the operations area. Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. a. return on assets. people throughout the organization strive toward overall goals. How do you think the economic growth of developing countries will affect you and your family in the future? the three processes are highly interdependent. Strategy execution management is the evolution of traditional project delivery. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. c. vision. c. the key to competitive success is the structure of the industry in which the firm competes. \end{array} a. To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. A core competence d. All of these options are correct. 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. In Chapter 6 Selecting Business-Level Strategies, we discuss how selecting business-level strategies helps to provide firms with a recipe that can be followed that will increase the likelihood that their strategies will be successful. 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. c. return on sales. Which of the following are characteristics of a well-written organizational vision statement? d. estimating the size of the value-chain activity in the pool. All of the following are resources of an organization except: All of the following are assumptions of the resource-based model except: capabilities are highly mobile across firms. In Wikipedia. a. anthropology. a. major suppliers of capital The external control view of leadership emphasizes the role of which of the following types of factors in the success or failure of a firm? Although the first four steps describe the planning that must take place, implementation and evaluation are just as important. A firm has achieved ______ when it successfully formulates and implements a value-creating strategy. Strategic management process. c. weak competitors in the industry. The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. 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. Let us take a look at the five conventional functions of the management process. a. b. host communities. are established. 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. Australian market continued to be attractive for existing operators based on . a. at the top of the organization d. social value of each stakeholder. Strategic Management can be found in . b. strategic flexibility A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". d. suppliers of capital. (Check all that apply. c. seek to increase their power. c. The value of knowledge as a proportion of shareholder value is increasing. The strategic management process is d. industry; competency, ___should establish a firm's individuality and should be inspiring and relevant to all stakeholders. d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. determines how organization as a whole supports and enhances the value of the business units w/in it. Strategic Management. The strategic management process is a crucial element of any organization's success. Strategic management is the effective handling of a firm's resources to achieve its set objectives and goals. a. the key factor in success is choosing the correct industry in which to compete. 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. In the strategic management process ASP stands for c. the CEO, COO, and CFO only. ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. b. a functional, although unethical, culture of the school board. c. culture The strategic management process begins with an understanding of strategy and performance. 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. Your company's core competencies. Prepare a vertical analysis of the income statement for Thain Corporation. c. an ability to identify the correct solutions to long-range problems. . Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. is a capacity for a set of resources to perform a task or an activity in an integrative manner. Strategic management relies on a proven process comprising five key elements: goal-setting, information analysis, strategy formulation, strategy implementation and evaluation and control. 90; 10 It offers courses accredited to AMBA, AACSB & NIRF. the key factor in success is choosing the correct industry in which to compete. Figure 1.8: Shirinsokhan, Mahmoudreza. 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 . In the POLC framework, where does strategy implementation take place. Consistent failure to achieve this minimum target is grounds for the dismissal of a division manager. c. employees. Meaning of Strategic Management. Strategic management involves setting objectives, analyzing the competitive environment . b. analyses, strategies, and performance. ), Business-level strategy is concerned with how companies ______. examples of each based on your own experiences. (Check all that apply.). It is a process that requires a systematic . c. host communities In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. Organizational goals and objectives should represent what is best for ______. vision. c. vulnerability of organizational stakeholders True/False, Although organizational cultures vary considerably, one cannot make an objective judgement that some organizational cultures are more or less functional than others in terms of ethical considerations. A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. b. focus on strategy formation. (Check all that apply.). 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. It's an important step since it is here that businesses can review performance metrics of all components and make any tweak necessary to ensure accomplishment of long-term goals. In such 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. b. rapid technological diffusion. A company competing in a single product market has a. culture Chapter Layout for Strategic Management. CC BY-SA 4.0. b. Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. It involves identifying internal and external factors and understanding how they affect an organization. (Check all that apply.). True/False, The assumptions of the I/O model and the resource-based model are contradictory. 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. Defend your answer. d. total profits that can be divided among the competitors within an industry. 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? ______ 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. Organizational culture refers to Kick-Off Meeting: 1 hr. Make Better business decisions: It is important to understand the difference between a great idea and a good idea. How to develop a strategic management process. b. a willingness to unify stakeholders through skillful manipulation. Overall, strategic management is an important part of an organization's development and overall performance. ), what business(es) should the company compete in. 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. (Check all that apply.). c. strategy . The primary drivers of hypercompetition are, All of the following are characteristic of the global economy EXCEPT, The economic interdependence among countries as reflected in the flow of goods, services, financial capital, and knowledge across country borders is defined as, . (B) team-based. b. predict growth in sales over the medium to long range. This is because the organization's role as a taxpayer is most important to as stakeholders. In the instance, the implementation . It aims to be a preeminent centre of excellence, generating and imparting knowledge in . Capital market stakeholders include b. psychology. b. inspiring vision. A firm's vision, mission, and strategic objectives form a hierarchy of . c. strategy formulation. Write the key term that best matches each description. a. b. only top managers 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 situation is where relevant information is needed to create the organization's culture, mission, or vision statement. It determines which business(es) should be in the company's portfolio. Reflects what a firm is doing to achieve its mission and vision as seen by its achievement of specific goals & objectives. True/False, When the firm earns lower-than-average returns, the highest priority is given to satisfying the needs of capital market stakeholders over the needs of product market and organizational shareholders.
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