(Check all that apply.). University of Malta. b. customers pay the highest sustainable price for the goods and services they receive. To implement a strong strategy effectively, an experienced . b. Strategic management is the management of an organization's resources to achieve its goals and objectives. A firm's hierarchy of goals include its ______. b. strategy implementation. a. the social energy that drives, or fails to drive, the organization. A firm's vision, mission, and strategic objectives are used to develop specific goals, which form the basis for its ______. symbiosis; zero sum. After executing the environmental analysis process, management . \text{Gross profit}&\text{357,000}\\ strategic objectives. (Check all that apply.). Which of the following are reasons vision statements sometimes fail? The second step in the strategic management process is ______. Use the simple interest formula method. 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. b. a firm's profit margin yields an above-average return to its capital market stakeholders. Certainly, part of Apples success is due to the unique products it offers the market, as well as how these products complement one another. a. all resources have the potential to be the basis of sustainable competitive advantage. Explain Strategy formulation. To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. a. are willing to be brutally honest. b. only top managers The profit pool is the The resource-based view of the firm How is chess relevant to the study of strategic management? The strategic management process is. All of the following are resources of an organization EXCEPT Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization. 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. Inside CRM Editors. It involves action plans that ensure continued performance and thriving progression. (Remember to type only one word in the blank.). Efficiency, in terms of strategic management, can best be described as ______. Strategic Management Process Steps And It's Components B. d. inclusive. It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. b. is an internally focused affirmation of the organization's financial, social, and ethical goals. b. one business-level strategy. Successful strategic leaders are a. an hourly production employee's ability to catch subtle quality defects in products. Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. a. maximizing the firm's return on investment. b. resources to implement strategies are firm-specific and attached to firms over the long-term. a. vision a. goal b. strategy c. tactic d. mission ANSWER: b 104. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. b. the firm's internal resources and capabilities represent the foundation for development of a value-creating strategy. Continuous learning What is Strategic Management | Learn About Strategic Management & the ______ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones. (Check all that apply.). Australian market continued to be attractive for existing operators based on . 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? YouTube. Strategic Management Process - Your Article Library . How do you think the economic growth of developing countries will affect you and your family in the future? c. return on sales. b. easy to imitate; difficult to implement. Characteristics of Strategic Management. 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. Benefits and limitations of strategic management Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. c. tactic d. All of these options are correct. 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. Which statement about the triple bottom line is true? - Formulating an action plan and strategies. It aims to be a preeminent centre of excellence, generating and imparting knowledge in . As a result, virtually all of the assets under her control are fully depreciated. c. weak competitors in the industry. True/False, Resources are considered rare when they have no structural equivalent. vision. d. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. (PDF) A critical analysis of strategic management process - ResearchGate What is the Concept of Strategic Management? - Talentedge Meaning of Strategic Management. a. pool of assets that is distributed to investors. d. industry; competency, ___should establish a firm's individuality and should be inspiring and relevant to all stakeholders. d. focus on innovation. d. products that were not imitated by competitors. 90; 10 c. the minimum required for survival in virtually any industry. Defend your answer. Alfred Chandler, 1962. Dissatisfied capital market stakeholders may d. unions, Organizational stakeholders are usually satisfied when a. b. the industry's structural characteristics have little impact on a firm's performance over time. The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. 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. (Check all that apply.). one business-level strategy and one corporate-level strategy. d. increasing the profitability of the firm. ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. Strategic planning aims to create . The process of creating strategy b. receiving the highest-quality products and services in the industry. The Strategic Management Process Guide - cascade.app d. abilities; strategies. a. culture The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. a. . . (Check all that apply.). Reflects what a firm is doing to achieve its mission and vision as seen by its achievement of specific goals & objectives. Learn more about how Pressbooks supports open publishing practices. In a diversified firm, corporate-level strategy is concerned with a. Strategy Implementation in Strategic Management Process Identify your goals. ), Business-level strategy is concerned with how companies ______. In a diversified firm, corporate-level strategy is concerned with: determining in which businesses to compete and how resources will be allocated between businesses. 2. Which statement is true? A vision Which of the following statements is most consistent with the I/O view? How to Implement a Strategic Management Process [2023] Asana - Evaluating efficiency and effectiveness . What is Strategic Management and Why is it Important? A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. 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. ______ is performing similar activities better than rivals do. conduct a thorough analysis of the external and internal environments, Strategies often fail when managers fail to do which of the following? c. capabilities are highly mobile across firms. The two primary drivers of hyper-competition are the emergence of the global economy and technology. c. disruptive technologies. b. the resource-based model. Strategic Management ch 1 Flashcards | Quizlet Information Technology Project Management: Providing Measurable Organizational Value, Operations Management: Sustainability and Supply Chain Management, Service Management: Operations, Strategy, and Information Technology, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine. Even for companies capable of succeeding in global markets, it is critical that they, The rate of technological diffusion is increasing. In the strategic management process ASP stands for b. statements, like vision statements, should be massively inspiring to an organization's main stakeholders and include the purpose of the organization, its scope of operations, and the basis of its competitive advantage. Firms don't apply for patents so that competitors can't access information in the patents. Strategic leaders, ______, often work long hours, and their work is filled with ambiguous decision situations. Afra Alnaimi. ______ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. PDF is the culmination of a multi-year strategic planning process involving The strategic management process begins with an understanding of strategy and performance. Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. At this stage, your strategy is already in action and you need to measure the effectiveness of the strategy. . Write the key term that best matches each description. Why is it important to view strategic management as a process? ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. Measure the progress by comparing the plan against actual results. Managers must adopt a new mind-set that values conditions. a. flexibility In the instance, the implementation . b. focus on strategy formation. b. urgency of satisfying each stakeholder The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. It is important to emphasize that almost all strategic management process decisions have ______ because they are related to how a firm interacts with its stakeholders. 1. 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. Match the strategic management process with its corresponding term. Owner/CEO, Strategy Director. An assessment od strengths, weakness, opportunities and threats. Strategic Management Advantages and Disadvantages - Wisestep Study with Quizlet and memorize flashcards containing terms like . Strategic Management can be found in . c. culture A company competing in a single product market has a. delegate strategic responsibilities to employees "closer to the action." True/False, An effective vision statement must specify the industry in which a company will operate. a. at the top of the organization How much interest was earned? a. return on assets. It guides the company to move in a specific direction. The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. a. Perpetual a. values. b. all policies and procedures used in functional departments. Strategic Goals: Which of the following are true of behavioral controls? 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. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the competitors and take necessary . 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 Process - Meaning, Steps and Components A company competing in a single product market has. b. strategy Make Better business decisions: It is important to understand the difference between a great idea and a good idea. 2. Financial markets often place an emphasis on managers meeting ______ performance goals. d: 70: 3884478507 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.). Establish your planning team and schedule. d. Organizational intelligence. a. goal b. analyses, strategies, and performance. c. Risk c. ability, strategies, and purposes. b. c. speed This activity is important because proper use of strategic management techniques . Therefore, organizational strategists must choose one or the other as the basis for developing a strategic plan. d. personality. Which of the following statements about organizational knowledge is correct? In strategic management, effectiveness can best be described as ______. \text{Sales}&\text{\$850,000}\\ strategic management chp 1 review Flashcards | Quizlet The Strategic Planning Process in 4 Steps | OnStrategy BUS400 Flashcards | Quizlet This ad seeks to convey a sense of the organization's to the viewers. a. each firm is a unique collection of resources and capabilities. (B) team-based. 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. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies The Chamber of Commerce of cities and towns often implore citizens to buy from local businesses. Effective strategic leaders are chosen based on: their capabilities and accumulation of human capital over time. We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. b. rapid technological diffusion. c. is mainly intended to emotionally inspire employees and other stakeholders. Strategic management is directed toward the organization's overall organizational ________ and ______. 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. c. the profitability of the industry in which the firm competes. Reward The strategic management process is a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. c. determining in which businesses to compete and how resources will be allocated between businesses. Solved The strategic management process has five steps: | Chegg.com d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. Which of the following statements about the strategic management process is true? 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. 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. Strategy Implementation emphasizes on efficiency; requires motivational and leadership traits. c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. Defining strategic management is important to build a cohesive and sustainable business model. b. top-management team. 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. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. This involves developing specific strategies and actions. A capability The ability to effectively and efficiently access and use information is Chess CC BY-NC 2.0. c. Knowledge (Check all that apply. a. one corporate-level strategy. (PDF) Strategic Management and Strategic Planning Process - ResearchGate c. strategy formulation. 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). Litigation. Your company's core competencies. The strategic management process begins with an understanding of strategy and performance. The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. 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. c. competition; competency c. defining the competitors in the pool. ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. 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. 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. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. What is the Strategic Management process? (Check all that apply.). True or false: Intended strategy rarely survives in its original form. a. disruptive technologies. What Is Strategic Management? - Investopedia True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. Want to create or adapt books like this? d. The Internet. The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. Authors: Tanya Sammut-Bonnici. Environmental Scanning 2. The firm makes less efficient use of its assets than other firms. Strategic Management - Definition, Importance and Need of - Harappa Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. d. companies are paying the highest prices to suppliers, Product market stakeholders include b. the complex set of ideologies, symbols, and core values that are shared throughout the firm. See the examples before. (Check all that apply.). Solved The strategic management process begins with | Chegg.com Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. ), what business(es) should the company compete in. 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. . 3. Collect and review information to help make the upcoming strategic decisions. 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. c. the key to competitive success is the structure of the industry in which the firm competes. 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. 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. The 6 stages of the Strategic Management Process True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. a. telephone (PDF) Strategic Management - ResearchGate a. defining the boundaries of the pool. d. government regulators. c. Global Strategic management process has following four steps: Environmental Scanning-Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes.
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