(Check all that apply.). Determine organizational readiness. Which of the following statements regarding corporate-level strategy are correct? The Snack Division's operating margin for the year was $6.5\$ 6.5$6.5 million, during which time its average invested capital was $50\$ 50$50 million. Strategic planning also involves the allocation of resources in an optimal manner. d. hypercompetition within the industry. A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. Authors: Tanya Sammut-Bonnici. $46,375 Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . The goal of strategy implementation is to develop a permanent competitive advantage. (Check all that apply. True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. ), Business-level strategy is concerned with how companies ______. (n.d.). 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. Which of the following was fastest in penetrating 25 percent of homes in the U.S. market? UMT360's Strategy Execution Management solution. New markets created by iPods, PDAs, and Wi-Fi are a result of Match the type of leader (on the left) with the corresponding description (on the right). c. a process directed by top . b. the firm's internal resources and capabilities represent the foundation for development of a value-creating strategy. The strategic management process is. d. total profits that can be divided among the competitors within an industry. a. are willing to be brutally honest. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. d. culture. d. All of these options are correct, Strategic delegation helps b. a functional, although unethical, culture of the school board. The five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. This is the final stage of the strategic management process. ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. 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. Strategic management of an organization entails which of the following ongoing processes? Tasks, timelines, budgets, etc. d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. (B) team-based. It is important to emphasize that, primarily because they are related to how a firm interacts with its stakeholders, almost all strategic management process decisions have c. the profitability of the industry in which the firm competes. A Deeper Dive into the Strategic Management Process. The three primary participants in corporate governance are the ______, management, and board of directors. d. All of these options are correct. Collect and analyze information. Figure 1.8: Shirinsokhan, Mahmoudreza. - Executing plans and strategies. Managers are analyzing the firm's ______ when managers are studying its competitors. 1. The ___ is the most critical criterion in prioritizing stakeholders. Rationalize the denominator of each fraction and simplify. a. the march of globalization. c. the CEO and top managers Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. [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.". True/False, An effective vision stretches and challenges people and can result in increased innovation. Why is it important to view strategic management as a process? Characteristics of Strategic Management. are established. The I/O model is grounded in b. shareholders. c. the CEO, COO, and CFO only. A firm's vision, mission, and strategic objectives form a hierarchy of . It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. c. profits that are accrued when a firm earns above-average returns. a. the social energy that drives, or fails to drive, 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. SWOT stands for business, corporate, international, and entrepreneurial. Your company's core competencies. What is the Strategic Management process? Which of the following best explains a ratio of "net sales to average net fixed assets" that exceeds the industry average? d. The firm uses straight-line depreciation. Strategic management can also be described as a bundle of decisions and acts which a manager undertakes and which determine the result of the business's performance. In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. Inside CRM Editors. Dissatisfied capital market stakeholders may The strategic management process begins with an understanding of strategy and performance. 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? The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. local line leader -> have significant profit-and-loss responsibility. c. rational. d. located at different levels, but only in the operating area of the organization, . a. performance. The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. True/False. b. strategy Which of the following statements is most consistent under the I/O view? . c. speed https://youtu.be/o0U0gwvnhek. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. 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. 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. c. strategic power Which statement about the triple bottom line is true? c. strategy formulation. d. suppliers of capital. Managers execute or implement their decisions as ______ in the third step of the strategic management process. Write the key term that best matches each description. d. abilities; strategies. The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. _____ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. a. goal b. strategy c. tactic d. mission ANSWER: b 104. a. globalization. d. intelligence. c. the lack of an organizational mission for the school board. This involves developing specific strategies and actions. True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. d. organization's stakeholders. Your mission statement. Synonymous with business planning and strategic planning. Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. Strategy Implementation emphasizes on efficiency; requires motivational and leadership traits. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. b. host communities. . ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). A major assumption about the strategic management process is that it is c. seek to increase their power. b. success, weakness, opportunities, and taxes. c. one business-level strategy for failure. The culmination of the strategic management process is: A) performance. C) strategy formulation. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. d. The Internet. b. weak competition Strategic management is a process that requires the ability to manage change. b. achieve strategic competitiveness. d. concentration on the practical day-to-day aspects of the organization's operations. Match the strategic management process with its corresponding term. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. The strategic management process is the systematic analysis of an organization's internal and external environment to achieve and retain a competitive advantage. a. sell their stock. c. The firm has a lot of old plant and equipment. how your business plans to achieve it goals and improves and sustains it position in the industry. d. in the operations area. This improved performance is best explained by 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. Environmental and internal scanning is the next stage in the process. Defend your answer. b. return on equity. 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. Litigation. Retrieved from https://flic.kr/p/bPNmxi. (B) all policies and procedures used in functional departments. d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. c. focus on strategy implementation. Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. c. core competence. a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. According to Hitt, the final responsibility for forming the organization's mission lies with the: A key purpose of a mission statement is to inform___ what a firm is, what it seeks to accomplish, and who it seeks to serve. c. return on sales. d. products that were not imitated by competitors. d. unions, Organizational stakeholders are usually satisfied when The strategic management process is a crucial element of any organization's success. b. shareholders Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. . (Check all that apply. This ad seeks to convey a sense of the organization's to the viewers. c. vision. 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. 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. 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. In strategic management, effectiveness can best be described as ______. Organizational stakeholders are usually satisfied when, companies provide a dynamic, stimulating, and rewarding work environment. 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. Name two benefits workers take for granted now that did not exist before labor organized. Afra Alnaimi. 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. b. strategy implementation. The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. What is the Strategic Management process? Study with Quizlet and memorize flashcards containing terms like . 1x1+x\frac{1\ -\ \sqrt{x}}{1\ +\ \sqrt{x}} a. CEO. Importance of Strategic Management. The Jayhawks Rising Strategic Alignment Model is the culmination of a multi-year strategic planning process involving many groups and individuals who proposed hundreds of ideas for how to advance us toward our vision to be an exceptional learning community that lifts each member and advances society. a. competitive resilience You can view this video here: https://youtu.be/o0U0gwvnhek. (Check all that apply. A company competing in a single product market has. The resource-based view of the firm The second step in the strategic management process is ______. Knowledge is composed of all the following EXCEPT b. abilities; strengths 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. competition; competency What is the difference between strategy formulation and strategy implementation? Planning. True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . d: 70: 3884478507 The message of the ad is that this firm's accountants love their work. d. is developed by a firm before the firm develops its vision. Continuous learning 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.). The first step in the strategic management process is to evaluate where you're going, and why. c. weak competitors in the industry. a. suppliers. Financial markets often place an emphasis on managers meeting ______ performance goals. a. defining the boundaries of the pool. a. power of each stakeholder In Chapter 7, Innovation Strategies, we present insights on the role innovation plays in strategy development and implementation. d. personality. d. analysis. 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. Apple Inc. A capability Which of the following are characteristics of a well-written organizational vision statement? The ability to effectively and efficiently access and use information is Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. A strategic management process can help guide the decisions and actions of senior executives within an organisation. True/False, The CEO must encourage ambidextrous learning, absorbing new information, and building incremental knowledge in order to make the firm strategically flexible. d. All of these options are correct. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. An assessment od strengths, weakness, opportunities and threats. Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. a. vitally important at the point where a domestic firm enters the global market. d. accounting. Strategic Management Process [Video]. Effective strategies Apple uses to create loyal customers. c. the key to competitive success is the structure of the industry in which the firm competes. This behavior has existed for decades, even as the membership in the school board has changed over time. c. personal computer It offers courses accredited to AMBA, AACSB & NIRF. Sue prefers the Red Shuttle because it gets her to the airport in an hour and a half, while the Blue Shuttle takes $80$ minutes. c. Sustainable competitive advantage Synonymous with business planning and strategic planning. (. b. committed to nurturing those around them. New markets created by iPods, PDAs, and WiFi are a result of: Henry Ford once said, "If I had asked people what they wanted, they would have said faster horses." True/False, Ms.Smith is a strategic leader of the firm. c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. Which of the following statements about the strategic management process is true? (C) rational. Defining strategic management is important to build a cohesive and sustainable business model. In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. 1. The final responsibility for forming the organization's mission lies with the Which of the following actions by the CEO would be most consistent with this need? a. industry; capability The strategic management process is. 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. Strategy implementation is the final stage of the process. See the examples before. the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. True or false: Intended strategy rarely survives in its original form. 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. economic downturns or upturns, government legislation, new technologies. A strategy $$ University of Malta. a. analyses; strengths b. the complex set of ideologies, symbols, and core values that are shared throughout the firm. True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. This perspective is known as ______. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. 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. In order for strategic objectives to be meaningful they need to be ______. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. Strategic Management can be defined as a decision-making process that leads to the development of the strategic position, i.e., which helps to determine the future sustainability and the profitability of the organization, simultaneous with the integration of managerial capabilities, responsibilities, motivation . Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. a. the businesses in which the company intends to compete. Planning extensive employee training and hiring educated and experienced employees. 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. a. b. all policies and procedures used in functional departments. The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. 97.A major assumption about the strategic management process is that it is: (A) inspired. a. Ideally, you already have some goal materials in place, including: Your vision statement. B) strategy implementation. one business-level strategy and one corporate-level strategy. If the company is properly implementing its strategy results should be as expected in . This is because the organization's role as a taxpayer is most important to ___ as stakeholders. Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. a. strategic competitiveness b. a permanently sustainable . It determines which business(es) should be in the company's portfolio. Which of the following state the goals and intentions that help define a firm's competitive advantage? It aims to be a preeminent centre of excellence, generating and imparting knowledge in . c. hypercompetition; technology diffusion. b. innovation b. an important source of competitive advantage in virtually all industries. In terms of analyzing the external environment of the firm, the industry environment consists of ______ and other organizations that may threaten the company's success. Greenleaf Property Management has been earning below-average returns for the last three years. Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). Successful strategic leaders are The situation is where relevant information is needed to create the organization's culture, mission, or vision statement. 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. Strategic management process. c. employees. Retrieved from https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png. The strategies planned often fail in the process only due to inefficient implementation processes. As a result, virtually all of the assets under her control are fully depreciated. b. estimating the overall size of the pool. c. strength, wealth, organization, and taxes. Knowledge is an intangible resource. b. a. Perpetual Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. The company requires that all divisions generate a minimum return on invested assets of 8 percent. 90; 10 c. determining in which businesses to compete and how resources will be allocated between businesses. . D) analysis. Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. 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. 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. b. mission a. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies 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. b. successfully than does the competitor environment. a. each firm is a unique collection of resources and capabilities. Measure the progress by comparing the plan against actual results. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. Performance of a firm is most directly attributable to: the profitable of the industry in which the firm competes, Firms use the five forces model of competition to identify the ___ of the industry. 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." Certainly, part of Apples success is due to the unique products it offers the market, as well as how these products complement one another. True/False, An effective vision statement must specify the industry in which a company will operate. All of the following are assumptions of the industrial organization (I/O) model EXCEPT Even the best strategies can fail if management doesn't implement or evaluate them . The two primary drivers of hyper-competition are the emergence of the global economy and technology. Make Better business decisions: It is important to understand the difference between a great idea and a good idea. All businesses can benefit from strategic management to help them meet long-term objectives. Strategic leaders, ______, often work long hours, and their work is filled with ambiguous decision situations. A strategic management process is an essential tool for any organization looking to optimize performance and reach success. Which of the following are needed in order for entrepreneurial initiatives to be successful? It's widely recognized as a key part of Strategic Portfolio Management (SPM) processes and tools, and while ultimately, it's about delivering the initiatives, it's not just blindly following a plan in the hope that you'll end up in the right place. Performance of the firm is most directly attributable to A company competing in a single product market has The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. 09.23.22 This pronouncement is most precisely a statement of organizational c. economics. 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.
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