the culmination of the strategic management process is:

Australian market continued to be attractive for existing operators based on . True/False, The CEO must encourage ambidextrous learning, absorbing new information, and building incremental knowledge in order to make the firm strategically flexible. a. one corporate-level strategy. a. globalization. True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. Organizational goals and objectives should represent what is best for ______. a. the power of the financial market stakeholders. d. government regulators. Effective strategies Apple uses to create loyal customers. Ideally, you already have some goal materials in place, including: Your vision statement. Defend your answer. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. c. The value of knowledge as a proportion of shareholder value is increasing. people throughout the organization strive toward overall goals. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). 2. Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. Continuous learning Organizational culture refers to It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. b. strategy implementation. c. employees. Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage. d. All of these options are correct, Strategic delegation helps It's the process of determining the decisions an organization should take. 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. (Check all that apply.). In Chapter 2 "Assessing Organizational . b. mission. 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. 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. c. strategic power innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University (Check all that apply. The modern competitive environment requires an iterative approach to strategic management where execution informs planning and planning guides execution. Situation Analysis. A firm has achieved when it successfully formulates and implements a value-creating strategy. Inside CRM Editors. c. an ability to identify the correct solutions to long-range problems. The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. . 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. This is the final stage of the strategic management process. . b. only top managers c. a process directed by top management with input from other stakeholders that seeks to achieve above- average returns for investors through effective use of the organization's resources. When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) b. oil drilling rights in a promising region. b. the firm's internal resources and capabilities represent the foundation for development of a value-creating strategy. Which statement is true? Strategic leaders, ______, often work long hours, and their work is filled with ambiguous decision situations. Strategic management process. 97.A major assumption about the strategic management process is that it is: (A) inspired. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. A firm's hierarchy of goals include its ______. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. New markets created by iPods, PDAs, and Wi-Fi are a result of The video for this lesson explains the strategic management process. d. in the operations area. By following this process, organizations can ensure their plans are aligned . d. coordinating the vision and mission of each subsidiary firm. b. analyses, strategies, and performance. c. Risk b. the complex set of ideologies, symbols, and core values that are shared throughout the firm. Importance of Strategic Management. What other games might help teach strategic thinking. 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. - Resource analysis to select workforce and assign suitable tasks. examples of each based on your own experiences. The triple bottom line measures the performance of which of the following? a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. 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? b. all policies and procedures used in functional departments. All of the following are assumptions of the resource-based model EXCEPT Introduction. ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. 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. CEO. c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. d. culture. The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. d. social value of each stakeholder. Strategic management of an organization entails which of the following ongoing processes? A firm's vision, mission, and strategic objectives form a hierarchy of . 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 . C) strategy formulation. c. re-centralize the responsibility for strategy to the CEO. c. the CEO, COO, and CFO only. The culmination of the strategic management process is: a. performance. Want to create or adapt books like this? (n.d.). c. Sustainable competitive advantage (Check all that apply.). This is because the organization's role as a taxpayer is most important to as stakeholders. is a capacity for a set of resources to perform a task or an activity in an integrative manner. Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization. Strategic Management. This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. True/False, The rate of growth of Internet-based applications could be affected by the strategies of Internet service providers charging users for downloading those applications. In a diversified firm, corporate-level strategy is concerned with a. committed to helping the firm create value for all stakeholder groups. c. vulnerability of organizational stakeholders 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. Greenleaf Property Management has been earning below-average returns for the last three years. Generally speaking, product market stakeholders are satisfied when The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. 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. \text{Sales}&\text{\$850,000}\\ a. vision The ending balance in retained earnings equals: The process of strategic management sometimes encompasses the formulation of important policies. A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". b. inspiring vision. True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. University of Malta. In the POLC framework, where does strategy formulation take place? The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. d. All of these options are correct. Owner/CEO, Strategy Leader. Your company's core competencies. 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. the three processes are highly interdependent. Retrieved from https://flic.kr/p/bPNmxi. . A company had a beginning balance in retained earnings of $52,000. b. resources alone can be a source of sustainable competitive advantage. Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. 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. d. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. Strategy implementation is the final stage of the process. c. the key to earning above-average returns is strategic flexibility. c. focus on strategy implementation. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . In Wikipedia. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. a. an hourly production employee's ability to catch subtle quality defects in products. 98.:A business-level strategy describes (A) the businesses in which the company intends to compete. This improved performance is best explained by c. hypercompetition; technology diffusion. d. The firm uses straight-line depreciation. d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. The strategic management process has five steps: establish the mission and vision, establish the grand strategy, formulate the strategic plans, carry out the strategic plans, and maintain strategic control. 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. a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. To simply put, strategy evaluation entails reviewing and appraising the strategy implementation process and measuring organizational performance. Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. A core competence Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. the key factor in success is choosing the correct industry in which to compete. Figure 1.8: Shirinsokhan, Mahmoudreza. True/False, Ms.Smith is a strategic leader of the firm. The strategic management process is - Evaluating efficiency and effectiveness . b. is an internally focused affirmation of the organization's financial, social, and ethical goals. Strategic planning aims to create . emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. d. Internet. Above average returns are those in excess of what an investor expects to earn from other investments with similar stock prices. The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. c. decisive. Which of the following statements about operational effectiveness are correct? 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. This perspective is known as ______. b. rapid technological diffusion. Chess CC BY-NC 2.0. A strategy d. differences in resources and capabilities are the basis of competitive advantage. a. unique market niche 60; 40 1+x1x. Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. 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. Collect and review information to help make the upcoming strategic decisions. Greenleaf will not be able to minimally satisfy all stakeholders. Strategic management requires that ______. b. Your long-term goals and/or BHAGs. The third step of the strategic management process is the ______ step. Reward c. Risk d. Revenue ANSWER: c 105. Which of the following are stakeholder groups that managers should consider when making decisions? Why is it important to view strategic management as a process? Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. c. return on sales. c. seek to increase their power. To have the potential to become sources of competitive advantage, resources and capabilities must be non- substitutable, valuable, , and Explain the difference between negative reinforcement and punishment, and provide several The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. Effective strategic leaders areas, are relatively rare. c. obtaining reliable products at the lowest possible price. b. The rate of technology diffusion has been steadily increasing over the last two decades. At this stage, your strategy is already in action and you need to measure the effectiveness of the strategy. d. intelligence. 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. The two opposing ways of examining stakeholder management are called ______ and ______. c. profits that are accrued when a firm earns above-average returns. It involves identifying internal and external factors and understanding how they affect an organization. b. team-based. d. hypercompetition within the industry. To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. b. expertise. ), what business(es) should the company compete in. All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. a. delegate strategic responsibilities to employees "closer to the action." In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. a. strategy, wealth, organization, and threats. It is a . b. local dimensions. Strategic Management can be found in . The process of implementation of strategy starts with the identification of key managerial tasks which form the basis for the creation of strategy starts with the identification of key a. located only at the executive level. It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . b. the industry's structural characteristics have little impact on a firm's performance over time. c. one business-level strategy for failure. b. global competition. How much was invested? Collect and analyze information. c. employees. The second step in the strategic management process is ______. Corporate governance is the relationship among ______ in determining the direction and performance of corporations. For example, intellectual property is a vital resource for Apple. b. return on equity. The three primary participants in corporate governance are the ______, management, and board of directors. Meaning of Strategic Management. a. competitive resilience conduct a thorough analysis of the external and internal environments, Strategies often fail when managers fail to do which of the following? It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. c. is mainly intended to emotionally inspire employees and other stakeholders. b. total profits earned in an industry along all points of the value chain. Generally speaking, product market stakeholders are satisfied when: a firm achieves a balance between profit margins, costs paid to suppliers and prices set for customers, Before liquidating during a bankruptcy, a company will take several actions to try to satisfy its ____ stakeholders. All of the following are assumptions of the industrial organization (I/O) model EXCEPT d. inclusive. d. a charity's endowment of $400 million. The culmination of the strategic management process is b. strategic flexibility C ) rational . $46,375 b. urgency of satisfying each stakeholder Strategic management is the process of defining and implementing an organization's strategy. a. size; number of competitors. a. analyses; strengths In such a . Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. Synonymous with business planning and strategic planning. Strategic Management is a stream of decisions and actions which lead to the development of an effective strategy or strategies to help achieve corporate objectives. b. a. strategic mission. It requires incorporating both short-term and long-term perspectives. c. rare; costly to imitate. 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. 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. Here are the key elements of strategic management. Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). . True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. a. disruptive technologies. . b. located in different areas and levels. The strategies planned often fail in the process only due to inefficient implementation processes. b. c. personal computer C.$54,375. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. 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 . Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. a. the core values of the school board as an organization. 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. b. Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. a. their return on investment has been maximized. symbiosis; zero sum. 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. b. strategy d. easy to implement; unique. are established. SWOT stands for Social responsibility is the expectation that businesses or individuals will strive to ______. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. 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? Knowledge is an intangible resource. Chapter Layout for Strategic Management. CC BY-SA 4.0. a. anthropology. It is a philosophical approach to business. vision. Readiness assessment. 3. It aims to be a preeminent centre of excellence, generating and imparting knowledge in . The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies.

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