d. industry; competency, ___should establish a firm's individuality and should be inspiring and relevant to all stakeholders. It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . Which of the following statements regarding strategic management is true? 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." b. mission The culmination of the strategic management process is: performance Although an organization's good reputation is a valuable resource that takes years of superior marketplace competence to achieve, it is not a good basis for building a competitive advantage because it can be destroyed almost instantly by bad publicity. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. Apple's iPod and iPad are examples of How much was invested? . Strategic planning aims to create . Strategic management involves setting objectives, analyzing the competitive environment . Financial markets often place an emphasis on managers meeting ______ performance goals. 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. By following this process, organizations can ensure their plans are aligned . This is because the organization's role as a taxpayer is most important to as stakeholders. b. achieve strategic competitiveness. (Check all that apply.). Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. Strategic management is a process that involves building a careful understanding of how the world is changing, as well as a knowledge of how those changes might affect a particular firm. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to Which of the following are needed in order for entrepreneurial initiatives to be successful? A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. The essence of strategic management is the study of why some firms ______. c. disruptive technologies. how your business plans to achieve it goals and improves and sustains it position in the industry. Owner/CEO, Strategy Director. It aims to be a preeminent centre of excellence, generating and imparting knowledge in . c. speed Let us take a look at the five conventional functions of the management process. b. psychology. c. hypercompetition; technology diffusion. c. the key to earning above-average returns is strategic flexibility. 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 . a. strategic mission. Explain the difference between negative reinforcement and punishment, and provide several Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. . Definition. 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. This ad seeks to convey a sense of the organization's to the viewers. Managers must adopt a new mind-set that values conditions. Retrieved from https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png. b. shareholders. a. What is the difference between strategy formulation and strategy implementation? 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 . a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. It is important to consider that the decision: has ethical implications for organizational stakeholders. $$ Strategic management process. a. goal b. strategy c. tactic d. mission ANSWER: b 104. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. ), a destination that is driven by and evokes passion. Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. (Check all that apply.). During the analysis step of the strategic management process managers are concerned with the company's ______. Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is 60; 40 The firm added to its plant and equipment in the past few years. c. return on sales. All of the following are resources of an organization EXCEPT a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. strategic objectives. shareholders, management, and the board of directors. b. c. culture Which statement is true? The five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. a. suppliers. people throughout the organization strive toward overall goals. The strategic management process is the full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns. (B) all policies and procedures used in functional departments. c. vulnerability of organizational stakeholders (Check all that apply.). (Check all that apply.). (. Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? $$ d. total profits that can be divided among the competitors within an industry. 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. In Wikipedia. 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). a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. Match the strategic management process with its corresponding term. a. return on assets. It involves identifying internal and external factors and understanding how they affect an organization. This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). . d. government regulators. c. a process directed by top . d. estimating the size of the value-chain activity in the pool. c. employees. This is because the organization's role as a taxpayer is most important to ___ as stakeholders. d. easy to implement; unique. b. a willingness to unify stakeholders through skillful manipulation. A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. b. strategic flexibility Organizational stakeholders include d. analysis. 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. ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. All businesses can benefit from strategic management to help them meet long-term objectives. What is the Strategic Management process? c. A mission c. re-centralize the responsibility for strategy to the CEO. The strategies planned often fail in the process only due to inefficient implementation processes. The 5 stages of the strategic management process. a. sell their stock. 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. their return on investment has been maximized. ), Business-level strategy is concerned with how companies ______. Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. 97.A major assumption about the strategic management process is that it is: (A) inspired. Who makes the strategic decisions for most organizations? Meaning of Strategic Management. b. The message of the ad is that this firm's accountants love their work. d. concentration on the practical day-to-day aspects of the organization's operations. 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. Tasks, timelines, budgets, etc. 1. How much interest was earned? b. globalization; exports. b. a firm's profit margin yields an above-average return to its capital market stakeholders. c. avoid too much managerial hubris. d. located at different levels, but only in the operating area of the organization, . b. an important source of competitive advantage in virtually all industries. This behavior reflects UMT360's Strategy Execution Management solution. ______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined time frame. Use the simple interest formula method. It requires incorporating both short-term and long-term perspectives. d. the CEO, COO, and CFO only. Companies have realized that failure to measure it can negatively affect the company and its community. (C) rational. a. vision a. major suppliers of capital True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. b. local dimensions. Strategy formulation is the next step in the strategic management process. d. accounting. In a diversified firm, corporate-level strategy is concerned with Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. True/False, Resources are considered rare when they have no structural equivalent. In order to cope with hyper competition, firms need to develop ___ through continuous learning. b. shareholders A vision statement can lead to missed opportunities when it ______. The two opposing ways of examining stakeholder management are called ______ and ______. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. c. the lack of an organizational mission for the school board. a. disruptive technologies. The culmination of the strategic management process is: Managers must adopt a new mind-set that values ______ and the challenges that evolve from constantly changing conditions. c. vision b. focus on strategy formation. Learn more about how Pressbooks supports open publishing practices. d. abilities; strategies. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. A core competence c. strategy formulation. Return b. A firm has achieved when it successfully formulates and implements a value-creating strategy. The culmination of the strategic management process is a. performance. c. competition; competency It's the process of determining the decisions an organization should take. Strategic Goals: a. analyses; strengths Synthesizing the information gained in the external and internal analysis into a SWOT framework is addressed in Chapter 5. Owner/CEO, Strategy Leader. d. is developed by a firm before the firm develops its vision. d. hypercompetition. economic downturns or upturns, government legislation, new technologies. Apple Inc. The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. 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.). ______ 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. The strategic management process is b. weak competition a. d. The Internet. Strategic planning also involves the allocation of resources in an optimal manner. 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. In order for strategic objectives to be meaningful they need to be ______. Ideally, you already have some goal materials in place, including: Your vision statement. \text{Gross profit}&\text{357,000}\\ b. rapid technological diffusion. ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. c. strategy . The goal of strategy implementation is to develop a permanent competitive advantage. It offers courses accredited to AMBA, AACSB & NIRF. The strategic-planning process is never truly completed. (D) inclusive. Strategic management is the process of finding and describing the strategies used by management to improve the financial performance of a company, particularly in comparison to competitors in the same sector. The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. b. top-management team. All of the following are assumptions of the industrial organization (I/O) model EXCEPT c. the CEO, COO, and CFO only. (Check all that apply. Strategic management requires that ______. b. Dissatisfied capital market stakeholders may (n.d.). True or false: Intended strategy rarely survives in its original form. a. pool of assets that is distributed to investors. c. in the finance area Your mission statement. (Check all that apply. True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. The strategic management process is more than a set of rules to follow. Want to create or adapt books like this? To have the potential to become sources of competitive advantage, resources and capabilities must be non- substitutable, valuable, , and d. Revenue. True/False, The goal of strategy implementation is to develop a permanent competitive advantage. a. insight. It is a . b. a functional, although unethical, culture of the school board. It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the competitors and take necessary . 5. \end{array} Is is measure by its ___. Why is it important to view strategic management as a process? Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). The process of creating strategy A firm's vision, mission, and strategic objectives form a hierarchy of . c. core competence. a. operating each individual business under the corporate umbrella. Identify your goals. b. the firm's internal resources and capabilities represent the foundation for development of a value-creating strategy. The profit pool is the It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. Firms use both the ______ and ______ models. Strategic planning process is a systematic or emerged way of performing strategic planning in the organization through initial assessment, thorough analysis, strategy formulation, its implementation and evaluation. c. knowledge intensity. Litigation. Reflects what a firm is doing to achieve its mission and vision as seen by its achievement of specific goals & objectives. a. inspired. Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. d. one business-level strategy and one corporate-level strategy. 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. d. hypercompetition within the industry. A firm has achieved ______ when it successfully formulates and implements a value-creating strategy. a. goal d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. 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. c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. 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? 1. d. 20; 36. Strategic management is directed toward a company's ______. b. host communities. 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. Strategic management is directed toward the organization's overall organizational ________ and ______. d. All of these options are correct. The process of strategic management sometimes encompasses the formulation of important policies. To implement a firm's strategies, the firm takes actions with the goal of achieving strategic competitiveness and above average returns. a. industry; capability Organizational goals and objectives should represent what is best for ______. Which of the following was fastest in penetrating 25 percent of homes in the U.S. market? Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. 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. Explain Strategy formulation. c. use the strategic management process. Strategy Evaluation. The second step in the strategic management process is ______. To implement a strong strategy effectively, an experienced . Defend your answer. C.$54,375. 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. Accordingly, the strategic management and planning process consists of sequential five key steps; (i) Goal setting, (ii) Analysis strategy formation, (iii) Strategy formation, (iv) Strategy . c. Risk The company requires that all divisions generate a minimum return on invested assets of 8 percent. 2. The ability to effectively and efficiently access and use information is b. resources to implement strategies are firm-specific and attached to firms over the long-term. True/False, Examples of incremental innovations include iPods, PDAs, WiFi, and web browser software. A capability 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. Which of the following actions by the CEO would be most consistent with this need? 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. c. Global a. unique; easy to imitate. As a result, virtually all of the assets under her control are fully depreciated. Which of the following statements about the strategic management process is true? 3. In smaller, new venture firms, returns are sometimes measured in terms of The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. a. industry competitors. d. hypercompetition. A firm's mission ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. Planning Team and Executive Team. A company competing in a single product market has. The three primary participants in corporate governance are the ______, management, and board of directors. \begin{array}{llr} In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. The video for this lesson explains the strategic management process. Strategy implementation is the final stage of the process. After executing the environmental analysis process, management . All of the following are assumptions of the resource-based model EXCEPT A firm's vision, mission, and strategic objectives are used to develop specific goals, which form the basis for its ______. The process hinges on the philosophical approach that if a leader "thinks . c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. 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. What other games might help teach strategic thinking. d. products that were not imitated by competitors. a. vitally important at the point where a domestic firm enters the global market. The third step of the strategic management process is the ______ step. When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. - Executing plans and strategies. 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. b. mission. Determine organizational readiness. The I/O model is grounded in a. CEO. 1+x1x. This behavior has existed for decades, even as the membership in the school board has changed over time. Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. vision. The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. a. the key factor in success is choosing the correct industry in which to compete. incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. b. predict growth in sales over the medium to long range. areas, are relatively rare. c. rational. Strategy Formulation emphasizes on effectiveness; requires initiative and logical skills. Chess CC BY-NC 2.0. The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability.

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