b. committed to nurturing those around them. d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. 60; 40 economic downturns or upturns, government legislation, new technologies. c. what people do when no one else is looking. _____ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. (PDF) Strategic Management - ResearchGate c. the I/O model. Apple Inc. Greenleaf Property Management has been earning below-average returns for the last three years. d. Organizational intelligence. The strategic management process is a. the march of globalization. How much was invested? Firms use the five forces model to identify the of the industry as measured by its Write the key term that best matches each description. 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 . 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. Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. c. A mission 3. The strategic management process begins with an understanding of strategy and performance. c. tactic 2. 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. c. competition; competency b. regardless of their location in the organization (Check all that apply.). \text{Sales}&\text{\$850,000}\\ b) The process of strategic management requires that strategists lay down the objectives of the organization and then formulate the strategies to achieve them. b. inspiring vision. c. profits that are accrued when a firm earns above-average returns. C.$54,375. b. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. All of the following are resources of an organization EXCEPT Strategy implementation is the final stage of the process. c. decisive. Litigation. d. total profits that can be divided among the competitors within an industry. a. Perpetual The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. (Check all that apply.). Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. (Check all that apply.). a. CEO. It guides the company to move in a specific direction. The resource-based model of the firm argues that (D) inclusive. The three primary participants in corporate governance are the ______, management, and board of directors. b. strategy a. delegate strategic responsibilities to employees "closer to the action." 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. Owner/CEO, Strategy Director. Strategy formulation is the next step in the strategic management process. Which of the following is the most inclusive term for the individuals, groups, and organizations that have a claim in the success of an organization? Feedback may occur at all times to revise these actions. Reward (Check all that apply.). 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. c. in the finance area The culmination of the strategic management process is a. performance. Collect and review information to help make the upcoming strategic decisions. c. the lack of an organizational mission for the school board. c. seek to increase their power. It had net income of$8,000 and paid out cash dividends of $5,625 in the current period. Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization. How is chess relevant to the study of strategic management? The I/O model is grounded in d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. b. success, weakness, opportunities, and taxes. b. the industry's structural characteristics have little impact on a firm's performance over time. In smaller, new venture firms, returns are sometimes measured in terms of c. Global b. abilities; strengths In Chapter 7, Innovation Strategies, we present insights on the role innovation plays in strategy development and implementation. Strategic management process can be described as a set of managerial decisions and actions which determines the long-run direction and performance of the organization'. c. the profitability of the industry in which the firm competes. b. is an internally focused affirmation of the organization's financial, social, and ethical goals. Culminating events and time working together in top management teams Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? Which of the following are characteristics of a well-written organizational vision statement? Match the type of leader (on the left) with the corresponding description (on the right). This behavior reflects c. political dimensions. Which of the following is an example of a firm's intellectual asset? PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. Social responsibility is the expectation that businesses or individuals will strive to ______. \end{array} emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. Corporate governance is the relationship among ______ in determining the direction and performance of corporations. a. the core values of the school board as an organization. c. ability, strategies, and purposes. Firms don't apply for patents so that competitors can't access information in the patents. areas, are relatively rare. Environmental Scanning 2. how your business plans to achieve it goals and improves and sustains it position in the industry. 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. c. disruptive technologies. Figure 1.7: Kindred Grey (2020). ______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders. 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. Return Determine organizational readiness. This improved performance is best explained by: Research shows that approximately ___ percent of a firm's profitability is explained by the industry in which it competes, whereas ___ percent is explained by the firm's characteristics and actions. Knowledge is composed of all the following EXCEPT What is Strategic Management Process? - Economics Discussion (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. Environmental and internal scanning is the next stage in the process. Benefits and limitations of strategic management The culmination of the strategic management process is a. The strategic management process is more than a set of rules to follow. For instance, a SWOT analysis (Strengths-Weaknesses . True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. Which of the following are needed in order for entrepreneurial initiatives to be successful? The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. d. a school board lacking in core competencies. d. sustainable market niche. c. employees. b. estimating the overall size of the pool. b. strategy implementation. b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. What Is Strategic Management? - Investopedia b. top-management team. c. weak competitors in the industry. d. attractiveness; profitability. A core competence Establish your planning team and schedule. Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. Return b. a. ____has become the second-largest economy in the world. the culmination of the strategic management process is: Effective strategies Apple uses to create loyal customers. b. globalization; exports. This model also guides our presentation of the chapters contained in this book. b. global competition. d. competitive dominance. A strategy is typically a higher level, broad goal, without a lot of specifics. Chapter 10 Executing Strategy through Organizational Design offers ideas on how to manage these elements of implementation. b. located in different areas and levels. . d. companies are paying the highest prices to suppliers, Product market stakeholders include c. strength, wealth, organization, and taxes. d. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. C ) rational . Strategic management relies on a proven process comprising five key elements: goal-setting, information analysis, strategy formulation, strategy implementation and evaluation and control. A strategic management process is an essential tool for any organization looking to optimize performance and reach success. 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 two opposing ways of examining stakeholder management are called ______ and ______. It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. Strategy execution management is the evolution of traditional project delivery. d. Revenue. The firm added to its plant and equipment in the past few years. Importance of Strategic Management. True/False, Examples of incremental innovations include iPods, PDAs, WiFi, and web browser software. Above average returns are those in excess of what an investor expects to earn from other investments with similar stock prices. d. Diffusion, provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. a. goal b. strategy c. tactic d. mission ANSWER: b 104. (Check all that apply. The strategic leader's work is characterized by Strategic Management Course Online by IIM Lucknow - Talentedge This is the final stage of the strategic management process. The company requires that all divisions generate a minimum return on invested assets of 8 percent. b. only top managers A major assumption about the strategic management - Course Hero We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. d. All of these options are correct. d. coordinating the vision and mission of each subsidiary firm. d. intelligence. b. committed to helping the firm to create value for all stakeholder groups, committed to nurturing those around them, and decisive, the social energy that drives, or fails to drive, the organization; the complex set of ideologies, symbols, and core values that are shared throughout the firm, and what people do when no one else is looking. 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. d. culture. What are the four levels of a company's strategy formulation? c. re-centralize the responsibility for strategy to the CEO. a. located only at the executive level. The message of the ad is that this firm's accountants love their work. The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. ), Which of the following are social responsibility expectations that go beyond a firm's product and service quality? Kick-Off Meeting: 1 hr. Synonymous with business planning and strategic planning. a. unions. Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. 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. . Strategic Management Flashcards | CourseNotes (n.d.). d. social value of each stakeholder. In Wikipedia. It involves identifying internal and external factors and understanding how they affect an organization. ), what business(es) should the company compete in. YouTube. b. ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. The second step in the strategic management process is ______. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. 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. A firm's vision, mission, and strategic objectives form a hierarchy of . d. All of these options are correct. What is Strategic Management? Definition, Process, Types, Advantages 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. a. Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. Synthesizing the information gained in the external and internal analysis into a SWOT framework is addressed in Chapter 5. The process of creating strategy A.$2,375. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. c. return on sales. ______ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones. Strategic Goals: The Complete Guide to Strategy Evaluation - Creately Blog Tasks, timelines, budgets, etc. Strategic management process has following four steps: Environmental Scanning-Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. $$ a. goal 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. Explain Strategy formulation. d. 20; 36. In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. b. tighten loan covenants. 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. d. All of these options are correct. a. The culmination of the strategic management process is: a. performance. d. strategy. b. a functional, although unethical, culture of the school board. 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. Firms use both the ______ and ______ models. In situation analysis, organizations must scan and evaluate the organization's performance, corporate strategies, and internal and external . Situation Analysis. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation What strategic management process? | Egyptian Culture Center Who typically develops a firm's mission statement? 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? On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. 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. business, corporate, international, and entrepreneurial. a. values. The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. c. strategy . d. accounting. In order to cope with hyper competition, firms need to develop ___ through continuous learning. Successful strategic leaders are C) strategy formulation. Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage. Solved The strategic management process has five steps: | Chegg.com There are provisions to create, implement and appraise . The primary drivers of hypercompetition are, All of the following are characteristic of the global economy EXCEPT, The economic interdependence among countries as reflected in the flow of goods, services, financial capital, and knowledge across country borders is defined as, . (Check all that apply.). b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. What is Strategic Management | Learn About Strategic Management & the It involves action plans that ensure continued performance and thriving progression. internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? The 6 stages of the Strategic Management Process The Five Stages of the Strategic Management Process Which of the following state the goals and intentions that help define a firm's competitive advantage? c. the key to earning above-average returns is strategic flexibility. A firm's hierarchy of goals include its ______. [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.". d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. c. capabilities are highly mobile across firms. Which of the following statements is most consistent under the I/O view? Strategic Management Flashcards | Quizlet ______ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. \text{Gross profit}&\text{357,000}\\ b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Organizational culture refers to 3. Understanding the Strategic Management Process What Is Strategic Management? Characteristics, Risk, Nature - Geektonight b. the resource-based model. The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. 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 . is a statement of a firm's business in which it intends to compete and the customers it intends to serve. d. is developed by a firm before the firm develops its vision. Firms use both the _____and______models. True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. a. major suppliers of capital The first step in the strategic management process is to evaluate where you're going, and why. The strategic management process begins with an understanding of strategy and performance. b. a firm's profit margin yields an above-average return to its capital market stakeholders. What is Strategic Management Process, and How Does It Work? Strategic Management Chap 1 Flashcards | Quizlet Strategic Management Advantages and Disadvantages - Wisestep 97.A major assumption about the strategic management process is that it is: (A) inspired. The strategic management process is.
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