A Deeper Dive into the Strategic Management Process. b. expertise. In the resource-based model, which of the following factors would be considered a key to organizational success? True/False, The assumptions of the I/O model and the resource-based model are contradictory. c. employees. a. a. one corporate-level strategy. 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. Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. c. focus on strategy implementation. SWOT stands for b. predict growth in sales over the medium to long range. d. hypercompetition within the industry. 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. c. disruptive technologies. A firm's hierarchy of goals include its ______. The I/O model is grounded in A customer can buy an iPod that plays music from iTunesall of which can be stored in Apples Mac computer (Inside CRM Editors, n.d.). Devise a strategy. a. globalization. Disruptive Match the type of leader (on the left) with the corresponding description (on the right). (B) all policies and procedures used in functional departments. The strategic management process is a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. a. their return on investment has been maximized. Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. 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? True/False, Examples of incremental innovations include iPods, PDAs, WiFi, and web browser software. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. Here are the key elements of strategic management. d. inclusive. In Wikipedia. (Check all that apply.). 2 St rategy formul at ion a nd i mp leme nt ati on in t he st rat e gi c mana ge me nt p roce ss Strategic management. d. hypercompetition. a. an hourly production employee's ability to catch subtle quality defects in products. shareholders, management, and the board of directors. d. coordinating the vision and mission of each subsidiary firm. b. strategy implementation. (Check all that apply.). Explain Strategy formulation. .It is well known that the elected school board of a large city engages in unethical and illegal activities involving the awarding of major contracts. Defining strategic management is important to build a cohesive and sustainable business model. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. 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. Organizational goals and objectives should represent what is best for ______. c. re-centralize the responsibility for strategy to the CEO. 1.3 Intended, Emergent, and Realized Strategies, 1.5 Contemporary Critique of Strategic Management, 1.6 Understanding the Strategic Management Process, 3.2 The Relationship between an Organization and its Environment, 4.4 Intellectual Property & Isolating Mechanisms, 6.2 Understanding Business-Level Strategy through "Generic Strategies", 6.5 Focused Cost Leadership and Focused Differentation, 7.6 Responding to Innovation in the Market, 8.6 Portfolio Planning and Corporate-Level Strategy, 9.2 Advantages and Disadvantages of Competing in International Markets, 9.5 Drivers of Success and Failure When Competing in International Markets, 9.6 Options for Competing in International Markets, 10.3 The Basic Building Blocks of Organizational Structure, 10.4 Creating an Organizational Structure, 10.5 Creating Organizational Control Systems, 11.4 Corporate Ethics and Social Responsibility, 11.5 Contemporary Questions of Corporate Ethics. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University It should seek to diversify. (Check all that apply. Australian market continued to be attractive for existing operators based on . Which of the following state the goals and intentions that help define a firm's competitive advantage? c. competition; competency (Check all that apply.). Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. The strategic management provides a base for the organization on the basis of which progress can be measured and on the basis of the same, the employees can be compensated. b. weak competition A company had a beginning balance in retained earnings of $52,000. d. global dimensions. b. shareholders d. All of these options are correct. ____has become the second-largest economy in the world. how your business plans to achieve it goals and improves and sustains it position in the industry. c. the profitability of the industry in which the firm competes. Pearce and Robinson, 1988. The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. d. expand the strategic responsibilities to all organizational stakeholders. a. sell their stock. c. tactic The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. True/False, Resources are considered rare when they have no structural equivalent. True/False, The CEO must encourage ambidextrous learning, absorbing new information, and building incremental knowledge in order to make the firm strategically flexible. d. suppliers of capital. 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." b. located in different areas and levels. a. strategic mission. 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. The process of strategic management sometimes encompasses the formulation of important policies. d. All of these options are correct, Strategic delegation helps d. increasing the profitability of the firm. c. Risk c. economics. c. companies provide a dynamic, stimulating, and rewarding work environment. True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. 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. a. are willing to be brutally honest. All of the following are resources of an organization EXCEPT Study with Quizlet and memorize flashcards containing terms like . Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. Explain the difference between negative reinforcement and punishment, and provide several What is the Strategic Management process? 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.). New markets created by iPods, PDAs, and Wi-Fi are a result of Even the best strategies can fail if management doesn't implement or evaluate them . d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. d. located at different levels, but only in the operating area of the organization, . Financial markets often place an emphasis on managers meeting ______ performance goals. b. innovation c. ability, strategies, and purposes. This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). local line leader -> have significant profit-and-loss responsibility. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. c. The value of knowledge as a proportion of shareholder value is increasing. The strategic management process is. 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. c. strategy formulation. The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. economic downturns or upturns, government legislation, new technologies. The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. 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. The Chamber of Commerce of cities and towns often implore citizens to buy from local businesses. a. CEO. The profit pool is the Figure 1.7: Kindred Grey (2020). c. knowledge intensity. Environmental Scanning 2. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. Which of the following are true of behavioral controls? Managers execute or implement their decisions as ______ in the third step of the strategic management process. Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . True/False, When the firm earns lower-than-average returns, the highest priority is given to satisfying the needs of capital market stakeholders over the needs of product market and organizational shareholders. When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. a. performance. 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. University of Malta. Make Better business decisions: It is important to understand the difference between a great idea and a good idea. Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. Establish your planning team and schedule. Income statement information for Thain Corporation is provided below. It offers courses accredited to AMBA, AACSB & NIRF. The importance of knowledge is increasing. c. determining in which businesses to compete and how resources will be allocated between businesses. (C) rational. 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. a. ambiguous decision situations which make effective decisions difficult to determine. 5. Firms use both the _____and______models. ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. a. delegate strategic responsibilities to employees "closer to the action." a. culture Strategic Management. Corporate-level strategy focuses on ______. What other games might help teach strategic thinking. b. the resource-based model. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. b. television d. skilled employees. They involve balancing culture and boundaries or constraints. Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. a. pool of assets that is distributed to investors. ), Which of the following are examples of business-level strategies? YouTube. Chapter 10 Executing Strategy through Organizational Design offers ideas on how to manage these elements of implementation. a. committed to helping the firm create value for all stakeholder groups. (B) team-based. a. the power of the financial market stakeholders. . The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. b. Strategic planning aims to create . Reflects what a firm is doing to achieve its mission and vision as seen by its achievement of specific goals & objectives. You can view this video here: https://youtu.be/o0U0gwvnhek. 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 . the three processes are highly interdependent. 90; 10 [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.". Return 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. d. the CEO, COO, and CFO only. areas, are relatively rare. The message of the ad is that this firm's accountants love their work. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. a. industry; capability C) strategy formulation. The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. d. government regulators. Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. b. receiving the highest-quality products and services in the industry. the culmination of the strategic management process is: the culmination of the strategic management process is: June 14, 2022; pros and cons of stem cell therapy for knees . As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. 09.23.22 In such a . d. in the operations area. The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. Which of the following are characteristics of a well-written organizational vision statement? b. I/O; resource-based 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. In the strategic management process ASP stands for Let us take a look at the five conventional functions of the management process. The second step in the strategic management process is ______. Is is measure by its ___. True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. organizational versus individual rationality. The ending balance in retained earnings equals: B. All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. True/False, The resource-based model assumes that firms must have resources that are rare or costly to imitate to form a basis for competitive advantage. The ability to effectively and efficiently access and use information is conduct a thorough analysis of the external and internal environments, Strategies often fail when managers fail to do which of the following? b. abilities; strengths (Check all that apply.). 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. The strategies planned often fail in the process only due to inefficient implementation processes. ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. (Check all that apply. To implement a strong strategy effectively, an experienced . In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. c. obtaining reliable products at the lowest possible price. 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. competitive resilience The first step in the strategic management process is to evaluate where you're going, and why. c. information. 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. All of the following are assumptions of the industrial organization (I/O) model EXCEPT c. defining the competitors in the pool. It had net income of$8,000 and paid out cash dividends of $5,625 in the current period. a. defining the boundaries of the pool. It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. 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. d. ability, successes, and performance. Efficiency, in terms of strategic management, can best be described as ______. ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. 98.:A business-level strategy describes (A) the businesses in which the company intends to compete. 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. Identify your goals. True/False. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. 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? 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." d. competitive dominance. 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 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. d. social value of each stakeholder. - Formulating an action plan and strategies. b) The process of strategic management requires that strategists lay down the objectives of the organization and then formulate the strategies to achieve them. A firm's vision, mission, and strategic objectives form a hierarchy of . . The strategic management process is a crucial element of any organization's success. c. return on sales. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. \text{Cost of goods sold}&\text{493,000}\\ True/False, Organizational stakeholders are the firm's internal resources, capabilities, and core competencies that are used to accomplish what may appear to be unattainable goals in the competitive environment. Strategic Management can be found in . b. determining how each functional department of the firm will operate. a. industry competitors. The strategic management process is more than a set of rules to follow. A capability (Check all that apply. In Chapter 2 "Assessing Organizational . 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. b. A company competing in a single product market has 1. Strategy formulation is the next step in the strategic management process. (Check all that apply. a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. d. products that were not imitated by competitors. c. Global a. located only at the executive level. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to: delegate strategic responsibilities to employees "closer to the action". b. strategy implementation. The process hinges on the philosophical approach that if a leader "thinks . Owner/CEO, Strategy Leader. This model also guides our presentation of the chapters contained in this book. d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. b. total profits earned in an industry along all points of the value chain. According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. (Check all that apply.). This is because the organization's role as a taxpayer is most important to as stakeholders. How to develop a strategic management process. The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. b. local dimensions. a. the march of globalization. Organizational stakeholders are usually satisfied when, companies provide a dynamic, stimulating, and rewarding work environment. Organizational culture refers to It helps in analyzing the internal and external factors influencing an organization. Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. d. concentration on the practical day-to-day aspects of the organization's operations. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. The company requires that all divisions generate a minimum return on invested assets of 8 percent. b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. How is chess relevant to the study of strategic management? . It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization. Name two benefits workers take for granted now that did not exist before labor organized. d. The Internet. 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'. d. estimating the size of the value-chain activity in the pool. The strategic management process begins with an understanding of strategy and performance. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Return 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. This perspective is known as ______. It's the process of determining the decisions an organization should take. . 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. 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. business, corporate, international, and entrepreneurial. E.$(11,375). The ___ is the most critical criterion in prioritizing stakeholders. b. inspiring vision. In the POLC framework, where does strategy formulation take place? c. the I/O model. b. an important source of competitive advantage in virtually all industries. b. all policies and procedures used in functional departments. Which of the following are reasons vision statements sometimes fail? successfully than does the competitor environment. The steps for identifying the profit pools in an industry include all of the following EXCEPT a. maximizing the firm's return on investment. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. a. unique market niche All of the following are assumptions of the resource-based model EXCEPT a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. a. c. strategic power ______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders. Effective strategic leaders 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. d. analysis. c. avoid too much managerial hubris. 3. Corporate governance is the relationship among ______ in determining the direction and performance of corporations. The rate of technology diffusion has been steadily increasing over the last two decades. b. a willingness to unify stakeholders through skillful manipulation. 1. c. use the strategic management process. A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". Synonymous with business planning and strategic planning. Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is: obtaining reliable products at the lowest possible price. . Collect and review information to help make the upcoming strategic decisions. The modern competitive environment requires an iterative approach to strategic management where execution informs planning and planning guides execution. To have the potential to become sources of competitive advantage, resources and capabilities must be non- substitutable, valuable, , and It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? b. urgency of satisfying each stakeholder 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. It guides the company to move in a specific direction. b. the firm's internal resources and capabilities represent the foundation for development of a value-creating strategy. The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. This improved performance is best explained by 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 smaller, new venture firms, returns are sometimes measured in terms of b. mission. the key factor in success is choosing the correct industry in which to compete. Strategic management of an organization entails which of the following ongoing processes?

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