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. A retail outlet can attempt several remedies to improve profitability to meet the expectations of its ___ stakeholders, including closing stores, changing the top management team, and seeking potential buyers. Sue prefers the Red Shuttle because it gets her to the airport in an hour and a half, while the Blue Shuttle takes $80$ minutes. Efficiency, in terms of strategic management, can best be described as ______. A strategic management process can help guide the decisions and actions of senior executives within an organisation. b. local dimensions. d. analysis. c. obtaining reliable products at the lowest possible price. 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. The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. c. strategy formulation. ), Which of the following must a firm's strategy be consistent with? c. core competence. It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. c. return on sales. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? (Check all that apply.). the culmination of the strategic management process is: the culmination of the strategic management process is: . (2014, November 29). Strategic Management Process [Video]. 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. a. anthropology. b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. b. Reflects what a firm is doing to achieve its mission and vision as seen by its achievement of specific goals & objectives. 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.). A vision How much interest was earned? C.$54,375. c. companies provide a dynamic, stimulating, and rewarding work environment. What is the Strategic Management process? successfully than does the competitor environment. The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. a. the core values of the school board as an organization. Strategic management is the process of setting organizational goals, performing a competitive analysis, reflecting on a company's internal structure, and evaluating current strategies. This ad seeks to convey a sense of the organization's to the viewers. The message of the ad is that this firm's accountants love their work. b. team-based. b. regardless of their location in the organization The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. 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. 90; 10 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. The firm has a lot of old plant and equipment. True/False, The CEO must encourage ambidextrous learning, absorbing new information, and building incremental knowledge in order to make the firm strategically flexible. c. analyses; strategies Environmental and internal scanning is the next stage in the process. b. customers pay the highest sustainable price for the goods and services they receive. a. major suppliers of capital (Check all that apply. True/False, Research shows that a greater percentage of a firm's profitability is explained by the I/O rather than the resource-based model. Strategic flexibility c. culture areas, are relatively rare. c. the CEO, COO, and CFO only. The resource-based view of the firm d. Internet. d. estimating the size of the value-chain activity in the pool. a. size; number of competitors. b. strategy implementation. Social responsibility is the expectation that businesses or individuals will strive to ______. d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. c. the I/O model. 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. Strategic Goals: The second step in the strategic management process is ______. c. the firm's actions to exploit its competitive advantage over rivals. This is because the organization's role as a taxpayer is most important to ___ as stakeholders. Let us take a look at the five conventional functions of the management process. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. In the instance, the implementation . c. host communities Estimated Duration. a. the power of the financial market stakeholders. Apple's iPod and iPad are examples of b. Strategic management requires that ______. Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. (Check all that apply.). b. Measure the progress by comparing the plan against actual results. In the strategic management process ASP stands for Match the strategic management process with its corresponding term. True/False, The uniqueness of a firm's resources and capabilities is the basis for a firm's strategy and determines its ability to earn above-average returns under the I/O review. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. a. unique; easy to imitate. d. 20; 36. d. All of these options are correct, Strategic delegation helps True/False, The I/O (industrial organization) model assumes that the uniqueness of a firm's resources and capabilities is the main source of above-average returns. The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. d. Revenue. c. personal computer 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. 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. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. . What is the difference between strategy formulation and strategy implementation? the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. 1. The process of strategic management sometimes encompasses the formulation of important policies. Which of the following was fastest in penetrating 25 percent of homes in the U.S. market? True or false: Intended strategy rarely survives in its original form. c. the key to competitive success is the structure of the industry in which the firm competes. Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. a. Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . In the POLC framework, where does strategy implementation take place. ______ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones. Broad Plans Shaping: In this continuous process, the formulation & implementation of broader plans are made and finally, these are also controlled. 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 PROCESS: F i gu re 10. The two opposing ways of examining stakeholder management are called ______ and ______. b. a firm's profit margin yields an above-average return to its capital market stakeholders. The strategic management process is the systematic analysis of an organization's internal and external environment to achieve and retain a competitive advantage. d. inclusive. 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. c. information. d. a school board lacking in core competencies. The essence of strategic management is the study of why some firms ______. d. culture. (Check all that apply.). b. return on equity. a. vision Reward c. Risk d. Revenue ANSWER: c 105. The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. In order to cope with hyper competition, firms need to develop ___ through continuous learning. d. easy to implement; unique. 1x1+x\frac{1\ -\ \sqrt{x}}{1\ +\ \sqrt{x}} It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. B. It helps in analyzing the internal and external factors influencing an organization. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Corporate governance is the relationship among ______ in determining the direction and performance of corporations. d. analysis. Which of the following actions by the CEO would be most consistent with this need? The culmination of the strategic management process is b. weak competition internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? 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? a. maximizing the firm's return on investment. McDonald's has been able to a. earn above-average returns. a. flexibility 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.). Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. True/False, Ms.Smith is a strategic leader of the firm. d. global dimensions. a. sell their stock. 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. Generally speaking, product market stakeholders are satisfied when b. innovation Reward It involves action plans that ensure continued performance and thriving progression. 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. a. CEO. a. their return on investment has been maximized. b. resources to implement strategies are firm-specific and attached to firms over the long-term. 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. d. hypercompetition. PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. To have the potential to become sources of competitive advantage, resources and capabilities must be non- substitutable, valuable, , and d: 70: 3884478507 a. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. b. global competition. A firm has achieved ______ when it successfully formulates and implements a value-creating strategy. All of the following are resources of an organization EXCEPT Figure 1.8: Shirinsokhan, Mahmoudreza. (Check all that apply. The strategic management process is essentially a set of steps a leader can use to help achieve better business outcomes. . 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? c. Sustainable competitive advantage A business-level strategy describes A strategy is typically a higher level, broad goal, without a lot of specifics. 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. how your business plans to achieve it goals and improves and sustains it position in the industry. The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. . The firm makes less efficient use of its assets than other firms. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Strategy execution management is the evolution of traditional project delivery. c. weak competitors in the industry. True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. It is important to emphasize that, primarily because they are related to how a firm interacts with its stakeholders, almost all strategic management process decisions have 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. ), Which of the following are social responsibility expectations that go beyond a firm's product and service quality? Research shows that approximately___percent of a firm's profitability is explained by the industry in which it competes, whereas 2. 1. b. all policies and procedures used in functional departments. Identify your goals. vision. The rate of technology diffusion has been steadily increasing over the last two decades. Follow this guide to create and implement an effective strategic management plan: Clarify your vision. c. Knowledge a. an hourly production employee's ability to catch subtle quality defects in products. (Check all that apply.). b. receiving the highest-quality products and services in the industry. (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. Effective strategic leaders are chosen based on: their capabilities and accumulation of human capital over time. The firm added to its plant and equipment in the past few years. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies The situation is where relevant information is needed to create the organization's culture, mission, or vision statement. Name two benefits workers take for granted now that did not exist before labor organized. Alfred Chandler, 1962. . Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? Successful strategic leaders are 3. In the POLC framework, where does strategy formulation take place? 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. 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." Corporate-level strategy focuses on ______. Although the first four steps describe the planning that must take place, implementation and evaluation are just as important. b. committed to nurturing those around them. c. political dimensions. Firms don't apply for patents so that competitors can't access information in the patents. c. Risk 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. 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, . Which of the following are true of behavioral controls? All of the following are assumptions of the I/O model except: resources to implement strategies are firm-specific and attached to firms over the long term. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University Situation Analysis. (Check all that apply.). Sun Tzu's best-known work is The Art of War. Strategic management is directed toward the organization's overall organizational ________ and ______. This behavior reflects This pronouncement is most precisely a statement of organizational The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. ______ 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. A Deeper Dive into the Strategic Management Process. a. values. a. pool of assets that is distributed to investors. 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 . 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. A company competing in a single product market has. Organizational stakeholders include Meaning of Strategic Management. [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.". b. host communities. Make Better business decisions: It is important to understand the difference between a great idea and a good idea. Strategy Evaluation. True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. a. industry; capability A firm's vision, mission, and strategic objectives form a hierarchy of . organizational versus individual rationality. To simply put, strategy evaluation entails reviewing and appraising the strategy implementation process and measuring organizational performance. ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. 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. It determines which business(es) should be in the company's portfolio. b. mission b. a willingness to unify stakeholders through skillful manipulation. b. is an internally focused affirmation of the organization's financial, social, and ethical goals. In order to cope with hypercompetition, firms need to develop through continuous learning. A firm's mission b. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. Synthesizing the information gained in the external and internal analysis into a SWOT framework is addressed in Chapter 5. In strategic management, effectiveness can best be described as ______. True/False, The five forces model suggests that firms should target the industry with the highest potential for above-average returns and then implement either a cost leadership or diffusion strategy The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. 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 . It aims to be a preeminent centre of excellence, generating and imparting knowledge in . Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. - Evaluating efficiency and effectiveness . Organizational stakeholders are usually satisfied when, companies provide a dynamic, stimulating, and rewarding work environment. 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. 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 . d. companies are paying the highest prices to suppliers, Product market stakeholders include Managers are analyzing the firm's ______ when managers are studying its competitors. 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. b. psychology. d. social value of each stakeholder. In smaller, new venture firms, returns are sometimes measured in terms of b. located in different areas and levels. d. The Internet. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. Strategic management is when you identify and develop strategies developing strategies for employees to follow in order to perform better and achieve a competitive edge. (Check all that apply. a. ambiguous decision situations which make effective decisions difficult to determine. a. insight. 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 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. In such a . 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. A company had a beginning balance in retained earnings of $52,000. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. a. defining the boundaries of the pool. The 5 stages of the strategic management process. a. return on assets. Strategic Management can be found in . c. employees. All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. b. urgency of satisfying each stakeholder d. ability, successes, and performance. (n.d.). Strategic management is a process that requires the ability to manage change. The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. b. television It's the process of determining the decisions an organization should take. Is is measure by its ___. c. one business-level strategy for failure. Strategy implementation is the final stage of the process. Phase 1: By "Assess and Organize" we mean assessing the current strategic direction and capabilities of the organization and designing and organizing an appropriate startup program based on this assessment. c. the CEO and top managers Some of the steps involved in the process of strategic management:- 1. According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. b. shareholders. Organizational culture refers to A major assumption about the strategic management process is that it is a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. d. attractiveness; profitability.
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