30 Mar

the culmination of the strategic management process is:

When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n): In the resource-based model, which of the following factors would be considered a key organizational success? In the POLC framework, where does strategy implementation take place. Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. b. local dimensions. True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. The importance of knowledge is increasing. b. mission is a statement of a firm's business in which it intends to compete and the customers it intends to serve. The strategic management process is essentially a set of steps a leader can use to help achieve better business outcomes. Planning. Strategic Management & Strategic Planning Process By following this process, organizations can ensure their plans are aligned . Capital market stakeholders include For instance, a SWOT analysis (Strengths-Weaknesses . (Check all that apply. successfully than does the competitor environment. (Check all that apply. Social responsibility is the expectation that businesses or individuals will strive to ______. a. the key factor in success is choosing the correct industry in which to compete. This pronouncement is most precisely a statement of organizational Management Process: Definition, Features & Functions 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'. The 5-Step Strategic Management Process | Indeed.com ), Which of the following are examples of business-level strategies? d. coordinating the vision and mission of each subsidiary firm. Strategy implementation is the final stage of the process. b. urgency of satisfying each stakeholder a. c. avoid too much managerial hubris. coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. a. defining the boundaries of the pool. Successful strategic leaders are c. seek to increase their power. A sustainable competitive advantage is not achieved through operational effectiveness alone. b. inspiring vision. (D) inclusive. The is the most critical criterion in prioritizing stakeholders. 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. Identify your goals. What is Strategic Management Process? - Economics Discussion In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. d. intelligence. b. oil drilling rights in a promising region. (Check all that apply. Strategic planning aims to create . (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. Your mission statement. 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 firm has achieved ______ when it successfully formulates and implements a value-creating strategy. Strategy execution management is the evolution of traditional project delivery. d. All of these options are correct. (Check all that apply.). d. concentration on the practical day-to-day aspects of the organization's operations. b. strategy implementation. c. rare; costly to imitate. c. the CEO and top managers Authors: Tanya Sammut-Bonnici. b. global competition. Chapter 01 Strategic Management and Competitiveness 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, . c. the firm's actions to exploit its competitive advantage over rivals. What Is Strategic Management? - Investopedia You can view this video here: https://youtu.be/o0U0gwvnhek. 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. a. culture A company competing in a single product market has a. pool of assets that is distributed to investors. d. A goal, Strategic leaders are b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. McDonald's has been able to a. earn above-average returns. c. the key to earning above-average returns is strategic flexibility. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. 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. b. focus on strategy formation. a. size; number of competitors. In a diversified firm, corporate-level strategy is concerned with: determining in which businesses to compete and how resources will be allocated between businesses. The five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. Corporate-level strategy focuses on ______. 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. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to strategic objectives. The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. . [1]. True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. In Wikipedia. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Apple Inc. The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. The strategic management process is more than a set of rules to follow. The modern competitive environment requires an iterative approach to strategic management where execution informs planning and planning guides execution. Strategic Management Advantages and Disadvantages - Wisestep Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? c. employees. 97.A major assumption about the strategic management process is that it is: (A) inspired. The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. Pearce and Robinson, 1988. Some of the steps involved in the process of strategic management:- 1. The strategic leader's work is characterized by how your business plans to achieve it goals and improves and sustains it position in the industry. 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 Firms use both the ______ and ______ models. c. obtaining reliable products at the lowest possible price. During the analysis step of the strategic management process managers are concerned with the company's ______. Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. c. Knowledge (Check all that apply.). d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. C ) rational . _________ strategy is a combination of deliberate and emergent strategies. Strategic Management Chap 1 Flashcards | Quizlet It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. (Check all that apply.). Alfred Chandler, 1962. It's the process of determining the decisions an organization should take. a. the businesses in which the company intends to compete. What is Strategic Management, and Why is it Important? - SearchCIO Broad Plans Shaping: In this continuous process, the formulation & implementation of broader plans are made and finally, these are also controlled. Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. What is a Strategic Management Process? | Business Management & Marketing Solved The strategic management process begins with | Chegg.com (Check all that apply.). 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. This behavior has existed for decades, even as the membership in the school board has changed over time. c. 36; 20 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. . 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. Which statement about the triple bottom line is true? 1.4 The History of Strategic Management When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) Strategic Management Flashcards | CourseNotes Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . How much interest was earned? a. maximizing the firm's return on investment. d. attractiveness; profitability. UMT360's Strategy Execution Management solution. c. knowledge intensity. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. This is because the organization's role as a taxpayer is most important to ___ as stakeholders. C) strategy formulation. c. strategy formulation. \text{Sales}&\text{\$850,000}\\ It is long-term in nature. b. an important source of competitive advantage in virtually all industries. d. competitive dominance. d. government regulators. Which of the following best explains a ratio of "net sales to average net fixed assets" that exceeds the industry average? SWOT stands for 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. New markets created by iPods, PDAs, and Wi-Fi are a result of ______ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. c. the I/O model. Which of the following statements about organizational knowledge is correct? d. located at different levels, but only in the operating area of the organization, . 09.23.22 b. mission Managers must constantly scan the external environment for trends and events that affect the overall economy, and they must monitor changes in the particular industry in which the firm operates. To have the potential to become sources of competitive advantage, resources and capabilities must be non- substitutable, valuable, , and a. performance. Collect and analyze information. It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. Readiness assessment. the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. a. at the top of the organization 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. (Check all that apply.). d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. The company requires that all divisions generate a minimum return on invested assets of 8 percent. a. flexibility a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. Which of the following are characteristics of a well-written organizational vision statement? (B) all policies and procedures used in functional departments. What Is Strategic Management? | Indeed.com Canada (PDF) A critical analysis of strategic management process - ResearchGate a. strategic mission. An assessment od strengths, weakness, opportunities and threats. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. b. return on equity. b. team-based. Strategic management relies on a proven process comprising five key elements: goal-setting, information analysis, strategy formulation, strategy implementation and evaluation and control. Strategic Management Course Online by IIM Lucknow - Talentedge A core competence The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. Explain Strategy formulation. The two opposing ways of examining stakeholder management are called ______ and ______. Devise a strategy. b. located in different areas and levels. Strategic Management Process [Video]. Strategic Management - Overview, Components, Framework Returns can only be measured in accounting terms such as return on assets, return on equity, or return on sales. c. The value of knowledge as a proportion of shareholder value is increasing. What other games might help teach strategic thinking. ______ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones. The culmination of the strategic management process is a. performance. Importance of Strategic Management. 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.$2,375. 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. d. one business-level strategy and one corporate-level strategy. Organizational stakeholders are usually satisfied when, companies provide a dynamic, stimulating, and rewarding work environment. Strategic management is directed toward a company's ______. The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. 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. Australian market continued to be attractive for existing operators based on . [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.". A vision D) analysis. 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. 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. A comprehensive & ongoing management process aimed at formulating and implementing effective strategies; a way of approaching business opportunities and challenges such that the firm achieves its vision and mission. c. competition; competency The resource-based model of the firm argues that Performance of the firm is most directly attributable to d. analysis. Strategic Management Process and Its Different Stages It is a continuous process of analyzing and evaluating an organization's internal and external environment, setting objectives and goals, developing strategies, and implementing and controlling those strategies. c. determine whether an industry will be viable in the long term. d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. It is a philosophical approach to business. Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. c. what people do when no one else is looking. Synthesizing the information gained in the external and internal analysis into a SWOT framework is addressed in Chapter 5. Greenleaf Property Management has been earning below-average returns for the last three years. (n.d.). b. predict growth in sales over the medium to long range. Organizational goals and objectives should represent what is best for ______. 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. c. an ability to identify the correct solutions to long-range problems. Is is measure by its ___. internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. vision. c. vision. The three primary participants in corporate governance are the ______, management, and board of directors. PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. (C) rational. . 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. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. Above average returns are those in excess of what an investor expects to earn from other investments with similar stock prices. A business-level strategy describes A strategy Reward c. Risk d. Revenue ANSWER: c 105. a. disruptive technologies. b. one business-level strategy. c. rational. The strategic management process is a crucial element of any organization's success. The strategic management process begins with an understanding of strategy and performance. d. strategy. d. organization's stakeholders. The profit pool is the $$ business, corporate, international, and entrepreneurial. Greenleaf will not be able to minimally satisfy all stakeholders. 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. Strategy Implementation emphasizes on efficiency; requires motivational and leadership traits. Financial markets often place an emphasis on managers meeting ______ performance goals. What is Strategic Management Process, and How Does It Work? A major assumption about the strategic management process is that it is The Chamber of Commerce of cities and towns often implore citizens to buy from local businesses. (Check all that apply.). 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. a. overload middle managers. Figure 1.8: Shirinsokhan, Mahmoudreza. (2014, November 29). This model also guides our presentation of the chapters contained in this book. a. strategic competitiveness b. a permanently sustainable . d. skilled employees. d. mission, ___is an investor's uncertainty about the economic gains or losses that will result from a particular investment. c. defining the competitors in the pool. Although the first four steps describe the planning that must take place, implementation and evaluation are just as important. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. the three processes are highly interdependent. d. in the operations area. Prepare a vertical analysis of the income statement for Thain Corporation. Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. Planning extensive employee training and hiring educated and experienced employees. c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. Your company's core competencies. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. c. analyses; strategies True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. 3. ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. a. committed to helping the firm create value for all stakeholder groups. c. focus on strategy implementation. a. the core values of the school board as an organization. Knowledge is composed of all the following EXCEPT ), Which of the following must a firm's strategy be consistent with? The goal of strategy implementation is to develop a permanent competitive advantage. b. abilities; strengths Ideally, you already have some goal materials in place, including: Your vision statement. What is the Strategic Management process? 1+x1x. ), Business-level strategy is concerned with how companies ______. Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. c. the profitability of the industry in which the firm competes.