(Check all that apply. The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. Which statement about the triple bottom line is true? d. the amount and speed of growth. $46,375 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. 7 Main Steps in Process of Strategic Management (Explained) b. resources alone can be a source of sustainable competitive advantage. A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. b. Information Technology Project Management: Providing Measurable Organizational Value, Operations Management: Sustainability and Supply Chain Management, Service Management: Operations, Strategy, and Information Technology, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine. (Check all that apply.). The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. Generally speaking, product market stakeholders are satisfied when: a firm achieves a balance between profit margins, costs paid to suppliers and prices set for customers, Before liquidating during a bankruptcy, a company will take several actions to try to satisfy its ____ stakeholders. D. $43,375. 5. The process hinges on the philosophical approach that if a leader "thinks . Which of the following are characteristics of a well-written organizational vision statement? internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? It should seek to diversify. b. global competition. Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. d. mission, ___is an investor's uncertainty about the economic gains or losses that will result from a particular investment. c. a process directed by top . d. organization's stakeholders. b. a firm's profit margin yields an above-average return to its capital market stakeholders. 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. examples of each based on your own experiences. d. focus on innovation. The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. (PDF) A critical analysis of strategic management process - ResearchGate It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. b. expertise. (Check all that apply.). ______ is performing similar activities better than rivals do. Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. C ) rational . _________ strategy is a combination of deliberate and emergent strategies. The goal of strategy implementation is to develop a permanent competitive advantage. University of Malta. Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. A major assumption about the strategic management - Course Hero Strategic management involves setting objectives, analyzing the competitive environment . BUS400 Flashcards | Quizlet Tasks, timelines, budgets, etc. In Chapter 7, Innovation Strategies, we present insights on the role innovation plays in strategy development and implementation. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. All of the following are resources of an organization EXCEPT Planning. How is chess relevant to the study of strategic management? Chapter 3 Evaluating the External Environment examines the topic of evaluating the external environment in detail, and Chapter 4 Evaluating the Internal Environment presents concepts and tools for managing firm resources. This involves developing specific strategies and actions. c. vulnerability of organizational stakeholders d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. b. receiving the highest-quality products and services in the industry. d. hypercompetition. c. Knowledge d. hypercompetition. - Formulating an action plan and strategies. a. only the CEO vision. b. the industry's structural characteristics have little impact on a firm's performance over time. 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. 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. What is the Strategic Management process? c. rare; costly to imitate. 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. analyses, successes, and purposes. This is the final stage of the strategic management process. 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. determines how organization as a whole supports and enhances the value of the business units w/in it. b. host communities. c. Sustainable competitive advantage Corporate-level strategy focuses on ______. Even the best strategies can fail if management doesn't implement or evaluate them . The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. Understanding the Strategic Management Process ______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders. Feedback may occur at all times to revise these actions. In Wikipedia. a. return on assets. The goal of the organization's ___ is to point the firm in the direction of where it would like to be in the years to come. d. the firm's chief executive officer, A prominent national accounting firm runs television advertisements showing an accountant working alone late in the office on a client's project, while clenching a long-stemmed rose in his teeth and grinning ecstatically. a. predict future revenue streams for the organization. The is the most critical criterion in prioritizing stakeholders. This model also guides our presentation of the chapters contained in this book. d. analysis. The essence of strategic management is the study of why some firms ______. d. Internet. d. locate the most promising areas of an industry's value chain. (Check all that apply. 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. Corporate governance is the relationship among ______ in determining the direction and performance of corporations. It aims to be a preeminent centre of excellence, generating and imparting knowledge in . This is because the organization's role as a taxpayer is most important to as stakeholders. . Consistent failure to achieve this minimum target is grounds for the dismissal of a division manager. True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. [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.". Which of the following are true of behavioral controls? Strategic Management - Definition, Process, Steps, Examples (Check all that apply. 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. Companies have realized that failure to measure it can negatively affect the company and its community. 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. d. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. Strategic Management. ____has become the second-largest economy in the world. C) strategy formulation. the three processes are highly interdependent. Sun Tzu's best-known work is The Art of War. It is important to consider that the decision: has ethical implications for organizational stakeholders. c. companies provide a dynamic, stimulating, and rewarding work environment. 60; 40 (D) inclusive. b. mission Inside CRM Editors. a. located only at the executive level. coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. This improved performance is best explained by Managers must take a(n) ______ view of the organization and assess how functional areas and activities fit together so that the organization can achieve its goals and objectives. c. avoid too much managerial hubris. Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? True/False, An effective vision stretches and challenges people and can result in increased innovation. True/False, Developed countries still have major advantages in their access to information technology when compared to emerging countries because of the significant cost of the infrastructure needed for computing power. \end{array} can be identified when competitors are unable to duplicate or find it too costly to try to imitate, returns in excess of what an investor expects to earn from other investments with a similar level of risk, the formulation and implementation of a full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. 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. True or false: Intended strategy rarely survives in its original form. Explain the difference between negative reinforcement and punishment, and provide several The resource-based model of the firm argues that a. CEO. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. Social responsibility is the expectation that businesses or individuals will strive to ______. b. oil drilling rights in a promising region. There are provisions to create, implement and appraise . b. located in different areas and levels. For example, Apples decision to create the iPhone demonstrates its ability to interpret that traditional industry boundaries that distinguished the cellular phone industry and the computer industry were beginning to blur. The strategic-planning process is never truly completed. c. personal computer $$ The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. . True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. This perspective is known as ______. The strategic management process begins with an understanding of strategy and performance. The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. 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 . \text{Cost of goods sold}&\text{493,000}\\ b. estimating the overall size of the pool. Pearce and Robinson, 1988. d. The firm uses straight-line depreciation. symbiosis; zero sum. Strategic management is a process that requires the ability to manage change wherein executives must be cautious to monitor and to interpret the events in their environment as well taking appropriate actions to ensure that their firm to survive and thrive over time. After executing the environmental analysis process, management . PDF is the culmination of a multi-year strategic planning process involving b. success, weakness, opportunities, and taxes. A strategy is typically a higher level, broad goal, without a lot of specifics. Dissatisfied capital market stakeholders may b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. What is the Concept of Strategic Management? - Talentedge a. their return on investment has been maximized. It offers courses accredited to AMBA, AACSB & NIRF. The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. a. committed to helping the firm create value for all stakeholder groups. 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 . The process of creating strategy a. major suppliers of capital c. vision. a. the social energy that drives, or fails to drive, the organization. A business-level strategy describes (Check all that apply.). Use the simple interest formula method. b. is an internally focused affirmation of the organization's financial, social, and ethical goals. In smaller, new venture firms, returns are sometimes measured in terms of Who makes the strategic decisions for most organizations? A strategy In order to cope with hypercompetition, firms need to develop through continuous learning. Organizational culture refers to b. the resources the firm possesses. b. easy to imitate; difficult to implement. Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. b. focus on strategy formation. The industrial organization (I/O) model argues that The Strategic Planning Process in 4 Steps | OnStrategy Explain your reasoning. a. telephone Strategic Management Flashcards | CourseNotes innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation 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. b. return on equity. (Check all that apply.). is a statement of a firm's business in which it intends to compete and the customers it intends to serve. d. differences in resources and capabilities are the basis of competitive advantage. The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. Afra Alnaimi. Identify your goals. c. rational. Consequently, how managers understand and interpret the performance of their firms is often central to understanding strategy. 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? Strategic Management Process Steps, Components & Examples d. unions, Organizational stakeholders are usually satisfied when d: 70: 3884478507 The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. 97.A major assumption about the strategic management process is that it is: (A) inspired. A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. a. globalization. (Check all that apply.). b. a willingness to unify stakeholders through skillful manipulation. Strategic Management & Strategic Planning Process It involves identifying internal and external factors and understanding how they affect an organization. Disruptive c. the interests of the firm's organizational stakeholders have been maximized. ______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined time frame. 1. c. employees. Your mission statement. Rationalize the denominator of each fraction and simplify. c. the lack of an organizational mission for the school board. c. the minimum required for survival in virtually any industry. c. return on sales. The strategic management process is essentially a set of steps a leader can use to help achieve better business outcomes. Strategic flexibility 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. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. Income statement information for Thain Corporation is provided below. .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. a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. Authors: Tanya Sammut-Bonnici. In the strategic management process ASP stands for Strategic Management Course Online by IIM Lucknow - Talentedge c. vision Typically, the formulation process starts with an assessment of available resources, an industry analysis to assess the competitive environment in which the company operates . b. the complex set of ideologies, symbols, and core values that are shared throughout the firm. the key factor in success is choosing the correct industry in which to compete. Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage. ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. d. hypercompetition within the industry. A firm's hierarchy of goals include its ______. the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. A major assumption about the strategic management process is that it is A company competing in a single product market has. c. determine whether an industry will be viable in the long term. Let us take a look at the five conventional functions of the management process. \text{Sales}&\text{\$850,000}\\ c. profits that are accrued when a firm earns above-average returns. It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. 1. Performance of the firm is most directly attributable to c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. It requires incorporating both short-term and long-term perspectives. 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. a. defining the boundaries of the pool. Strategic management of an organization entails which of the following ongoing processes? a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. d. a charity's endowment of $400 million. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. c. economies of scale Collect and review information to help make the upcoming strategic decisions. Owner/CEO, Strategy Leader. a. suppliers. 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? In order to cope with hyper competition, firms need to develop ___ through continuous learning. In a diversified firm, corporate-level strategy is concerned with . a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. Strategic Management: Meaning, Concepts, Examples (Explained) - iEduNote Match the strategic management process with its corresponding term. A Deeper Dive into the Strategic Management Process. The two opposing ways of examining stakeholder management are called ______ and ______. c. strategy . It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. All of the following are assumptions of the industrial organization (I/O) model EXCEPT a. anthropology. ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. What is Strategic Management? Definition, Process, Types, Advantages It guides the company to move in a specific direction. - Executing plans and strategies. a. operating each individual business under the corporate umbrella. Study with Quizlet and memorize flashcards containing terms like . a. culture 3. d. intelligence. Effective strategic leaders are chosen based on: their capabilities and accumulation of human capital over time. Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. a. flexibility Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage. (Check all that apply.). What is Strategic Management | Learn About Strategic Management & the a. Perpetual c. information. Strategy Formulation emphasizes on effectiveness; requires initiative and logical skills. ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. c. host communities 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

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