the culmination of the strategic management process is:

98.:A business-level strategy describes (A) the businesses in which the company intends to compete. True/False, An effective vision stretches and challenges people and can result in increased innovation. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. They involve balancing culture and boundaries or constraints. Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. Strategic planning aims to create . a. suppliers. Owner/CEO, Strategy Director. c. a process directed by top . Above average returns are those in excess of what an investor expects to earn from other investments with similar stock prices. 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. is a capacity for a set of resources to perform a task or an activity in an integrative manner. c. The value of knowledge as a proportion of shareholder value is increasing. 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. The process of creating strategy A core competence All businesses can benefit from strategic management to help them meet long-term objectives. In ancient China, strategist and philosopher Sun Tzu offered thoughts on strategy that continue to be studied carefully by business and military leaders today. Which of the following are stakeholder groups that managers should consider when making decisions? . a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. Match the strategic management process with its corresponding term. vision. 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. The importance of knowledge is increasing. 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. The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. 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. d. The firm uses straight-line depreciation. Although the first four steps describe the planning that must take place, implementation and evaluation are just as important. D) analysis. b. television Feedback may occur at all times to revise these actions. b. the resource-based model. b. the resources the firm possesses. https://youtu.be/o0U0gwvnhek. a. c. strength, wealth, organization, and taxes. The two primary drivers of hyper-competition are the emergence of the global economy and technology. c. the firm's actions to exploit its competitive advantage over rivals. You can view this video here: https://youtu.be/o0U0gwvnhek. (Check all that apply. Effective strategic leaders The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. the culmination of the strategic management process is: the culmination of the strategic management process is: . What is the difference between strategy formulation and strategy implementation? a. 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. Knowledge is an intangible resource, the importance of knowledge is increasing, and the value of knowledge as a proportion of shareholder value is increasing. a. located only at the executive level. c. the minimum required for survival in virtually any industry. The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. 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. d. locate the most promising areas of an industry's value chain. Managers must determine how to create a(n) ______ advantage in the marketplace to be successful over the long-term. Some of the steps involved in the process of strategic management:- 1. Situation Analysis. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. The strategic management process begins with an understanding of strategy and performance. c. defining the competitors in the pool. Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. A company competing in a single product market has. d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. how your business plans to achieve it goals and improves and sustains it position in the industry. b. shareholders The two opposing ways of examining stakeholder management are called ______ and ______. b. committed to nurturing those around them. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies [1]. Which of the following actions by the CEO would be most consistent with this need? New markets created by iPods, PDAs, and Wi-Fi are a result of A company had a beginning balance in retained earnings of $52,000. b. resources alone can be a source of sustainable competitive advantage. The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. Return b. Estimated Duration. a. sell their stock. a. organizational decision makers are rational and committed to acting in the firm's best interests. (Check all that apply. A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University This involves developing specific strategies and actions. Analysis of the industry's profit pool enables strategic managers to Definition. The process hinges on the philosophical approach that if a leader "thinks . The culmination of the strategic management process is: A) performance. Planning Team and Executive Team. c. host communities successfully than does the competitor environment. ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. a. their return on investment has been maximized. Companies have realized that failure to measure it can negatively affect the company and its community. The strategic management process is. Organizational stakeholders include a. telephone What are the four levels of a company's strategy formulation? c. an ability to identify the correct solutions to long-range problems. Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. The strategic management process is. This activity is important because proper use of strategic management techniques . b. oil drilling rights in a promising region. c. knowledge intensity. A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". After executing the environmental analysis process, management . It determines which business(es) should be in the company's portfolio. a. CEO. b. tighten loan covenants. How is chess relevant to the study of strategic management? Which of the following statements about organizational knowledge is correct? The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. 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? a. True/False. Strategic management is the process of defining and implementing an organization's strategy. d. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the competitors and take necessary . Knowledge is an intangible resource. This behavior reflects c. vulnerability of organizational stakeholders a. one corporate-level strategy. The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. Retrieved from https://flic.kr/p/bPNmxi. The video for this lesson explains the strategic management process. 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. The two opposing ways of examining stakeholder management are called ______ and ______. c. hypercompetition; technology diffusion. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. 90; 10 Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). Owner/CEO, Strategy Leader. The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. c. Risk ), Which of the following are examples of business-level strategies? [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 strategy is typically a higher level, broad goal, without a lot of specifics. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. Which of the following are reasons vision statements sometimes fail? In order for strategic objectives to be meaningful they need to be ______. It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. In the strategic management process ASP stands for Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . It helps in analyzing the internal and external factors influencing an organization. . 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.). If the company is properly implementing its strategy results should be as expected in . b. mission c. Global 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. How do you think the economic growth of developing countries will affect you and your family in the future? Figure 1.8: Shirinsokhan, Mahmoudreza. For instance, a SWOT analysis (Strengths-Weaknesses . d. analysis. a. power of each stakeholder 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 profit pool is the In a diversified firm, corporate-level strategy is concerned with: determining in which businesses to compete and how resources will be allocated between businesses. Reward b. d. government regulators. d. A goal, Strategic leaders are Inside CRM Editors. d. suppliers of capital. Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? d. hypercompetition. Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? 5. a. strategic competitiveness b. a permanently sustainable . b. all policies and procedures used in functional departments. Measure the progress by comparing the plan against actual results. a. unions. a. ambiguous decision situations which make effective decisions difficult to determine. True/False, Organizational mission statements typically do not include statements about profitability and earning above-average returns. d. coordinating the vision and mission of each subsidiary firm. 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. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. b. strategy b. predict growth in sales over the medium to long range. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. a. vitally important at the point where a domestic firm enters the global market. c. return on sales. b. urgency of satisfying each stakeholder . ), Business-level strategy is concerned with how companies ______. The firm makes less efficient use of its assets than other firms. YouTube. It involves identifying internal and external factors and understanding how they affect an organization. A Deeper Dive into the Strategic Management Process. Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. The final responsibility for forming the organization's mission lies with the b. located in different areas and levels. The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. At this stage, your strategy is already in action and you need to measure the effectiveness of the strategy. Corporate governance is the relationship among ______ in determining the direction and performance of corporations. a. goal b. strategy c. tactic d. mission ANSWER: b 104. Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. d. Diffusion, provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. 2. Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. Strategic management of an organization entails which of the following ongoing processes? a. Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. Strategic management involves setting objectives, analyzing the competitive environment . It is important to emphasize that almost all strategic management process decisions have ______ because they are related to how a firm interacts with its stakeholders. Social responsibility is the expectation that businesses or individuals will strive to ______. As a result, virtually all of the assets under her control are fully depreciated. Chapter Layout for Strategic Management. CC BY-SA 4.0. Pearce and Robinson, 1988. ____has become the second-largest economy in the world. Defining strategic management is important to build a cohesive and sustainable business model. (Check all that apply.). In Wikipedia. Apple Inc. Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. Typically, the formulation process starts with an assessment of available resources, an industry analysis to assess the competitive environment in which the company operates . Efficiency, in terms of strategic management, can best be described as ______. - Formulating an action plan and strategies. It is a philosophical approach to business. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. (Check all that apply. 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? Alfred Chandler, 1962. It is a process that requires a systematic . The culmination of the strategic management process is c. information. The three primary participants in corporate governance are the ______, management, and board of directors. d. expand the strategic responsibilities to all organizational stakeholders. A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. d. Revenue. . Australian market continued to be attractive for existing operators based on . c. economies of scale It requires incorporating both short-term and long-term perspectives. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. 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. b. rapid technological diffusion. ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. 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 message of the ad is that this firm's accountants love their work. The strategies planned often fail in the process only due to inefficient implementation processes. ), Which of the following must a firm's strategy be consistent with? Continuous learning c. rare; costly to imitate. b. local dimensions. a. culture Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). ______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders. This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). In such a . 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. Figure 1.7: Kindred Grey (2020). d. strategy. Who typically develops a firm's mission statement? The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. a. all resources have the potential to be the basis of sustainable competitive advantage. d. a school board lacking in core competencies. a. insight. Certainly, part of Apples success is due to the unique products it offers the market, as well as how these products complement one another. d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. The second step in the strategic management process is ______. 60; 40 . In the POLC framework, where does strategy implementation take place. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. Managers must adopt a new mind-set that values conditions. 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. How much was invested? Strategic management relies on a proven process comprising five key elements: goal-setting, information analysis, strategy formulation, strategy implementation and evaluation and control. d. analysis. (Check all that apply.). 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 - Resource analysis to select workforce and assign suitable tasks. In a diversified firm, corporate-level strategy is concerned with Capital market stakeholders include Which of the following statements is most consistent with the I/O view? Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. a. the key factor in success is choosing the correct industry in which to compete. The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. Tasks, timelines, budgets, etc. ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. 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? The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. b. estimating the overall size of the pool. Managers are analyzing the firm's ______ when managers are studying its competitors. To implement a strong strategy effectively, an experienced . The culmination of the strategic management process is a. performance. All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. 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. c. what people do when no one else is looking. Managers execute or implement their decisions as ______ in the third step of the strategic management process. 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. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge.

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