5. a. only the CEO True/False, Organizational stakeholders are the firm's internal resources, capabilities, and core competencies that are used to accomplish what may appear to be unattainable goals in the competitive environment. Strategic planning aims to create . d. global dimensions. 90; 10 Strategic Management Chap 1 Flashcards | Quizlet b. globalization; exports. C) strategy formulation. Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. It should seek to diversify. At this stage, your strategy is already in action and you need to measure the effectiveness of the strategy. We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. Strategic Management - Definition, Importance and Need of - Harappa (Check all that apply.). When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. It is long-term in nature. They involve balancing culture and boundaries or constraints. ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. Although the first four steps describe the planning that must take place, implementation and evaluation are just as important. This is because the organization's role as a taxpayer is most important to ___ as stakeholders. d. Internet. 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, . Generally speaking, product market stakeholders are satisfied when Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. c. political dimensions. 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? c. Sustainable competitive advantage Certainly, part of Apples success is due to the unique products it offers the market, as well as how these products complement one another. Sun Tzu's best-known work is The Art of War. What is Strategic Management? Definition, Process, Types, Advantages 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. In order to cope with hypercompetition, firms need to develop through continuous learning. 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. b. global competition. a. Write the key term that best matches each description. 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. What is Strategic Management | Learn About Strategic Management & the It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. d. hypercompetition. d. the CEO, COO, and CFO only. Which of the following best explains a ratio of "net sales to average net fixed assets" that exceeds the industry average? a. goal b. strategy c. tactic d. mission ANSWER: b 104. True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. 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. Characteristics of Strategic Management. Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? 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. Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. A firm's vision, mission, and strategic objectives form a hierarchy of . A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. d. easy to implement; unique. Measure the progress by comparing the plan against actual results. d. concentration on the practical day-to-day aspects of the organization's operations. 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. [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.". _________ strategy is a combination of deliberate and emergent strategies. Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). Strategic management process has following four steps: Environmental Scanning-Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. The strategic management process is the systematic analysis of an organization's internal and external environment to achieve and retain a competitive advantage. Organizational stakeholders are usually satisfied when, companies provide a dynamic, stimulating, and rewarding work environment. a. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. Chess CC BY-NC 2.0. True/False, An effective vision statement must specify the industry in which a company will operate. 1.2 What is Strategic Management? - Strategic Management - Virginia Tech YouTube. Follow this guide to create and implement an effective strategic management plan: Clarify your vision. Strategic Management Flashcards | Quizlet a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. Firms use both the ______ and ______ models. D) analysis. D. $43,375. Strategic management of an organization entails which of the following ongoing processes? A strategy is typically a higher level, broad goal, without a lot of specifics. Which of the following statements about the strategic management process is true? Retrieved from https://flic.kr/p/bPNmxi. (PDF) Strategic Management and Strategic Planning Process - ResearchGate c. hypercompetition; technology diffusion. Reward c. Risk d. Revenue ANSWER: c 105. c. vision. 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. In order for strategic objectives to be meaningful they need to be ______. The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. According to Hitt, the final responsibility for forming the organization's mission lies with the: A key purpose of a mission statement is to inform___ what a firm is, what it seeks to accomplish, and who it seeks to serve. Which of the following state the goals and intentions that help define a firm's competitive advantage? ), a destination that is driven by and evokes passion. The strategic management process is essentially a set of steps a leader can use to help achieve better business outcomes. a. insight. a. all resources have the potential to be the basis of sustainable competitive advantage. ), Business-level strategy is concerned with how companies ______. c. seek to increase their power. d. abilities; strategies. A vision A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. The I/O model is grounded in The economic interdependence among countries is reflected in the flow of goods, services, financial capital, and knowledge across country borders is defined as: higher performance standards including quality and cost. b. urgency of satisfying each stakeholder Strategic Management can be found in . A company competing in a single product market has. Environmental and internal scanning is the next stage in the process. Which of the following actions by the CEO would be most consistent with this need? Capital market stakeholders include 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.). d. All of these options are correct. 98.:A business-level strategy describes (A) the businesses in which the company intends to compete. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies (PDF) A critical analysis of strategic management process - ResearchGate B) strategy implementation. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. areas, are relatively rare. Continuous learning The strategic management process is more than a set of rules to follow. c. defining the competitors in the pool. a. major suppliers of capital c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. Planning Team and Executive Team. The Strategic Management Process Guide - cascade.app A.$2,375. This behavior has existed for decades, even as the membership in the school board has changed over time. Which of the following statements is most consistent with the I/O view? Effective strategic leaders For instance, a SWOT analysis (Strengths-Weaknesses . Greenleaf Property Management has been earning below-average returns for the last three years. a. Chapter Layout for Strategic Management. CC BY-SA 4.0. 1+x1x. Rationalize the denominator of each fraction and simplify. A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". Which of the following statements is most consistent under the I/O view? In such a . b. located in different areas and levels. Overall, strategic management is an important part of an organization's development and overall performance. Return 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. The process hinges on the philosophical approach that if a leader "thinks . 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.). Managers must adopt a new mind-set that values conditions. Learn more about how Pressbooks supports open publishing practices. d. industry; competency, ___should establish a firm's individuality and should be inspiring and relevant to all stakeholders. ______ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. It guides the company to move in a specific direction. Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. - Resource analysis to select workforce and assign suitable tasks. symbiosis; zero sum. Strategic management process. (n.d.). The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. c. use the strategic management process. Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. 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 d. products that were not imitated by competitors. b. expertise. people throughout the organization strive toward overall goals. b. is an internally focused affirmation of the organization's financial, social, and ethical goals. The strategic management process is. d. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. . b. regardless of their location in the organization c. host communities Which statement about the triple bottom line is true? Sound strategies are of no value if they ______. A business-level strategy describes The culmination of the strategic management process is: a. performance. The ___ is the most critical criterion in prioritizing stakeholders. 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. How to develop a strategic management process. BUS400 Flashcards | Quizlet d. total profits that can be divided among the competitors within an industry. Strategic Management - Your Article Library Organizational culture refers to It is a process that requires a systematic . Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . Establish your planning team and schedule. Which of the following is an example of a firm's intellectual asset? What Is Strategic Management? | Indeed.com Canada What is Strategic Management Process, and How Does It Work? The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. d. attractiveness; profitability. Firms use the five forces model to identify the of the industry as measured by its A capability Pearce and Robinson, 1988. In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. 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. Collect and review information to help make the upcoming strategic decisions. 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? shareholders, management, and the board of directors. True/False, Ms.Smith is a strategic leader of the firm. 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. d. government regulators. Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. It improves the company's problem-solving and prevents capabilities. a. at the top of the organization c. disruptive technologies. 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. Which of the following are characteristics of a well-written organizational vision statement? What is the Concept of Strategic Management? - Talentedge It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. ______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined time frame. $$ To simply put, strategy evaluation entails reviewing and appraising the strategy implementation process and measuring organizational performance. 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 . ), what business(es) should the company compete in. b. shareholders. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. Here are the key elements of strategic management. Social responsibility is the expectation that businesses or individuals will strive to ______. a. power of each stakeholder Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). b. local dimensions. A strategic management process can help guide the decisions and actions of senior executives within an organisation. 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. In terms of analyzing the external environment of the firm, the industry environment consists of ______ and other organizations that may threaten the company's success. (Check all that apply.). Owner/CEO, Strategy Leader. strategic management chp 1 review Flashcards | Quizlet coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. What other games might help teach strategic thinking. The final responsibility for forming the organization's mission lies with the For example, intellectual property is a vital resource for Apple. Organizational stakeholders include Analysis of the industry's profit pool enables strategic managers to c. economies of scale 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. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation Managers are analyzing the firm's ______ when managers are studying its competitors. d. emphasize profit maximization. 2. a. goal d. inclusive. c. the I/O model. Authors: Tanya Sammut-Bonnici. d. Organizational intelligence. Estimated Duration. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to: delegate strategic responsibilities to employees "closer to the action". Which of the following are stakeholder groups that managers should consider when making decisions? (Check all that apply. Explain your reasoning. The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. c. return on sales. Strategic Management: Meaning, Concepts, Examples (Explained) - iEduNote 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. The modern competitive environment requires an iterative approach to strategic management where execution informs planning and planning guides execution. c. competition; competency 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. E.$(11,375). d. companies are paying the highest prices to suppliers, Product market stakeholders include
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