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To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. Culminating events and time working together in top management teams We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. c. economics. b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. For example, part of Apples success is due to its consistent focus on innovation and creativity that Steve Jobs described as similar to that of a start-up. d. The Internet. a. Perpetual Strategic Management - Definition, Process, Steps, Examples d. Internet. Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. Definition. d. a charity's endowment of $400 million. Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. 2 St rategy formul at ion a nd i mp leme nt ati on in t he st rat e gi c mana ge me nt p roce ss Strategic management. Collect and review information to help make the upcoming strategic decisions. 7 Main Steps in Process of Strategic Management (Explained) 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 strategy is typically a higher level, broad goal, without a lot of specifics. b. shareholders Estimated Duration. Strategic Management: Meaning, Concepts, Examples (Explained) - iEduNote Above average returns are those in excess of what an investor expects to earn from other investments with similar stock prices. . The ___ is the most critical criterion in prioritizing stakeholders. Name two benefits workers take for granted now that did not exist before labor organized. 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. b. rapid technological diffusion. a. unique market niche The strategic management process is a crucial element of any organization's success. Strategic Management Flashcards | CourseNotes . b. analyses, strategies, and performance. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Knowledge is composed of all the following EXCEPT conduct a thorough analysis of the external and internal environments, Strategies often fail when managers fail to do which of the following? (Check all that apply.). c. rational. Sue prefers the Red Shuttle because it gets her to the airport in an hour and a half, while the Blue Shuttle takes $80$ minutes. The value of SWOT analysis parallels ideas from classic military strategists such as Sun Tzu, who noted the value of knowing yourself as well as your opponent. Effective strategies Apple uses to create loyal customers. Litigation. Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. Prepare a vertical analysis of the income statement for Thain Corporation. Managers are analyzing the firm's ______ when managers are studying its competitors. a. an hourly production employee's ability to catch subtle quality defects in products. a. insight. coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. A strategic management process can help guide the decisions and actions of senior executives within an organisation. Strategic management is a process that requires the ability to manage change. The ending balance in retained earnings equals: A capability In Wikipedia. The culmination of the strategic management process is a. performance. Managers must determine how to create a(n) ______ advantage in the marketplace to be successful over the long-term. b. a. 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. statements, like vision statements, should be massively inspiring to an organization's main stakeholders and include the purpose of the organization, its scope of operations, and the basis of its competitive advantage. Reflects what a firm is doing to achieve its mission and vision as seen by its achievement of specific goals & objectives. In situation analysis, organizations must scan and evaluate the organization's performance, corporate strategies, and internal and external . c. speed Corporate-level strategy focuses on ______. This perspective is known as ______. To simply put, strategy evaluation entails reviewing and appraising the strategy implementation process and measuring organizational performance. b. team-based. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. c. the key to earning above-average returns is strategic flexibility. 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. maximizing the firm's return on investment. (Remember to type only one word in the blank.). Strategic management is directed toward the organization's overall organizational ________ and ______. (B) all policies and procedures used in functional departments. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. a. the key factor in success is choosing the correct industry in which to compete. Overall, strategic management is an important part of an organization's development and overall performance. B) strategy implementation. c. in the finance area a. their return on investment has been maximized. When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) C ) rational . Accordingly, the strategic management and planning process consists of sequential five key steps; (i) Goal setting, (ii) Analysis strategy formation, (iii) Strategy formation, (iv) Strategy . Here are the key elements of strategic management. b. success, weakness, opportunities, and taxes. What Is Strategic Management? | Indeed.com Canada This activity is important because proper use of strategic management techniques . d. social value of each stakeholder. a. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University Strategic Management is a stream of decisions and actions which lead to the development of an effective strategy or strategies to help achieve corporate objectives. Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. Strategic Management & Strategic Planning Process This is because the organization's role as a taxpayer is most important to ___ as stakeholders. a. The culmination of the strategic management process is: a. performance. What is the Strategic Management process? c. hypercompetition; technology diffusion. Managers must adopt a new mind-set that values conditions. How is chess relevant to the study of strategic management? 2. b. executives control strategy implementation. a. organizational decision makers are rational and committed to acting in the firm's best interests. d. intelligence. b. committed to nurturing those around them. 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. c. determining in which businesses to compete and how resources will be allocated between businesses. vision. In order to cope with hypercompetition, firms need to develop through continuous learning. a. telephone Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. 1. Characteristics of Strategic Management. b. mission It determines which business(es) should be in the company's portfolio. 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 strategic management process is the systematic analysis of an organization's internal and external environment to achieve and retain a competitive advantage. This ad seeks to convey a sense of the organization's to the viewers. In Chapter 2 "Assessing Organizational . Strategic Management Chapter 1 Flashcards | Quizlet d. All of these options are correct. To have the potential to become sources of competitive advantage, resources and capabilities must be non- substitutable, valuable, , and Who typically develops a firm's mission statement? d. the amount and speed of growth. . d. industry; competency, ___should establish a firm's individuality and should be inspiring and relevant to all stakeholders. .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. Analysis of the industry's profit pool enables strategic managers to c. rare; costly to imitate. 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. Make Better business decisions: It is important to understand the difference between a great idea and a good idea. The resource-based model of the firm argues that b. I/O; resource-based b. shareholders. Measure the progress by comparing the plan against actual results. d. All of these options are correct. Which of the following statements is most consistent with the I/O view? d. analysis. Meaning of Strategic Management. 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. What is Strategic Management? Definition, Process, Types, Advantages The essence of strategic management is the study of why some firms ______. shareholders, management, and the board of directors. The five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. Understanding the Strategic Management Process b. It helps in analyzing the internal and external factors influencing an organization. All of the following are resources of an organization EXCEPT Strategic management of an organization entails which of the following ongoing processes? What are the four levels of a company's strategy formulation? c. re-centralize the responsibility for strategy to the CEO. 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. ______ is performing similar activities better than rivals do. a. unions. 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. Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. 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. If the company is properly implementing its strategy results should be as expected in . This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). (Check all that apply. c. strategy formulation. Strategic Management - Overview, Components, Framework Strategic Management Flashcards | Quizlet ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. c. profits that are accrued when a firm earns above-average returns. b. all policies and procedures used in functional departments. d. a school board lacking in core competencies. c. competition; competency Match the strategic management process with its corresponding term. The third step of the strategic management process is the ______ step. Organizational goals and objectives should represent what is best for ______. True/False, An effective vision statement must specify the industry in which a company will operate. a. a. committed to helping the firm create value for all stakeholder groups. (2014, November 29). Reward - Formulating an action plan and strategies. Strategic management requires that ______. Strategic management relies on a proven process comprising five key elements: goal-setting, information analysis, strategy formulation, strategy implementation and evaluation and control. After executing the environmental analysis process, management . In the resource-based model, which of the following factors would be considered a key to organizational success? B the process of strategic management requires that Which of the following best explains a ratio of "net sales to average net fixed assets" that exceeds the industry average? the culmination of the strategic management process is: a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. c. the lack of an organizational mission for the school board. 1.4 The History of Strategic Management 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 SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. Dissatisfied capital market stakeholders may a. vision d. in the operations area. All of the following are assumptions of the industrial organization (I/O) model EXCEPT a. culture a. anthropology. d: 70: 3884478507 In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. a. unique; easy to imitate. (Check all that apply.). Environmental and internal scanning is the next stage in the process. 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 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 . The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation 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. The strategic management process is essentially a set of steps a leader can use to help achieve better business outcomes. Strategy Implementation in Strategic Management Process 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. Match the type of leader (on the left) with the corresponding description (on the right). c. analyses; strategies The steps for identifying the profit pools in an industry include all of the following EXCEPT (PDF) Strategic Management - ResearchGate The strategic management process has five steps: establish the mission and vision, establish the grand strategy, formulate the strategic plans, carry out the strategic plans, and maintain strategic control. True/False, When the firm earns lower-than-average returns, the highest priority is given to satisfying the needs of capital market stakeholders over the needs of product market and organizational shareholders. The firm makes less efficient use of its assets than other firms. b. the resource-based model. The strategic management process is. 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 . [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.". True/False. b. globalization; exports. The Complete Guide to Strategy Evaluation - Creately Blog In a diversified firm, corporate-level strategy is concerned with Income statement information for Thain Corporation is provided below. The two opposing ways of examining stakeholder management are called ______ and ______. The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. b. strategy implementation. . Definition, Examples and Features of Strategic Management To implement a strong strategy effectively, an experienced . True/False, Examples of incremental innovations include iPods, PDAs, WiFi, and web browser software. a. suppliers. c. Sustainable competitive advantage The ability to effectively and efficiently access and use information is C) strategy formulation. c. Risk d. analysis. c. Knowledge A firm's vision, mission, and strategic objectives are used to develop specific goals, which form the basis for its ______. A Deeper Dive into the Strategic Management Process. - Executing plans and strategies. Pearce and Robinson, 1988. c. obtaining reliable products at the lowest possible price. c. vulnerability of organizational stakeholders In the instance, the implementation . . 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. Some of the steps involved in the process of strategic management:- 1. It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . Want to create or adapt books like this? This is the final stage of the strategic management process. d. government regulators. Which of the following is an example of a firm's intellectual asset? Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is Let us take a look at the five conventional functions of the management process. 1x1+x\frac{1\ -\ \sqrt{x}}{1\ +\ \sqrt{x}} In smaller, new venture firms, returns are sometimes measured in terms of Knowledge is an intangible resource. Solved The strategic management process begins with | Chegg.com a. sell their stock. b. are established. a. CEO. True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. Which of the following statements regarding strategic management is true? c. vision. c. employees. This behavior reflects 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. b. innovation d. global dimensions. a. delegate strategic responsibilities to employees "closer to the action." c. is mainly intended to emotionally inspire employees and other stakeholders. Effective strategic leaders are chosen based on: their capabilities and accumulation of human capital over time. Planning in management is a process of choosing apt goals and actions to pursue, and then determining what strategies to use, what steps to take, and what resources are needed to achieve the goals. b. achieve strategic competitiveness. a. are willing to be brutally honest. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. Strategic Management Process - Your Article Library A firm has achieved when it successfully formulates and implements a value-creating strategy. A firm has achieved ______ when it successfully formulates and implements a value-creating strategy.