Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). a. c. focus on strategy implementation. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. b. strategy Synonymous with business planning and strategic planning. The process of strategic management sometimes encompasses the formulation of important policies. Strategic flexibility Which of the following are needed in order for entrepreneurial initiatives to be successful? Managers are analyzing the firm's ______ when managers are studying its competitors. Rationalize the denominator of each fraction and simplify. 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. Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. b. a functional, although unethical, culture of the school board. A company had a beginning balance in retained earnings of $52,000. b. located in different areas and levels. It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. a. values. The message of the ad is that this firm's accountants love their work. In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. A major assumption about the strategic management process is that it is b. globalization; exports. 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. d. All of these options are correct, Strategic delegation helps Figure 1.8: Shirinsokhan, Mahmoudreza. 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. d. coordinating the vision and mission of each subsidiary firm. 1.3 Intended, Emergent, and Realized Strategies, 1.5 Contemporary Critique of Strategic Management, 1.6 Understanding the Strategic Management Process, 3.2 The Relationship between an Organization and its Environment, 4.4 Intellectual Property & Isolating Mechanisms, 6.2 Understanding Business-Level Strategy through "Generic Strategies", 6.5 Focused Cost Leadership and Focused Differentation, 7.6 Responding to Innovation in the Market, 8.6 Portfolio Planning and Corporate-Level Strategy, 9.2 Advantages and Disadvantages of Competing in International Markets, 9.5 Drivers of Success and Failure When Competing in International Markets, 9.6 Options for Competing in International Markets, 10.3 The Basic Building Blocks of Organizational Structure, 10.4 Creating an Organizational Structure, 10.5 Creating Organizational Control Systems, 11.4 Corporate Ethics and Social Responsibility, 11.5 Contemporary Questions of Corporate Ethics. 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. 36; 20 The video for this lesson explains the strategic management process. A strategy is typically a higher level, broad goal, without a lot of specifics. It requires incorporating both short-term and long-term perspectives. 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 ______. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. c. the interests of the firm's organizational stakeholders have been maximized. \text{Cost of goods sold}&\text{493,000}\\ Tasks, timelines, budgets, etc. c. personal computer The strategic management process is a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. The strategic management process is essentially a set of steps a leader can use to help achieve better business outcomes. b. customers pay the highest sustainable price for the goods and services they receive. the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. 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 . Above average returns are those in excess of what an investor expects to earn from other investments with similar stock prices. ), Which of the following are social responsibility expectations that go beyond a firm's product and service quality? What is the difference between strategy formulation and strategy implementation? Match the type of leader (on the left) with the corresponding description (on the right). The process hinges on the philosophical approach that if a leader "thinks . The first step in the strategic management process is to evaluate where you're going, and why. 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. b. mission b. inspiring vision. b. an important source of competitive advantage in virtually all industries. Which of the following are true of behavioral controls? Which of the following state the goals and intentions that help define a firm's competitive advantage? _____ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. Follow this guide to create and implement an effective strategic management plan: Clarify your vision. a. ), Which of the following are examples of business-level strategies? b. one business-level strategy. New markets created by iPods, PDAs, and WiFi are a result of: Henry Ford once said, "If I had asked people what they wanted, they would have said faster horses." All of the following are assumptions of the resource-based model EXCEPT Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. c. is mainly intended to emotionally inspire employees and other 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. The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. d: 70: 3884478507 d. personality. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. b. I/O; resource-based The two opposing ways of examining stakeholder management are called ______ and ______. Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. A strategy What is the Strategic Management process? In the resource-based model, which of the following factors would be considered a key to organizational success? (Check all that apply.). 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. d. in the operations area. a. telephone a. 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. a. performance. Strategic leaders, ______, often work long hours, and their work is filled with ambiguous decision situations. a. strategy, wealth, organization, and threats. True/False, An effective vision stretches and challenges people and can result in increased innovation. Firms use both the ______ and ______ models. ), what business(es) should the company compete in. C.$54,375. b. expertise. d. culture. Analysis of the industry's profit pool enables strategic managers to The third step of the strategic management process is the ______ step. Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. d. The firm uses straight-line depreciation. Disruptive True/False, Organizational mission statements typically do not include statements about profitability and earning above-average returns. d. products that were not imitated by competitors. (Check all that apply.). c. strength, wealth, organization, and taxes. Which of the following statements about operational effectiveness are correct? Retrieved from https://flic.kr/p/bPNmxi. (Remember to type only one word in the blank.). Strategic Management Process [Video]. a. ethical dimensions. c. The firm has a lot of old plant and equipment. (Check all that apply. Efficiency, in terms of strategic management, can best be described as ______. business, corporate, international, and entrepreneurial. b. resources to implement strategies are firm-specific and attached to firms over the long-term. d. accounting. 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. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. (Check all that apply.). c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. The second step in the strategic management process is ______. Your long-term goals and/or BHAGs. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. True/False, The CEO must encourage ambidextrous learning, absorbing new information, and building incremental knowledge in order to make the firm strategically flexible. a. flexibility The invention of the car is an early example of: A company's ability to acquire knowledge is: an important source of competitive advantage in all industries. d. global dimensions. (Check all that apply.). d. expand the strategic responsibilities to all organizational stakeholders. the three processes are highly interdependent. 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. 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. Return a. culture (D) inclusive. strategic objectives. Strategic Management. c. obtaining reliable products at the lowest possible price. c. strategy . This is the final stage of the strategic management process. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. d. strategy. ), Which of the following must a firm's strategy be consistent with? b. focus on strategy formation. Environmental Scanning 2. What other games might help teach strategic thinking. d. social value of each stakeholder. Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. Strategic management is directed toward the organization's overall organizational ________ and ______. c. determine whether an industry will be viable in the long term. a. the core values of the school board as an organization. It is important to emphasize that, primarily because they are related to how a firm interacts with its stakeholders, almost all strategic management process decisions have Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. Reward c. Risk d. Revenue ANSWER: c 105. b. total profits earned in an industry along all points of the value chain. In Wikipedia. This ad seeks to convey a sense of the organization's to the viewers. c. knowledge intensity. (Check all that apply. b. mission (Check all that apply. $$ c. culture The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. Study with Quizlet and memorize flashcards containing terms like . b. oil drilling rights in a promising region. This perspective is known as ______. Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. Therefore, organizational strategists must choose one or the other as the basis for developing a strategic plan. Although the first four steps describe the planning that must take place, implementation and evaluation are just as important. c. disruptive technologies. d. focus on innovation. . innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University a. competitive resilience b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Synthesizing the information gained in the external and internal analysis into a SWOT framework is addressed in Chapter 5. c. competition; competency c. host communities As a result, virtually all of the assets under her control are fully depreciated. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. [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. organizational decision makers are rational and committed to acting in the firm's best interests. The strategic management process is more than a set of rules to follow. (Check all that apply.). Which of the following statements regarding strategic management is true? How much was invested? The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. Typically, the formulation process starts with an assessment of available resources, an industry analysis to assess the competitive environment in which the company operates . Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? d. easy to implement; unique. c. the I/O model. (C) rational. c. an ability to identify the correct solutions to long-range problems. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. b. team-based. \begin{array}{llr} a. the power of the financial market stakeholders. Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. Formulation of strategies; Environment and organizational appraisal help to find out the opportunities and threats operating in the environment and the strengths and weaknesses of an organization in order to create a match between them. Feedback may occur at all times to revise these actions. b. rapid technological diffusion. Prepare a vertical analysis of the income statement for Thain Corporation. b. regardless of their location in the organization c. the firm's actions to exploit its competitive advantage over rivals. Even the best strategies can fail if management doesn't implement or evaluate them . https://youtu.be/o0U0gwvnhek. In order to cope with hyper competition, firms need to develop ___ through continuous learning. Name two benefits workers take for granted now that did not exist before labor organized. This is because the organization's role as a taxpayer is most important to as stakeholders. See the examples before. 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. . ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. a. delegate strategic responsibilities to employees "closer to the action." b. (Check all that apply.). Which of the following statements regarding corporate-level strategy are correct? The five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. Firms use both the _____and______models. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to How is chess relevant to the study of strategic management? 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. d. industry; competency, ___should establish a firm's individuality and should be inspiring and relevant to all stakeholders. c. economics. A firm has achieved when it successfully formulates and implements a value-creating strategy. 3. c. use the strategic management process. A company competing in a single product market has Which of the following are stakeholder groups that managers should consider when making decisions? a. predict future revenue streams for the organization. Income statement information for Thain Corporation is provided below. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. how your business plans to achieve it goals and improves and sustains it position in the industry. d. hypercompetition within the industry. a. Perpetual 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". a. committed to helping the firm create value for all stakeholder groups. c. Global a. unique; easy to imitate. d. companies are paying the highest prices to suppliers, Product market stakeholders include d. suppliers of capital. This is because the organization's role as a taxpayer is most important to ___ as stakeholders. a. anthropology. b. committed to nurturing those around them. people throughout the organization strive toward overall goals. b. is an internally focused affirmation of the organization's financial, social, and ethical goals. d. All of these options are correct. The strategic leader's work is characterized by Strategic management adheres to the perspective that what might be seemingly ideal for one functional area of an organization might not be in the best interest of the total organization. At this stage, your strategy is already in action and you need to measure the effectiveness of the strategy. c. profits that are accrued when a firm earns above-average returns. True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. For example, intellectual property is a vital resource for Apple. 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. 2. Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is: obtaining reliable products at the lowest possible price. c. one business-level strategy for failure. Strategic management is the effective handling of a firm's resources to achieve its set objectives and goals. Successful strategic leaders are a. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. (Check all that apply.). d. All of these options are correct. 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 internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. d. is developed by a firm before the firm develops its vision. d. critically important mainly in high technology industries. 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. (Check all that apply.). Readiness assessment. True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . Planning extensive employee training and hiring educated and experienced employees. 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. True/False. b. urgency of satisfying each stakeholder The resource-based view of the firm C ) rational . a. analyses, successes, and purposes. In such a . Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. The industrial organization (I/O) model argues that They involve balancing culture and boundaries or constraints. 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. a. unions. Chapter 8 Selecting Corporate-Level Strategies focuses on selecting corporate-level strategies, and Chapter 9 Competing in International Markets presents possibilities for firms competing in international markets. a. insight. True/False, Ms.Smith is a strategic leader of the firm. To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. UMT360's Strategy Execution Management solution. symbiosis; zero sum. Strategic management is when you identify and develop strategies developing strategies for employees to follow in order to perform better and achieve a competitive edge. Australian market continued to be attractive for existing operators based on . Firms use the five forces model to identify the of the industry as measured by its b. analyses, strategies, and performance. 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. 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. b. resources alone can be a source of sustainable competitive advantage. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. b. Which of the following best explains a ratio of "net sales to average net fixed assets" that exceeds the industry average? On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. A capability Continuous learning True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. c. the minimum required for survival in virtually any industry. Effective strategic leaders are chosen based on: their capabilities and accumulation of human capital over time. c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. b. innovation It guides the company to move in a specific direction. c. vision a. pool of assets that is distributed to investors. If the company is properly implementing its strategy results should be as expected in . a. at the top of the organization b. the firm's internal resources and capabilities represent the foundation for development of a value-creating strategy. 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. Chess CC BY-NC 2.0. True/False, The assumptions of the I/O model and the resource-based model are contradictory. a. goal 1+x1x. Managers must adopt a new mind-set that values conditions. c. hypercompetition; technology diffusion. b. host communities. 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. The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. The strategic management process is. b. achieve strategic competitiveness. Measure the progress by comparing the plan against actual results. 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. (B) all policies and procedures used in functional departments. b. strategy implementation. 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. Sound strategies are of no value if they ______. 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.
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