b. executives control strategy implementation. All of the following are assumptions of the industrial organization (I/O) model EXCEPT Strategic management is the management of an organization's resources to achieve its goals and objectives. . c. employees. The triple bottom line measures the performance of which of the following? d. differences in resources and capabilities are the basis of competitive advantage. The rate of technology diffusion has been steadily increasing over the last two decades. business, corporate, international, and entrepreneurial. c. the CEO and top managers The Five Stages of the Strategic Management Process YouTube. a. an hourly production employee's ability to catch subtle quality defects in products. It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. A.$2,375. c. return on sales. d. analysis. c. vision d. the amount and speed of growth. en.wikipedia.org/wiki/Apple_Inc._ litigation. Write the key term that best matches each description. Returns can only be measured in accounting terms such as return on assets, return on equity, or return on sales. a. strategy, wealth, organization, and threats. b. psychology. Strategic management of an organization entails which of the following ongoing processes? In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. 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. Strategic ch. 1 Flashcards | Quizlet b. weak competition Retrieved from https://flic.kr/p/bPNmxi. c. competition; competency a. _________ strategy is a combination of deliberate and emergent strategies. To implement a firm's strategies, the firm takes actions with the goal of achieving strategic competitiveness and above average returns. For example, intellectual property is a vital resource for Apple. Estimated Duration. Overall, strategic management is an important part of an organization's development and overall performance. Which of the following best explains a ratio of "net sales to average net fixed assets" that exceeds the industry average? c. avoid too much managerial hubris. c. Risk The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. c. strategy formulation. What other games might help teach strategic thinking. Sun Tzu's best-known work is The Art of War. d. a school board lacking in core competencies. This behavior has existed for decades, even as the membership in the school board has changed over time. 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. Strategic flexibility True/False. b. only top managers In Wikipedia. ), a destination that is driven by and evokes passion. The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. Chess CC BY-NC 2.0. Reward c. Risk d. Revenue ANSWER: c 105. What Is Strategic Management? | Indeed.com Canada The strategic management process begins with an understanding of strategy and performance. a. the power of the financial market stakeholders. This ad seeks to convey a sense of the organization's to the viewers. a. major suppliers of capital d. located at different levels, but only in the operating area of the organization, . Strategic Management & Strategic Planning Process b. abilities; strengths This model also guides our presentation of the chapters contained in this book. This perspective is known as ______. a. delegate strategic responsibilities to employees "closer to the action." b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Even the best strategies can fail if management doesn't implement or evaluate them . Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. The Complete Guide to Strategy Evaluation - Creately Blog c. strategy . c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. True or false: Intended strategy rarely survives in its original form. the key factor in success is choosing the correct industry in which to compete. Planning Team and Executive Team. Strategic management involves setting objectives, analyzing the competitive environment . c. capabilities are highly mobile across firms. McDonald's has been able to a. earn above-average returns. c. rare; costly to imitate. b. television 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. The 6 stages of the Strategic Management Process D. $43,375. Successful strategic leaders are ______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders. Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. 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. d. hypercompetition. (Check all that apply.). As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. a. size; number of competitors. On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. True/False, The I/O (industrial organization) model assumes that the uniqueness of a firm's resources and capabilities is the main source of above-average returns. d. companies are paying the highest prices to suppliers, Product market stakeholders include Your mission statement. b. innovation 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. strategic objectives. Strategic Management Process - STRATEGIC MANAGEMENT PROCESS Strategic What is a Strategic Management Process? | Business Management & Marketing 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.). d. a firm's resources, intent, and mission. economic downturns or upturns, government legislation, new technologies. 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 video for this lesson explains the strategic management process. a. 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. c. economies of scale 3. True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. a. strategic mission. Which of the following state the goals and intentions that help define a firm's competitive advantage? The profit pool is the It determines which business(es) should be in the company's portfolio. A firm's hierarchy of goals include its ______. Is is measure by its ___. How much interest was earned? (Check all that apply.). b. mission Strategic Management can be found in . Strategic management is a process that requires the ability to manage change. Strategic Management Flashcards | CourseNotes d. total profits that can be divided among the competitors within an industry. The strategic management process is. All of the following are resources of an organization EXCEPT The culmination of the strategic management process is: A) performance. Who typically develops a firm's mission statement? ), what business(es) should the company compete in. c. The value of knowledge as a proportion of shareholder value is increasing. b. analyses, strategies, and performance. Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage. Strategic Management Chap 1 Flashcards | Quizlet The strategic management process begins with an understanding of strategy and performance. Strategic Management Process - Stages of Strategic Management 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. The process of strategic management sometimes encompasses the formulation of important policies. Which of the following is an example of a firm's intellectual asset? The two opposing ways of examining stakeholder management are called ______ and ______. Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). ), Which of the following must a firm's strategy be consistent with? Strategic management process has following four steps: Environmental Scanning-Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. Organizational stakeholders are usually satisfied when, companies provide a dynamic, stimulating, and rewarding work environment. Strategic Management Process and Its Different Stages Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. c. strategic power c. weak competitors in the industry. b. tighten loan covenants. Continuous learning committed to helping the firm to create value for all stakeholder groups, committed to nurturing those around them, and decisive, the social energy that drives, or fails to drive, the organization; the complex set of ideologies, symbols, and core values that are shared throughout the firm, and what people do when no one else is looking. Collect and analyze information. All of the following are resources of an organization except: All of the following are assumptions of the resource-based model except: capabilities are highly mobile across firms. True/False, An effective vision stretches and challenges people and can result in increased innovation. 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 The modern competitive environment requires an iterative approach to strategic management where execution informs planning and planning guides execution. incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? B. c. vision. Managers are analyzing the firm's ______ when managers are studying its competitors. a. The message of the ad is that this firm's accountants love their work. c. economics. b. globalization; exports. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. c. the minimum required for survival in virtually any industry. 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. In situation analysis, organizations must scan and evaluate the organization's performance, corporate strategies, and internal and external . b. total profits earned in an industry along all points of the value chain. c. host communities b. host communities. d. is developed by a firm before the firm develops its vision. True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. a. ambiguous decision situations which make effective decisions difficult to determine. Strategic management requires that ______. The Strategic Planning Process in 4 Steps | OnStrategy b. shareholders. What Is Strategic Management and Why Is It Important? In this latter case, performance is the result of a rare event that is itself the culmination of a long and ongoing process of daily . The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. The firm makes less efficient use of its assets than other firms. BUS400 Flashcards | Quizlet What Is Strategic Management? Characteristics, Risk, Nature - Geektonight 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. Revenue. Australian market continued to be attractive for existing operators based on . Strategy formulation is the next step in the strategic management process. Use the simple interest formula method. 7 Main Steps in Process of Strategic Management (Explained) a. maximizing the firm's return on investment. c. vulnerability of organizational stakeholders b. resources alone can be a source of sustainable competitive advantage. c. Global Study with Quizlet and memorize flashcards containing terms like . A firm has achieved when it successfully formulates and implements a value-creating strategy. 1. c. the profitability of the industry in which the firm competes. d. hypercompetition within the industry. Strategic planning aims to create . (PDF) Strategic Management - ResearchGate areas, are relatively rare. Firms use both the ______ and ______ models. What is Strategic Management, and Why is it Important? - SearchCIO
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