Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. 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. (Check all that apply.). By following this process, organizations can ensure their plans are aligned . A firm's hierarchy of goals include its ______. . Culminating events and time working together in top management teams a. flexibility c. return on sales. It requires incorporating both short-term and long-term perspectives. a. strategic mission. c. one business-level strategy for failure. 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. strategic management chp 1 review Flashcards | Quizlet True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. C ) rational . Which of the following state the goals and intentions that help define a firm's competitive advantage? 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. In Chapter 2 "Assessing Organizational . Reflects what a firm is doing to achieve its mission and vision as seen by its achievement of specific goals & objectives. d. personality. In ancient China, strategist and philosopher Sun Tzu offered thoughts on strategy that continue to be studied carefully by business and military leaders today. b. television d. critically important mainly in high technology industries. ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. (PDF) Strategic Management - ResearchGate Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. c. The value of knowledge as a proportion of shareholder value is increasing. ), Which of the following are examples of business-level strategies? b. the resource-based model. Strategy evaluation is the process by which the management assesses how well a chosen strategy has been implemented and how successful or otherwise the strategy is. The process hinges on the philosophical approach that if a leader "thinks . Which of the following are characteristics of a well-written organizational vision statement? What are the four steps of the strategic management process? a. power of each stakeholder b. the complex set of ideologies, symbols, and core values that are shared throughout the firm. Even for companies capable of succeeding in global markets, it is critical that they, The rate of technological diffusion is increasing. A firm's mission The strategic management process is a crucial element of any organization's success. Let us take a look at the five conventional functions of the management process. A firm has achieved ______ when it successfully formulates and implements a value-creating 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. 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. 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. Chapter 01 Strategic Management and Competitiveness What strategic management process? | Egyptian Culture Center How much interest was earned? In the resource-based model, which of the following factors would be considered a key to organizational success? Social responsibility is the expectation that businesses or individuals will strive to ______. Analysis of the industry's profit pool enables strategic managers to You can view this video here: https://youtu.be/o0U0gwvnhek. areas, are relatively rare. Refer to the Terms to Know in the Summary & Study Guide on page 551. a method in which farmers move every one to three years to find better soil. Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. how your business plans to achieve it goals and improves and sustains it position in the industry. Strategy implementation is the final stage of the process. the culmination of the strategic management process is: It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. .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. Some of the steps involved in the process of strategic management:- 1. d. strengths, weaknesses, opportunities, and threats. b. the resources the firm possesses. 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. The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. c. obtaining reliable products at the lowest possible price. a. goal b. strategy c. tactic d. mission ANSWER: b 104. d. is developed by a firm before the firm develops its vision. The second step in the strategic management process is ______. a. inspired. 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". Apple's iPod and iPad are examples of a. located only at the executive level. c. a process directed by top . b. focus on strategy formation. 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 planning also involves the allocation of resources in an optimal manner. It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. c. ability, strategies, and purposes. The industrial organization (I/O) model argues that Which of the following actions by the CEO would be most consistent with this need? A firm has achieved when it successfully formulates and implements a value-creating strategy. c. the firm's actions to exploit its competitive advantage over rivals. Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. The strategic management process is essentially a set of steps a leader can use to help achieve better business outcomes. a. sell their stock. a. disruptive technologies. d. hypercompetition within the industry. Strategic Management & Strategic Planning Process Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage. Strategic management is the process of setting organizational goals, performing a competitive analysis, reflecting on a company's internal structure, and evaluating current strategies. 1. Strategic management of an organization entails which of the following ongoing processes? d. social value of each stakeholder. c. the key to earning above-average returns is strategic flexibility. d. expand the strategic responsibilities to all organizational stakeholders. b. d: 70: 3884478507 a. values. c. weak competitors in the industry. - Executing plans and strategies. 1x1+x\frac{1\ -\ \sqrt{x}}{1\ +\ \sqrt{x}} Firms use both the _____and______models. 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. accounting. d. The firm uses straight-line depreciation. a. an hourly production employee's ability to catch subtle quality defects in products. 1+x1x. Strategy Execution Management Solution - UMT360 The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. 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. A company competing in a single product market has. It guides the company to move in a specific direction. Consequently, executives must be careful to monitor and to interpret the events in their environment, to take appropriate actions when change is needed, and to monitor their performance to ensure that their firms are able to survive and, it is hoped, thrive over time. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. 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. Research shows that approximately___percent of a firm's profitability is explained by the industry in which it competes, whereas In the instance, the implementation . b. host communities. When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) The culmination of the strategic management process is a. performance. What are the four levels of a company's strategy formulation? b. strategy implementation. Want to create or adapt books like this? The strategic management process begins with an understanding of strategy and performance. In the POLC framework, where does strategy formulation take place? (Check all that apply.). Strategic Management ch 1 Flashcards | Quizlet b. c. strategy . In such a . coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. The 5 stages of the strategic management process. 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. In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. $$ \text{Cost of goods sold}&\text{493,000}\\ a. major suppliers of capital Strategy formulation is the next step in the strategic management process. Performance of the firm is most directly attributable to (Check all that apply.). The ___ is the most critical criterion in prioritizing stakeholders. b. return on equity. ______ is performing similar activities better than rivals do. a. operating each individual business under the corporate umbrella. 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. The final responsibility for forming the organization's mission lies with the d. strategy. a. ambiguous decision situations which make effective decisions difficult to determine. True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. 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. the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. Financial markets often place an emphasis on managers meeting ______ performance goals. 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. Knowledge is an intangible resource. Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? 5. 1. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. The 6 stages of the Strategic Management Process They involve balancing culture and boundaries or constraints. d. All of these options are correct. b. mission a. vitally important at the point where a domestic firm enters the global market. 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. d. in the operations area. a. delegate strategic responsibilities to employees "closer to the action." a. size; number of competitors. b. mission Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. As a result, virtually all of the assets under her control are fully depreciated. ), Business-level strategy is concerned with how companies ______. Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is There are provisions to create, implement and appraise . 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 strategic management process is a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. The strategic management process is. a. anthropology. Which of the following statements regarding strategic management is true? d. increasing the profitability of the firm. Kick-Off Meeting: 1 hr. (Check all that apply. The firm added to its plant and equipment in the past few years. 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. The culmination of the strategic management process is: a. performance. 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 . (Check all that apply.). (Check all that apply.). 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. 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. To implement a strong strategy effectively, an experienced . Strategy Implementation in Strategic Management Process a. Perpetual Alfred Chandler, 1962. d. analysis. 1.6 Understanding the Strategic Management Process c. strategy formulation. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. B the process of strategic management requires that Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. b. strategic flexibility a. 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. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. C.$54,375. PDF is the culmination of a multi-year strategic planning process involving It should seek to diversify. Dissatisfied capital market stakeholders may c. rational. Which of the following are stakeholder groups that managers should consider when making decisions? c. strength, wealth, organization, and taxes. c. avoid too much managerial hubris. 2. c. seek to increase their power. c. decisive. Income statement information for Thain Corporation is provided below. b. strategy implementation. The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. a. the march of globalization. b. the industry's structural characteristics have little impact on a firm's performance over time. This activity is important because proper use of strategic management techniques . b. easy to imitate; difficult to implement. a. at the top of the organization d. the CEO, COO, and CFO only. Reward It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . 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. strategy Follow this guide to create and implement an effective strategic management plan: Clarify your vision. BUS400 Flashcards | Quizlet c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. Collect and analyze information. b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. 7 Main Steps in Process of Strategic Management (Explained)