1. 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. True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. c. profits that are accrued when a firm earns above-average returns. a. are willing to be brutally honest. You can view this video here: https://youtu.be/o0U0gwvnhek. 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. . ), a destination that is driven by and evokes passion. Your mission statement. It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. b. How much interest was earned? In order to cope with hyper competition, firms need to develop ___ through continuous learning. Firms use both the _____and______models. A strategic management process is an essential tool for any organization looking to optimize performance and reach success. The strategic management process is the systematic analysis of an organization's internal and external environment to achieve and retain a competitive advantage. Synonymous with business planning and strategic planning. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. A.$2,375. Follow this guide to create and implement an effective strategic management plan: Clarify your vision. d. the CEO, COO, and CFO only. c. Sustainable competitive advantage There are provisions to create, implement and appraise . b. argues that the industry environment has a stronger influence on firms' ability to implement strategies a. all resources have the potential to be the basis of sustainable competitive advantage. Analysis of the industry's profit pool enables strategic managers to c. seek to increase their power. Strategic management process has following four steps: Environmental Scanning-Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. Apple's iPod and iPad are examples of Owner/CEO, Strategy Director. Strategic management of an organization entails which of the following ongoing processes? The ending balance in retained earnings equals: The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. a. unique; easy to imitate. _____ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. The process of creating strategy The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. d. The firm uses straight-line depreciation. The process hinges on the philosophical approach that if a leader "thinks . The industrial organization (I/O) model argues that b. focus on strategy formation. The message of the ad is that this firm's accountants love their work. 1. SWOT stands for Broad Plans Shaping: In this continuous process, the formulation & implementation of broader plans are made and finally, these are also controlled. The strategic management process is more than a set of rules to follow. a. major suppliers of capital a. pool of assets that is distributed to investors. The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. d. abilities; strategies. d. differences in resources and capabilities are the basis of competitive advantage. Which of the following state the goals and intentions that help define a firm's competitive advantage? \text{Cost of goods sold}&\text{493,000}\\ In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. Collect and analyze information. Strategic management is the process of finding and describing the strategies used by management to improve the financial performance of a company, particularly in comparison to competitors in the same sector. ______ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. In order for strategic objectives to be meaningful they need to be ______. On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. The steps for identifying the profit pools in an industry include all of the following EXCEPT (. Strategic management requires that ______. d: 70: 3884478507 60; 40 c. use the strategic management process. (D) inclusive. c. competition; competency b. psychology. The two opposing ways of examining stakeholder management are called ______ and ______. It involves identifying internal and external factors and understanding how they affect an organization. d. easy to implement; unique. Above average returns are those in excess of what an investor expects to earn from other investments with similar stock prices. 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. In Chapter 2 "Assessing Organizational . Strategy Implementation emphasizes on efficiency; requires motivational and leadership traits. b. estimating the overall size of the pool. In ancient China, strategist and philosopher Sun Tzu offered thoughts on strategy that continue to be studied carefully by business and military leaders today. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . The culmination of the strategic management process is: performance Although an organization's good reputation is a valuable resource that takes years of superior marketplace competence to achieve, it is not a good basis for building a competitive advantage because it can be destroyed almost instantly by bad publicity. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. 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. b. c. political dimensions. Which of the following was fastest in penetrating 25 percent of homes in the U.S. market? 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. a. sell their stock. Match the type of leader (on the left) with the corresponding description (on the right). According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. (Check all that apply.). a. performance. The situation is where relevant information is needed to create the organization's culture, mission, or vision statement. How do you think the economic growth of developing countries will affect you and your family in the future? b. . The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. During the analysis step of the strategic management process managers are concerned with the company's ______. examples of each based on your own experiences. The modern competitive environment requires an iterative approach to strategic management where execution informs planning and planning guides execution. (Check all that apply.). c. the CEO and top managers a. 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. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. YouTube. Effective strategic leaders d. organization's stakeholders. C) strategy formulation. Defend your answer. In the POLC framework, where does strategy formulation take place? (Check all that apply.). (C) rational. Match the strategic management process with its corresponding term. a. d. Organizational intelligence. 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. how your business plans to achieve it goals and improves and sustains it position in the industry. It is a process that requires a systematic . Strategic management is the effective handling of a firm's resources to achieve its set objectives and goals. Strategic management involves setting objectives, analyzing the competitive environment . In Chapter 6 Selecting Business-Level Strategies, we discuss how selecting business-level strategies helps to provide firms with a recipe that can be followed that will increase the likelihood that their strategies will be successful. d. All of these options are correct, Strategic delegation helps c. vulnerability of organizational stakeholders people throughout the organization strive toward overall goals. The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. b. return on equity. 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, . True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. b. determines how organization as a whole supports and enhances the value of the business units w/in it. a. vision Greenleaf Property Management has been earning below-average returns for the last three years. b. strategic flexibility a. power of each stakeholder a. analyses, successes, and purposes. (Check all that apply.). . 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. Rationalize the denominator of each fraction and simplify. ______ is performing similar activities better than rivals do. . What are the four steps of the strategic management process? c. Global Effective strategic leaders are chosen based on: their capabilities and accumulation of human capital over time. Returns can only be measured in accounting terms such as return on assets, return on equity, or return on sales. Even for companies capable of succeeding in global markets, it is critical that they, The rate of technological diffusion is increasing. Chess CC BY-NC 2.0. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. 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. d. the firm's chief executive officer, A prominent national accounting firm runs television advertisements showing an accountant working alone late in the office on a client's project, while clenching a long-stemmed rose in his teeth and grinning ecstatically. . b. inspiring vision. The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. b. a functional, although unethical, culture of the school board. The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. d. sustainable market niche. a. operating each individual business under the corporate umbrella. b. strategy implementation. This ad seeks to convey a sense of the organization's to the viewers. All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. The I/O model is grounded in Generally speaking, product market stakeholders are satisfied when Planning. b. host communities. c. return on sales. 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. 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. Managers must adopt a new mind-set that values conditions. b. mission 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 . b. mission Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . (Check all that apply. Which of the following statements is most consistent with the I/O view? a. suppliers. It determines which business(es) should be in the company's portfolio. The strategic management process is In the POLC framework, where does strategy implementation take place. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. d. companies are paying the highest prices to suppliers, Product market stakeholders include It helps in analyzing the internal and external factors influencing an organization.

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