Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. ______ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones. Which statement about the triple bottom line is true? a. the businesses in which the company intends to compete. It is 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. b. mission. d. social value of each stakeholder. Organizational stakeholders include An assessment od strengths, weakness, opportunities and threats. Planning extensive employee training and hiring educated and experienced employees. What are the four steps of the strategic management process? b. Strategic flexibility Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). ______ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. a. ethical dimensions. This is because the organization's role as a taxpayer is most important to ___ as stakeholders. c. political dimensions. It involves action plans that ensure continued performance and thriving progression. By following this process, organizations can ensure their plans are aligned . c. the minimum required for survival in virtually any industry. Explain your reasoning. The culmination of the strategic management process is ____has become the second-largest economy in the world. Owner/CEO, Strategy Leader. 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. b. regardless of their location in the organization True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. Which of the following state the goals and intentions that help define a firm's competitive advantage? internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? A company competing in a single product market has A retail outlet can attempt several remedies to improve profitability to meet the expectations of its ___ stakeholders, including closing stores, changing the top management team, and seeking potential buyers. Strategic management process has following four steps: Environmental Scanning-Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. .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. d. in the operations area. b. All of the following are assumptions of the industrial organization (I/O) model EXCEPT d. attractiveness; profitability. (Check all that apply.). Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. c. a process directed by top . What is a Strategic Management Process? | Business Management & Marketing It is a process that requires a systematic . The ending balance in retained earnings equals: (PDF) Strategic Management and Strategic Planning Process - ResearchGate Strategic management process. 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 PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. Strategic management is the process of setting organizational goals, performing a competitive analysis, reflecting on a company's internal structure, and evaluating current strategies. d. a charity's endowment of $400 million. What is Strategic Management? Definition, Process, Types, Advantages d. emphasize profit maximization. Kick-Off Meeting: 1 hr. Companies have realized that failure to measure it can negatively affect the company and its community. Strategic management requires that ______. d. 20; 36. b. I/O; resource-based c. profits that are accrued when a firm earns above-average returns. b. determining how each functional department of the firm will operate. Strategic Management Chap 1 Flashcards | Quizlet Chapter 01 Strategic Management and Competitiveness ), Which of the following must a firm's strategy be consistent with? The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. b. the industry's structural characteristics have little impact on a firm's performance over time. b. In the strategic management process ASP stands for The third step of the strategic management process is the ______ step. determines how organization as a whole supports and enhances the value of the business units w/in it. (B) team-based. The firm added to its plant and equipment in the past few years. a. at the top of the organization The rate of technology diffusion has been steadily increasing over the last two decades. . ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. a. Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. In Wikipedia. a. overload middle managers. d. accounting. It offers courses accredited to AMBA, AACSB & NIRF. d. one business-level strategy and one corporate-level strategy. 1. c. strategy formulation. In the instance, the implementation . 1.2 What is Strategic Management? - Strategic Management - Virginia Tech It should seek to diversify. a. all resources have the potential to be the basis of sustainable competitive advantage. b. mission A firm has achieved ______ when it successfully formulates and implements a value-creating strategy. 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. Synonymous with business planning and strategic planning. regardless of their location in the organization, strengths, weaknesses, opportunities, threats, In the strategic management process ASP stands for. c. employees. A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. d. estimating the size of the value-chain activity in the pool. The process hinges on the philosophical approach that if a leader "thinks . In strategic management, effectiveness can best be described as ______. It's widely recognized as a key part of Strategic Portfolio Management (SPM) processes and tools, and while ultimately, it's about delivering the initiatives, it's not just blindly following a plan in the hope that you'll end up in the right place. Which of the following statements regarding strategic management is true? (Check all that apply.). a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. a. industry competitors. 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. c. return on sales. Strategy implementation is the final stage of the process. Characteristics of Strategic Management. c. strength, wealth, organization, and taxes. After executing the environmental analysis process, management . Knowledge is an intangible resource, the importance of knowledge is increasing, and the value of knowledge as a proportion of shareholder value is increasing. c. the CEO, COO, and CFO only. Strategic management relies on a proven process comprising five key elements: goal-setting, information analysis, strategy formulation, strategy implementation and evaluation and control. Managers execute or implement their decisions as ______ in the third step of the strategic management process. d. strengths, weaknesses, opportunities, and threats. They involve balancing culture and boundaries or constraints. Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . It is important to consider that the decision: has ethical implications for organizational stakeholders. ), what business(es) should the company compete in. Which of the following statements about the strategic management process is true? D. $43,375. Strategic Management Process - STRATEGIC MANAGEMENT PROCESS Strategic Solved The strategic management process begins with | Chegg.com b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Key Elements of Strategic Management | FounderJar d. increasing the profitability of the firm. 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. c. hypercompetition; technology diffusion. This improved performance is best explained by a. flexibility b. innovation c. speed d. All of these options are correct. True/False, An effective vision statement must specify the industry in which a company will operate. c. strategic power b. a functional, although unethical, culture of the school board. b. strategic flexibility c. 36; 20 The culmination of the strategic management process is: a. performance. a. committed to helping the firm create value for all stakeholder groups. 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. True/False, Ms.Smith is a strategic leader of the firm. ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. Which of the following are characteristics of a well-written organizational vision statement? This perspective is known as ______. Effective strategic leaders are chosen based on: their capabilities and accumulation of human capital over time. Strategic management is the process of defining and implementing an organization's strategy. b. is an internally focused affirmation of the organization's financial, social, and ethical goals. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University a. the core values of the school board as an organization. Benefits and limitations of strategic management a. goal a. major suppliers of capital ______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined time frame. coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. PDF is the culmination of a multi-year strategic planning process involving a. unions. d. All of these options are correct. What is Strategic Management Process, and How Does It Work? Devise a strategy. For instance, a SWOT analysis (Strengths-Weaknesses . c. core competence. 98.:A business-level strategy describes (A) the businesses in which the company intends to compete. 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. Definition, Examples and Features of Strategic Management b. psychology. 5. Performance of the firm is most directly attributable to Analysis of the industry's profit pool enables strategic managers to the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. Organizational stakeholders are usually satisfied when, companies provide a dynamic, stimulating, and rewarding work environment. ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. d. All of these options are correct. In the POLC framework, where does strategy implementation take place. c. host communities What is the Concept of Strategic Management? - Talentedge 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. 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. a. suppliers. ), Which of the following are examples of business-level strategies? b. committed to nurturing those around them. a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. 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. pool of assets that is distributed to investors. Name two benefits workers take for granted now that did not exist before labor organized. Effective strategic leaders d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. The external control view of leadership emphasizes the role of which of the following types of factors in the success or failure of a firm? Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. True/False, Organizational mission statements typically do not include statements about profitability and earning above-average returns. Strategic Management Advantages and Disadvantages - Wisestep Performance of a firm is most directly attributable to: the profitable of the industry in which the firm competes, Firms use the five forces model of competition to identify the ___ of the industry. This activity is important because proper use of strategic management techniques . In Chapter 7, Innovation Strategies, we present insights on the role innovation plays in strategy development and implementation. Strategy Execution Management Solution - UMT360 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. 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. 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. BUS400 Flashcards | Quizlet The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. c. a process directed by top management with input from other stakeholders that seeks to achieve above- average returns for investors through effective use of the organization's resources. The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. The I/O model is grounded in 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 five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. c. avoid too much managerial hubris. Strategic Management - Definition, Process, Steps, Examples Tasks, timelines, budgets, etc. (Check all that apply.). What is Strategic Management? definition, process and importance It is long-term in nature. It's an important step since it is here that businesses can review performance metrics of all components and make any tweak necessary to ensure accomplishment of long-term goals. Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. Strategic Management can be found in . Situation Analysis. d. coordinating the vision and mission of each subsidiary firm. c. vulnerability of organizational stakeholders a. telephone True/False, The CEO must encourage ambidextrous learning, absorbing new information, and building incremental knowledge in order to make the firm strategically flexible. c. use the strategic management process. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. c. strategy formulation. . (Check all that apply.). Which of the following was fastest in penetrating 25 percent of homes in the U.S. market? The two opposing ways of examining stakeholder management are called ______ and ______. a. disruptive technologies. True/False. a. globalization. The importance of knowledge is increasing. Certainly, part of Apples success is due to the unique products it offers the market, as well as how these products complement one another. Identify your goals. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation 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." What other games might help teach strategic thinking. (D) inclusive. Chess CC BY-NC 2.0. c. decisive. The triple bottom line measures the performance of which of the following? c. employees. ), Which of the following are social responsibility expectations that go beyond a firm's product and service quality? Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? STRATEGIC MANAGEMENT PROCESS: F i gu re 10. Financial markets often place an emphasis on managers meeting ______ performance goals. c. what people do when no one else is looking. 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. Chapter 5: Strategic Management Flashcards | Quizlet Which of the following statements about organizational knowledge is correct? a. only the CEO ), a destination that is driven by and evokes passion. Which of the following statements is most consistent under the I/O view? c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. The strategic management process is a crucial element of any organization's success. This ad seeks to convey a sense of the organization's to the viewers. 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. Effective strategies Apple uses to create loyal customers. 1. . New markets created by iPods, PDAs, and Wi-Fi are a result of c. tactic c. information. Strategic management is the management of an organization's resources to achieve its goals and objectives. b. analyses, strategies, and performance. a. unique market niche Apple Inc. (Check all that apply.). A firm's hierarchy of goals include its ______. Managers must determine how to create a(n) ______ advantage in the marketplace to be successful over the long-term. d. All of these options are correct, Strategic delegation helps Social responsibility is the expectation that businesses or individuals will strive to ______. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. \begin{array}{llr} Chapter 10 Executing Strategy through Organizational Design offers ideas on how to manage these elements of implementation. - Evaluating efficiency and effectiveness . (Remember to type only one word in the blank.). Retrieved from https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. (PDF) A critical analysis of strategic management process - ResearchGate (PDF) Strategic Management - ResearchGate Want to create or adapt books like this? 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. 2. ______ analysis is the starting point of the strategic management process and includes the advanced work that must be done to effectively formulate and execute strategies. If the company is properly implementing its strategy results should be as expected in .