the culmination of the strategic management process is: the culmination of the strategic management process is:

b. True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. a. committed to helping the firm create value for all stakeholder groups. d. strengths, weaknesses, opportunities, and threats. 1. Which of the following statements is most consistent under the I/O view? The culmination of the strategic management process is: A) performance. The Snack Division's operating margin for the year was $6.5\$ 6.5$6.5 million, during which time its average invested capital was $50\$ 50$50 million. The value of SWOT analysis parallels ideas from classic military strategists such as Sun Tzu, who noted the value of knowing yourself as well as your opponent. successfully than does the competitor environment. b. return on equity. It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. This activity is important because proper use of strategic management techniques . . It is a process that requires a systematic . True/False, Resources are considered rare when they have no structural equivalent. This perspective is known as ______. a. analyses; strengths In Chapter 2 "Assessing Organizational . Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. Therefore, organizational strategists must choose one or the other as the basis for developing a strategic plan. In the instance, the implementation . 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. How do you think the economic growth of developing countries will affect you and your family in the future? b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. How is chess relevant to the study of strategic management? d. hypercompetition. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Strategic Management. b. urgency of satisfying each stakeholder Kick-Off Meeting: 1 hr. b. Continuous learning d. emphasize profit maximization. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. 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. d. All of these options are correct. d. a school board lacking in core competencies. conduct a thorough analysis of the external and internal environments, Strategies often fail when managers fail to do which of the following? . Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. b. executives control strategy implementation. Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization. For instance, a SWOT analysis (Strengths-Weaknesses . a. each firm is a unique collection of resources and capabilities. Measure the progress by comparing the plan against actual results. d. skilled employees. Accordingly, the strategic management and planning process consists of sequential five key steps; (i) Goal setting, (ii) Analysis strategy formation, (iii) Strategy formation, (iv) Strategy . b. a firm's profit margin yields an above-average return to its capital market stakeholders. 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. c. Knowledge Defining strategic management is important to build a cohesive and sustainable business model. Make Better business decisions: It is important to understand the difference between a great idea and a good idea. 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. Chapter Layout for Strategic Management. CC BY-SA 4.0. Importance of Strategic Management. b. host communities. a. strategic competitiveness b. a permanently sustainable . b. shareholders. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. 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. This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). In the resource-based model, which of the following factors would be considered a key to organizational success? a. ambiguous decision situations which make effective decisions difficult to determine. Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage. The 5 stages of the strategic management process. Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. Which of the following statements regarding corporate-level strategy are correct? Match the type of leader (on the left) with the corresponding description (on the right). 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. b. 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." YouTube. c. vulnerability of organizational stakeholders The ending balance in retained earnings equals: (B) team-based. The importance of knowledge is increasing. a. Perpetual 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, . A strategic management process is an essential tool for any organization looking to optimize performance and reach success. a. d. The firm uses straight-line depreciation. a. globalization. The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. ), Which of the following are examples of business-level strategies? d. intelligence. 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. PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. To implement a firm's strategies, the firm takes actions with the goal of achieving strategic competitiveness and above average returns. ______ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones. The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. 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 terms of analyzing the external environment of the firm, the industry environment consists of ______ and other organizations that may threaten the company's success. Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. It helps in analyzing the internal and external factors influencing an organization. c. profits that are accrued when a firm earns above-average returns. Dissatisfied capital market stakeholders may All of the following are resources of an organization EXCEPT . Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. True/False, The resource-based model assumes that firms must have resources that are rare or costly to imitate to form a basis for competitive advantage. Synthesizing the information gained in the external and internal analysis into a SWOT framework is addressed in Chapter 5. Study with Quizlet and memorize flashcards containing terms like . b. analyses, strategies, and performance. Devise a strategy. 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. See the examples before. a. Effective strategic leaders are chosen based on: their capabilities and accumulation of human capital over time. An assessment od strengths, weakness, opportunities and threats. Organizational stakeholders are usually satisfied when, companies provide a dynamic, stimulating, and rewarding work environment. ), what business(es) should the company compete in. d. analysis. Corporate governance is the relationship among ______ in determining the direction and performance of corporations. The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. d. companies are paying the highest prices to suppliers, Product market stakeholders include 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. Strategy execution management is the evolution of traditional project delivery. Apple's iPod and iPad are examples of c. 36; 20 b. Organizational stakeholders include a. delegate strategic responsibilities to employees "closer to the action." Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. d: 70: 3884478507 The strategic management process begins with an understanding of strategy and performance. . a. power of each stakeholder In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. In a diversified firm, corporate-level strategy is concerned with: determining in which businesses to compete and how resources will be allocated between businesses. a. all resources have the potential to be the basis of sustainable competitive advantage. The strategic-planning process is never truly completed. The strategic management process is. a. analyses, successes, and purposes. Authors: Tanya Sammut-Bonnici. The Chamber of Commerce of cities and towns often implore citizens to buy from local businesses. b. oil drilling rights in a promising region. In Wikipedia. b. globalization; exports. (Remember to type only one word in the blank.). c. hypercompetition; technology diffusion. True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. Which of the following actions by the CEO would be most consistent with this need? c. economies of scale c. personal computer The strategic management process is more than a set of rules to follow. examples of each based on your own experiences. d. 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. Situation Analysis. A.$2,375. b. located in different areas and levels. This behavior has existed for decades, even as the membership in the school board has changed over time. Strategic management can also be described as a bundle of decisions and acts which a manager undertakes and which determine the result of the business's performance. Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. Collect and review information to help make the upcoming strategic decisions. The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. d. Revenue. Strategy formulation is the next step in the strategic management process. A firm has achieved ______ when it successfully formulates and implements a value-creating strategy. (Check all that apply.). 3. Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. c. information. 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 ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. Which of the following statements is most consistent with the I/O view? - Evaluating efficiency and effectiveness . Strategic management is directed toward a company's ______. a. an hourly production employee's ability to catch subtle quality defects in products. D. $43,375. After executing the environmental analysis process, management . (Check all that apply.). Companies have realized that failure to measure it can negatively affect the company and its community. a. values. .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. This ad seeks to convey a sense of the organization's to the viewers. b. strategy implementation. c. political dimensions. The triple bottom line measures the performance of which of the following? A vision statement can lead to missed opportunities when it ______. d. culture. a. the core values of the school board as an organization. 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. ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. 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 . a. suppliers. ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) In order to cope with hypercompetition, firms need to develop through continuous learning. Which statement about the triple bottom line is true? Synonymous with business planning and strategic planning. Match the strategic management process with its corresponding term. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals.