To simply put, strategy evaluation entails reviewing and appraising the strategy implementation process and measuring organizational performance. Match the type of leader (on the left) with the corresponding description (on the right). d. attractiveness; profitability. (Check all that apply.). strategic objectives. d. differences in resources and capabilities are the basis of competitive advantage. (Check all that apply.). Pearce and Robinson, 1988. Litigation. b. estimating the overall size of the pool. Organizational goals and objectives should represent what is best for ______. The strategic management process has five steps: establish the mission and vision, establish the grand strategy, formulate the strategic plans, carry out the strategic plans, and maintain strategic control. c. core competence. Environmental and internal scanning is the next stage in the process. c. hypercompetition; technology diffusion. b. shareholders. c. employees. b. expertise. What other games might help teach strategic thinking. d. The firm uses straight-line depreciation. Sun Tzu's best-known work is The Art of War. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. b. I/O; resource-based b. strategy implementation. areas, are relatively rare. The first step in the strategic management process is to evaluate where you're going, and why. Defend your answer. determines how organization as a whole supports and enhances the value of the business units w/in it. This perspective is known as ______. c. Global Strategic Management ch 1 Flashcards | Quizlet How to develop a strategic management process. The five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. How is chess relevant to the study of strategic management? d. in the operations area. Importance of Strategic Management. 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. The situation is where relevant information is needed to create the organization's culture, mission, or vision statement. d. the amount and speed of growth. This involves developing specific strategies and actions. b. located in different areas and levels. 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. d. concentration on the practical day-to-day aspects of the organization's operations. 60; 40 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. Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. (Check all that apply.). This improved performance is best explained by b. psychology. Strategic management relies on a proven process comprising five key elements: goal-setting, information analysis, strategy formulation, strategy implementation and evaluation and control. A sustainable competitive advantage is not achieved through operational effectiveness alone. Strategic Management Process [Video]. Which of the following is the most inclusive term for the individuals, groups, and organizations that have a claim in the success of an organization? a. The Strategic Management Process Guide - cascade.app True/False, An effective vision statement must specify the industry in which a company will operate. The firm added to its plant and equipment in the past few years. a. suppliers. . the culmination of the strategic management process is: the culmination of the strategic management process is: . (Check all that apply. c. companies provide a dynamic, stimulating, and rewarding work environment. The company requires that all divisions generate a minimum return on invested assets of 8 percent. For example, intellectual property is a vital resource for Apple. c. an ability to identify the correct solutions to long-range problems. Efficiency, in terms of strategic management, can best be described as ______. _________ strategy is a combination of deliberate and emergent strategies. The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. Strategic Management Advantages and Disadvantages - Wisestep Knowledge is composed of all the following EXCEPT Generally speaking, product market stakeholders are satisfied when (Check all that apply. b. success, weakness, opportunities, and taxes. ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. Consequently, how managers understand and interpret the performance of their firms is often central to understanding strategy. True/False, Organizational mission statements typically do not include statements about profitability and earning above-average returns. 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. a. values. A customer can buy an iPod that plays music from iTunesall of which can be stored in Apples Mac computer (Inside CRM Editors, n.d.). a. power of each stakeholder 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. Definition. (Check all that apply.). b. executives control strategy implementation. 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. ______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined time frame. In a diversified firm, corporate-level strategy is concerned with: determining in which businesses to compete and how resources will be allocated between businesses. Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. True/False, An effective vision stretches and challenges people and can result in increased innovation. The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. Want to create or adapt books like this? The steps in the strategic management process include the seven - the development of vision and mission, external and internal environment analysis, establishing long-term objectives, generating, evaluating, and selecting strategies, implementation, and strategy evaluation and control. . This is the final stage of the strategic management process. Figure 1.8: Shirinsokhan, Mahmoudreza. c. tactic The 5-Step Strategic Management Process | Indeed.com 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. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. c. seek to increase their power. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Apple Inc. a. one corporate-level strategy. b. the industry's structural characteristics have little impact on a firm's performance over time. All of the following are resources of an organization EXCEPT . Management Process: Definition, Features & Functions What is Strategic Management Process? - Economics Discussion (2014, November 29). Strategic Management - Overview, Components, Framework a. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. a. an hourly production employee's ability to catch subtle quality defects in products. The 5 stages of the strategic management process. c. vision a. the social energy that drives, or fails to drive, the organization. a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. 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. d. ability, successes, and performance. c. vulnerability of organizational stakeholders d. a charity's endowment of $400 million. This behavior has existed for decades, even as the membership in the school board has changed over time. The is the most critical criterion in prioritizing stakeholders. c. the profitability of the industry in which the firm competes. 1.6 Understanding the Strategic Management Process Analysis of the industry's profit pool enables strategic managers to . 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 . b. strategic flexibility What is Strategic Management Process, and How Does It Work? 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 . The process of strategic management sometimes encompasses the formulation of important policies. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. b. team-based. Strategic Management Process Overview With Examples - Study.com d. All of these options are correct. Synonymous with business planning and strategic planning. A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". True/False, Ms.Smith is a strategic leader of the firm. c. A mission d. government regulators. As a result, virtually all of the assets under her control are fully depreciated. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. (Check all that apply.). 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 . Is is measure by its ___. d. products that were not imitated by competitors. a. c. employees. (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. 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. What Is Strategic Management? - Investopedia Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. Strategic management of an organization entails which of the following ongoing processes? 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. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. This is because the organization's role as a taxpayer is most important to as stakeholders. a. major suppliers of capital c. economies of scale Chess CC BY-NC 2.0. a. are willing to be brutally honest. d. strategy. b. University of Malta. c. disruptive technologies. B the process of strategic management requires that 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. Strategic management process can be described as a set of managerial decisions and actions which determines the long-run direction and performance of the organization'. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. a. located only at the executive level. 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. successfully than does the competitor environment. a. flexibility b. innovation c. speed d. All of these options are correct. Which of the following statements is most consistent under the I/O view? is a statement of a firm's business in which it intends to compete and the customers it intends to serve. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies c. the key to earning above-average returns is strategic flexibility. local line leader -> have significant profit-and-loss responsibility. b. receiving the highest-quality products and services in the industry. b. urgency of satisfying each stakeholder Kick-Off Meeting: 1 hr. ____has become the second-largest economy in the world. Greenleaf Property Management has been earning below-average returns for the last three years. Strategic Management Flashcards | CourseNotes In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. Strategic management requires that ______. Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. Research shows that approximately___percent of a firm's profitability is explained by the industry in which it competes, whereas In Chapter 2 "Assessing Organizational . d. social value of each stakeholder. The culmination of the strategic management process is: a. performance. c. host communities d. is developed by a firm before the firm develops its vision. E.$(11,375). https://youtu.be/o0U0gwvnhek. c. rational. The ability to effectively and efficiently access and use information is Owner/CEO, Strategy Director. Disruptive d. hypercompetition. 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. Retrieved from https://flic.kr/p/bPNmxi. . 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? \end{array} When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. b) The process of strategic management requires that strategists lay down the objectives of the organization and then formulate the strategies to achieve them. Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. b. mission 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. c. focus on strategy implementation. \text{Gross profit}&\text{357,000}\\ a. each firm is a unique collection of resources and capabilities. Apple's iPod and iPad are examples of Strategic Implementation is defined as "the process by which strategies and policies are put into action through the development of programs, budgets and procedures" (Strategy implementation, 2009, para.1). Retrieved from https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png. What is the Strategic Management process? a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. 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. 3. c. profits that are accrued when a firm earns above-average returns. a. ethical dimensions. $$ b. global competition. d. increasing the profitability of the firm. This is because the organization's role as a taxpayer is most important to ___ as stakeholders. This behavior reflects 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. d. sustainable market niche. How much interest was earned? c. strategy . This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). Learn more about how Pressbooks supports open publishing practices. (Check all that apply.). Strategic flexibility c. the CEO and top managers The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. (D) inclusive. b. all policies and procedures used in functional departments. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. a. all resources have the potential to be the basis of sustainable competitive advantage. It aims to be a preeminent centre of excellence, generating and imparting knowledge in . The invention of the car is an early example of: A company's ability to acquire knowledge is: an important source of competitive advantage in all industries. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. b. host communities. (Check all that apply. The importance of knowledge is increasing. 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. b. an important source of competitive advantage in virtually all industries. Collect and review information to help make the upcoming strategic decisions. c. personal computer It should seek to diversify. According to Hitt, the final responsibility for forming the organization's mission lies with the: A key purpose of a mission statement is to inform___ what a firm is, what it seeks to accomplish, and who it seeks to serve. Managers must adopt a new mind-set that values conditions. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. Firms use both the _____and______models. 1+x1x. The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. c. weak competitors in the industry. All of the following are assumptions of the resource-based model EXCEPT Name two benefits workers take for granted now that did not exist before labor organized. 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. Sound strategies are of no value if they ______. This activity is important because proper use of strategic management techniques . - Formulating an action plan and strategies. is a capacity for a set of resources to perform a task or an activity in an integrative manner. A vision 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. Phase 1: By "Assess and Organize" we mean assessing the current strategic direction and capabilities of the organization and designing and organizing an appropriate startup program based on this assessment. ), a destination that is driven by and evokes passion. Strategic Management - Definition, Process, Steps, Examples Who makes the strategic decisions for most organizations? c. use the strategic management process. The strategic management process is. 1. . b. customers pay the highest sustainable price for the goods and services they receive. b. determining how each functional department of the firm will operate. 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. In the instance, the implementation . Key Elements of Strategic Management | FounderJar Explain your reasoning. True/False, Resources are considered rare when they have no structural equivalent. c. strategy formulation.
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