a. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. b. receiving the highest-quality products and services in the industry. 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? Strategic ch. 1 Flashcards | Quizlet a. unique market niche 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. c. speed a. competitive resilience a. are willing to be brutally honest. A vision statement can lead to missed opportunities when it ______. a. flexibility b. innovation c. speed d. All of these options are correct. b. urgency of satisfying each stakeholder Which of the following statements regarding strategic management is true? b. I/O; resource-based In order for strategic objectives to be meaningful they need to be ______. Which of the following statements about organizational knowledge is correct? emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. 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. a. industry; capability The Princeton Alliance Church states in its website that "PAC exists to help you live life to the fullest by knowing God, developing community and bringing hope." The strategic management process is It should seek to diversify. (Check all that apply.). ), Which of the following are social responsibility expectations that go beyond a firm's product and service quality? c. the lack of an organizational mission for the school board. How to develop a strategic management process. c. personal computer symbiosis; zero sum. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. Chapter 10 Executing Strategy through Organizational Design offers ideas on how to manage these elements of implementation. What Is Strategic Management and Why Is It Important? Strategic Management Process - STRATEGIC MANAGEMENT PROCESS Strategic True/False, Ms.Smith is a strategic leader of the firm. Use the simple interest formula method. 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. This perspective is known as ______. Generally speaking, product market stakeholders are satisfied when b. argues that the industry environment has a stronger influence on firms' ability to implement strategies According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. (Check all that apply. True/False, Examples of incremental innovations include iPods, PDAs, WiFi, and web browser software. The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. Solved The strategic management process begins with | Chegg.com It requires incorporating both short-term and long-term perspectives. Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. 1.6 Understanding the Strategic Management Process internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? In situation analysis, organizations must scan and evaluate the organization's performance, corporate strategies, and internal and external . c. one business-level strategy for failure. a. all resources have the potential to be the basis of sustainable competitive advantage. Pearce and Robinson, 1988. 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. d. increasing the profitability of the firm. The final responsibility for forming the organization's mission lies with the 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. Strategy Evaluation. Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. It is a . Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. 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. The strategic management process is. The strategic management process is more than a set of rules to follow. d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. (Check all that apply. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. It improves the company's problem-solving and prevents capabilities. Alfred Chandler, 1962. How is chess relevant to the study of strategic management? ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. Meaning of Strategic Management. Research shows that approximately___percent of a firm's profitability is explained by the industry in which it competes, whereas c. the I/O model. 3. Definition. d. abilities; strategies. d. products that were not imitated by competitors. Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. c. economies of scale (Check all that apply. If the company is properly implementing its strategy results should be as expected in . Consistent failure to achieve this minimum target is grounds for the dismissal of a division manager. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. d. culture. the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. (D) inclusive. b. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. The Chamber of Commerce of cities and towns often implore citizens to buy from local businesses. d. hypercompetition. examples of each based on your own experiences. Devise a strategy. PDF is the culmination of a multi-year strategic planning process involving d. a charity's endowment of $400 million. b. estimating the overall size of the pool. b. one business-level strategy. This behavior has existed for decades, even as the membership in the school board has changed over time. ______ is performing similar activities better than rivals do. True/False, The five forces model suggests that firms should target the industry with the highest potential for above-average returns and then implement either a cost leadership or diffusion strategy c. vision. d. All of these options are correct. New markets created by iPods, PDAs, and WiFi are a result of: Henry Ford once said, "If I had asked people what they wanted, they would have said faster horses." \text{Cost of goods sold}&\text{493,000}\\ a. suppliers. Benefits and limitations of strategic management True/False, The goal of strategy implementation is to develop a permanent competitive advantage. Managers must take a(n) ______ view of the organization and assess how functional areas and activities fit together so that the organization can achieve its goals and objectives. Strategic Management Chapter 1 Flashcards | Quizlet Strategic leaders, ______, often work long hours, and their work is filled with ambiguous decision situations. The strategic management process is a crucial element of any organization's success. Figure 1.7: Kindred Grey (2020). a. delegate strategic responsibilities to employees "closer to the action." Strategic Management Process and Its Different Stages E.$(11,375). B) strategy implementation. c. defining the competitors in the pool. It is a process that requires a systematic . a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. 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. 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 . 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. one corporate-level strategy. a. vision Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization. In Chapter 7, Innovation Strategies, we present insights on the role innovation plays in strategy development and implementation. In smaller, new venture firms, returns are sometimes measured in terms of 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. each firm is a unique collection of resources and capabilities. b. television the culmination of the strategic management process is: Planning in management is a process of choosing apt goals and actions to pursue, and then determining what strategies to use, what steps to take, and what resources are needed to achieve the goals. .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. A firm's vision, mission, and strategic objectives are used to develop specific goals, which form the basis for its ______. 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). a. industry competitors. business, corporate, international, and entrepreneurial. C) strategy formulation. b. oil drilling rights in a promising region. 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. employees. B the process of strategic management requires that c. strategic power a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. A firm's hierarchy of goals include its ______. . True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. (n.d.). Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. In the POLC framework, where does strategy implementation take place. 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. a. performance. 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. Strategic management is the management of an organization's resources to achieve its goals and objectives. a. pool of assets that is distributed to investors. Overall, strategic management is an important part of an organization's development and overall performance. Strategic Management Flashcards | CourseNotes 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. (B) team-based. The 6 stages of the Strategic Management Process The two primary drivers of hyper-competition are the emergence of the global economy and technology. \begin{array}{llr} During the ______ step in the strategic management process, managers answer two questions: what industries should we compete in and how should we compete in those industries? What are the four levels of a company's strategy formulation? Performance of the firm is most directly attributable to Environmental and internal scanning is the next stage in the process. Why is it important to view strategic management as a process? Strategic management of an organization entails which of the following ongoing processes? Your company's core competencies. d. is developed by a firm before the firm develops its vision. a. telephone incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? It helps in analyzing the internal and external factors influencing an organization. a. the power of the financial market stakeholders. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. The Strategic Management Process Guide - cascade.app The 5-Step Strategic Management Process | Indeed.com b. local dimensions. The resource-based model of the firm argues that To implement a strong strategy effectively, an experienced . determines how organization as a whole supports and enhances the value of the business units w/in it. a. strategic mission. Sue prefers the Red Shuttle because it gets her to the airport in an hour and a half, while the Blue Shuttle takes $80$ minutes. 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. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. Although the first four steps describe the planning that must take place, implementation and evaluation are just as important. Strategic Management - Your Article Library b. psychology. A sustainable competitive advantage is not achieved through operational effectiveness alone. The Strategic Planning Process in 4 Steps | OnStrategy What is Strategic Management? Definition, Process, Types, Advantages . Retrieved from https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png. Corporate governance is the relationship among ______ in determining the direction and performance of corporations. 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. In such a . Culminating events and time working together in top management teams b. all policies and procedures used in functional departments. c. the CEO, COO, and CFO only. As a result, virtually all of the assets under her control are fully depreciated. McDonald's has been able to a. earn above-average returns. True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. b. return on equity. Firms use both the ______ and ______ models. A company had a beginning balance in retained earnings of $52,000. en.wikipedia.org/wiki/Apple_Inc._ litigation, https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109, https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png, Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. b. resources alone can be a source of sustainable competitive advantage. d. estimating the size of the value-chain activity in the pool. a. organizational decision makers are rational and committed to acting in the firm's best interests. Retrieved from https://flic.kr/p/bPNmxi. (Check all that apply.). All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University Owner/CEO, Strategy Director. Who makes the strategic decisions for most organizations? d. the CEO, COO, and CFO only. c. culture (Check all that apply.). The culmination of the strategic management process is b. located in different areas and levels. b. shareholders. 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 . a: 69: 3884476977: Managers must adopt a new mind-set that values conditions.
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