Estimated Duration. B. Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage. 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. A firm's vision, mission, and strategic objectives are used to develop specific goals, which form the basis for its ______. b. committed to nurturing those around them. Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. Your company's core competencies. In the strategic management process ASP stands for (Check all that apply. c. the key to earning above-average returns is strategic flexibility. Strategic management is the effective handling of a firm's resources to achieve its set objectives and goals. True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) Your long-term goals and/or BHAGs. Synonymous with business planning and strategic planning. a. unique; easy to imitate. b. 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 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. True/False, Ms.Smith is a strategic leader of the firm. b. return on equity. a. return on assets. Greenleaf will not be able to minimally satisfy all stakeholders. A major assumption about the strategic management process is that it is - Resource analysis to select workforce and assign suitable tasks. Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. 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. receiving the highest-quality products and services in the industry. c. the profitability of the industry in which the firm competes. d. the amount and speed of growth. 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? The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. Even for companies capable of succeeding in global markets, it is critical that they, The rate of technological diffusion is increasing. A vision It is a process that requires a systematic . When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. Figure 1.7: Kindred Grey (2020). (Check all that apply.). In order to cope with hyper competition, firms need to develop ___ through continuous learning. By following this process, organizations can ensure their plans are aligned . c. the I/O model. Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. 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. 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. a. Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . a. defining the boundaries of the pool. 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.). 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. a. strategic mission. Which of the following best explains a ratio of "net sales to average net fixed assets" that exceeds the industry average? The profit pool is the c. culture innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University C) strategy formulation. c. competition; competency The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. Authors: Tanya Sammut-Bonnici. PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. . At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. The rate of technology diffusion has been steadily increasing over the last two decades. The strategic leader's work is characterized by The strategic management process is. c. hypercompetition; technology diffusion. Which of the following are needed in order for entrepreneurial initiatives to be successful? 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. Tasks, timelines, budgets, etc. c. the minimum required for survival in virtually any industry. Who makes the strategic decisions for most organizations? c. strategy formulation. The ability to effectively and efficiently access and use information is The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. Write the key term that best matches each description. c. re-centralize the responsibility for strategy to the CEO. Sound strategies are of no value if they ______. a. goal 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. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. c. information. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies \text{Cost of goods sold}&\text{493,000}\\ The importance of knowledge is increasing. D) analysis. b. customers pay the highest sustainable price for the goods and services they receive. d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. d. hypercompetition. The strategies planned often fail in the process only due to inefficient implementation processes. Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). a. insight. Which of the following actions by the CEO would be most consistent with this need? 2. (Check all that apply.). The final responsibility for forming the organization's mission lies with the c. economies of scale It requires incorporating both short-term and long-term perspectives. 97.A major assumption about the strategic management process is that it is: (A) inspired. (Check all that apply.). c. Sustainable competitive advantage Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. 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. d. a charity's endowment of $400 million. Generally speaking, product market stakeholders are satisfied when: a firm achieves a balance between profit margins, costs paid to suppliers and prices set for customers, Before liquidating during a bankruptcy, a company will take several actions to try to satisfy its ____ stakeholders. (Check all that apply. b. success, weakness, opportunities, and taxes. Strategic management is directed toward the organization's overall organizational ________ and ______. The is the most critical criterion in prioritizing stakeholders. This behavior reflects Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. c. obtaining reliable products at the lowest possible price. c. capabilities are highly mobile across firms. a. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. organizational versus individual rationality. 5. local line leader -> have significant profit-and-loss responsibility. It involves identifying internal and external factors and understanding how they affect an organization. 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. To simply put, strategy evaluation entails reviewing and appraising the strategy implementation process and measuring organizational performance. c. 36; 20 c. weak competitors in the industry. a. analyses, successes, and purposes. According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. b. the resources the firm possesses. c. vision A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. Capital market stakeholders include b. weak competition Match the type of leader (on the left) with the corresponding description (on the right). c. avoid too much managerial hubris. The steps for identifying the profit pools in an industry include all of the following EXCEPT In order for strategic objectives to be meaningful they need to be ______. d. abilities; strategies. (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. Which statement is true? 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 . To have the potential to become sources of competitive advantage, resources and capabilities must be non- substitutable, valuable, , and The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. a. globalization. ), Which of the following are examples of business-level strategies? b. is an internally focused affirmation of the organization's financial, social, and ethical goals. a. committed to helping the firm create value for all stakeholder groups. Establish your planning team and schedule. Strategic flexibility A strategic management process is an essential tool for any organization looking to optimize performance and reach success. 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 . It is important to emphasize that, primarily because they are related to how a firm interacts with its stakeholders, almost all strategic management process decisions have Generally speaking, product market stakeholders are satisfied when b. television 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. Importance of Strategic Management. Figure 1.8: Shirinsokhan, Mahmoudreza. c. core competence. c. economics. True or false: Intended strategy rarely survives in its original form. d. one business-level strategy and one corporate-level strategy. The strategic management process is a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. Corporate-level strategy focuses on ______. Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? Here are the key elements of strategic management. Pearce and Robinson, 1988. $46,375 ____has become the second-largest economy in the world. We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. a. unions. c. use the strategic management process. Financial markets often place an emphasis on managers meeting ______ performance goals. Corporate governance is the relationship among ______ in determining the direction and performance of corporations. See the examples before. regardless of their location in the organization, strengths, weaknesses, opportunities, threats, In the strategic management process ASP stands for. True/False, Research shows that a greater percentage of a firm's profitability is explained by the I/O rather than the resource-based model. b. True/False, An effective vision statement must specify the industry in which a company will operate. The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. statements, like vision statements, should be massively inspiring to an organization's main stakeholders and include the purpose of the organization, its scope of operations, and the basis of its competitive advantage. Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. examples of each based on your own experiences. The 5 stages of the strategic management process. c. return on sales. Study with Quizlet and memorize flashcards containing terms like . YouTube. a. culture Knowledge is an intangible resource, the importance of knowledge is increasing, and the value of knowledge as a proportion of shareholder value is increasing. How much was invested? d. All of these options are correct. (. The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities.
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