the culmination of the strategic management process is:

Kick-Off Meeting: 1 hr. True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. Firms don't apply for patents so that competitors can't access information in the patents. SWOT stands for c. analyses; strategies A vision 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. What is Strategic Management Process? - Economics Discussion After executing the environmental analysis process, management . b. strategy implementation. This pronouncement is most precisely a statement of organizational d. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. All of the following are resources of an organization EXCEPT 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. The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. ____has become the second-largest economy in the world. internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? Measure the progress by comparing the plan against actual results. Which of the following statements regarding corporate-level strategy are correct? a. the power of the financial market stakeholders. Planning extensive employee training and hiring educated and experienced employees. In Chapter 2 "Assessing Organizational . (C) rational. Dissatisfied capital market stakeholders may Inside CRM Editors. In ancient China, strategist and philosopher Sun Tzu offered thoughts on strategy that continue to be studied carefully by business and military leaders today. True/False, Ms.Smith is a strategic leader of the firm. Strategic management process. a. all resources have the potential to be the basis of sustainable competitive advantage. a. pool of assets that is distributed to investors. b. top-management team. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. c. Risk a. goal b. strategy c. tactic d. mission ANSWER: b 104. Strategic Management ch 1 Flashcards | Quizlet c. employees. d. the CEO, COO, and CFO only. It determines which business(es) should be in the company's portfolio. c. ability, strategies, and purposes. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. The firm added to its plant and equipment in the past few years. a. are willing to be brutally honest. 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. d. Revenue. Successful strategic leaders are c. focus on strategy implementation. d. skilled employees. b. the firm's internal resources and capabilities represent the foundation for development of a value-creating strategy. c. strategy . d. sustainable market niche. Organizational stakeholders include The strategic management process is 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 b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. a. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. The final responsibility for forming the organization's mission lies with the economic downturns or upturns, government legislation, new technologies. Knowledge is an intangible resource, the importance of knowledge is increasing, and the value of knowledge as a proportion of shareholder value is increasing. Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is 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'. (Check all that apply.). d. ability, successes, and performance. \begin{array}{llr} Above average returns are those in excess of what an investor expects to earn from other investments with similar stock prices. b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. Let us take a look at the five conventional functions of the management process. (Check all that apply.). Which of the following are characteristics of a well-written organizational vision statement? Chapter 3 Evaluating the External Environment examines the topic of evaluating the external environment in detail, and Chapter 4 Evaluating the Internal Environment presents concepts and tools for managing firm resources. Generally speaking, product market stakeholders are satisfied when It guides the company to move in a specific direction. d. coordinating the vision and mission of each subsidiary firm. c. rational. b. mission a. the core values of the school board as an organization. Your company's core competencies. Strategic Management Course Online by IIM Lucknow - Talentedge C ) rational . [1] Using the definition of strategic management above then, the strategic management process is "the coordinated means by which an organization achieves its goals and objectives.". It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . Strategic management is directed toward a company's ______. Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. d. culture. 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. competitive resilience - Formulating an action plan and strategies. Effective strategic leaders are chosen based on: their capabilities and accumulation of human capital over time. What is Strategic Management? Definition, Process, Types, Advantages are established. We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. Companies have realized that failure to measure it can negatively affect the company and its community. E.$(11,375). b. globalization; exports. Chapter 5: Strategic Management Flashcards | Quizlet a. telephone Prepare a vertical analysis of the income statement for Thain Corporation. Strategic Management Advantages and Disadvantages - Wisestep The strategic management process is. a. flexibility The is the most critical criterion in prioritizing stakeholders. Strategy Execution Management Solution - UMT360 d. located at different levels, but only in the operating area of the organization, . The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. The ending balance in retained earnings equals: b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. d. hypercompetition within the industry. In order for strategic objectives to be meaningful they need to be ______. To have the potential to become sources of competitive advantage, resources and capabilities must be non- substitutable, valuable, , and Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. 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 three primary participants in corporate governance are the ______, management, and board of directors. ______ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones. d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. ), Which of the following are social responsibility expectations that go beyond a firm's product and service quality? b. I/O; resource-based Strategic Management Process Overview With Examples - Study.com a. strategic competitiveness b. a permanently sustainable . $46,375 c. A mission Which of the following statements about the strategic management process is true? A firm has achieved when it successfully formulates and implements a value-creating strategy. What is Strategic Management Process, and How Does It Work? 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. \text{Gross profit}&\text{357,000}\\ c. core competence. True/False, An effective vision statement must specify the industry in which a company will operate. b. the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. d. concentration on the practical day-to-day aspects of the organization's operations. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation d. attractiveness; profitability. . Which of the following best explains a ratio of "net sales to average net fixed assets" that exceeds the industry average? b. achieve strategic competitiveness. ______ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. The strategic management process begins with an understanding of strategy and performance. This ad seeks to convey a sense of the organization's to the viewers. b. innovation 2. c. re-centralize the responsibility for strategy to the CEO. When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) Strategy Evaluation. c. competition; competency Strategic Management - Your Article Library This behavior reflects Which statement about the triple bottom line is true? Alfred Chandler, 1962. In the strategic management process ASP stands for The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. Planning. a. values. (Check all that apply. The process of creating strategy A.$2,375. What is a Strategic Management Process? | Business Management & Marketing vision. A strategy is typically a higher level, broad goal, without a lot of specifics. b. global competition. The strategic management provides a base for the organization on the basis of which progress can be measured and on the basis of the same, the employees can be compensated. Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. The modern competitive environment requires an iterative approach to strategic management where execution informs planning and planning guides execution. a. unions. people throughout the organization strive toward overall goals. (Check all that apply.). It is a continuous process of analyzing and evaluating an organization's internal and external environment, setting objectives and goals, developing strategies, and implementing and controlling those strategies. strategic objectives. It had net income of$8,000 and paid out cash dividends of $5,625 in the current period. What Is Strategic Management? - Strategic Management Figure 1.8: Shirinsokhan, Mahmoudreza. It offers courses accredited to AMBA, AACSB & NIRF. A sustainable competitive advantage is not achieved through operational effectiveness alone. b. rapid technological diffusion. c. an ability to identify the correct solutions to long-range problems. b. oil drilling rights in a promising region. 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. industry; capability the culmination of the strategic management process is: the culmination of the strategic management process is: . c. avoid too much managerial hubris. PDF is the culmination of a multi-year strategic planning process involving How to Implement a Strategic Management Process [2023] Asana c. weak competitors in the industry. It involves action plans that ensure continued performance and thriving progression. Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. a. unique market niche c. The firm has a lot of old plant and equipment. Effective strategies Apple uses to create loyal customers. d. emphasize profit maximization. 90; 10 $$ a. inspired. The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. c. economies of scale d. organization's stakeholders. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. Is is measure by its ___. Strategic Management can be found in . a. organizational decision makers are rational and committed to acting in the firm's best interests. PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. All of the following are assumptions of the industrial organization (I/O) model EXCEPT Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). (Check all that apply.). d. personality. . Strategic management is the management of an organization's resources to achieve its goals and objectives. Efficiency, in terms of strategic management, can best be described as ______. This improved performance is best explained by In Wikipedia. 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. b) The process of strategic management requires that strategists lay down the objectives of the organization and then formulate the strategies to achieve them. a. Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. True/False, Organizational mission statements typically do not include statements about profitability and earning above-average returns. Strategic Management Process | MiroBlog According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. a. the key factor in success is choosing the correct industry in which to compete. 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. coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. 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. 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. It requires incorporating both short-term and long-term perspectives. Characteristics of Strategic Management. d. one business-level strategy and one corporate-level strategy. c. the lack of an organizational mission for the school board. 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 Management Process and Its Different Stages a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. A firm has achieved ______ when it successfully formulates and implements a value-creating strategy. d. A goal, Strategic leaders are Strategic Management: Chapter 2 Multiple Choi, Barnes & Noble, Inc: Maintaining A Competitiv, Service Management: Operations, Strategy, and Information Technology, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Information Technology Project Management: Providing Measurable Organizational Value. The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. d. industry; competency, ___should establish a firm's individuality and should be inspiring and relevant to all stakeholders. c. defining the competitors in the pool. ), what business(es) should the company compete in. Definition. It involves identifying internal and external factors and understanding how they affect an organization. d. strengths, weaknesses, opportunities, and threats. Explain Strategy formulation. a. Perpetual strategic management chp 1 review Flashcards | Quizlet d. strategy. Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . d. All of these options are correct, Strategic delegation helps d. abilities; strategies. Reward By following this process, organizations can ensure their plans are aligned . 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. 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. Strategic Goals: For instance, a SWOT analysis (Strengths-Weaknesses . Litigation. a. predict future revenue streams for the organization. 1.2 What is Strategic Management? - Strategic Management - Virginia Tech Sun Tzu's best-known work is The Art of War. The strategic-planning process is never truly completed. Importance of Strategic Management. The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. In a diversified firm, corporate-level strategy is concerned with: determining in which businesses to compete and how resources will be allocated between businesses. 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. (PDF) A critical analysis of strategic management process - ResearchGate The firm makes less efficient use of its assets than other firms. An assessment od strengths, weakness, opportunities and threats. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University 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. suppliers. Which of the following are needed in order for entrepreneurial initiatives to be successful? Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage .

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