the culmination of the strategic management process is:

c. vision. Managers are analyzing the firm's ______ when managers are studying its competitors. 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 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. 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. Strategic Goals: successfully than does the competitor environment. The importance of knowledge is increasing. It involves identifying internal and external factors and understanding how they affect an organization. The two opposing ways of examining stakeholder management are called ______ and ______. Certainly, part of Apples success is due to the unique products it offers the market, as well as how these products complement one another. The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. (C) rational. Return Strategic planning process is a systematic or emerged way of performing strategic planning in the organization through initial assessment, thorough analysis, strategy formulation, its implementation and evaluation. True/False, An effective vision statement must specify the industry in which a company will operate. D) analysis. d. The firm uses straight-line depreciation. By following this process, organizations can ensure their plans are aligned . a. anthropology. a. insight. Your long-term goals and/or BHAGs. 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. a. delegate strategic responsibilities to employees "closer to the action." The culmination of the strategic management process is: a. performance. d. accounting. a. performance. d. the CEO, COO, and CFO only. d. strengths, weaknesses, opportunities, and threats. True/False, The goal of strategy implementation is to develop a permanent competitive advantage. 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. 97.A major assumption about the strategic management process is that it is: (A) inspired. (Check all that apply. Efficiency, in terms of strategic management, can best be described as ______. the three processes are highly interdependent. 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 . 5. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. b. receiving the highest-quality products and services in the industry. a. d. analysis. Which of the following are characteristics of a well-written organizational vision statement? For instance, a SWOT analysis (Strengths-Weaknesses . McDonald's has been able to a. earn above-average returns. (Check all that apply.). Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. \text{Sales}&\text{\$850,000}\\ $$ 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. Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? This is because the organization's role as a taxpayer is most important to as stakeholders. b. host communities. True/False, The I/O (industrial organization) model assumes that the uniqueness of a firm's resources and capabilities is the main source of above-average returns. Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is: obtaining reliable products at the lowest possible price. vision. c. use the strategic management process. Financial markets often place an emphasis on managers meeting ______ performance goals. b. the resources the firm possesses. d. social value of each stakeholder. It requires incorporating both short-term and long-term perspectives. Synonymous with business planning and strategic planning. 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? In order to cope with hypercompetition, firms need to develop through continuous learning. Consistent failure to achieve this minimum target is grounds for the dismissal of a division manager. . Learn more about how Pressbooks supports open publishing practices. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. The two opposing ways of examining stakeholder management are called ______ and ______. Which of the following state the goals and intentions that help define a firm's competitive advantage? Which statement about the triple bottom line is true? This pronouncement is most precisely a statement of organizational In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. d. hypercompetition. d. estimating the size of the value-chain activity in the pool. _____ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. b. strategic flexibility c. speed Planning Team and Executive Team. ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. b. the resource-based model. . Disruptive Corporate governance is the relationship among ______ in determining the direction and performance of corporations. This is because the organization's role as a taxpayer is most important to ___ as stakeholders. They involve balancing culture and boundaries or constraints. It is important to consider that the decision: has ethical implications for organizational stakeholders. c. companies provide a dynamic, stimulating, and rewarding work environment. In strategic management, effectiveness can best be described as ______. 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. B. d. focus on innovation. . c. employees. Sound strategies are of no value if they ______. Income statement information for Thain Corporation is provided below. b. mission. 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. d. locate the most promising areas of an industry's value chain. Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. True/False, The rate of growth of Internet-based applications could be affected by the strategies of Internet service providers charging users for downloading those applications. (Check all that apply.). c. The value of knowledge as a proportion of shareholder value is increasing. b. achieve strategic competitiveness. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to As a result, virtually all of the assets under her control are fully depreciated. This behavior reflects d. critically important mainly in high technology industries. Social responsibility is the expectation that businesses or individuals will strive to ______. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. 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. (B) all policies and procedures used in functional departments. A strategic management process can help guide the decisions and actions of senior executives within an organisation. a. their return on investment has been maximized. 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. a. inspired. Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage. Strategic management process. c. hypercompetition; technology diffusion. a. an hourly production employee's ability to catch subtle quality defects in products. Knowledge is an intangible resource. Figure 1.8: Shirinsokhan, Mahmoudreza. In order to cope with hyper competition, firms need to develop ___ through continuous learning. c. capabilities are highly mobile across firms. d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. a. It is a philosophical approach to business. 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. Which of the following statements is most consistent with the I/O view? 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. It should seek to diversify. At this stage, your strategy is already in action and you need to measure the effectiveness of the strategy. d. global dimensions. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. (Check all that apply.). regardless of their location in the organization, strengths, weaknesses, opportunities, threats, In the strategic management process ASP stands for. d. competitive dominance. It guides the company to move in a specific direction. The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. The company requires that all divisions generate a minimum return on invested assets of 8 percent. c. the key to earning above-average returns is strategic flexibility. The message of the ad is that this firm's accountants love their work. To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. Performance of a firm is most directly attributable to: the profitable of the industry in which the firm competes, Firms use the five forces model of competition to identify the ___ of the industry. (Check all that apply. For example, intellectual property is a vital resource for Apple. d. Organizational intelligence. It involves action plans that ensure continued performance and thriving progression. 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? It is long-term in nature. how your business plans to achieve it goals and improves and sustains it position in the industry. The profit pool is the (Check all that apply.). Firms use the five forces model to identify the of the industry as measured by its ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. Strategic management requires that ______. The strategic management process is. In ancient China, strategist and philosopher Sun Tzu offered thoughts on strategy that continue to be studied carefully by business and military leaders today. Strategy formulation is the next step in the strategic management process. The Chamber of Commerce of cities and towns often implore citizens to buy from local businesses. c. rational. c. the I/O model. ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. C ) rational . c. the firm's actions to exploit its competitive advantage over rivals. Introduction. [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.". The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. (Check all that apply.). Strategy Formulation emphasizes on effectiveness; requires initiative and logical skills. d. ability, successes, and performance. Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage. 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 management is a process that requires the ability to manage change. d. expand the strategic responsibilities to all organizational stakeholders. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. Measure the progress by comparing the plan against actual results. c. focus on strategy implementation. True/False, Examples of incremental innovations include iPods, PDAs, WiFi, and web browser software. The firm makes less efficient use of its assets than other firms. Which of the following statements regarding corporate-level strategy are correct? Figure 1.7: Kindred Grey (2020). 1. 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. Reward economic downturns or upturns, government legislation, new technologies. In Chapter 7, Innovation Strategies, we present insights on the role innovation plays in strategy development and implementation. (Check all that apply. 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 firm's vision, mission, and strategic objectives form a hierarchy of . d. a firm's resources, intent, and mission. Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n): In the resource-based model, which of the following factors would be considered a key organizational success? The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". a. maximizing the firm's return on investment. Retrieved from https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png. Dissatisfied capital market stakeholders may b. The third step of the strategic management process is the ______ step. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. c. Sustainable competitive advantage What is the Strategic Management process? b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. b. c. The firm has a lot of old plant and equipment. b. d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? Match the strategic management process with its corresponding term. b. estimating the overall size of the pool. Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). Is is measure by its ___. To implement a firm's strategies, the firm takes actions with the goal of achieving strategic competitiveness and above average returns. c. is mainly intended to emotionally inspire employees and other stakeholders. True/False, When the firm earns lower-than-average returns, the highest priority is given to satisfying the needs of capital market stakeholders over the needs of product market and organizational shareholders. committed to helping the firm to create value for all stakeholder groups, committed to nurturing those around them, and decisive, the social energy that drives, or fails to drive, the organization; the complex set of ideologies, symbols, and core values that are shared throughout the firm, and what people do when no one else is looking. Explain your reasoning. Which of the following best explains a ratio of "net sales to average net fixed assets" that exceeds the industry average? Feedback may occur at all times to revise these actions. Greenleaf will not be able to minimally satisfy all stakeholders. It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. What is the Strategic Management process? A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. Your mission statement. c. obtaining reliable products at the lowest possible price.

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