areas, are relatively rare. Why is it important to view strategic management as a process? Which of the following are true of behavioral controls? d. is developed by a firm before the firm develops its vision. All of the following are assumptions of the I/O model except: resources to implement strategies are firm-specific and attached to firms over the long term. Return (Remember to type only one word in the blank.). b. a. located only at the executive level. The resource-based model of the firm argues that What is the Strategic Management process? Strategic management process has following four steps: Environmental Scanning-Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. Strategic management of an organization entails which of the following ongoing processes? c. Knowledge The two opposing ways of examining stakeholder management are called ______ and ______. 1. The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. b. globalization; exports. 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. Managers are analyzing the firm's ______ when managers are studying its competitors. b. strategy implementation. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. (Check all that apply.). c. avoid too much managerial hubris. c. strength, wealth, organization, and taxes. A Deeper Dive into the Strategic Management Process. It involves action plans that ensure continued performance and thriving progression. d. organization's stakeholders. b. achieve strategic competitiveness. Strategy Evaluation. 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. 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. Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. d. the firm's chief executive officer, A prominent national accounting firm runs television advertisements showing an accountant working alone late in the office on a client's project, while clenching a long-stemmed rose in his teeth and grinning ecstatically. Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. Meaning of Strategic Management. A firm's vision, mission, and strategic objectives are used to develop specific goals, which form the basis for its ______. (. d. The firm uses straight-line depreciation. ), what business(es) should the company compete in. Efficiency, in terms of strategic management, can best be described as ______. Analysis of the industry's profit pool enables strategic managers to Which of the following best explains a ratio of "net sales to average net fixed assets" that exceeds the industry average? b. mission. b. resources alone can be a source of sustainable competitive advantage. b. A capability c. the CEO, COO, and CFO only. Owner/CEO, Strategy Director. 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. d. Revenue. a. the key factor in success is choosing the correct industry in which to compete. b. a. culture 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. incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? a. Perpetual The mission of IIM Lucknow is to improve management systems with regard to business, industry and public services through pursuit of excellence in management education, research, consultancy and training. The ending balance in retained earnings equals: a. unique; easy to imitate. Overall, strategic management is an important part of an organization's development and overall performance. d. attractiveness; profitability. (Check all that apply. Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. 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. \text{Cost of goods sold}&\text{493,000}\\ 1. 60; 40 It is a . a. vitally important at the point where a domestic firm enters the global market. The strategic management process is. ), a destination that is driven by and evokes passion. symbiosis; zero sum. b. the complex set of ideologies, symbols, and core values that are shared throughout the firm. a. power of each stakeholder c. focus on strategy implementation. C.$54,375. Generally speaking, product market stakeholders are satisfied when YouTube. 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? Your company's core competencies. 3. In strategic management, effectiveness can best be described as ______. c. speed a. strategic mission. 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. b. one business-level strategy. a. unions. b. analyses, strategies, and performance. Continuous learning Retrieved from https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png. The profit pool is the b. tighten loan covenants. The video for this lesson explains the strategic management process. 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? b. shareholders. (Check all that apply.). 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. Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization. b. (Check all that apply.). Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. d. easy to implement; unique. c. core competence. 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 . Which of the following state the goals and intentions that help define a firm's competitive advantage? a. suppliers. The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. c. the lack of an organizational mission for the school board. It involves identifying internal and external factors and understanding how they affect an organization. It should seek to diversify. a. industry; capability c. A mission a. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. A sustainable competitive advantage is not achieved through operational effectiveness alone. It is a philosophical approach to business. As a result, virtually all of the assets under her control are fully depreciated. Return b. During the analysis step of the strategic management process managers are concerned with the company's ______. c. obtaining reliable products at the lowest possible price. b. total profits earned in an industry along all points of the value chain. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the competitors and take necessary . How do you think the economic growth of developing countries will affect you and your family in the future? A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". strategic objectives. True/False, Ms.Smith is a strategic leader of the firm. The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. - Formulating an action plan and strategies. 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. d. unions, Organizational stakeholders are usually satisfied when d. All of these options are correct. See the examples before. Your long-term goals and/or BHAGs. Consequently, how managers understand and interpret the performance of their firms is often central to understanding strategy. The five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. Greenleaf Property Management has been earning below-average returns for the last three years. All of the following are resources of an organization EXCEPT c. strategy formulation. 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. local line leader -> have significant profit-and-loss responsibility. . Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. Situation Analysis. 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. 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. Managers execute or implement their decisions as ______ in the third step of the strategic management process. are established. d. hypercompetition within the industry. a. committed to helping the firm create value for all stakeholder groups. Pearce and Robinson, 1988. Performance of the firm is most directly attributable to c. vision Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is d. companies are paying the highest prices to suppliers, Product market stakeholders include Chapter Layout for Strategic Management. CC BY-SA 4.0. Chapter 10 Executing Strategy through Organizational Design offers ideas on how to manage these elements of implementation. - Evaluating efficiency and effectiveness . Strategic management is the management of an organization's resources to achieve its goals and objectives. Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage. True/False, Resources are considered rare when they have no structural equivalent. The company requires that all divisions generate a minimum return on invested assets of 8 percent. a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. - Resource analysis to select workforce and assign suitable tasks. Reward c. Risk d. Revenue ANSWER: c 105. coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. Even for companies capable of succeeding in global markets, it is critical that they, The rate of technological diffusion is increasing. In the POLC framework, where does strategy formulation take place? Synthesizing the information gained in the external and internal analysis into a SWOT framework is addressed in Chapter 5. b. a firm's profit margin yields an above-average return to its capital market stakeholders. Name two benefits workers take for granted now that did not exist before labor organized. True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . Explain your reasoning. 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. I/O; resource-based ), Which of the following are examples of business-level strategies? New markets created by iPods, PDAs, and Wi-Fi are a result of d. in the operations area. It offers courses accredited to AMBA, AACSB & NIRF. a. ambiguous decision situations which make effective decisions difficult to determine. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. The second step in the strategic management process is ______. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. a. delegate strategic responsibilities to employees "closer to the action." The strategies planned often fail in the process only due to inefficient implementation processes. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. Effective strategic leaders A firm's hierarchy of goals include its ______. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. (Check all that apply.). 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 set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies.
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