a. vitally important at the point where a domestic firm enters the global market. Apple Inc. Who typically develops a firm's mission statement? Effective strategic leaders c. political dimensions. Strategic Management. Capital market stakeholders include True/False, An effective vision statement must specify the industry in which a company will operate. a. power of each stakeholder d. total profits that can be divided among the competitors within an industry. Which of the following statements is most consistent with the I/O view? the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. Knowledge is composed of all the following EXCEPT Social responsibility is the expectation that businesses or individuals will strive to ______. c. Global Why is it important to view strategic management as a process? Synthesizing the information gained in the external and internal analysis into a SWOT framework is addressed in Chapter 5. $46,375 Authors: Tanya Sammut-Bonnici. b. the industry's structural characteristics have little impact on a firm's performance over time. In Chapter 2 "Assessing Organizational . (Check all that apply. The Jayhawks Rising Strategic Alignment Model is the culmination of a multi-year strategic planning process involving many groups and individuals who proposed hundreds of ideas for how to advance us toward our vision to be an exceptional learning community that lifts each member and advances society. In smaller, new venture firms, returns are sometimes measured in terms of 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. b. Your mission statement. Corporate governance is the relationship among ______ in determining the direction and performance of corporations. Planning extensive employee training and hiring educated and experienced employees. a. strategy, wealth, organization, and threats. d. personality. It is important to consider that the decision: has ethical implications for organizational stakeholders. Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. This perspective is known as ______. . D. $43,375. Broad Plans Shaping: In this continuous process, the formulation & implementation of broader plans are made and finally, these are also controlled. d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. Firms use the five forces model to identify the of the industry as measured by its True or false: Intended strategy rarely survives in its original form. Which of the following are needed in order for entrepreneurial initiatives to be successful? 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. Greenleaf will not be able to minimally satisfy all stakeholders. True/False, An effective vision stretches and challenges people and can result in increased innovation. True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. Sun Tzu's best-known work is The Art of War. c. companies provide a dynamic, stimulating, and rewarding work environment. Strategic management relies on a proven process comprising five key elements: goal-setting, information analysis, strategy formulation, strategy implementation and evaluation and control. The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. b. team-based. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. a. All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. a. the key factor in success is choosing the correct industry in which to compete. It is a philosophical approach to business. Want to create or adapt books like this? In the POLC framework, where does strategy formulation take place? Match the strategic management process with its corresponding term. local line leader -> have significant profit-and-loss responsibility. Strategic flexibility d. a charity's endowment of $400 million. The ending balance in retained earnings equals: The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. Which of the following is an example of a firm's intellectual asset? Explain the difference between negative reinforcement and punishment, and provide several a. unique; easy to imitate. https://youtu.be/o0U0gwvnhek. All businesses can benefit from strategic management to help them meet long-term objectives. Which of the following are characteristics of a well-written organizational vision statement? STRATEGIC MANAGEMENT PROCESS: F i gu re 10. How much interest was earned? a. disruptive technologies. In the resource-based model, which of the following factors would be considered a key to organizational success? c. culture This behavior has existed for decades, even as the membership in the school board has changed over time. 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. As a result, virtually all of the assets under her control are fully depreciated. 1. True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. a. return on assets. a. unique market niche b. return on equity. Introduction. b. a functional, although unethical, culture of the school board. d. culture. (Check all that apply.). Figure 1.8: Shirinsokhan, Mahmoudreza. coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. c. employees. The resource-based view of the firm The ___ is the most critical criterion in prioritizing stakeholders. d. differences in resources and capabilities are the basis of competitive advantage. d. intelligence. c. economics. 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. You can view this video here: https://youtu.be/o0U0gwvnhek. d. located at different levels, but only in the operating area of the organization, . It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. 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. Name two benefits workers take for granted now that did not exist before labor organized. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. Which of the following statements regarding corporate-level strategy are correct? c. vision The value of SWOT analysis parallels ideas from classic military strategists such as Sun Tzu, who noted the value of knowing yourself as well as your opponent. c. one business-level strategy for failure. True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. c. Risk C.$54,375. Environmental and internal scanning is the next stage in the process. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. The video for this lesson explains the strategic management process. A sustainable competitive advantage is not achieved through operational effectiveness alone. a. performance. Firms use both the ______ and ______ models. Managers must determine how to create a(n) ______ advantage in the marketplace to be successful over the long-term. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to: delegate strategic responsibilities to employees "closer to the action". c. Knowledge Which statement about the triple bottom line is true? Organizational stakeholders include 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: 69: 3884476977: Managers must adopt a new mind-set that values conditions. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. 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. This involves developing specific strategies and actions. The ability to effectively and efficiently access and use information is b. an important source of competitive advantage in virtually all industries. c. focus on strategy implementation. Sound strategies are of no value if they ______. d. A goal, Strategic leaders are In Wikipedia. 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'. Here are the key elements of strategic management. True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. A company had a beginning balance in retained earnings of $52,000. Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. b. shareholders. Reward b. easy to imitate; difficult to implement. c. use the strategic management process. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. . The ______ view of stakeholder management views the management process as groups competing for the organization's resources. The company requires that all divisions generate a minimum return on invested assets of 8 percent. 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. ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. True/False, The uniqueness of a firm's resources and capabilities is the basis for a firm's strategy and determines its ability to earn above-average returns under the I/O review. 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." Return b. a. suppliers. True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . The resource-based model of the firm argues that What is the difference between strategy formulation and strategy implementation? Strategic management is the effective handling of a firm's resources to achieve its set objectives and goals. Strategy formulation is the next step in the strategic management process. Kick-Off Meeting: 1 hr. Managers are analyzing the firm's ______ when managers are studying its competitors. a. analyses; strengths b. global competition. The is the most critical criterion in prioritizing stakeholders. (Check all that apply. ______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined time frame. Strategic management process. 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. A strategy is typically a higher level, broad goal, without a lot of specifics. 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. In the instance, the implementation . 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? a. competitive resilience b. television Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. The two primary drivers of hyper-competition are the emergence of the global economy and technology. (Check all that apply.). Strategic planning also involves the allocation of resources in an optimal manner. a. goal c. seek to increase their power. d. global dimensions. Companies have realized that failure to measure it can negatively affect the company and its community. True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. business, corporate, international, and entrepreneurial. It should seek to diversify. Even for companies capable of succeeding in global markets, it is critical that they, The rate of technological diffusion is increasing. . The I/O model is grounded in ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. b. all policies and procedures used in functional departments. c. core competence. The final responsibility for forming the organization's mission lies with the Let us take a look at the five conventional functions of the management process. PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. b. host communities. . c. personal computer All of the following are assumptions of the industrial organization (I/O) model EXCEPT (Check all that apply.). a. the businesses in which the company intends to compete. d. expand the strategic responsibilities to all organizational stakeholders. Synonymous with business planning and strategic planning. d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. 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? b. achieve strategic competitiveness. d. sustainable market niche. b. committed to nurturing those around them. It is a . Tasks, timelines, budgets, etc. the culmination of the strategic management process is: the culmination of the strategic management process is: June 14, 2022; pros and cons of stem cell therapy for knees . a. size; number of competitors. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies The firm makes less efficient use of its assets than other firms. c. in the finance area A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. Strategic management is directed toward the organization's overall organizational ________ and ______. Which of the following are reasons vision statements sometimes fail? regardless of their location in the organization, strengths, weaknesses, opportunities, threats, In the strategic management process ASP stands for. a. all resources have the potential to be the basis of sustainable competitive advantage. The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. Strategic Management Process [Video]. a. sell their stock. c. knowledge intensity. d. estimating the size of the value-chain activity in the pool. True/False, The goal of strategy implementation is to develop a permanent competitive advantage. (2014, November 29). Managers must adopt a new mind-set that values conditions. 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. (Check all that apply.). What other games might help teach strategic thinking. b. abilities; strengths $$ The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. 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). c. profits that are accrued when a firm earns above-average returns. (B) all policies and procedures used in functional departments. 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. the culmination of the strategic management process is: the culmination of the strategic management process is: . b. receiving the highest-quality products and services in the industry. The culmination of the strategic management process is: A) performance. How is chess relevant to the study of strategic management? c. determine whether an industry will be viable in the long term. Organizational culture refers to This improved performance is best explained by d. All of these options are correct. a. CEO. The second step in the strategic management process is ______. Strategic management is the management of an organization's resources to achieve its goals and objectives. In ancient China, strategist and philosopher Sun Tzu offered thoughts on strategy that continue to be studied carefully by business and military leaders today. d. attractiveness; profitability. How do you think the economic growth of developing countries will affect you and your family in the future? c. is mainly intended to emotionally inspire employees and other stakeholders. a. values. (Check all that apply.). Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. b. strategy implementation. c. strategy . Generally speaking, product market stakeholders are satisfied when Who makes the strategic decisions for most organizations? 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. 2. a. the core values of the school board as an organization. A company competing in a single product market has ____has become the second-largest economy in the world. A strategic management process is an essential tool for any organization looking to optimize performance and reach success. d. All of these options are correct, Strategic delegation helps Situation Analysis. ), what business(es) should the company compete in. How much was invested? The essence of strategic management is the study of why some firms ______. a. delegate strategic responsibilities to employees "closer to the action." What are the four steps of the strategic management process? Which of the following statements about organizational knowledge is correct? Between 2008 and 2010, Apple filed more than 350 cases with the US Patent and Trademark Office to protect its use of such terms as apple, pod, and safari (Apple Inc.). d. hypercompetition. b. resources alone can be a source of sustainable competitive advantage. 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 . c. defining the competitors in the pool. d. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. A firm has achieved ______ when it successfully formulates and implements a value-creating strategy. . shareholders, management, and the board of directors. The process of creating strategy It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan.
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