c. the firm's actions to exploit its competitive advantage over rivals. b. executives control strategy implementation. (Check all that apply.). Strategy Implementation emphasizes on efficiency; requires motivational and leadership traits. ), Which of the following must a firm's strategy be consistent with? c. employees. A sustainable competitive advantage is not achieved through operational effectiveness alone. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. 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. b. committed to nurturing those around them. Strategic Management Process - Your Article Library b. psychology. The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. c. analyses; strategies . Managers execute or implement their decisions as ______ in the third step of the strategic management process. c. avoid too much managerial hubris. ______ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones. Strategic Management & Strategic Planning Process a. major suppliers of capital 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. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies b. regardless of their location in the organization All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. Greenleaf will not be able to minimally satisfy all stakeholders. a. pool of assets that is distributed to investors. A strategic management process is an essential tool for any organization looking to optimize performance and reach success. Ideally, you already have some goal materials in place, including: Your vision statement. $46,375 Managers are analyzing the firm's ______ when managers are studying its competitors. 1. The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. d. 20; 36. (Check all that apply. Figure 1.7: Kindred Grey (2020). In this latter case, performance is the result of a rare event that is itself the culmination of a long and ongoing process of daily . a. the power of the financial market stakeholders. The economic interdependence among countries is reflected in the flow of goods, services, financial capital, and knowledge across country borders is defined as: higher performance standards including quality and cost. a. vision a. strategic competitiveness b. a permanently sustainable . (2014, November 29). Definition, Examples and Features of Strategic Management The first step in the strategic management process is to evaluate where you're going, and why. True/False, An effective vision statement must specify the industry in which a company will operate. (Check all that apply.). 1+x1x. (Check all that apply.). c. A mission To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. All businesses can benefit from strategic management to help them meet long-term objectives. This improved performance is best explained by: Research shows that approximately ___ percent of a firm's profitability is explained by the industry in which it competes, whereas ___ percent is explained by the firm's characteristics and actions. How to develop a strategic management process. A.$2,375. Strategic Management Process Steps, Components & Examples True/False, The CEO must encourage ambidextrous learning, absorbing new information, and building incremental knowledge in order to make the firm strategically flexible. Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. (Check all that apply.). a. the key factor in success is choosing the correct industry in which to compete. Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. d. estimating the size of the value-chain activity in the pool. They involve balancing culture and boundaries or constraints. - Resource analysis to select workforce and assign suitable tasks. C.$54,375. In order to cope with hyper competition, firms need to develop ___ through continuous learning. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. 1.4 The History of Strategic Management the culmination of the strategic management process is: the culmination of the strategic management process is: . Continuous learning a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. d. strategy. In smaller, new venture firms, returns are sometimes measured in terms of This is because the organization's role as a taxpayer is most important to ___ as stakeholders. During the analysis step of the strategic management process managers are concerned with the company's ______. Which of the following statements is most consistent with the I/O view? Firms don't apply for patents so that competitors can't access information in the patents. What is the difference between strategy formulation and strategy implementation? c. what people do when no one else is looking. The essence of strategic management is the study of why some firms ______. To implement a strong strategy effectively, an experienced . d. All of these options are correct. Chapter 01 Strategic Management and Competitiveness a. industry competitors. a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. The resource-based view of the firm Solved The strategic management process has five steps: | Chegg.com Strategic Management can be found in . d. Revenue. True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . What are the four levels of a company's strategy formulation? In Chapter 6 Selecting Business-Level Strategies, we discuss how selecting business-level strategies helps to provide firms with a recipe that can be followed that will increase the likelihood that their strategies will be successful. 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. The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. Return b. d. Organizational intelligence. Income statement information for Thain Corporation is provided below. In ancient China, strategist and philosopher Sun Tzu offered thoughts on strategy that continue to be studied carefully by business and military leaders today. The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. a. telephone b. I/O; resource-based b. ______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined time frame. The strategic management process is essentially a set of steps a leader can use to help achieve better business outcomes. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . How is chess relevant to the study of strategic management? . b. weak competition True/False, Examples of incremental innovations include iPods, PDAs, WiFi, and web browser software. (Check all that apply. The firm makes less efficient use of its assets than other firms. b. the resource-based model. a. suppliers. A business-level strategy describes d. personality. 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.). c. strategy . Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. b. rapid technological diffusion. Capital market stakeholders include economic downturns or upturns, government legislation, new technologies. A firm has achieved ______ when it successfully formulates and implements a value-creating strategy. In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. c. Risk 1. Strategic Management Process [Video]. Sound strategies are of no value if they ______. Which of the following is an example of a firm's intellectual asset? Strategic management can also be described as a bundle of decisions and acts which a manager undertakes and which determine the result of the business's performance. b. only top managers Study with Quizlet and memorize flashcards containing terms like . b. abilities; strengths Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. 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. d. a firm's resources, intent, and mission. b. television The strategies planned often fail in the process only due to inefficient implementation processes. Corporate governance is the relationship among ______ in determining the direction and performance of corporations. incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. The steps in the strategic management process include the seven - the development of vision and mission, external and internal environment analysis, establishing long-term objectives, generating, evaluating, and selecting strategies, implementation, and strategy evaluation and control. This pronouncement is most precisely a statement of organizational one business-level strategy and one corporate-level strategy. It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . Generally speaking, product market stakeholders are satisfied when Chess CC BY-NC 2.0. (Check all that apply.). a. inspired. The culmination of the strategic management process is: A) performance. (Remember to type only one word in the blank.). successfully than does the competitor environment. a. ambiguous decision situations which make effective decisions difficult to determine. c. vision Companies have realized that failure to measure it can negatively affect the company and its community. d. focus on innovation. Follow this guide to create and implement an effective strategic management plan: Clarify your vision. Your mission statement. The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. It is long-term in nature. d. a charity's endowment of $400 million. What is Strategic Management? Definition, Process, Types, Advantages The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. Key Elements of Strategic Management | FounderJar a. Perpetual Solved The strategic management process begins with | Chegg.com b. success, weakness, opportunities, and taxes. Strategic management involves setting objectives, analyzing the competitive environment . The culmination of the strategic management process is A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. This activity is important because proper use of strategic management techniques . Efficiency, in terms of strategic management, can best be described as ______. (Check all that apply.). b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. a. the social energy that drives, or fails to drive, the organization. Consistent failure to achieve this minimum target is grounds for the dismissal of a division manager. The steps for identifying the profit pools in an industry include all of the following EXCEPT the key factor in success is choosing the correct industry in which to compete. A strategy strategic management chp 1 review Flashcards | Quizlet b. shareholders. The strategic-planning process is never truly completed. D) analysis. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. c. the interests of the firm's organizational stakeholders have been maximized. c. rare; costly to imitate. The ending balance in retained earnings equals: A firm's vision, mission, and strategic objectives form a hierarchy of . When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. The process of strategic management sometimes encompasses the formulation of important policies. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. The is the most critical criterion in prioritizing stakeholders. Strategy execution management is the evolution of traditional project delivery. What strategic management process? | Egyptian Culture Center Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. 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. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. a. culture The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. are established. d. is developed by a firm before the firm develops its vision. . A firm's hierarchy of goals include its ______. Consequently, how managers understand and interpret the performance of their firms is often central to understanding strategy. the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. d. intelligence. Strategic management process has following four steps: Environmental Scanning-Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. The ___ is the most critical criterion in prioritizing stakeholders. New markets created by iPods, PDAs, and WiFi are a result of: Henry Ford once said, "If I had asked people what they wanted, they would have said faster horses." d. The firm uses straight-line depreciation. Explain Strategy formulation. Owner/CEO, Strategy Leader. b. estimating the overall size of the pool. What Is Strategic Management? - Strategic Management Is is measure by its ___. What is Strategic Management? definition, process and importance Here are the key elements of strategic management. The two primary drivers of hyper-competition are the emergence of the global economy and technology. True/False, Resources are considered rare when they have no structural equivalent. Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). Strategic Management Chapter 1 Flashcards | Quizlet (Check all that apply.). (Check all that apply.). B. c. personal computer b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. d. attractiveness; profitability. Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? 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.). b. the industry's structural characteristics have little impact on a firm's performance over time. Strategic Management. b. globalization; exports. a. the core values of the school board as an organization. 1x1+x\frac{1\ -\ \sqrt{x}}{1\ +\ \sqrt{x}} 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. For instance, a SWOT analysis (Strengths-Weaknesses . A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. c. information. Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. 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. Reward c. the profitability of the industry in which the firm competes. b. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. Reflects what a firm is doing to achieve its mission and vision as seen by its achievement of specific goals & objectives.