c. information. Your company's core competencies. Successful strategic leaders are (Check all that apply. d. hypercompetition. Generally speaking, product market stakeholders are satisfied when A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. Sun Tzu's best-known work is The Art of War. The process of strategic management sometimes encompasses the formulation of important policies. a. committed to helping the firm create value for all stakeholder groups. A firm's vision, mission, and strategic objectives are used to develop specific goals, which form the basis for its ______. Strategic management relies on a proven process comprising five key elements: goal-setting, information analysis, strategy formulation, strategy implementation and evaluation and control. a. performance. Broad Plans Shaping: In this continuous process, the formulation & implementation of broader plans are made and finally, these are also controlled. What is the difference between strategy formulation and strategy implementation? 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. Strategic Goals: Which of the following are characteristics of a well-written organizational vision statement? Chapter 10 Executing Strategy through Organizational Design offers ideas on how to manage these elements of implementation. Which of the following statements is most consistent with the I/O view? a. operating each individual business under the corporate umbrella. a. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. d. a firm's resources, intent, and mission. a. only the CEO 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? Make Better business decisions: It is important to understand the difference between a great idea and a good idea. . Learn more about how Pressbooks supports open publishing practices. c. the CEO and top managers Effective strategic leaders c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. the three processes are highly interdependent. The ability to effectively and efficiently access and use information is b. executives control strategy implementation. How to develop a strategic management process. ______ is performing similar activities better than rivals do. 1.3 Intended, Emergent, and Realized Strategies, 1.5 Contemporary Critique of Strategic Management, 1.6 Understanding the Strategic Management Process, 3.2 The Relationship between an Organization and its Environment, 4.4 Intellectual Property & Isolating Mechanisms, 6.2 Understanding Business-Level Strategy through "Generic Strategies", 6.5 Focused Cost Leadership and Focused Differentation, 7.6 Responding to Innovation in the Market, 8.6 Portfolio Planning and Corporate-Level Strategy, 9.2 Advantages and Disadvantages of Competing in International Markets, 9.5 Drivers of Success and Failure When Competing in International Markets, 9.6 Options for Competing in International Markets, 10.3 The Basic Building Blocks of Organizational Structure, 10.4 Creating an Organizational Structure, 10.5 Creating Organizational Control Systems, 11.4 Corporate Ethics and Social Responsibility, 11.5 Contemporary Questions of Corporate Ethics. Firms don't apply for patents so that competitors can't access information in the patents. a. delegate strategic responsibilities to employees "closer to the action." Planning. b. weak competition Strategic management is a process that requires the ability to manage change wherein executives must be cautious to monitor and to interpret the events in their environment as well taking appropriate actions to ensure that their firm to survive and thrive over time. Consistent failure to achieve this minimum target is grounds for the dismissal of a division manager. d. strengths, weaknesses, opportunities, and threats. _________ strategy is a combination of deliberate and emergent strategies. d. All of these options are correct, Strategic delegation helps c. determine whether an industry will be viable in the long term. All of the following are resources of an organization EXCEPT A firm's vision, mission, and strategic objectives form a hierarchy of . successfully than does the competitor environment. The strategic leader's work is characterized by c. an ability to identify the correct solutions to long-range problems. 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 . c. employees. c. avoid too much managerial hubris. A company had a beginning balance in retained earnings of $52,000. 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. critically important mainly in high technology industries. the key factor in success is choosing the correct industry in which to compete. (Check all that apply.). c. Knowledge Write the key term that best matches each description. All businesses can benefit from strategic management to help them meet long-term objectives. c. in the finance area True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? (Check all that apply.). - Executing plans and strategies. A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. As a result, virtually all of the assets under her control are fully depreciated. d. a school board lacking in core competencies. Capital market stakeholders include . b. Readiness assessment. The resource-based model of the firm argues that b. easy to imitate; difficult to implement. . d. Organizational intelligence. d. Revenue. True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies The process hinges on the philosophical approach that if a leader "thinks . 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. a. insight. Synonymous with business planning and strategic planning. Who typically develops a firm's mission statement? The importance of knowledge is increasing. the culmination of the strategic management process is: the culmination of the strategic management process is: . a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. Inside CRM Editors. c. ability, strategies, and purposes. (Check all that apply.). It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. Strategic leaders, ______, often work long hours, and their work is filled with ambiguous decision situations. c. competition; competency 1x1+x\frac{1\ -\ \sqrt{x}}{1\ +\ \sqrt{x}} The two opposing ways of examining stakeholder management are called ______ and ______. In a diversified firm, corporate-level strategy is concerned with: determining in which businesses to compete and how resources will be allocated between businesses. The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. d. coordinating the vision and mission of each subsidiary firm. ______ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones. a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. Which of the following best explains a ratio of "net sales to average net fixed assets" that exceeds the industry average? Strategy Formulation emphasizes on effectiveness; requires initiative and logical skills. Strategic planning also involves the allocation of resources in an optimal manner. (n.d.). (. 90; 10 Match the type of leader (on the left) with the corresponding description (on the right). 1. Match the strategic management process with its corresponding term. It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. d. a charity's endowment of $400 million. Firms use both the _____and______models. True/False, The resource-based model assumes that firms must have resources that are rare or costly to imitate to form a basis for competitive advantage. a. the march of globalization. b. local dimensions. Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? (Check all that apply. Disruptive Continuous learning a. unions. c. economics. 98.:A business-level strategy describes (A) the businesses in which the company intends to compete. The profit pool is the Introduction. 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. examples of each based on your own experiences. a. located only at the executive level. 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. The goal of the organization's ___ is to point the firm in the direction of where it would like to be in the years to come. b. globalization; exports. b. receiving the highest-quality products and services in the industry. [1]. Which of the following was fastest in penetrating 25 percent of homes in the U.S. market? True/False, Ms.Smith is a strategic leader of the firm. (Check all that apply.). a. telephone Which of the following actions by the CEO would be most consistent with this need? b. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Organizational goals and objectives should represent what is best for ______. Managers must constantly scan the external environment for trends and events that affect the overall economy, and they must monitor changes in the particular industry in which the firm operates. (D) inclusive. \begin{array}{llr} In the POLC framework, where does strategy formulation take place? Which statement about the triple bottom line is true? b. global competition. 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. What other games might help teach strategic thinking. Strategic flexibility Strategy formulation is the next step in the strategic management process. a. flexibility It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the competitors and take necessary . B) strategy implementation. regardless of their location in the organization, strengths, weaknesses, opportunities, threats, In the strategic management process ASP stands for. 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? 3. Characteristics of Strategic Management. c. core competence. Litigation. 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. The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. Which of the following are true of behavioral controls? d. organization's stakeholders. c. strength, wealth, organization, and taxes. Name two benefits workers take for granted now that did not exist before labor organized. It is a process that requires a systematic . d. easy to implement; unique. c. one business-level strategy for failure. ), Which of the following are social responsibility expectations that go beyond a firm's product and service quality? Knowledge is an intangible resource, the importance of knowledge is increasing, and the value of knowledge as a proportion of shareholder value is increasing. Analysis of the industry's profit pool enables strategic managers to The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. What are the four levels of a company's strategy formulation? The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . Strategic management involves setting objectives, analyzing the competitive environment . At this stage, your strategy is already in action and you need to measure the effectiveness of the strategy. b. achieve strategic competitiveness. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. 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. competitive dominance. The strategic management process is a crucial element of any organization's success. b. strategy implementation. C.$54,375. This model also guides our presentation of the chapters contained in this book. The process of creating strategy a. goal 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. d. The Internet. a. c. the profitability of the industry in which the firm competes. In ancient China, strategist and philosopher Sun Tzu offered thoughts on strategy that continue to be studied carefully by business and military leaders today. A firm has achieved ______ when it successfully formulates and implements a value-creating strategy. Strategic Management Process [Video]. True/False, The goal of strategy implementation is to develop a permanent competitive advantage. Estimated Duration. Situation Analysis. a. are willing to be brutally honest. a. size; number of competitors. This behavior has existed for decades, even as the membership in the school board has changed over time. local line leader -> have significant profit-and-loss responsibility. Synonymous with business planning and strategic planning. d. All of these options are correct. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. c. capabilities are highly mobile across firms. The firm added to its plant and equipment in the past few years. In the resource-based model, which of the following factors would be considered a key to organizational success? Strategic management requires that ______. the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. Chess CC BY-NC 2.0. 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 process. D. $43,375. All of the following are assumptions of the industrial organization (I/O) model EXCEPT The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. Income statement information for Thain Corporation is provided below. Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. After executing the environmental analysis process, management . c. Global 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 . d. differences in resources and capabilities are the basis of competitive advantage. 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. 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 . ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. Apple's iPod and iPad are examples of a. suppliers. Which of the following is an example of a firm's intellectual asset? C ) rational . . b. mission. a. ethical dimensions. Information Technology Project Management: Providing Measurable Organizational Value, Operations Management: Sustainability and Supply Chain Management, Service Management: Operations, Strategy, and Information Technology, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine. a. flexibility b. innovation c. speed d. All of these options are correct. This improved performance is best explained by ), Business-level strategy is concerned with how companies ______. It helps in analyzing the internal and external factors influencing an organization. Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. The culmination of the strategic management process is a. performance. (B) team-based. 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. 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 A strategy During the analysis step of the strategic management process managers are concerned with the company's ______. This involves developing specific strategies and actions. It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. A strategic management process is an essential tool for any organization looking to optimize performance and reach success. d. the amount and speed of growth. b. shareholders. Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. a. the core values of the school board as an organization. 09.23.22 b. host communities. Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. C) strategy formulation. Financial markets often place an emphasis on managers meeting ______ performance goals. 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. c. determining in which businesses to compete and how resources will be allocated between businesses. Strategic management is when you identify and develop strategies developing strategies for employees to follow in order to perform better and achieve a competitive edge.
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