Your mission statement. Reward c. Risk d. Revenue ANSWER: c 105. Estimated Duration. Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. Although the first four steps describe the planning that must take place, implementation and evaluation are just as important. c. companies provide a dynamic, stimulating, and rewarding work environment. The industrial organization (I/O) model argues that 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. When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) It helps in analyzing the internal and external factors influencing an organization. The strategic management process is essentially a set of steps a leader can use to help achieve better business outcomes. c. employees. c. the I/O model. The strategic leader's work is characterized by Litigation. Above average returns are those in excess of what an investor expects to earn from other investments with similar stock prices. (Check all that apply. b. estimating the overall size of the pool. ______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders. Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. Who typically develops a firm's mission statement? c. vision Organizational goals and objectives should represent what is best for ______. c. employees. 60; 40 1+x1x. 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. A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". statements, like vision statements, should be massively inspiring to an organization's main stakeholders and include the purpose of the organization, its scope of operations, and the basis of its competitive advantage. d. 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. 1. b. resources to implement strategies are firm-specific and attached to firms over the long-term. A strategic management process can help guide the decisions and actions of senior executives within an organisation. (Check all that apply. d. ability, successes, and performance. d. locate the most promising areas of an industry's value chain. The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. Strategic Management can be found in . Defend your answer. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. - Resource analysis to select workforce and assign suitable tasks. Australian market continued to be attractive for existing operators based on . A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. (Check all that apply.). The Chamber of Commerce of cities and towns often implore citizens to buy from local businesses. What strategic management process? | Egyptian Culture Center The ability to effectively and efficiently access and use information is In such a . The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. Why is it important to view strategic management as a process? Strategic Management Flashcards | CourseNotes Devise a strategy. Greenleaf will not be able to minimally satisfy all stakeholders. True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. c. the interests of the firm's organizational stakeholders have been maximized. a. predict future revenue streams for the organization. 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? a. unique market niche Phase 1: By "Assess and Organize" we mean assessing the current strategic direction and capabilities of the organization and designing and organizing an appropriate startup program based on this assessment. d. analysis. How to develop a strategic management process. Disruptive D. $43,375. c. weak competitors in the industry. b. psychology. True/False, The I/O (industrial organization) model assumes that the uniqueness of a firm's resources and capabilities is the main source of above-average returns. Want to create or adapt books like this? c. information. (B) all policies and procedures used in functional departments. 2. E.$(11,375). Sound strategies are of no value if they ______. d. Diffusion, provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. Efficiency, in terms of strategic management, can best be described as ______. Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . What are the four levels of a company's strategy formulation? (Check all that apply.). a. only the CEO Strategic management of an organization entails which of the following ongoing processes? 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. The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. d. social value of each stakeholder. shareholders, management, and the board of directors. A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. Key Elements of Strategic Management | FounderJar d. emphasize profit maximization. Strategic ch. 1 Flashcards | Quizlet For instance, a SWOT analysis (Strengths-Weaknesses . D) analysis. You can view this video here: https://youtu.be/o0U0gwvnhek. a. The strategic management process is. b. the complex set of ideologies, symbols, and core values that are shared throughout the firm. $$ Strategic Management Process | MiroBlog b. abilities; strengths - Evaluating efficiency and effectiveness . Corporate-level strategy focuses on ______. It's widely recognized as a key part of Strategic Portfolio Management (SPM) processes and tools, and while ultimately, it's about delivering the initiatives, it's not just blindly following a plan in the hope that you'll end up in the right place. d. a firm's resources, intent, and mission. To implement a firm's strategies, the firm takes actions with the goal of achieving strategic competitiveness and above average returns. a. major suppliers of capital Synonymous with business planning and strategic planning. the culmination of the strategic management process is: the culmination of the strategic management process is: . a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. Strategy implementation is the final stage of the process. b. team-based. d. industry; competency, ___should establish a firm's individuality and should be inspiring and relevant to all stakeholders. Owner/CEO, Strategy Leader. d. differences in resources and capabilities are the basis of competitive advantage. Even for companies capable of succeeding in global markets, it is critical that they, The rate of technological diffusion is increasing. Collect and review information to help make the upcoming strategic decisions. one business-level strategy and one corporate-level strategy. the culmination of the strategic management process is: Income statement information for Thain Corporation is provided below. Chapter 10 Executing Strategy through Organizational Design offers ideas on how to manage these elements of implementation. Some of the steps involved in the process of strategic management:- 1. Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage. In order to cope with hypercompetition, firms need to develop through continuous learning. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. 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. (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. Importance of Strategic Management. Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. a. committed to helping the firm create value for all stakeholder groups. can be identified when competitors are unable to duplicate or find it too costly to try to imitate, returns in excess of what an investor expects to earn from other investments with a similar level of risk, the formulation and implementation of a full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. Which of the following statements about organizational knowledge is correct? All businesses can benefit from strategic management to help them meet long-term objectives. ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. c. the lack of an organizational mission for the school board. Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is Strategic management is the effective handling of a firm's resources to achieve its set objectives and goals. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. 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). A firm's vision, mission, and strategic objectives are used to develop specific goals, which form the basis for its ______. Chapter 3 Evaluating the External Environment examines the topic of evaluating the external environment in detail, and Chapter 4 Evaluating the Internal Environment presents concepts and tools for managing firm resources. c. strategy . The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. organizational versus individual rationality. 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. (Check all that apply.). The 5 stages of the strategic management process. A core competence In strategic management, effectiveness can best be described as ______. (D) inclusive. True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. a. return on assets. a. culture Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. b. shareholders Continuous learning All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. Strategic Management Process Steps, Components & Examples Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. c. competition; competency (Check all that apply.). In the strategic management process ASP stands for Authors: Tanya Sammut-Bonnici. d. focus on innovation. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. SWOT stands for Strategic management is the process of defining and implementing an organization's strategy. Study with Quizlet and memorize flashcards containing terms like . 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. c. hypercompetition; technology diffusion. In Chapter 7, Innovation Strategies, we present insights on the role innovation plays in strategy development and implementation. b. inspiring vision. 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. analyses, strategies, and performance. 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. The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. a. at the top of the organization 1. d. expand the strategic responsibilities to all organizational stakeholders. Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. d. analysis. Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. Make Better business decisions: It is important to understand the difference between a great idea and a good idea. Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. Broad Plans Shaping: In this continuous process, the formulation & implementation of broader plans are made and finally, these are also controlled. b. regardless of their location in the organization Accordingly, the strategic management and planning process consists of sequential five key steps; (i) Goal setting, (ii) Analysis strategy formation, (iii) Strategy formation, (iv) Strategy . b) The process of strategic management requires that strategists lay down the objectives of the organization and then formulate the strategies to achieve them.

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