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The steps for identifying the profit pools in an industry include all of the following EXCEPT It guides the company to move in a specific direction. Rationalize the denominator of each fraction and simplify. All businesses can benefit from strategic management to help them meet long-term objectives. Prepare a vertical analysis of the income statement for Thain Corporation. d. strengths, weaknesses, opportunities, and threats. d. All of these options are correct. Strategic management is a process that requires the ability to manage change. Greenleaf Property Management has been earning below-average returns for the last three years. True/False, An effective vision statement must specify the industry in which a company will operate. d. Revenue. b. one business-level strategy. 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.). Strategic Management Advantages and Disadvantages - Wisestep c. employees. b. team-based. d. Internet. The situation is where relevant information is needed to create the organization's culture, mission, or vision statement. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to c. strategic power b. psychology. Strategic Management Process - Stages of Strategic Management c. A mission What Is Strategic Management and Why Is It Important? This improved performance is best explained by Explain the difference between negative reinforcement and punishment, and provide several incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? d. accounting. Apple Inc. d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. a. strategic mission. . In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. 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. \end{array} Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. Who makes the strategic decisions for most organizations? 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. A strategic management process is an essential tool for any organization looking to optimize performance and reach success. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. c. The value of knowledge as a proportion of shareholder value is increasing. The goal of strategy implementation is to develop a permanent competitive advantage. It offers courses accredited to AMBA, AACSB & NIRF. Returns can only be measured in accounting terms such as return on assets, return on equity, or return on sales. c. in the finance area a. inspired. Strategy formulation is the next step in the strategic management process. Strategic Management Process [Video]. Which of the following are characteristics of a well-written organizational vision statement? c. is mainly intended to emotionally inspire employees and other stakeholders. How much was invested? It is a philosophical approach to business. 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? In smaller, new venture firms, returns are sometimes measured in terms of Name two benefits workers take for granted now that did not exist before labor organized. Strategic Management - Overview, Components, Framework c. speed Match the strategic management process with its corresponding term. a. defining the boundaries of the pool. b. tighten loan covenants. Measure the progress by comparing the plan against actual results. Match the type of leader (on the left) with the corresponding description (on the right). a. only the CEO The culmination of the strategic management process is Situation Analysis. d. industry; competency, ___should establish a firm's individuality and should be inspiring and relevant to all stakeholders. a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. c. a process directed by top management with input from other stakeholders that seeks to achieve above- average returns for investors through effective use of the organization's resources. In order to cope with hyper competition, firms need to develop ___ through continuous learning. Organizational goals and objectives should represent what is best for ______. The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. Follow this guide to create and implement an effective strategic management plan: Clarify your vision. True/False, The five forces model suggests that firms should target the industry with the highest potential for above-average returns and then implement either a cost leadership or diffusion strategy b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. The rate of technology diffusion has been steadily increasing over the last two decades. The Complete Guide to Strategy Evaluation - Creately Blog This is because the organization's role as a taxpayer is most important to ___ as stakeholders. The Snack Division's operating margin for the year was $6.5\$ 6.5$6.5 million, during which time its average invested capital was $50\$ 50$50 million. This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). c. tactic McDonald's has been able to a. earn above-average returns. Which of the following statements about operational effectiveness are correct? On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. d. social value of each stakeholder. True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. This pronouncement is most precisely a statement of organizational a. globalization. What Is Strategic Management? Characteristics, Risk, Nature - Geektonight a. unions. a. return on assets. c. ability, strategies, and purposes. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. Sun Tzu's best-known work is The Art of War. (Check all that apply.). (Remember to type only one word in the blank.). What is the Strategic Management process? d. All of these options are correct. ), what business(es) should the company compete in. Efficiency, in terms of strategic management, can best be described as ______. B) strategy implementation. Which of the following statements regarding corporate-level strategy are correct? Effective strategies Apple uses to create loyal customers. Firms use both the _____and______models. Pearce and Robinson, 1988. The strategic management process is more than a set of rules to follow. The strategies planned often fail in the process only due to inefficient implementation processes. 1x1+x\frac{1\ -\ \sqrt{x}}{1\ +\ \sqrt{x}} d. organization's stakeholders. d. companies are paying the highest prices to suppliers, Product market stakeholders include ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. YouTube. c. determine whether an industry will be viable in the long term. 7 Main Steps in Process of Strategic Management (Explained) Who typically develops a firm's mission statement? d. intelligence. In a diversified firm, corporate-level strategy is concerned with Ideally, you already have some goal materials in place, including: Your vision statement. d. located at different levels, but only in the operating area of the organization, . Disruptive d. critically important mainly in high technology industries. d. hypercompetition. d. mission, ___is an investor's uncertainty about the economic gains or losses that will result from a particular investment. Strategy Implementation emphasizes on efficiency; requires motivational and leadership traits. Strategic management is the process of defining and implementing an organization's strategy. b. Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage. - Resource analysis to select workforce and assign suitable tasks. Introduction. a. unique; easy to imitate. b. only top managers a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. 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 . The resource-based model of the firm argues that ), Which of the following are examples of business-level strategies? Definition. Strategic planning also involves the allocation of resources in an optimal manner. Culminating events and time working together in top management teams ______ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones. Knowledge is composed of all the following EXCEPT For example, intellectual property is a vital resource for Apple. Strategic management requires that ______. Alfred Chandler, 1962. 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? Apple's iPod and iPad are examples of Solved The strategic management process has five steps: | Chegg.com The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. Strategy implementation is the final stage of the process. b. shareholders. (Check all that apply. c. competition; competency Chapter 01 Strategic Management and Competitiveness Solved The strategic management process begins with | Chegg.com 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. 2. This is because the organization's role as a taxpayer is most important to as stakeholders. Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. A sustainable competitive advantage is not achieved through operational effectiveness alone. 97.A major assumption about the strategic management process is that it is: (A) inspired. Organizational culture refers to A company had a beginning balance in retained earnings of $52,000. b. the industry's structural characteristics have little impact on a firm's performance over time. 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 . Strategic management involves setting objectives, analyzing the competitive environment . c. The firm has a lot of old plant and equipment. the culmination of the strategic management process is: Which of the following statements is most consistent with the I/O view? Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? In the strategic management process ASP stands for 1.4 The History of Strategic Management c. employees. b. inspiring vision. 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. Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. 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. b. urgency of satisfying each stakeholder The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. c. rare; costly to imitate. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. Strategic Management - THE STRATEGIC MANAGEMENT PROCESS Planning Ahead a. flexibility b. innovation c. speed d. All of these options are correct. b. expertise. Income statement information for Thain Corporation is provided below. The two primary drivers of hyper-competition are the emergence of the global economy and technology. Typically, the formulation process starts with an assessment of available resources, an industry analysis to assess the competitive environment in which the company operates . b. the firm's internal resources and capabilities represent the foundation for development of a value-creating strategy. c. companies provide a dynamic, stimulating, and rewarding work environment. (Check all that apply.). d. competitive dominance. Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. 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). Environmental and internal scanning is the next stage in the process. A company competing in a single product market has. 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. a. strategic competitiveness b. a permanently sustainable . (Check all that apply. d. ability, successes, and performance. a. the key factor in success is choosing the correct industry in which to compete. What are the four levels of a company's strategy formulation? (Check all that apply.). a. insight. a. delegate strategic responsibilities to employees "closer to the action." Study with Quizlet and memorize flashcards containing terms like . Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. d. the amount and speed of growth. c. 36; 20 ), Business-level strategy is concerned with how companies ______. True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. 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. anthropology. Planning Team and Executive Team. d. emphasize profit maximization. Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. Chess CC BY-NC 2.0. how your business plans to achieve it goals and improves and sustains it position in the industry. b. receiving the highest-quality products and services in the industry. True/False, Developed countries still have major advantages in their access to information technology when compared to emerging countries because of the significant cost of the infrastructure needed for computing power. c. decisive. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. . d. A goal, Strategic leaders are Strategic Management Course Online by IIM Lucknow - Talentedge Strategic Management Process Steps, Components & Examples Which of the following statements regarding strategic management is true? Which of the following state the goals and intentions that help define a firm's competitive advantage? 90; 10 a. analyses, successes, and purposes. c. vulnerability of organizational stakeholders True/False, Resources are considered rare when they have no structural equivalent. 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. 1.6 Understanding the Strategic Management Process