Strategic Management can be found in . b. shareholders. There are provisions to create, implement and appraise . BUS400 Flashcards | Quizlet It's an important step since it is here that businesses can review performance metrics of all components and make any tweak necessary to ensure accomplishment of long-term goals. d. hypercompetition. It is long-term in nature. Strategic Management Process Steps And It's Components 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'. a. only the CEO Strategic Management Course Online by IIM Lucknow - Talentedge d. intelligence. Synonymous with business planning and strategic planning. How much was invested? (B) team-based. Your long-term goals and/or BHAGs. Strategic Management Process - Meaning, Steps and Components b. 1. It improves the company's problem-solving and prevents capabilities. The video for this lesson explains the strategic management process. b. resources alone can be a source of sustainable competitive advantage. c. analyses; strategies b. mission. It guides the company to move in a specific direction. d. accounting. True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. a. industry competitors. True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. c. capabilities are highly mobile across firms. Strategy implementation is the final stage of the process. Estimated Duration. c. host communities c. decisive. Return b. This behavior reflects (Check all that apply. Strategy Execution Management Solution - UMT360 b. strategy implementation. b. rapid technological diffusion. 7 Main Steps in Process of Strategic Management (Explained) d. a charity's endowment of $400 million. A firm's mission .It is well known that the elected school board of a large city engages in unethical and illegal activities involving the awarding of major contracts. b. a firm's profit margin yields an above-average return to its capital market stakeholders. Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. Greenleaf will not be able to minimally satisfy all stakeholders. a. an hourly production employee's ability to catch subtle quality defects in products. Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. The message of the ad is that this firm's accountants love their work. Explain the difference between negative reinforcement and punishment, and provide several Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. a. anthropology. In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. (Check all that apply. The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. The Five Stages of the Strategic Management Process Strategy Implementation in Strategic Management Process Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. a. strategy, wealth, organization, and threats. 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? True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . 1. Use the simple interest formula method. It had net income of$8,000 and paid out cash dividends of $5,625 in the current period. $$ Strategic Management Process [Video]. c. personal computer Effective strategies Apple uses to create loyal customers. c. obtaining reliable products at the lowest possible price. Retrieved from https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png. The 6 stages of the Strategic Management Process A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. 60; 40 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. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. b. shareholders. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. c. companies provide a dynamic, stimulating, and rewarding work environment. d. suppliers of capital. 2. c. the lack of an organizational mission for the school board. - Resource analysis to select workforce and assign suitable tasks. d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. a. major suppliers of capital The rate of technology diffusion has been steadily increasing over the last two decades. The culmination of the strategic management process is: Managers must adopt a new mind-set that values ______ and the challenges that evolve from constantly changing conditions. a. performance. Overall, strategic management is an important part of an organization's development and overall performance. Learn more about how Pressbooks supports open publishing practices. 97.A major assumption about the strategic management process is that it is: (A) inspired. It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. b. only top managers c. strength, wealth, organization, and taxes. It involves action plans that ensure continued performance and thriving progression. b. (B) all policies and procedures used in functional departments. True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. A major assumption about the strategic management - Course Hero b. mission c. the firm's actions to exploit its competitive advantage over rivals. The culmination of the strategic management process is: performance Although an organization's good reputation is a valuable resource that takes years of superior marketplace competence to achieve, it is not a good basis for building a competitive advantage because it can be destroyed almost instantly by bad publicity. c. employees. The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. c. use the strategic management process. 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. a. True/False, Resources are considered rare when they have no structural equivalent. c. Global a. organizational decision makers are rational and committed to acting in the firm's best interests. True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. 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 . E.$(11,375). The two opposing ways of examining stakeholder management are called ______ and ______. a. ambiguous decision situations which make effective decisions difficult to determine. What is Strategic Management | Learn About Strategic Management & the d. companies are paying the highest prices to suppliers, Product market stakeholders include c. employees. What Is Strategic Management and Why Is It Important? Strategic management is the process of setting organizational goals, performing a competitive analysis, reflecting on a company's internal structure, and evaluating current strategies. a. predict future revenue streams for the organization. A firm has achieved when it successfully formulates and implements a value-creating strategy. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. a. at the top of the organization Strategic Management Process | MiroBlog 1. 09.23.22 c. determine whether an industry will be viable in the long term. A vision one business-level strategy and one corporate-level strategy. A firm's hierarchy of goals include its ______. d. global dimensions. (Check all that apply.). Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage. Income statement information for Thain Corporation is provided below. The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. Which statement is true? A classic management tool that incorporates the idea of scanning elements both external and internal to the firm is SWOT (strengths, weaknesses, opportunities, and threats) analysis. 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. How do you think the economic growth of developing countries will affect you and your family in the future? The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. All businesses can benefit from strategic management to help them meet long-term objectives. b. host communities. They involve balancing culture and boundaries or constraints. Make Better business decisions: It is important to understand the difference between a great idea and a good idea. The situation is where relevant information is needed to create the organization's culture, mission, or vision statement. Consequently, executives must be careful to monitor and to interpret the events in their environment, to take appropriate actions when change is needed, and to monitor their performance to ensure that their firms are able to survive and, it is hoped, thrive over time. The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. a. located only at the executive level. Reward c. Risk d. Revenue ANSWER: c 105. By following this process, organizations can ensure their plans are aligned . 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? Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. a. vision Match the type of leader (on the left) with the corresponding description (on the right). 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. Strategic Management - Definition, Importance and Need of - Harappa The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. The strategic management process is a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. a. defining the boundaries of the pool. c. the key to earning above-average returns is strategic flexibility. are established. c. the I/O model. a. power of each stakeholder a. goal economic downturns or upturns, government legislation, new technologies. d. a firm's resources, intent, and mission. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. The strategic management process begins with an understanding of strategy and performance. It is a process that requires a systematic . d. unions, Organizational stakeholders are usually satisfied when Formulation of strategies; Environment and organizational appraisal help to find out the opportunities and threats operating in the environment and the strengths and weaknesses of an organization in order to create a match between them. 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. determines how organization as a whole supports and enhances the value of the business units w/in it. Want to create or adapt books like this? Corporate-level strategy focuses on ______. (Check all that apply.). 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.). 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. c. Risk It should seek to diversify. Solved The strategic management process begins with | Chegg.com 1+x1x. c. weak competitors in the industry. b. the culmination of the strategic management process is: _________ strategy is a combination of deliberate and emergent strategies. Strategic Goals: - Evaluating efficiency and effectiveness . a. CEO. Which of the following are needed in order for entrepreneurial initiatives to be successful? Definition. d. increasing the profitability of the firm. What is Strategic Management? definition, process and importance d. easy to implement; unique. b. shareholders ), Which of the following are social responsibility expectations that go beyond a firm's product and service quality? The strategic management process is more than a set of rules to follow. Readiness assessment. Firms use both the ______ and ______ models. d. attractiveness; profitability. Collect and analyze information. Chapter 01 Strategic Management and Competitiveness c. profits that are accrued when a firm earns above-average returns. The firm added to its plant and equipment in the past few years. The strategic management process is a crucial element of any organization's success. It's the process of determining the decisions an organization should take. The invention of the car is an early example of: A company's ability to acquire knowledge is: an important source of competitive advantage in all industries. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. . Companies have realized that failure to measure it can negatively affect the company and its community. Firms use both the _____and______models. b. oil drilling rights in a promising region. d. differences in resources and capabilities are the basis of competitive advantage. internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? The culmination of the strategic management process is: a. performance. As a result, virtually all of the assets under her control are fully depreciated. In the strategic management process ASP stands for Managers must adopt a new mind-set that values conditions. a. suppliers. Strategic Management & Strategic Planning Process strategic management chp 1 review Flashcards | Quizlet a. globalization. b. estimating the overall size of the pool. It is important to consider that the decision: has ethical implications for organizational stakeholders. c. The firm has a lot of old plant and equipment. Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. 1.6 Understanding the Strategic Management Process b. inspiring vision. Efficiency, in terms of strategic management, can best be described as ______. a. telephone b. global competition. Strategic Management Chap 1 Flashcards | Quizlet d. total profits that can be divided among the competitors within an industry. ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. Strategic management of an organization entails which of the following ongoing processes? According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. A strategic management process can help guide the decisions and actions of senior executives within an organisation. Which of the following statements about the strategic management process is true? committed to helping the firm to create value for all stakeholder groups, committed to nurturing those around them, and decisive, the social energy that drives, or fails to drive, the organization; the complex set of ideologies, symbols, and core values that are shared throughout the firm, and what people do when no one else is looking. Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. 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. Pearce and Robinson, 1988. a. pool of assets that is distributed to investors. What is the Strategic Management process? (Check all that apply.). d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. 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. The Culmination of the Strategic Management Process Is The importance of knowledge is increasing. Planning. a. values. In such a . c. the profitability of the industry in which the firm competes. Some of the steps involved in the process of strategic management:- 1. During the analysis step of the strategic management process managers are concerned with the company's ______. Planning in management is a process of choosing apt goals and actions to pursue, and then determining what strategies to use, what steps to take, and what resources are needed to achieve the goals. a. unions. D. $43,375. Strategic Management - Definition, Process, Steps, Examples _____ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. It is a philosophical approach to business. C ) rational . 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. Strategic Management Chapter 1 Flashcards | Quizlet a. sell their stock. c. economies of scale The strategic management provides a base for the organization on the basis of which progress can be measured and on the basis of the same, the employees can be compensated. You can view this video here: https://youtu.be/o0U0gwvnhek. b. 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 profit pool is the Explain your reasoning. c. rare; costly to imitate. Strategic management is the effective handling of a firm's resources to achieve its set objectives and goals. 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. b. a. culture d. expand the strategic responsibilities to all organizational stakeholders. b. a functional, although unethical, culture of the school board. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. What is Strategic Management and Why is it Important? The company requires that all divisions generate a minimum return on invested assets of 8 percent. A strategy is typically a higher level, broad goal, without a lot of specifics. c. employees. Write the key term that best matches each description. Chapter Layout for Strategic Management. CC BY-SA 4.0. What are the four steps of the strategic management process? The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. For example, Apples decision to create the iPhone demonstrates its ability to interpret that traditional industry boundaries that distinguished the cellular phone industry and the computer industry were beginning to blur. 90; 10 d. analysis. The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. d. skilled employees. a. the key factor in success is choosing the correct industry in which to compete. 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. The Strategic Planning Process in 4 Steps | OnStrategy a. ethical dimensions. ____has become the second-largest economy in the world. b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. The process of implementation of strategy starts with the identification of key managerial tasks which form the basis for the creation of strategy starts with the identification of key