the culmination of the strategic management process is:

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 . d. hypercompetition. coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. Corporate governance is the relationship among ______ in determining the direction and performance of corporations. In the POLC framework, where does strategy formulation take place? b. argues that the industry environment has a stronger influence on firms' ability to implement strategies STRATEGIC MANAGEMENT PROCESS: F i gu re 10. The Jayhawks Rising Strategic Alignment Model is the culmination of a multi-year strategic planning process involving many groups and individuals who proposed hundreds of ideas for how to advance us toward our vision to be an exceptional learning community that lifts each member and advances society. See the examples before. 1. d. Organizational intelligence. True or false: The most effective organizations have strong leaders at the top who make all the decisions that the rest of the organization then carries out. ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. Successful strategic leaders are It involves identifying internal and external factors and understanding how they affect an organization. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. Sound strategies are of no value if they ______. Who typically develops a firm's mission statement? a. 60; 40 A Deeper Dive into the Strategic Management Process. (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. Definition. Overall, strategic management is an important part of an organization's development and overall performance. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. . Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? c. a process directed by top . Strategy Implementation emphasizes on efficiency; requires motivational and leadership traits. a. predict future revenue streams for the organization. a. organizational decision makers are rational and committed to acting in the firm's best interests. Above average returns are those in excess of what an investor expects to earn from other investments with similar stock prices. b. rapid technological diffusion. It is long-term in nature. a. globalization. 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 in their environment. Firms use both the ______ and ______ models. Authors: Tanya Sammut-Bonnici. A.$2,375. d. mission, ___is an investor's uncertainty about the economic gains or losses that will result from a particular investment. Strategic management is directed toward a company's ______. c. strategy formulation. A sustainable competitive advantage is not achieved through operational effectiveness alone. The firm makes less efficient use of its assets than other firms. Strategic management process. 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. True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. Strategy implementation is the final stage of the process. A firm's vision, mission, and strategic objectives are used to develop specific goals, which form the basis for its ______. b. located in different areas and levels. d. analysis. A capability d. abilities; strategies. Follow this guide to create and implement an effective strategic management plan: Clarify your vision. a. only the CEO (Check all that apply. Chapter Layout for Strategic Management. CC BY-SA 4.0. The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. 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. 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. Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. 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. Disruptive Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. Returns can only be measured in accounting terms such as return on assets, return on equity, or return on sales. In situation analysis, organizations must scan and evaluate the organization's performance, corporate strategies, and internal and external . Synonymous with business planning and strategic planning. a. insight. Which of the following is an example of a firm's intellectual asset? Rationalize the denominator of each fraction and simplify. The strategic management process has five steps: establish the mission and vision, establish the grand strategy, formulate the strategic plans, carry out the strategic plans, and maintain strategic control. In order to cope with hypercompetition, firms need to develop through continuous learning. one business-level strategy and one corporate-level strategy. Situation Analysis. It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. Consequently, how managers understand and interpret the performance of their firms is often central to understanding strategy. Defend your answer. d. All of these options are correct. (Check all that apply.). b. globalization; exports. Here are the key elements of strategic management. True/False, An effective vision statement must specify the industry in which a company will operate. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. Chess CC BY-NC 2.0. c. the CEO and top managers C.$54,375. b. strategy implementation. True/False, Although organizational cultures vary considerably, one cannot make an objective judgement that some organizational cultures are more or less functional than others in terms of ethical considerations. c. hypercompetition; technology diffusion. True/False. a. Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. Strategic Management can be found in . a. delegate strategic responsibilities to employees "closer to the action." Reward c. Risk d. Revenue ANSWER: c 105. (. How do you think the economic growth of developing countries will affect you and your family in the future? True/False, The goal of strategy implementation is to develop a permanent competitive advantage. d. Revenue. The final responsibility for forming the organization's mission lies with the Afra Alnaimi. b. shareholders. Retrieved from https://flic.kr/p/bPNmxi. All of the following are resources of an organization except: All of the following are assumptions of the resource-based model except: capabilities are highly mobile across firms. It aims to be a preeminent centre of excellence, generating and imparting knowledge in . True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. It is a philosophical approach to business. - Formulating an action plan and strategies. d. intelligence. Companies have realized that failure to measure it can negatively affect the company and its community. Reward Collect and analyze information. Owner/CEO, Strategy Leader. D) analysis. What is the Strategic Management process? The ending balance in retained earnings equals: 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. c. strategic power In the strategic management process ASP stands for The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. c. use the strategic management process. c. determining in which businesses to compete and how resources will be allocated between businesses. a. The Chamber of Commerce of cities and towns often implore citizens to buy from local businesses. The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. b. Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. \begin{array}{llr} The culmination of the strategic management process is: A) performance. (Check all that apply. What is the difference between strategy formulation and strategy implementation? Which of the following actions by the CEO would be most consistent with this need? Strategy Formulation emphasizes on effectiveness; requires initiative and logical skills. 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? ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. b. shareholders. c. vision Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. 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. The Princeton Alliance Church states in its website that "PAC exists to help you live life to the fullest by knowing God, developing community and bringing hope." 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.). A firm's vision, mission, and strategic objectives form a hierarchy of . d. ability, successes, and performance. d. strengths, weaknesses, opportunities, and threats. The 5 stages of the strategic management process. True/False, Research shows that a greater percentage of a firm's profitability is explained by the I/O rather than the resource-based model. _____ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. a. overload middle managers. are established. To have the potential to become sources of competitive advantage, resources and capabilities must be non- substitutable, valuable, , and b. all policies and procedures used in functional departments. b. resources alone can be a source of sustainable competitive advantage. True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. a. Effective strategies Apple uses to create loyal customers. c. what people do when no one else is looking. Firms use the five forces model to identify the of the industry as measured by its True/False, The uniqueness of a firm's resources and capabilities is the basis for a firm's strategy and determines its ability to earn above-average returns under the I/O review. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. Strategy execution management is the evolution of traditional project delivery. c. ability, strategies, and purposes. ______ is performing similar activities better than rivals do. 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. The process hinges on the philosophical approach that if a leader "thinks . 3. b. mission. The goal of strategy implementation is to develop a permanent competitive advantage. Strategic leaders, ______, often work long hours, and their work is filled with ambiguous decision situations. UMT360's Strategy Execution Management solution. a. the key factor in success is choosing the correct industry in which to compete. Inside CRM Editors. d. hypercompetition within the industry. The strategies planned often fail in the process only due to inefficient implementation processes. c. seek to increase their power. True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. d. skilled employees. 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). Strategic management is directed toward the organization's overall organizational ________ and ______. (B) all policies and procedures used in functional departments. Which of the following statements about operational effectiveness are correct? Which of the following are characteristics of a well-written organizational vision statement? This improved performance is best explained by Meaning of Strategic Management. Match the type of leader (on the left) with the corresponding description (on the right). a. telephone Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. a. an hourly production employee's ability to catch subtle quality defects in products. 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. Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. successfully than does the competitor environment. Strategic Management is a stream of decisions and actions which lead to the development of an effective strategy or strategies to help achieve corporate objectives. It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. . Strategic Management. a. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. In Chapter 2 "Assessing Organizational . The strategic management process is Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage. The five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. Continuous learning Analysis of the industry's profit pool enables strategic managers to c. an ability to identify the correct solutions to long-range problems. a. disruptive technologies. b. I/O; resource-based The strategic leader's work is characterized by c. strategy formulation. 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.). (Check all that apply. . b. strategy implementation. b. urgency of satisfying each stakeholder Organizational goals and objectives should represent what is best for ______. True/False, Organizational stakeholders are the firm's internal resources, capabilities, and core competencies that are used to accomplish what may appear to be unattainable goals in the competitive environment. A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. The industrial organization (I/O) model argues that a. pool of assets that is distributed to investors. 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. a. competitive resilience d. All of these options are correct. 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. Feedback may occur at all times to revise these actions. Apple's iPod and iPad are examples of This model also guides our presentation of the chapters contained in this book. It offers courses accredited to AMBA, AACSB & NIRF. 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. d. one business-level strategy and one corporate-level strategy. Which of the following statements regarding corporate-level strategy are correct? 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. University of Malta. d. companies are paying the highest prices to suppliers, Product market stakeholders include In order for strategic objectives to be meaningful they need to be ______. d. organization's stakeholders. Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . 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 Chapter 10 Executing Strategy through Organizational Design offers ideas on how to manage these elements of implementation. 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. Strategy formulation is the next step in the strategic management process. b. predict growth in sales over the medium to long range. You can view this video here: https://youtu.be/o0U0gwvnhek. Synonymous with business planning and strategic planning. d: 70: 3884478507 b. determining how each functional department of the firm will operate. \text{Gross profit}&\text{357,000}\\ a. goal b. strategy c. tactic d. mission ANSWER: b 104. A vision In smaller, new venture firms, returns are sometimes measured in terms of a. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. 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. a. anthropology. b. global competition. Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). 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 . d. analysis. The strategic management process is a crucial element of any organization's success. Strategic Goals: Which of the following statements is most consistent with the I/O view? Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. b. True/False, Ms.Smith is a strategic leader of the firm. c. capabilities are highly mobile across firms. The second step in the strategic management process is ______. The resource-based view of the firm In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. This is because the organization's role as a taxpayer is most important to as stakeholders. Strategic management requires that ______. a. values. b. total profits earned in an industry along all points of the value chain. c. economics. d. government regulators. d. All of these options are correct. Greenleaf will not be able to minimally satisfy all stakeholders. All of the following are assumptions of the industrial organization (I/O) model EXCEPT 2. 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. Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. a. major suppliers of capital d. suppliers of capital. Knowledge is an intangible resource, the importance of knowledge is increasing, and the value of knowledge as a proportion of shareholder value is increasing. The strategic management process is. a. strategic mission. Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. 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. ____has become the second-largest economy in the world. c. personal computer b. the complex set of ideologies, symbols, and core values that are shared throughout the firm. The culmination of the strategic management process is a. performance. c. core competence. c. the interests of the firm's organizational stakeholders have been maximized. True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. The triple bottom line measures the performance of which of the following? d. increasing the profitability of the firm. 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. the key to competitive success is the structure of the industry in which the firm competes. b. a firm's profit margin yields an above-average return to its capital market stakeholders. PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. 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. 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? b. regardless of their location in the organization Strategic management is the management of an organization's resources to achieve its goals and objectives. b. Sun Tzu's best-known work is The Art of War. b. easy to imitate; difficult to implement. A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. 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.

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