d. Internet. b. innovation 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. Therefore, organizational strategists must choose one or the other as the basis for developing a strategic plan. c. information. 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'. b. ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. a. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University b. only top managers It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. b. regardless of their location in the organization d. 20; 36. The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. b. strategy (2014, November 29). d. Revenue. examples of each based on your own experiences. 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. a. flexibility How much was invested? d. The firm uses straight-line depreciation. c. an ability to identify the correct solutions to long-range problems. the three processes are highly interdependent. The five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. 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. ______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders. Strategic flexibility It involves identifying internal and external factors and understanding how they affect an organization. c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. In smaller, new venture firms, returns are sometimes measured in terms of a. strategy, wealth, organization, and threats. In order to cope with hyper competition, firms need to develop ___ through continuous learning. 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. 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. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to: delegate strategic responsibilities to employees "closer to the action". It improves the company's problem-solving and prevents capabilities. c. employees. c. rare; costly to imitate. ), Which of the following are social responsibility expectations that go beyond a firm's product and service quality? . the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. Devise a strategy. Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. b. is an internally focused affirmation of the organization's financial, social, and ethical goals. Organizational culture refers to Importance of Strategic Management. Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage. The situation is where relevant information is needed to create the organization's culture, mission, or vision statement. c. analyses; strategies b. customers pay the highest sustainable price for the goods and services they receive. True/False. The strategic management process is. ____has become the second-largest economy in the world. c. In reporting her investment center's performance for the past 10 years, the manager of the Snack Division accounted for the depreciation of her division's assets by using an accelerated depreciation method allowed for tax purposes. Managers are analyzing the firm's ______ when managers are studying its competitors. 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. values. In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. Strategic planning aims to create . Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. 1x1+x\frac{1\ -\ \sqrt{x}}{1\ +\ \sqrt{x}} The message of the ad is that this firm's accountants love their work. (Check all that apply.). Authors: Tanya Sammut-Bonnici. (Check all that apply.). Strategic management is the process of setting organizational goals, performing a competitive analysis, reflecting on a company's internal structure, and evaluating current strategies. The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. A major assumption about the strategic management process is that it is UMT360's Strategy Execution Management solution. PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. c. defining the competitors in the pool. a. size; number of competitors. shareholders, management, and the board of directors. Strategic Goals: Strategic management is directed toward a company's ______. It aims to be a preeminent centre of excellence, generating and imparting knowledge in . 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. A strategy is typically a higher level, broad goal, without a lot of specifics. A company had a beginning balance in retained earnings of $52,000. Return c. political dimensions. The Chamber of Commerce of cities and towns often implore citizens to buy from local businesses. STRATEGIC MANAGEMENT PROCESS: F i gu re 10. Apple's iPod and iPad are examples of b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. d. Organizational intelligence. The essence of strategic management is the study of why some firms ______. 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. a. defining the boundaries of the pool. Managers must adopt a new mind-set that values conditions. On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. Apple Inc. It should seek to diversify. Which of the following statements about operational effectiveness are correct? c. speed resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. 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. Synthesizing the information gained in the external and internal analysis into a SWOT framework is addressed in Chapter 5. You can view this video here: https://youtu.be/o0U0gwvnhek. The video for this lesson explains the strategic management process. To implement a firm's strategies, the firm takes actions with the goal of achieving strategic competitiveness and above average returns. To simply put, strategy evaluation entails reviewing and appraising the strategy implementation process and measuring organizational performance. 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. 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 CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. Situation Analysis. ______ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones. a. analyses, successes, and purposes. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. Which statement about the triple bottom line is true? c. host communities 3. All of the following are resources of an organization EXCEPT Strategic management is directed toward the organization's overall organizational ________ and ______. Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is A strategic management process is an essential tool for any organization looking to optimize performance and reach success. b. receiving the highest-quality products and services in the industry. d. companies are paying the highest prices to suppliers, Product market stakeholders include In Chapter 2 "Assessing Organizational . d. suppliers of capital. Feedback may occur at all times to revise these actions. Reflects what a firm is doing to achieve its mission and vision as seen by its achievement of specific goals & objectives. The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. d. analysis. It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the competitors and take necessary . b. shareholders. True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. Certainly, part of Apples success is due to the unique products it offers the market, as well as how these products complement one another. 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. vitally important at the point where a domestic firm enters the global market. Kick-Off Meeting: 1 hr. c. Knowledge There are provisions to create, implement and appraise . d. emphasize profit maximization. c. seek to increase their power. ), Which of the following must a firm's strategy be consistent with? b. one business-level strategy. It requires incorporating both short-term and long-term perspectives. It is a process that requires a systematic . \text{Gross profit}&\text{357,000}\\ a. overload middle managers. The two opposing ways of examining stakeholder management are called ______ and ______. The two primary drivers of hyper-competition are the emergence of the global economy and technology. Owner/CEO, Strategy Director. Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. Corporate governance is the relationship among ______ in determining the direction and performance of corporations. d. unions, Organizational stakeholders are usually satisfied when Reward c. Risk d. Revenue ANSWER: c 105. Successful strategic leaders are 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. This is because the organization's role as a taxpayer is most important to ___ as stakeholders. ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. Pearce and Robinson, 1988. The value of SWOT analysis parallels ideas from classic military strategists such as Sun Tzu, who noted the value of knowing yourself as well as your opponent. c. knowledge intensity. In order to cope with hypercompetition, firms need to develop through continuous learning. d. ability, successes, and performance. Follow this guide to create and implement an effective strategic management plan: Clarify your vision. 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." True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. The three primary participants in corporate governance are the ______, management, and board of directors. When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. An assessment od strengths, weakness, opportunities and threats. a. ambiguous decision situations which make effective decisions difficult to determine. Above average returns are those in excess of what an investor expects to earn from other investments with similar stock prices. The process of creating strategy During the analysis step of the strategic management process managers are concerned with the company's ______. d. is developed by a firm before the firm develops its vision. 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 . a. return on assets. d. located at different levels, but only in the operating area of the organization, . In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. Here are the key elements of strategic management. c. profits that are accrued when a firm earns above-average returns. Name two benefits workers take for granted now that did not exist before labor organized. a. unique; easy to imitate. It is a continuous process of analyzing and evaluating an organization's internal and external environment, setting objectives and goals, developing strategies, and implementing and controlling those strategies. 1. a. Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? c. the profitability of the industry in which the firm competes. Which of the following are characteristics of a well-written organizational vision statement? Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. Collect and analyze information. ), Which of the following are examples of business-level strategies? 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. (Check all that apply.). The goal of strategy implementation is to develop a permanent competitive advantage. a. industry competitors. d. the CEO, COO, and CFO only. Measure the progress by comparing the plan against actual results. d. social value of each stakeholder. Firms use both the _____and______models. Analysis of the industry's profit pool enables strategic managers to (Check all that apply. b. mission ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. (Check all that apply. 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. . b. top-management team. Consequently, how managers understand and interpret the performance of their firms is often central to understanding strategy. Managers execute or implement their decisions as ______ in the third step of the strategic management process. It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. \end{array} 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. a. unions. c. a process directed by top .
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