the culmination of the strategic management process is:

- Formulating an action plan and strategies. c. profits that are accrued when a firm earns above-average returns. 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. .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. d. The Internet. Strategic management adheres to the perspective that what might be seemingly ideal for one functional area of an organization might not be in the best interest of the total organization. The is the most critical criterion in prioritizing stakeholders. a. an hourly production employee's ability to catch subtle quality defects in products. The rate of technology diffusion has been steadily increasing over the last two decades. b. total profits earned in an industry along all points of the value chain. b. shareholders. d. ability, successes, and performance. a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. Even for companies capable of succeeding in global markets, it is critical that they, The rate of technological diffusion is increasing. It is long-term in nature. https://youtu.be/o0U0gwvnhek. Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. 1. Defend your answer. a. industry competitors. b. resources to implement strategies are firm-specific and attached to firms over the long-term. The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. b. the industry's structural characteristics have little impact on a firm's performance over time. c. economics. In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. Use the simple interest formula method. 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. d. a firm's resources, intent, and mission. [1] Using the definition of strategic management above then, the strategic management process is "the coordinated means by which an organization achieves its goals and objectives.". a. Strategic Management can be found in . The firm added to its plant and equipment in the past few years. A business-level strategy describes In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. c. one business-level strategy for failure. b. abilities; strengths a. strategic competitiveness b. a permanently sustainable . a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. In the POLC framework, where does strategy formulation take place? b. customers pay the highest sustainable price for the goods and services they receive. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. c. disruptive technologies. determines how organization as a whole supports and enhances the value of the business units w/in it. d. a charity's endowment of $400 million. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . Which of the following statements about organizational knowledge is correct? The strategic management process is. \text{Gross profit}&\text{357,000}\\ This improved performance is best explained by The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. a. b. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. . For instance, a SWOT analysis (Strengths-Weaknesses . In the instance, the implementation . is a capacity for a set of resources to perform a task or an activity in an integrative manner. Ideally, you already have some goal materials in place, including: Your vision statement. True/False, Organizational mission statements typically do not include statements about profitability and earning above-average returns. 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 . New markets created by iPods, PDAs, and Wi-Fi are a result of c. the interests of the firm's organizational stakeholders have been maximized. What is the Strategic Management process? It had net income of$8,000 and paid out cash dividends of $5,625 in the current period. B) strategy implementation. a. one corporate-level strategy. (Check all that apply. Organizational stakeholders include a. analyses, successes, and purposes. Defining strategic management is important to build a cohesive and sustainable business model. The steps for identifying the profit pools in an industry include all of the following EXCEPT McDonald's has been able to a. earn above-average returns. The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. Planning extensive employee training and hiring educated and experienced employees. c. rational. True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. Why is it important to view strategic management as a process? Introduction. Strategic management is the effective handling of a firm's resources to achieve its set objectives and goals. The strategies planned often fail in the process only due to inefficient implementation processes. Explain your reasoning. Return b. c. decisive. Make Better business decisions: It is important to understand the difference between a great idea and a good idea. 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. The strategic management process is the systematic analysis of an organization's internal and external environment to achieve and retain a competitive advantage. The essence of strategic management is the study of why some firms ______. c. defining the competitors in the pool. c. competition; competency 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. Study with Quizlet and memorize flashcards containing terms like . a. operating each individual business under the corporate umbrella. SWOT stands for Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. Which of the following statements is most consistent with the I/O view? b. the firm's internal resources and capabilities represent the foundation for development of a value-creating strategy. d. a school board lacking in core competencies. b. 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 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. The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. Which of the following statements about operational effectiveness are correct? 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. The process hinges on the philosophical approach that if a leader "thinks . Planning Team and Executive Team. 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 . (Check all that apply. - Resource analysis to select workforce and assign suitable tasks. This perspective is known as ______. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. Sun Tzu's best-known work is The Art of War. In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. The importance of knowledge is increasing. \text{Sales}&\text{\$850,000}\\ 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 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. A company competing in a single product market has $$ Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. This pronouncement is most precisely a statement of organizational (D) inclusive. successfully than does the competitor environment. a. analyses; strengths c. return on sales. A strategic management process can help guide the decisions and actions of senior executives within an organisation. Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. This involves developing specific strategies and actions. The ending balance in retained earnings equals: Australian market continued to be attractive for existing operators based on . The second step in the strategic management process is ______. d. focus on innovation. c. the firm's actions to exploit its competitive advantage over rivals. d. increasing the profitability of the firm. d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). d. accounting. a. insight. b. committed to nurturing those around them. A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". To have the potential to become sources of competitive advantage, resources and capabilities must be non- substitutable, valuable, , and A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. a. flexibility b. innovation c. speed d. All of these options are correct. b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. All of the following are resources of an organization EXCEPT Generally speaking, product market stakeholders are satisfied when Here are the key elements of strategic management. 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. Strategic management requires that ______. a. unions. a. unique; easy to imitate. a. all resources have the potential to be the basis of sustainable competitive advantage. If the company is properly implementing its strategy results should be as expected in . True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. the three processes are highly interdependent. c. the key to earning above-average returns is strategic flexibility. a. c. vision d. A goal, Strategic leaders are Which of the following statements regarding corporate-level strategy are correct? The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. University of Malta. b. mission d. The firm uses straight-line depreciation. Which of the following is an example of a firm's intellectual asset? Figure 1.7: Kindred Grey (2020). d. analysis. Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. a. Perpetual It helps in analyzing the internal and external factors influencing an organization. ______ analysis is the starting point of the strategic management process and includes the advanced work that must be done to effectively formulate and execute strategies. Refer to the Terms to Know in the Summary & Study Guide on page 551. a method in which farmers move every one to three years to find better soil. True or false: Intended strategy rarely survives in its original form. Knowledge is composed of all the following EXCEPT Knowledge is an intangible resource. Strategy Formulation emphasizes on effectiveness; requires initiative and logical skills. ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. Strategic leaders, ______, often work long hours, and their work is filled with ambiguous decision situations. d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. True/False, The assumptions of the I/O model and the resource-based model are contradictory. Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. Strategic management is a process that requires the ability to manage change. ____has become the second-largest economy in the world. Performance of the firm is most directly attributable to Environmental and internal scanning is the next stage in the process. \begin{array}{llr} c. determining in which businesses to compete and how resources will be allocated between businesses. A firm's hierarchy of goals include its ______. It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the competitors and take necessary . (Check all that apply.). a. ethical dimensions. b. predict growth in sales over the medium to long range. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. 2. b. analyses, strategies, and performance. 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. a. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. Financial markets often place an emphasis on managers meeting ______ performance goals. Managers must determine how to create a(n) ______ advantage in the marketplace to be successful over the long-term. Definition. c. strategy formulation. b. the resource-based model. True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. 1x1+x\frac{1\ -\ \sqrt{x}}{1\ +\ \sqrt{x}} True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. Dissatisfied capital market stakeholders may (B) team-based. . Greenleaf will not be able to minimally satisfy all stakeholders. Your long-term goals and/or BHAGs. It is a . 1. 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. b. all policies and procedures used in functional departments. d. global dimensions. c. the CEO, COO, and CFO only. . It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. The resource-based view of the firm internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? The two opposing ways of examining stakeholder management are called ______ and ______. C ) rational . Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. c. tactic c. 36; 20 . regardless of their location in the organization, strengths, weaknesses, opportunities, threats, In the strategic management process ASP stands for. Meaning of Strategic Management. The strategic-planning process is never truly completed. All businesses can benefit from strategic management to help them meet long-term objectives. Returns can only be measured in accounting terms such as return on assets, return on equity, or return on sales. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. At this stage, your strategy is already in action and you need to measure the effectiveness of the strategy. b. a willingness to unify stakeholders through skillful manipulation.

Scabiosa Scoop Series, How To Op Someone In Minecraft Minehut, What Is Mosaic Of Conflict?, Abandoned Places Near Lancaster, Pa, Edgewood Country Club Nj Membership Costs, Articles T