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(Check all that apply. A vision statement can lead to missed opportunities when it ______. Strategic management is a process that requires the ability to manage change. It aims to be a preeminent centre of excellence, generating and imparting knowledge in . Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. 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. Chess CC BY-NC 2.0. What is Strategic Management? Definition, Process, Types, Advantages . Strategic Management can be found in . In Chapter 7, Innovation Strategies, we present insights on the role innovation plays in strategy development and implementation. 1. Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. . Strategy Execution Management Solution - UMT360 Which of the following statements about organizational knowledge is correct? Culminating events and time working together in top management teams The resource-based model of the firm argues that $$ a. d. organization's stakeholders. b. abilities; strengths d. products that were not imitated by competitors. d. a charity's endowment of $400 million. d. unions, Organizational stakeholders are usually satisfied when ____has become the second-largest economy in the world. In ancient China, strategist and philosopher Sun Tzu offered thoughts on strategy that continue to be studied carefully by business and military leaders today. Capital market stakeholders include True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. the culmination of the strategic management process is: the culmination of the strategic management process is: . c. is mainly intended to emotionally inspire employees and other stakeholders. c. rare; costly to imitate. one business-level strategy and one corporate-level strategy. How much interest was earned? c. strategy formulation. a. performance. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. E.$(11,375). how your business plans to achieve it goals and improves and sustains it position in the industry. a. CEO. The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. 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). 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. Collect and analyze information. Strategy execution management is the evolution of traditional project delivery. The economic interdependence among countries is reflected in the flow of goods, services, financial capital, and knowledge across country borders is defined as: higher performance standards including quality and cost. 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. Consequently, how managers understand and interpret the performance of their firms is often central to understanding strategy. In the resource-based model, which of the following factors would be considered a key to organizational success? The Strategic Management Process Guide - cascade.app 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. UMT360's Strategy Execution Management solution. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. All of the following are assumptions of the industrial organization (I/O) model EXCEPT In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. Study with Quizlet and memorize flashcards containing terms like . c. rational. 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. Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization. In the POLC framework, where does strategy implementation take place. 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. This is because the organization's role as a taxpayer is most important to ___ as stakeholders. All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. This ad seeks to convey a sense of the organization's to the viewers. c. competition; competency What Is Strategic Management and Why Is It Important? It is long-term in nature. Strategic management is the management of an organization's resources to achieve its goals and objectives. B the process of strategic management requires that In a diversified firm, corporate-level strategy is concerned with Here are the key elements of strategic management. . a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. 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. c. information. Broad Plans Shaping: In this continuous process, the formulation & implementation of broader plans are made and finally, these are also controlled. 5. b. strategic flexibility d. attractiveness; profitability. a. suppliers. (. c. defining the competitors in the pool. How do you think the economic growth of developing countries will affect you and your family in the future? d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. c. hypercompetition; technology diffusion. (Check all that apply. Reward d. A goal, Strategic leaders are 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.). Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. In the instance, the implementation . 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. b. tighten loan covenants. Typically, the formulation process starts with an assessment of available resources, an industry analysis to assess the competitive environment in which the company operates . 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. Understanding the Strategic Management Process c. the CEO and top managers Performance of the firm is most directly attributable to 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. b. New markets created by iPods, PDAs, and Wi-Fi are a result of c. knowledge intensity. Disruptive Generally speaking, product market stakeholders are satisfied when True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. d. social value of each stakeholder. Performance of a firm is most directly attributable to: the profitable of the industry in which the firm competes, Firms use the five forces model of competition to identify the ___ of the industry. Establish your planning team and schedule. b. Measure the progress by comparing the plan against actual results. The firm added to its plant and equipment in the past few years. c. economies of scale The three primary participants in corporate governance are the ______, management, and board of directors. The five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. Which of the following statements regarding corporate-level strategy are correct? b. a functional, although unethical, culture of the school board. ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. Strategic Management Process - Meaning, Steps and Components Successful strategic leaders are What is the Concept of Strategic Management? - Talentedge 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? the culmination of the strategic management process is: 98.:A business-level strategy describes (A) the businesses in which the company intends to compete. Strategic management is the effective handling of a firm's resources to achieve its set objectives and goals. d. personality. 09.23.22 c. seek to increase their power. Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. Firms use both the _____and______models. Which of the following are reasons vision statements sometimes fail? Efficiency, in terms of strategic management, can best be described as ______. Organizational goals and objectives should represent what is best for ______. a. the key factor in success is choosing the correct industry in which to compete. (B) team-based. It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the competitors and take necessary . a. located only at the executive level. a. flexibility b. innovation c. speed d. All of these options are correct. 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. - Evaluating efficiency and effectiveness . 3. Firms use the five forces model to identify the of the industry as measured by its Which of the following statements about the strategic management process is true? In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. vision. Planning. c. what people do when no one else is looking. a. analyses; strengths The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to Estimated Duration. ______ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. a. unique; easy to imitate. Which of the following state the goals and intentions that help define a firm's competitive advantage? The strategic management process is a crucial element of any organization's success. b. inspiring vision. ______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined time frame. The Strategic Planning Process in 4 Steps | OnStrategy 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. d. industry; competency, ___should establish a firm's individuality and should be inspiring and relevant to all stakeholders. a. strategic mission. Want to create or adapt books like this? d. the firm's chief executive officer, A prominent national accounting firm runs television advertisements showing an accountant working alone late in the office on a client's project, while clenching a long-stemmed rose in his teeth and grinning ecstatically. 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. Planning Team and Executive Team. c. weak competitors in the industry. Even for companies capable of succeeding in global markets, it is critical that they, The rate of technological diffusion is increasing. Strategic Management Course Online by IIM Lucknow - Talentedge innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. (PDF) Strategic Management and Strategic Planning Process - ResearchGate SWOT stands for a. a. goal b. strategy c. tactic d. mission ANSWER: b 104. the three processes are highly interdependent. Apple's iPod and iPad are examples of 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. Readiness assessment. A sustainable competitive advantage is not achieved through operational effectiveness alone. When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) b. success, weakness, opportunities, and taxes. They involve balancing culture and boundaries or constraints. d. the amount and speed of growth. The resource-based view of the firm b. an important source of competitive advantage in virtually all industries. In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. The message of the ad is that this firm's accountants love their work. 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. A major assumption about the strategic management - Course Hero C ) rational . - Resource analysis to select workforce and assign suitable tasks. Strategic Management Process | MiroBlog The strategic management process is. c. in the finance area The I/O model is grounded in Reflects what a firm is doing to achieve its mission and vision as seen by its achievement of specific goals & objectives. 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 mission of IIM Lucknow is to improve management systems with regard to business, industry and public services through pursuit of excellence in management education, research, consultancy and training. c. an ability to identify the correct solutions to long-range problems. Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. Chapter 01 Strategic Management and Competitiveness Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. In the POLC framework, where does strategy formulation take place? Strategic flexibility Explain the difference between negative reinforcement and punishment, and provide several 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. Effective strategies Apple uses to create loyal customers. Strategic Management Flashcards | CourseNotes