What other games might help teach strategic thinking. An assessment od strengths, weakness, opportunities and threats. b. achieve strategic competitiveness. For example, part of Apples success is due to its consistent focus on innovation and creativity that Steve Jobs described as similar to that of a start-up. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. d. culture. It offers courses accredited to AMBA, AACSB & NIRF. The culmination of the strategic management process is: a. performance. a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. The Chamber of Commerce of cities and towns often implore citizens to buy from local businesses. 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. d. The Internet. 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. conduct a thorough analysis of the external and internal environments, Strategies often fail when managers fail to do which of the following? Strategic Management Flashcards | Quizlet A firm has achieved when it successfully formulates and implements a value-creating strategy. b. the resource-based model. d. hypercompetition within the industry. Reward Managers execute or implement their decisions as ______ in the third step of the strategic management process. The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. C.$54,375. a. goal b. strategy c. tactic d. mission ANSWER: b 104. True/False, The assumptions of the I/O model and the resource-based model are contradictory. c. the CEO and top managers Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. Your company's core competencies. Strategic Management ch 1 Flashcards | Quizlet 1+x1x. Write the key term that best matches each description. Synonymous with business planning and strategic planning. . d. All of these options are correct, Strategic delegation helps The final responsibility for forming the organization's mission lies with the Feedback may occur at all times to revise these actions. 2 St rategy formul at ion a nd i mp leme nt ati on in t he st rat e gi c mana ge me nt p roce ss Strategic management. d. strengths, weaknesses, opportunities, and threats. en.wikipedia.org/wiki/Apple_Inc._ litigation, https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109, https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png, Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. a. vitally important at the point where a domestic firm enters the global market. What Is Strategic Management? - Investopedia This activity is important because proper use of strategic management techniques . c. companies provide a dynamic, stimulating, and rewarding work environment. c. speed The Strategic Planning Process in 4 Steps | OnStrategy Collect and review information to help make the upcoming strategic decisions. It helps in analyzing the internal and external factors influencing an organization. At this stage, your strategy is already in action and you need to measure the effectiveness of the strategy. ______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined time frame. c. employees. During the ______ step in the strategic management process, managers answer two questions: what industries should we compete in and how should we compete in those industries? b. rapid technological diffusion. In order for strategic objectives to be meaningful they need to be ______. Even for companies capable of succeeding in global markets, it is critical that they, The rate of technological diffusion is increasing. Strategic Management Process - STRATEGIC MANAGEMENT PROCESS Strategic 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. Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. What Is Strategic Management? | Indeed.com Canada ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. d. a charity's endowment of $400 million. 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. d: 70: 3884478507 the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. In such a . a. unique; easy to imitate. (Check all that apply.). It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. d. one business-level strategy and one corporate-level strategy. Establish your planning team and schedule. 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). innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University 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. a. the key factor in success is choosing the correct industry in which to compete. b. mission The process hinges on the philosophical approach that if a leader "thinks . - Resource analysis to select workforce and assign suitable tasks. 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. (2014, November 29). d. personality. 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. Use the simple interest formula method. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation Effective strategic leaders ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. d. strategy. In Wikipedia. b. determining how each functional department of the firm will operate. The strategic management process begins with an understanding of strategy and performance. b. focus on strategy formation. a. ambiguous decision situations which make effective decisions difficult to determine. What is Strategic Management | Learn About Strategic Management & the Greenleaf will not be able to minimally satisfy all stakeholders. Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . d. emphasize profit maximization. The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. University of Malta. Strategic management process has following four steps: Environmental Scanning-Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. d. critically important mainly in high technology industries. 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'. Income statement information for Thain Corporation is provided below. B. Continuous learning It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. This is because the organization's role as a taxpayer is most important to as stakeholders. 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. Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. strategic objectives. Measure the progress by comparing the plan against actual results. Name two benefits workers take for granted now that did not exist before labor organized. a. are willing to be brutally honest. The essence of strategic management is the study of why some firms ______. Match the strategic management process with its corresponding term. The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. b. easy to imitate; difficult to implement. b. strategy This improved performance is best explained by - Evaluating efficiency and effectiveness . The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. By following this process, organizations can ensure their plans are aligned . True/False, Organizational mission statements typically do not include statements about profitability and earning above-average returns. c. strategy . 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. c. vision The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. In smaller, new venture firms, returns are sometimes measured in terms of True/False, The goal of strategy implementation is to develop a permanent competitive advantage. True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. The culmination of the strategic management process is a. performance. 1. a. 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. b. shareholders. d. coordinating the vision and mission of each subsidiary firm. In Chapter 2 "Assessing Organizational . True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. Successful strategic leaders are b. predict growth in sales over the medium to long range. \text{Sales}&\text{\$850,000}\\ The strategic management process is. Introduction. 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. 1.2 What is Strategic Management? - Strategic Management - Virginia Tech c. is mainly intended to emotionally inspire employees and other stakeholders. b. a willingness to unify stakeholders through skillful manipulation. d. government regulators. It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . Which of the following is an example of a firm's intellectual asset? It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. d. A goal, Strategic leaders are a. anthropology. a. power of each stakeholder Strategic management is the process of finding and describing the strategies used by management to improve the financial performance of a company, particularly in comparison to competitors in the same sector. 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 firm's mission b. inspiring vision. a. Perpetual economic downturns or upturns, government legislation, new technologies. Disruptive A strategy The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. b. strategy implementation. c. knowledge intensity. b. tighten loan covenants. a. the core values of the school board as an organization. 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.). 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. 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. Which statement about the triple bottom line is true? (PDF) Strategic Management - ResearchGate b. receiving the highest-quality products and services in the industry. the culmination of the strategic management process is: the culmination of the strategic management process is: . 1.4 The History of Strategic Management Return b. 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. a. size; number of competitors. Prepare a vertical analysis of the income statement for Thain Corporation. a. vision Owner/CEO, Strategy Leader. 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. (Check all that apply.). Owner/CEO, Strategy Director. 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. weak competition a. delegate strategic responsibilities to employees "closer to the action." ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. [1]. It is a process that requires a systematic . A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. Who makes the strategic decisions for most organizations? d. 20; 36. c. ability, strategies, and purposes. . Consistent failure to achieve this minimum target is grounds for the dismissal of a division manager. Definition. 2. Strategic Management & Strategic Planning Process The industrial organization (I/O) model argues that True/False, Ms.Smith is a strategic leader of the firm. c. Sustainable competitive advantage d. estimating the size of the value-chain activity in the pool. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. The strategic management process is. c. economies of scale b. shareholders. d. is developed by a firm before the firm develops its vision. True/False, The resource-based model assumes that firms must have resources that are rare or costly to imitate to form a basis for competitive advantage. a. defining the boundaries of the pool. a. 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. c. strategy formulation. b. The profit pool is the Effective strategies Apple uses to create loyal customers. _________ strategy is a combination of deliberate and emergent strategies. C ) rational . d. a firm's resources, intent, and mission. A capability Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. This behavior reflects business, corporate, international, and entrepreneurial. 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. 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. d. focus on innovation. Characteristics of Strategic Management. a. b. regardless of their location in the organization b. 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? Greenleaf Property Management has been earning below-average returns for the last three years. (n.d.). c. information. Strategic management is directed toward the organization's overall organizational ________ and ______. True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. Benefits and limitations of strategic management The goal of strategy implementation is to develop a permanent competitive advantage. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. a. competitive resilience ), Which of the following are examples of business-level strategies? c. determining in which businesses to compete and how resources will be allocated between businesses. The five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. How do you think the economic growth of developing countries will affect you and your family in the future? a. industry; capability Litigation. Readiness assessment. 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.