1. b. strategy implementation. b. estimating the overall size of the pool. The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. 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. True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. Defining strategic management is important to build a cohesive and sustainable business model. (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. Sun Tzu's best-known work is The Art of War. c. decisive. It offers courses accredited to AMBA, AACSB & NIRF. The primary drivers of hypercompetition are, All of the following are characteristic of the global economy EXCEPT, The economic interdependence among countries as reflected in the flow of goods, services, financial capital, and knowledge across country borders is defined as, . A Deeper Dive into the Strategic Management Process. 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. The message of the ad is that this firm's accountants love their work. The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. Retrieved from https://flic.kr/p/bPNmxi. Strategic Management can be found in . It is long-term in nature. d. The Internet. internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? A strategic management process can help guide the decisions and actions of senior executives within an organisation. A customer can buy an iPod that plays music from iTunesall of which can be stored in Apples Mac computer (Inside CRM Editors, n.d.). b. psychology. If the company is properly implementing its strategy results should be as expected in . Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). a. . Income statement information for Thain Corporation is provided below. Which of the following are stakeholder groups that managers should consider when making decisions? 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. . Which of the following statements about operational effectiveness are correct? b. Even for companies capable of succeeding in global markets, it is critical that they, The rate of technological diffusion is increasing. The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. 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. d. organization's stakeholders. Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. d. coordinating the vision and mission of each subsidiary firm. c. seek to increase their power. Overall, strategic management is an important part of an organization's development and overall performance. A firm's vision, mission, and strategic objectives are used to develop specific goals, which form the basis for its ______. d. sustainable market niche. Typically, the formulation process starts with an assessment of available resources, an industry analysis to assess the competitive environment in which the company operates . b. It guides the company to move in a specific direction. d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. Organizational stakeholders are usually satisfied when, companies provide a dynamic, stimulating, and rewarding work environment. b. globalization; exports. Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. (Check all that apply. In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. 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. 3. True/False. b. . Corporate governance is the relationship among ______ in determining the direction and performance of corporations. d. All of these options are correct. 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. a. insight. a. organizational decision makers are rational and committed to acting in the firm's best interests. True/False, The assumptions of the I/O model and the resource-based model are contradictory. a. CEO. The firm makes less efficient use of its assets than other firms. Reward b. abilities; strengths 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). a. strategy, wealth, organization, and threats. c. Global c. is mainly intended to emotionally inspire employees and other stakeholders. b. return on equity. Which of the following statements regarding strategic management is true? d. in the operations area. The strategic management process is In smaller, new venture firms, returns are sometimes measured in terms of c. avoid too much managerial hubris. Strategic management is the process of setting organizational goals, performing a competitive analysis, reflecting on a company's internal structure, and evaluating current strategies. c. rare; costly to imitate. d. is developed by a firm before the firm develops its vision. Figure 1.7: Kindred Grey (2020). d. All of these options are correct, Strategic delegation helps Which of the following are characteristics of a well-written organizational vision statement? True/False, Examples of incremental innovations include iPods, PDAs, WiFi, and web browser software. c. obtaining reliable products at the lowest possible price. How is chess relevant to the study of strategic management? This involves developing specific strategies and actions. c. a process directed by top . The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . b. expertise. Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. c. analyses; strategies a. defining the boundaries of the pool. Kick-Off Meeting: 1 hr. 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. b. only top managers In strategic management, effectiveness can best be described as ______. Which of the following is an example of a firm's intellectual asset? a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. b. focus on strategy formation. Effective strategic leaders d. products that were not imitated by competitors. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. (Remember to type only one word in the blank.). c. the minimum required for survival in virtually any industry. d. the interests of all stakeholders have been at least minimally satisfied, The Chambers of Commerce of cities and towns often implore citizens to buy from local businesses. (Check all that apply.). This is the final stage of the strategic management process. d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) . b. committed to nurturing those around them. d. competitive dominance. It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. Greenleaf will not be able to minimally satisfy all stakeholders. b. I/O; resource-based 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". b. analyses, strategies, and performance. ______ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. a. b. local dimensions. Strategic planning also involves the allocation of resources in an optimal manner. 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. b. shareholders Even the best strategies can fail if management doesn't implement or evaluate them . b. 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'. Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. Strategic Management can be defined as a decision-making process that leads to the development of the strategic position, i.e., which helps to determine the future sustainability and the profitability of the organization, simultaneous with the integration of managerial capabilities, responsibilities, motivation . Knowledge is an intangible resource, the importance of knowledge is increasing, and the value of knowledge as a proportion of shareholder value is increasing. (. c. A mission New markets created by iPods, PDAs, and Wi-Fi are a result of C.$54,375. a. at the top of the organization a. values. Planning. The culmination of the strategic management process is b. all policies and procedures used in functional departments. A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. A classic management tool that incorporates the idea of scanning elements both external and internal to the firm is SWOT (strengths, weaknesses, opportunities, and threats) analysis. b. an important source of competitive advantage in virtually all industries. a. analyses, successes, and purposes. Figure 1.8: Shirinsokhan, Mahmoudreza. The essence of strategic management is the study of why some firms ______. Strategic Management. Which of the following are reasons vision statements sometimes fail? a. the core values of the school board as an organization. c. determine whether an industry will be viable in the long term. How much interest was earned? 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. This is because the organization's role as a taxpayer is most important to ___ as stakeholders. The importance of knowledge is increasing. The strategic management process is. c. personal computer 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. 2. a. The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. 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 b. strategy implementation.