the culmination of the strategic management process is:

Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? c. a process directed by top management with input from other stakeholders that seeks to achieve above- average returns for investors through effective use of the organization's resources. A capability 3. Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. a. a. performance. ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. What are the four levels of a company's strategy formulation? d. government regulators. Greenleaf Property Management has been earning below-average returns for the last three years. c. analyses; strategies c. knowledge intensity. Typically, the formulation process starts with an assessment of available resources, an industry analysis to assess the competitive environment in which the company operates . 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. A firm's hierarchy of goals include its ______. Organizational goals and objectives should represent what is best for ______. B. 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). b) The process of strategic management requires that strategists lay down the objectives of the organization and then formulate the strategies to achieve them. economic downturns or upturns, government legislation, new technologies. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. a. b. I/O; resource-based In order to cope with hyper competition, firms need to develop ___ through continuous learning. The strategic management process begins with an understanding of strategy and performance. Strategic Management Process [Video]. is a capacity for a set of resources to perform a task or an activity in an integrative manner. As a result, virtually all of the assets under her control are fully depreciated. The goal of strategy implementation is to develop a permanent competitive advantage. Consistent failure to achieve this minimum target is grounds for the dismissal of a division manager. shareholders, management, and the board of directors. Strategy Implementation in Strategic Management Process Use the simple interest formula method. Strategic Management: Meaning, Concepts, Examples (Explained) - iEduNote . 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. (Check all that apply. It's an important step since it is here that businesses can review performance metrics of all components and make any tweak necessary to ensure accomplishment of long-term goals. d. abilities; strategies. b. regardless of their location in the organization d. organization's stakeholders. conduct a thorough analysis of the external and internal environments, Strategies often fail when managers fail to do which of the following? It is important to consider that the decision: has ethical implications for organizational stakeholders. What Is Strategic Management? - Strategic Management Strategy Evaluation. Some of the steps involved in the process of strategic management:- 1. Sound strategies are of no value if they ______. c. disruptive technologies. Which of the following actions by the CEO would be most consistent with this need? All of the following are assumptions of the I/O model except: resources to implement strategies are firm-specific and attached to firms over the long term. a. each firm is a unique collection of resources and capabilities. The firm added to its plant and equipment in the past few years. Retrieved from https://flic.kr/p/bPNmxi. Strategic management requires that ______. c. tactic Strategic management of an organization entails which of the following ongoing processes? Let us take a look at the five conventional functions of the management process. Afra Alnaimi. Why is it important to view strategic management as a process? a. strategic competitiveness b. a permanently sustainable . c. core competence. a. 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. In the resource-based model, which of the following factors would be considered a key to organizational success? ), a destination that is driven by and evokes passion. Return b. b. the industry's structural characteristics have little impact on a firm's performance over time. Chapter 01 Strategic Management and Competitiveness b. 1.4 The History of Strategic Management Strategic Management can be found in . Therefore, organizational strategists must choose one or the other as the basis for developing a strategic plan. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . Managers must determine how to create a(n) ______ advantage in the marketplace to be successful over the long-term. b. the firm's internal resources and capabilities represent the foundation for development of a value-creating strategy. b. abilities; strengths This involves developing specific strategies and actions. Chapter 8 Selecting Corporate-Level Strategies focuses on selecting corporate-level strategies, and Chapter 9 Competing in International Markets presents possibilities for firms competing in international markets. c. focus on strategy implementation. a. globalization. d. Internet. (Remember to type only one word in the blank.). 60; 40 b. host communities. strategic objectives. are established. Owner/CEO, Strategy Director. The Five Stages of the Strategic Management Process 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. In order for strategic objectives to be meaningful they need to be ______. The strategic management process is Strategic management is directed toward a company's ______. _____ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. a. vision 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. It involves action plans that ensure continued performance and thriving progression. d. one business-level strategy and one corporate-level strategy. Strategic planning aims to create . b. strategy implementation. Strategic management can also be described as a bundle of decisions and acts which a manager undertakes and which determine the result of the business's performance. D. $43,375. McDonald's has been able to a. earn above-average returns. The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. 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. What Is Strategic Management? Characteristics, Risk, Nature - Geektonight Make Better business decisions: It is important to understand the difference between a great idea and a good idea. The strategic-planning process is never truly completed. A major assumption about the strategic management process is that it is Which of the following statements regarding corporate-level strategy are correct? What is Strategic Management? definition, process and importance In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. Strategic Management - THE STRATEGIC MANAGEMENT PROCESS Planning Ahead 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. We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. areas, are relatively rare. c. employees. In smaller, new venture firms, returns are sometimes measured in terms of 98.:A business-level strategy describes (A) the businesses in which the company intends to compete. a. operating each individual business under the corporate umbrella. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. All of the following are resources of an organization EXCEPT A company had a beginning balance in retained earnings of $52,000. The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. A.$2,375. How is chess relevant to the study of strategic management? Strategic management is a process that requires the ability to manage change wherein executives must be cautious to monitor and to interpret the events in their environment as well taking appropriate actions to ensure that their firm to survive and thrive over time. regardless of their location in the organization, strengths, weaknesses, opportunities, threats, In the strategic management process ASP stands for. a. one corporate-level strategy. b. a functional, although unethical, culture of the school board. a. competitive resilience d. All of these options are correct. 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. What Is Strategic Management? - Investopedia Synthesizing the information gained in the external and internal analysis into a SWOT framework is addressed in Chapter 5. Strategic Management Process - Meaning, Steps and Components [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.". Effective strategies Apple uses to create loyal customers. a. insight. A strategy is typically a higher level, broad goal, without a lot of specifics. Strategic Management - Overview, Components, Framework Alfred Chandler, 1962. 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. . - Evaluating efficiency and effectiveness . Inside CRM Editors. successfully than does the competitor environment. Strategic Management Chap 1 Flashcards | Quizlet d. ability, successes, and performance. B the process of strategic management requires that c. personal computer a. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. Strategy Execution Management Solution - UMT360 Strategic Management Process Overview With Examples - Study.com d. hypercompetition. Which of the following are characteristics of a well-written organizational vision statement? en.wikipedia.org/wiki/Apple_Inc._ litigation. It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. b. determining how each functional department of the firm will operate. The two opposing ways of examining stakeholder management are called ______ and ______. Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. c. competition; competency b. success, weakness, opportunities, and taxes. The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. True/False, Organizational mission statements typically do not include statements about profitability and earning above-average returns. This model also guides our presentation of the chapters contained in this book. Strategic Management Process - Stages of Strategic Management Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). Which of the following is an example of a firm's intellectual asset? The culmination of the strategic management process is: A) performance. Solved The strategic management process has five steps: | Chegg.com 1. Strategic Management Process and Its Different Stages a. telephone The situation is where relevant information is needed to create the organization's culture, mission, or vision statement. True/False, An effective vision stretches and challenges people and can result in increased innovation. To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is b. the resources the firm possesses. 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. d. locate the most promising areas of an industry's value chain. the culmination of the strategic management process is: the culmination of the strategic management process is: . d. a school board lacking in core competencies. In a diversified firm, corporate-level strategy is concerned with: determining in which businesses to compete and how resources will be allocated between businesses. a. flexibility Knowledge is composed of all the following EXCEPT The steps for identifying the profit pools in an industry include all of the following EXCEPT c. Sustainable competitive advantage According to Hitt, the final responsibility for forming the organization's mission lies with the: A key purpose of a mission statement is to inform___ what a firm is, what it seeks to accomplish, and who it seeks to serve. Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. Greenleaf will not be able to minimally satisfy all stakeholders. b. focus on strategy formation. d. inclusive. c. the interests of the firm's organizational stakeholders have been maximized. Chapter Layout for Strategic Management. CC BY-SA 4.0. PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. business, corporate, international, and entrepreneurial. c. Global During the analysis step of the strategic management process managers are concerned with the company's ______. . Strategic Management Advantages and Disadvantages - Wisestep Apple's iPod and iPad are examples of 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. (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. Above average returns are those in excess of what an investor expects to earn from other investments with similar stock prices. 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. Strategy evaluation is the process by which the management assesses how well a chosen strategy has been implemented and how successful or otherwise the strategy is. This behavior has existed for decades, even as the membership in the school board has changed over time. In Chapter 6 Selecting Business-Level Strategies, we discuss how selecting business-level strategies helps to provide firms with a recipe that can be followed that will increase the likelihood that their strategies will be successful. The strategic management process is. Tasks, timelines, budgets, etc. Broad Plans Shaping: In this continuous process, the formulation & implementation of broader plans are made and finally, these are also controlled. c. economics. 1+x1x. a. strategic mission. Performance of the firm is most directly attributable to local line leader -> have significant profit-and-loss responsibility. (Check all that apply.). d. Revenue. d. easy to implement; unique. d. skilled employees. Importance of Strategic Management. Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). statements, like vision statements, should be massively inspiring to an organization's main stakeholders and include the purpose of the organization, its scope of operations, and the basis of its competitive advantage. (Check all that apply. Introduction. d. All of these options are correct. . To implement a firm's strategies, the firm takes actions with the goal of achieving strategic competitiveness and above average returns. b. television a. analyses, successes, and purposes. PDF is the culmination of a multi-year strategic planning process involving Corporate governance is the relationship among ______ in determining the direction and performance of corporations. d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? a. culture All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. Reward c. culture a. defining the boundaries of the pool. (Check all that apply.). c. in the finance area It is a . Reward c. Risk d. Revenue ANSWER: c 105. The culmination of the strategic management process is: a. performance. E.$(11,375). Who makes the strategic decisions for most organizations?

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