Which of the following is an example of a firm's intellectual asset? d. competitive dominance. The is the most critical criterion in prioritizing stakeholders. . a. operating each individual business under the corporate umbrella. True/False, The five forces model suggests that firms should target the industry with the highest potential for above-average returns and then implement either a cost leadership or diffusion strategy b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. B. The 5 stages of the strategic management process. d. The Internet. Strategic management requires that ______. When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n): In the resource-based model, which of the following factors would be considered a key organizational success? ), Which of the following are examples of business-level strategies? Analysis of the industry's profit pool enables strategic managers to Figure 1.8: Shirinsokhan, Mahmoudreza. Strategic management is the process of setting organizational goals, performing a competitive analysis, reflecting on a company's internal structure, and evaluating current strategies. (B) all policies and procedures used in functional departments. It helps in analyzing the internal and external factors influencing an organization. a. size; number of competitors. Return b. The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. SWOT stands for (Check all that apply.). 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 ______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined time frame. 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. ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. b. the resource-based model. d. locate the most promising areas of an industry's value chain. Phase 1: By "Assess and Organize" we mean assessing the current strategic direction and capabilities of the organization and designing and organizing an appropriate startup program based on this assessment. 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.). It is a process that requires a systematic . ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. b. strategy implementation. Overall, strategic management is an important part of an organization's development and overall performance. 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. (Check all that apply. Which of the following was fastest in penetrating 25 percent of homes in the U.S. market? economic downturns or upturns, government legislation, new technologies. The Chamber of Commerce of cities and towns often implore citizens to buy from local businesses. 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) The process of strategic management requires that strategists lay down the objectives of the organization and then formulate the strategies to achieve them. a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. Strategic flexibility Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. The steps for identifying the profit pools in an industry include all of the following EXCEPT In order for strategic objectives to be meaningful they need to be ______. a. at the top of the organization Companies have realized that failure to measure it can negatively affect the company and its community. In such a . _____ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. Environmental and internal scanning is the next stage in the process. This behavior has existed for decades, even as the membership in the school board has changed over time. The strategic leader's work is characterized by b. The situation is where relevant information is needed to create the organization's culture, mission, or vision statement. (Check all that apply.). The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. Successful strategic leaders are . It is a philosophical approach to business. The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. d. located at different levels, but only in the operating area of the organization, . Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. _________ strategy is a combination of deliberate and emergent strategies. Even for companies capable of succeeding in global markets, it is critical that they, The rate of technological diffusion is increasing. It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. Situation Analysis. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. c. the profitability of the industry in which the firm competes. c. weak competitors in the industry. Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . Certainly, part of Apples success is due to the unique products it offers the market, as well as how these products complement one another. a. unique market niche c. what people do when no one else is looking. Match the type of leader (on the left) with the corresponding description (on the right). Feedback may occur at all times to revise these actions. b. mission. Tasks, timelines, budgets, etc. Rationalize the denominator of each fraction and simplify. b. predict growth in sales over the medium to long range. d. social value of each stakeholder. Which of the following statements about the strategic management process is true? 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. d. the amount and speed of growth. Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. - Evaluating efficiency and effectiveness . Study with Quizlet and memorize flashcards containing terms like . d. intelligence. This involves developing specific strategies and actions. 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. What is the Strategic Management process? Some of the steps involved in the process of strategic management:- 1. 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. a. the core values of the school board as an organization. a. overload middle managers. Managers must adopt a new mind-set that values conditions. 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. d. Revenue. 09.23.22 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. b. achieve strategic competitiveness. 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. b. return on equity. the three processes are highly interdependent. Corporate governance is the relationship among ______ in determining the direction and performance of corporations. c. obtaining reliable products at the lowest possible price. Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? b. resources alone can be a source of sustainable competitive advantage. a. strategic competitiveness b. a permanently sustainable . CEOs, such as late Apple-founder Steve Jobs, must be able to carefully manage the possible actions that their firms might take to deal with changes that occur . Chapter 10 Executing Strategy through Organizational Design offers ideas on how to manage these elements of implementation. examples of each based on your own experiences. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. What is the difference between strategy formulation and strategy implementation? Strategic Management Process [Video]. The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. (Check all that apply.). Which of the following statements about operational effectiveness are correct? Which of the following state the goals and intentions that help define a firm's competitive advantage? b. an important source of competitive advantage in virtually all industries. Consequently, how managers understand and interpret the performance of their firms is often central to understanding strategy. A major assumption about the strategic management process is that it is b. team-based. Chess CC BY-NC 2.0. The modern competitive environment requires an iterative approach to strategic management where execution informs planning and planning guides execution. It should seek to diversify. Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). Strategic Goals: b. 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. (Check all that apply. Synonymous with business planning and strategic planning. 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.
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