the culmination of the strategic management process is:

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. (Check all that apply. a. all resources have the potential to be the basis of sustainable competitive advantage. True or false: Intended strategy rarely survives in its original form. d. strengths, weaknesses, opportunities, and threats. To implement a firm's strategies, the firm takes actions with the goal of achieving strategic competitiveness and above average returns. 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. overload middle managers. https://youtu.be/o0U0gwvnhek. University of Malta. It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the competitors and take necessary . To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. In Chapter 7, Innovation Strategies, we present insights on the role innovation plays in strategy development and implementation. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. - Evaluating efficiency and effectiveness . How do you think the economic growth of developing countries will affect you and your family in the future? - Resource analysis to select workforce and assign suitable tasks. c. employees. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. 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. b. a willingness to unify stakeholders through skillful manipulation. b. abilities; strengths c. a process directed by top . ), Which of the following must a firm's strategy be consistent with? b. customers pay the highest sustainable price for the goods and services they receive. Disruptive In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. (Check all that apply.). Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. b. executives control strategy implementation. b. the industry's structural characteristics have little impact on a firm's performance over time. Your mission statement. Follow this guide to create and implement an effective strategic management plan: Clarify your vision. c. tactic There are provisions to create, implement and appraise . 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. Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. What are the four levels of a company's strategy formulation? Which of the following statements about the strategic management process is true? Who makes the strategic decisions for most organizations? In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. Sound strategies are of no value if they ______. c. strategic power 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. b. team-based. \text{Cost of goods sold}&\text{493,000}\\ b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Which of the following are stakeholder groups that managers should consider when making decisions? Capital market stakeholders include To implement a strong strategy effectively, an experienced . D) analysis. c. rare; costly to imitate. 90; 10 a. committed to helping the firm create value for all stakeholder groups. In a diversified firm, corporate-level strategy is concerned with: determining in which businesses to compete and how resources will be allocated between businesses. Sun Tzu's best-known work is The Art of War. a. insight. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. Some of the steps involved in the process of strategic management:- 1. B) strategy implementation. True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. a. inspired. b. Accordingly, the strategic management and planning process consists of sequential five key steps; (i) Goal setting, (ii) Analysis strategy formation, (iii) Strategy formation, (iv) Strategy . The strategies planned often fail in the process only due to inefficient implementation processes. a. operating each individual business under the corporate umbrella. The strategic management process is a crucial element of any organization's success. C ) rational . Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. Certainly, part of Apples success is due to the unique products it offers the market, as well as how these products complement one another. Readiness assessment. Environmental and internal scanning is the next stage in the process. Strategy formulation is the next step in the strategic management process. The culmination of the strategic management process is a. performance. b. estimating the overall size of the pool. b. total profits earned in an industry along all points of the value chain. Generally speaking, product market stakeholders are satisfied when Strategic management involves setting objectives, analyzing the competitive environment . c. economies of scale How much was invested? a. the power of the financial market stakeholders. It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. b. predict growth in sales over the medium to long range. a. ambiguous decision situations which make effective decisions difficult to determine. Broad Plans Shaping: In this continuous process, the formulation & implementation of broader plans are made and finally, these are also controlled. conduct a thorough analysis of the external and internal environments, Strategies often fail when managers fail to do which of the following? True/False, Organizational mission statements typically do not include statements about profitability and earning above-average returns. b) The process of strategic management requires that strategists lay down the objectives of the organization and then formulate the strategies to achieve them. The five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. . In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. Estimated Duration. It is a philosophical approach to business. b. all policies and procedures used in functional departments. (Check all that apply.). d. products that were not imitated by competitors. b. tighten loan covenants. In smaller, new venture firms, returns are sometimes measured in terms of Planning Team and Executive Team. ), Which of the following are examples of business-level strategies? c. personal computer 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. d. analysis. A vision b. d. increasing the profitability of the firm. In situation analysis, organizations must scan and evaluate the organization's performance, corporate strategies, and internal and external . The strategic management process is. 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. c. return on sales. a. strategic mission. a. B. It improves the company's problem-solving and prevents capabilities. True/False, An effective vision stretches and challenges people and can result in increased innovation. b. strategy implementation. c. the CEO, COO, and CFO only. True/False. Let us take a look at the five conventional functions of the management process. Successful strategic leaders are c. A mission 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. 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. incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? You can view this video here: https://youtu.be/o0U0gwvnhek. c. weak competitors in the industry. Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. To simply put, strategy evaluation entails reviewing and appraising the strategy implementation process and measuring organizational performance. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. A major assumption about the strategic management process is that it is ______ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones. the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. c. host communities By following this process, organizations can ensure their plans are aligned . d. organization's stakeholders. A company competing in a single product market has. c. obtaining reliable products at the lowest possible price. The triple bottom line measures the performance of which of the following? A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. Establish your planning team and schedule. c. re-centralize the responsibility for strategy to the CEO. shareholders, management, and the board of directors. Which of the following best explains a ratio of "net sales to average net fixed assets" that exceeds the industry average? \text{Sales}&\text{\$850,000}\\ It helps in analyzing the internal and external factors influencing an organization. When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) b. argues that the industry environment has a stronger influence on firms' ability to implement strategies Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is 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. a. delegate strategic responsibilities to employees "closer to the action." c. Global a. globalization. Owner/CEO, Strategy Director. This involves developing specific strategies and actions. Which of the following statements is most consistent under the I/O view? the three processes are highly interdependent. In strategic management, effectiveness can best be described as ______. What other games might help teach strategic thinking. d. inclusive. STRATEGIC MANAGEMENT PROCESS: F i gu re 10. c. companies provide a dynamic, stimulating, and rewarding work environment. Strategic planning process is a systematic or emerged way of performing strategic planning in the organization through initial assessment, thorough analysis, strategy formulation, its implementation and evaluation. a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. The strategic management process is essentially a set of steps a leader can use to help achieve better business outcomes. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. Why is it important to view strategic management as a process? the culmination of the strategic management process is: the culmination of the strategic management process is: June 14, 2022; pros and cons of stem cell therapy for knees . Income statement information for Thain Corporation is provided below. This ad seeks to convey a sense of the organization's to the viewers. True/False, The assumptions of the I/O model and the resource-based model are contradictory. The Chamber of Commerce of cities and towns often implore citizens to buy from local businesses. Firms use both the ______ and ______ models. The industrial organization (I/O) model argues that (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. b. receiving the highest-quality products and services in the industry. Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. c. determining in which businesses to compete and how resources will be allocated between businesses. Reward An assessment od strengths, weakness, opportunities and threats. ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. 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. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. c. speed The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. It guides the company to move in a specific direction. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. 97.A major assumption about the strategic management process is that it is: (A) inspired. organizational versus individual rationality. d. global dimensions. Knowledge is composed of all the following EXCEPT 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. According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. d. 20; 36. c. defining the competitors in the pool. 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. an hourly production employee's ability to catch subtle quality defects in products. Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. The message of the ad is that this firm's accountants love their work. b. shareholders. b. the resource-based model. (Check all that apply.). Write the key term that best matches each description. \begin{array}{llr} It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. In order to cope with hypercompetition, firms need to develop through continuous learning. 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. The firm added to its plant and equipment in the past few years. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. What is the Strategic Management process? a. the social energy that drives, or fails to drive, the organization. When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. How to develop a strategic management process. In the POLC framework, where does strategy implementation take place. d. the amount and speed of growth. The firm makes less efficient use of its assets than other firms.

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