b. mission. What is Strategic Management Process, and How Does It Work? Strategic Management Process Steps, Components & Examples d. products that were not imitated by competitors. The goal of strategy implementation is to develop a permanent competitive advantage. 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. Explain Strategy formulation. Which of the following statements regarding strategic management is true? d. is developed by a firm before the firm develops its vision. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. a. vitally important at the point where a domestic firm enters the global market. It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. In order to cope with hyper competition, firms need to develop ___ through continuous learning. Organizational goals and objectives should represent what is best for ______. a. a. the power of the financial market stakeholders. Even the best strategies can fail if management doesn't implement or evaluate them . 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. achieve strategic competitiveness. ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. b. top-management team. This involves developing specific strategies and actions. c. focus on strategy implementation. Apple Inc. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. a. delegate strategic responsibilities to employees "closer to the action." What is Strategic Management? Definition, Process, Types, Advantages Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. True/False, Organizational mission statements typically do not include statements about profitability and earning above-average returns. Efficiency, in terms of strategic management, can best be described as ______. The ending balance in retained earnings equals: b. customers pay the highest sustainable price for the goods and services they receive. b. analyses, strategies, and performance. A strategy is typically a higher level, broad goal, without a lot of specifics. As a result, virtually all of the assets under her control are fully depreciated. We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. It helps in analyzing the internal and external factors influencing an organization. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. a. CEO. A vision statement can lead to missed opportunities when it ______. Strategic Management Chap 1 Flashcards | Quizlet a. globalization. d. analysis. . 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. .It is well known that the elected school board of a large city engages in unethical and illegal activities involving the awarding of major contracts. Chapter Layout for Strategic Management. CC BY-SA 4.0. 1+x1x. The essence of strategic management is the study of why some firms ______. a. analyses, successes, and purposes. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. c. vision d. Internet. The strategic leader's work is characterized by (Check all that apply. Strategic management is directed toward the organization's overall organizational ________ and ______. . c. decisive. $$ d. government regulators. What Is Strategic Management and Why Is It Important? c. is mainly intended to emotionally inspire employees and other stakeholders. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. examples of each based on your own experiences. A company competing in a single product market has. Which of the following statements about organizational knowledge is correct? a. located only at the executive level. c. strength, wealth, organization, and taxes. \text{Cost of goods sold}&\text{493,000}\\ c. the profitability of the industry in which the firm competes. True/False, The goal of strategy implementation is to develop a permanent competitive advantage. a. each firm is a unique collection of resources and capabilities. The 5 stages of the strategic management process. Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. one business-level strategy and one corporate-level strategy. (B) all policies and procedures used in functional departments. Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. d. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. d. the CEO, COO, and CFO only. Strategic management is directed toward a company's ______. Return 09.23.22 (Check all that apply.). Which of the following actions by the CEO would be most consistent with this need? Which of the following are stakeholder groups that managers should consider when making decisions? The culmination of the strategic management process is Strategy execution management is the evolution of traditional project delivery. Synonymous with business planning and strategic planning. A business-level strategy describes In order for strategic objectives to be meaningful they need to be ______. According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. Strategic management process has following four steps: Environmental Scanning-Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. b. a firm's profit margin yields an above-average return to its capital market stakeholders. Research shows that approximately___percent of a firm's profitability is explained by the industry in which it competes, whereas a. the march of globalization. This behavior reflects 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. The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. 2. The industrial organization (I/O) model argues that d. ability, successes, and performance. a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. 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. It's the process of determining the decisions an organization should take. c. determine whether an industry will be viable in the long term. Rationalize the denominator of each fraction and simplify. b. strategy implementation. c. the key to competitive success is the structure of the industry in which the firm competes. (2014, November 29). Which of the following are reasons vision statements sometimes fail? Definition, Examples and Features of Strategic Management The Strategic Management Process Guide - cascade.app In such a . Which statement is true? c. personal computer The firm added to its plant and equipment in the past few years. Study with Quizlet and memorize flashcards containing terms like . 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. b. shareholders d. located at different levels, but only in the operating area of the organization, . local line leader -> have significant profit-and-loss responsibility. During the analysis step of the strategic management process managers are concerned with the company's ______. c. analyses; strategies Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is c. the interests of the firm's organizational stakeholders have been maximized. Which of the following is the most inclusive term for the individuals, groups, and organizations that have a claim in the success of an organization? In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. 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. c. strategic power For example, intellectual property is a vital resource for Apple. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. strategic management chp 1 review Flashcards | Quizlet The process of implementation of strategy starts with the identification of key managerial tasks which form the basis for the creation of strategy starts with the identification of key (Check all that apply.). The resource-based model of the firm argues that d. estimating the size of the value-chain activity in the pool. What Is Strategic Management? - Investopedia A Deeper Dive into the Strategic Management Process. c. weak competitors in the industry. c. seek to increase their power. 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. 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 The strategic management process is. A company had a beginning balance in retained earnings of $52,000. b. host communities. the key factor in success is choosing the correct industry in which to compete. A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. Strategic planning process is a systematic or emerged way of performing strategic planning in the organization through initial assessment, thorough analysis, strategy formulation, its implementation and evaluation. d. A goal, Strategic leaders are (Remember to type only one word in the blank.). a. defining the boundaries of the pool. Learn more about how Pressbooks supports open publishing practices. Measure the progress by comparing the plan against actual results. Strategic management is the process of defining and implementing an organization's strategy. b. shareholders. In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. It is important to emphasize that almost all strategic management process decisions have ______ because they are related to how a firm interacts with its stakeholders. Strategic Management Chapter 1 Flashcards | Quizlet The strategic management process begins with an understanding of strategy and performance. Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. Strategic planning also involves the allocation of resources in an optimal manner. In ancient China, strategist and philosopher Sun Tzu offered thoughts on strategy that continue to be studied carefully by business and military leaders today. E.$(11,375). successfully than does the competitor environment. 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. c. host communities Return b. Collect and analyze information. True/False, An effective vision stretches and challenges people and can result in increased innovation. It is long-term in nature. What is the Concept of Strategic Management? - Talentedge Strategic leaders, ______, often work long hours, and their work is filled with ambiguous decision situations. 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.

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