the culmination of the strategic management process is:weymouth club instructors
All of the following are resources of an organization EXCEPT b. mission A strategy is typically a higher level, broad goal, without a lot of specifics. 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. We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. Kick-Off Meeting: 1 hr. A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. Learn more about how Pressbooks supports open publishing practices. The ending balance in retained earnings equals: Strategic management is the process of setting organizational goals, performing a competitive analysis, reflecting on a company's internal structure, and evaluating current strategies. McDonald's has been able to a. earn above-average returns. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation b. receiving the highest-quality products and services in the industry. Strategic flexibility - Executing plans and strategies. coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage. (C) rational. See the examples before. Sound strategies are of no value if they ______. c. economies of scale Strategic Management - Your Article Library Strategic Management: Meaning, Concepts, Examples (Explained) - iEduNote 1. Reward c. determining in which businesses to compete and how resources will be allocated between businesses. 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. Is is measure by its ___. The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. c. the key to earning above-average returns is strategic flexibility. (Remember to type only one word in the blank.). \text{Sales}&\text{\$850,000}\\ b. all policies and procedures used in functional departments. d. concentration on the practical day-to-day aspects of the organization's operations. (B) team-based. ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. Strategic Management ch 1 Flashcards | Quizlet a. telephone c. knowledge intensity. Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. Strategic Management - THE STRATEGIC MANAGEMENT PROCESS Planning Ahead 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. A strategic management process is an essential tool for any organization looking to optimize performance and reach success. c. defining the competitors in the pool. d. All of these options are correct, Strategic delegation helps c. the profitability of the industry in which the firm competes. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. d. companies are paying the highest prices to suppliers, Product market stakeholders include b. argues that the industry environment has a stronger influence on firms' ability to implement strategies Strategy Formulation emphasizes on effectiveness; requires initiative and logical skills. Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? In Chapter 7, Innovation Strategies, we present insights on the role innovation plays in strategy development and implementation. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. d. personality. a. insight. ), a destination that is driven by and evokes passion. Companies have realized that failure to measure it can negatively affect the company and its community. The first step in the strategic management process is to evaluate where you're going, and why. Chess CC BY-NC 2.0. c. capabilities are highly mobile across firms. How much was invested? The third step of the strategic management process is the ______ step. This pronouncement is most precisely a statement of organizational The goal of the organization's ___ is to point the firm in the direction of where it would like to be in the years to come. b. achieve strategic competitiveness. Strategic Management Process Steps, Components & Examples True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. d. focus on innovation. 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. c. strategy . A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. 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 Sun Tzu's best-known work is The Art of War. c. companies provide a dynamic, stimulating, and rewarding work environment. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. ____has become the second-largest economy in the world. d. easy to implement; unique. a. defining the boundaries of the pool. Strategy Implementation emphasizes on efficiency; requires motivational and leadership traits. b. shareholders. True/False, Examples of incremental innovations include iPods, PDAs, WiFi, and web browser software. b. strategy implementation. When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. Strategy Execution Management Solution - UMT360 Research shows that approximately___percent of a firm's profitability is explained by the industry in which it competes, whereas Corporate governance is the relationship among ______ in determining the direction and performance of corporations. Name two benefits workers take for granted now that did not exist before labor organized. c. what people do when no one else is looking. Social responsibility is the expectation that businesses or individuals will strive to ______. c. The value of knowledge as a proportion of shareholder value is increasing. Readiness assessment. c. rare; costly to imitate. a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. successfully than does the competitor environment. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. Which statement about the triple bottom line is true? Your company's core competencies. c. vision The culmination of the strategic management process is: a. performance. All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. Return C.$54,375. Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. Knowledge is an intangible resource. 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. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. b. globalization; exports. The Strategic Planning Process in 4 Steps | OnStrategy c. employees. The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. The Complete Guide to Strategy Evaluation - Creately Blog 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. The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. Why is it important to view strategic management as a process? ______ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. b. mission What Is Strategic Management and Why Is It Important? What Is Strategic Management? | Indeed.com Canada The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is d. hypercompetition. A business-level strategy describes shareholders, management, and the board of directors. A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. In smaller, new venture firms, returns are sometimes measured in terms of Match the type of leader (on the left) with the corresponding description (on the right). On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. University of Malta. You can view this video here: https://youtu.be/o0U0gwvnhek. It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. . c. the interests of the firm's organizational stakeholders have been maximized. In the strategic management process ASP stands for ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. Strategic Management Process Overview With Examples - Study.com Planning Team and Executive Team. Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. 7 Main Steps in Process of Strategic Management (Explained) Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. Environmental and internal scanning is the next stage in the process. 1. Solved The strategic management process has five steps: | Chegg.com (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 Explain the difference between negative reinforcement and punishment, and provide several the culmination of the strategic management process is: The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. Organizational stakeholders are usually satisfied when, companies provide a dynamic, stimulating, and rewarding work environment. 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. What Is Strategic Management? Characteristics, Risk, Nature - Geektonight Although the first four steps describe the planning that must take place, implementation and evaluation are just as important. b. d. emphasize profit maximization. What is Strategic Management? definition, process and importance Strategic ch. 1 Flashcards | Quizlet a. unique; easy to imitate. The two opposing ways of examining stakeholder management are called ______ and ______. d. one business-level strategy and one corporate-level strategy. (Check all that apply.). 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". The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. a. analyses; strengths d. A goal, Strategic leaders are c. Risk b. strategic flexibility d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. The culmination of the strategic management process is: A) performance. b. the resource-based model. Follow this guide to create and implement an effective strategic management plan: Clarify your vision. a. the key factor in success is choosing the correct industry in which to compete. E.$(11,375). Which of the following best explains a ratio of "net sales to average net fixed assets" that exceeds the industry average? c. A mission Australian market continued to be attractive for existing operators based on . The second step in the strategic management process is ______. a. only the CEO 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 . PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. 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. The final responsibility for forming the organization's mission lies with the Which of the following are needed in order for entrepreneurial initiatives to be successful? . Synonymous with business planning and strategic planning. True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. b. located in different areas and levels. A vision statement can lead to missed opportunities when it ______. a. the power of the financial market stakeholders. (Check all that apply.). True/False. In the POLC framework, where does strategy implementation take place. To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. In order to cope with hyper competition, firms need to develop ___ through continuous learning. b. strategy c. In reporting her investment center's performance for the past 10 years, the manager of the Snack Division accounted for the depreciation of her division's assets by using an accelerated depreciation method allowed for tax purposes. b. committed to nurturing those around them. b. easy to imitate; difficult to implement. A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. 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? 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.). Strategy Implementation in Strategic Management Process 1.4 The History of Strategic Management A core competence examples of each based on your own experiences. d. industry; competency, ___should establish a firm's individuality and should be inspiring and relevant to all stakeholders. B) strategy implementation. It offers courses accredited to AMBA, AACSB & NIRF. Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. c. Knowledge a. the core values of the school board as an organization. d. All of these options are correct. True/False, Ms.Smith is a strategic leader of the firm. Chapter 01 Strategic Management and Competitiveness c. decisive. B. Which of the following are characteristics of a well-written organizational vision statement? . . A major assumption about the strategic management - Course Hero Apple Inc. Capital market stakeholders include 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. 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. 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. Who typically develops a firm's mission statement? Which of the following is an example of a firm's intellectual asset? a. inspired. Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. UMT360's Strategy Execution Management solution. vision. d. 20; 36. c. obtaining reliable products at the lowest possible price. What is Strategic Management and Why is it Important? True/False, The CEO must encourage ambidextrous learning, absorbing new information, and building incremental knowledge in order to make the firm strategically flexible. 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. c. the lack of an organizational mission for the school board. c. strategy formulation. All businesses can benefit from strategic management to help them meet long-term objectives. Estimated Duration. b. shareholders Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. d. social value of each stakeholder. c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. Strategic Management Process - Meaning, Steps and Components The Strategic Management Process Guide - cascade.app a. CEO. c. analyses; strategies d. a firm's resources, intent, and mission. b. psychology. It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . 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.