the culmination of the strategic management process is:
c. avoid too much managerial hubris. 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. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. b. 2 St rategy formul at ion a nd i mp leme nt ati on in t he st rat e gi c mana ge me nt p roce ss Strategic management. Which of the following are needed in order for entrepreneurial initiatives to be successful? Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. 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. a. organizational decision makers are rational and committed to acting in the firm's best interests. c. companies provide a dynamic, stimulating, and rewarding work environment. the culmination of the strategic management process is: 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. 1.4 The History of Strategic Management True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. d. hypercompetition within the industry. Owner/CEO, Strategy Leader. [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.". 1+x1x. Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . (Check all that apply.). According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. c. re-centralize the responsibility for strategy to the CEO. Planning in management is a process of choosing apt goals and actions to pursue, and then determining what strategies to use, what steps to take, and what resources are needed to achieve the goals. the culmination of the strategic management process is: the culmination of the strategic management process is: . D) analysis. d. Organizational intelligence. (Check all that apply.). The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. - Resource analysis to select workforce and assign suitable tasks. In Chapter 2 "Assessing Organizational . The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. Strategic management process. Strategic flexibility Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. - Formulating an action plan and strategies. It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. Strategic Management - Definition, Process, Steps, Examples b. local dimensions. The profit pool is the d. sustainable market niche. Strategic Management - THE STRATEGIC MANAGEMENT PROCESS Planning Ahead b. tighten loan covenants. Synonymous with business planning and strategic planning. Retrieved from https://flic.kr/p/bPNmxi. c. the minimum required for survival in virtually any industry. True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. Inside CRM Editors. . What is the Concept of Strategic Management? - Talentedge (B) all policies and procedures used in functional departments. In ancient China, strategist and philosopher Sun Tzu offered thoughts on strategy that continue to be studied carefully by business and military leaders today. Chapter 3 Evaluating the External Environment examines the topic of evaluating the external environment in detail, and Chapter 4 Evaluating the Internal Environment presents concepts and tools for managing firm resources. What is a Strategic Management Process? | Business Management & Marketing d. 20; 36. a. analyses; strengths ______ is performing similar activities better than rivals do. b. shareholders The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. c. host communities A capability Strategic Management: Meaning, Concepts, Examples (Explained) - iEduNote Want to create or adapt books like this? a. unique; easy to imitate. a. all resources have the potential to be the basis of sustainable competitive advantage. Strategic Management ch 1 Flashcards | Quizlet Firms don't apply for patents so that competitors can't access information in the patents. (PDF) Strategic Management and Strategic Planning Process - ResearchGate Strategic Management. The strategic-planning process is never truly completed. c. The firm has a lot of old plant and equipment. The message of the ad is that this firm's accountants love their work. Is is measure by its ___. The ending balance in retained earnings equals: a. unions. Write the key term that best matches each description. b. weak competition 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 . c. Knowledge b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Strategic Management Process [Video]. 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. Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. The three primary participants in corporate governance are the ______, management, and board of directors. The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. b. top-management team. \end{array} The external control view of leadership emphasizes the role of which of the following types of factors in the success or failure of a firm? It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the competitors and take necessary . 3. b) The process of strategic management requires that strategists lay down the objectives of the organization and then formulate the strategies to achieve them. 1.3 Intended, Emergent, and Realized Strategies, 1.5 Contemporary Critique of Strategic Management, 1.6 Understanding the Strategic Management Process, 3.2 The Relationship between an Organization and its Environment, 4.4 Intellectual Property & Isolating Mechanisms, 6.2 Understanding Business-Level Strategy through "Generic Strategies", 6.5 Focused Cost Leadership and Focused Differentation, 7.6 Responding to Innovation in the Market, 8.6 Portfolio Planning and Corporate-Level Strategy, 9.2 Advantages and Disadvantages of Competing in International Markets, 9.5 Drivers of Success and Failure When Competing in International Markets, 9.6 Options for Competing in International Markets, 10.3 The Basic Building Blocks of Organizational Structure, 10.4 Creating an Organizational Structure, 10.5 Creating Organizational Control Systems, 11.4 Corporate Ethics and Social Responsibility, 11.5 Contemporary Questions of Corporate Ethics. What is Strategic Management Process, and How Does It Work? a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. b. return on equity. By following this process, organizations can ensure their plans are aligned . b. shareholders. Which of the following are characteristics of a well-written organizational vision statement? a. flexibility 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. SWOT stands for In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. c. the lack of an organizational mission for the school board. determines how organization as a whole supports and enhances the value of the business units w/in it. c. in the finance area Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. 1. Capital market stakeholders include Solved The strategic management process has five steps: | Chegg.com The Complete Guide to Strategy Evaluation - Creately Blog c. information. a. an hourly production employee's ability to catch subtle quality defects in products. Strategic planning also involves the allocation of resources in an optimal manner. c. Risk Organizational goals and objectives should represent what is best for ______. b. is an internally focused affirmation of the organization's financial, social, and ethical goals. What Is Strategic Management? - Investopedia The firm added to its plant and equipment in the past few years. b. the complex set of ideologies, symbols, and core values that are shared throughout the firm. 09.23.22 The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. (Check all that apply.). a. their return on investment has been maximized. a. strategy, wealth, organization, and threats. d. industry; competency, ___should establish a firm's individuality and should be inspiring and relevant to all stakeholders. The ability to effectively and efficiently access and use information is Environmental and internal scanning is the next stage in the process. (Check all that apply. d. emphasize profit maximization. d. competitive dominance. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. Strategic Management Process - Meaning, Steps and Components The second step in the strategic management process is ______. A company competing in a single product market has. the key factor in success is choosing the correct industry in which to compete. Managers execute or implement their decisions as ______ in the third step of the strategic management process. The steps for identifying the profit pools in an industry include all of the following EXCEPT Return b. In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. Consequently, executives must be careful to monitor and to interpret the events in their environment, to take appropriate actions when change is needed, and to monitor their performance to ensure that their firms are able to survive and, it is hoped, thrive over time. c. strategic power A business-level strategy describes b. shareholders. 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? In the resource-based model, which of the following factors would be considered a key to organizational success? b. predict growth in sales over the medium to long range. 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. resources to implement strategies are firm-specific and attached to firms over the long-term. d. hypercompetition. Chapter Layout for Strategic Management. CC BY-SA 4.0. b. only top managers (Check all that apply.). c. determining in which businesses to compete and how resources will be allocated between businesses. b. focus on strategy formation. What is Strategic Management? Definition, Process, Types, Advantages a. 1. What is the difference between strategy formulation and strategy implementation? d. a firm's resources, intent, and mission. c. vulnerability of organizational stakeholders innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University b. a. suppliers. It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. It's the process of determining the decisions an organization should take. Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization. Strategic management process has following four steps: Environmental Scanning-Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. a. analyses, successes, and purposes. 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. After executing the environmental analysis process, management . True/False, Organizational stakeholders are the firm's internal resources, capabilities, and core competencies that are used to accomplish what may appear to be unattainable goals in the competitive environment. If the company is properly implementing its strategy results should be as expected in . True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . Research shows that approximately___percent of a firm's profitability is explained by the industry in which it competes, whereas What is Strategic Management? definition, process and importance b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? Social responsibility is the expectation that businesses or individuals will strive to ______. 1.2 What is Strategic Management? - Strategic Management - Virginia Tech It requires incorporating both short-term and long-term perspectives. 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. Name two benefits workers take for granted now that did not exist before labor organized. Successful strategic leaders are Overall, strategic management is an important part of an organization's development and overall performance. What Is Strategic Management and Why Is It Important? b. c. A mission One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. Which of the following actions by the CEO would be most consistent with this need? c. 36; 20 The 6 stages of the Strategic Management Process This behavior reflects Greenleaf Property Management has been earning below-average returns for the last three years. Strategic management is the management of an organization's resources to achieve its goals and objectives. Knowledge is composed of all the following EXCEPT Continuous learning 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. Strategy formulation is the next step in the strategic management process. - Evaluating efficiency and effectiveness . d. analysis. b. c. a process directed by top . b. urgency of satisfying each stakeholder Performance of the firm is most directly attributable to The two opposing ways of examining stakeholder management are called ______ and ______. Firms use both the ______ and ______ models. a. operating each individual business under the corporate umbrella. (. 5. The strategic management process begins with an understanding of strategy and performance. It is a continuous process of analyzing and evaluating an organization's internal and external environment, setting objectives and goals, developing strategies, and implementing and controlling those strategies. A strategy 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 strategic management process has five steps: establish the mission and vision, establish the grand strategy, formulate the strategic plans, carry out the strategic plans, and maintain strategic control. The primary drivers of hypercompetition are, All of the following are characteristic of the global economy EXCEPT, The economic interdependence among countries as reflected in the flow of goods, services, financial capital, and knowledge across country borders is defined as, . Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. a. the core values of the school board as an organization. Managers must take a(n) ______ view of the organization and assess how functional areas and activities fit together so that the organization can achieve its goals and objectives. 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.
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