b. global competition. . c. The firm has a lot of old plant and equipment. 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. b. The modern competitive environment requires an iterative approach to strategic management where execution informs planning and planning guides execution. Efficiency, in terms of strategic management, can best be described as ______. d. analysis. a. organizational decision makers are rational and committed to acting in the firm's best interests. 3. b. receiving the highest-quality products and services in the industry. Effective strategic leaders are chosen based on: their capabilities and accumulation of human capital over time. Research shows that approximately___percent of a firm's profitability is explained by the industry in which it competes, whereas d. accounting. The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. In ancient China, strategist and philosopher Sun Tzu offered thoughts on strategy that continue to be studied carefully by business and military leaders today. d. unions, Organizational stakeholders are usually satisfied when - Formulating an action plan and strategies. Which of the following statements is most consistent with the I/O view? The strategic management provides a base for the organization on the basis of which progress can be measured and on the basis of the same, the employees can be compensated. True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. Kick-Off Meeting: 1 hr. Strategic Goals: Pearce and Robinson, 1988. \end{array} Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). b. shareholders $46,375 Defend your answer. Litigation. Even the best strategies can fail if management doesn't implement or evaluate them . b. the firm's internal resources and capabilities represent the foundation for development of a value-creating strategy. Match the strategic management process with its corresponding term. Although the first four steps describe the planning that must take place, implementation and evaluation are just as important. Organizational stakeholders are usually satisfied when, companies provide a dynamic, stimulating, and rewarding work environment. Social responsibility is the expectation that businesses or individuals will strive to ______. The ending balance in retained earnings equals: Consequently, how managers understand and interpret the performance of their firms is often central to understanding strategy. C ) rational . It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. b. mission a. the key factor in success is choosing the correct industry in which to compete. What are the four steps of the strategic management process? E.$(11,375). We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. c. rational. New markets created by iPods, PDAs, and WiFi are a result of: Henry Ford once said, "If I had asked people what they wanted, they would have said faster horses." a. goal b. strategy c. tactic d. mission ANSWER: b 104. In the resource-based model, which of the following factors would be considered a key to organizational success? Sound strategies are of no value if they ______. a. predict future revenue streams for the organization. This involves developing specific strategies and actions. Generally speaking, product market stakeholders are satisfied when: a firm achieves a balance between profit margins, costs paid to suppliers and prices set for customers, Before liquidating during a bankruptcy, a company will take several actions to try to satisfy its ____ stakeholders. SWOT stands for c. focus on strategy implementation. Formulation of strategies; Environment and organizational appraisal help to find out the opportunities and threats operating in the environment and the strengths and weaknesses of an organization in order to create a match between them. It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . b. determining how each functional department of the firm will operate. a. CEO. This is because the organization's role as a taxpayer is most important to as stakeholders. C.$54,375. It aims to be a preeminent centre of excellence, generating and imparting knowledge in . (B) all policies and procedures used in functional departments. This behavior reflects ______ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. A sustainable competitive advantage is not achieved through operational effectiveness alone. a. sell their stock. a. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. c. return on sales. . Managers execute or implement their decisions as ______ in the third step of the strategic management process. d. industry; competency, ___should establish a firm's individuality and should be inspiring and relevant to all stakeholders. It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. (D) inclusive. Measure the progress by comparing the plan against actual results. The steps for identifying the profit pools in an industry include all of the following EXCEPT 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, . When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) c. vision. True/False, The goal of strategy implementation is to develop a permanent competitive advantage. Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. ______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined time frame. - Executing plans and strategies. McDonald's has been able to a. earn above-average returns. d. coordinating the vision and mission of each subsidiary firm. Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. In smaller, new venture firms, returns are sometimes measured in terms of symbiosis; zero sum. Apple Inc. c. tactic 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. Strategy implementation is the final stage of the process. (C) rational. c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. All businesses can benefit from strategic management to help them meet long-term objectives. Importance of Strategic Management. b. resources to implement strategies are firm-specific and attached to firms over the long-term. 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. a. the social energy that drives, or fails to drive, the organization. Income statement information for Thain Corporation is provided below. b. shareholders. Firms use both the _____and______models. Rationalize the denominator of each fraction and simplify. _____ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. They involve balancing culture and boundaries or constraints. Who makes the strategic decisions for most organizations? c. seek to increase their power. Strategic management is directed toward the organization's overall organizational ________ and ______. Organizational culture refers to The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. . Explain your reasoning. d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. 1. b. I/O; resource-based This improved performance is best explained by: Research shows that approximately ___ percent of a firm's profitability is explained by the industry in which it competes, whereas ___ percent is explained by the firm's characteristics and actions. . people throughout the organization strive toward overall goals. ), what business(es) should the company compete in. b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. d. All of these options are correct. Which of the following are needed in order for entrepreneurial initiatives to be successful? The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. 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. 97.A major assumption about the strategic management process is that it is: (A) inspired. (Check all that apply.). For instance, a SWOT analysis (Strengths-Weaknesses . The culmination of the strategic management process is: A) performance. Apple's iPod and iPad are examples of one business-level strategy and one corporate-level strategy. The ___ is the most critical criterion in prioritizing stakeholders. Successful strategic leaders are The culmination of the strategic management process is a. performance. 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. a. vision (Check all that apply.). Reflects what a firm is doing to achieve its mission and vision as seen by its achievement of specific goals & objectives. This is because the organization's role as a taxpayer is most important to ___ as stakeholders. b. strategy a. Perpetual a. goal Learn more about how Pressbooks supports open publishing practices. Explain Strategy formulation. a. power of each stakeholder It improves the company's problem-solving and prevents capabilities. a. It's an important step since it is here that businesses can review performance metrics of all components and make any tweak necessary to ensure accomplishment of long-term goals. Managers are analyzing the firm's ______ when managers are studying its competitors. 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. Let us take a look at the five conventional functions of the management process. b. committed to nurturing those around them. Owner/CEO, Strategy Leader. How much interest was earned? Broad Plans Shaping: In this continuous process, the formulation & implementation of broader plans are made and finally, these are also controlled. The Princeton Alliance Church states in its website that "PAC exists to help you live life to the fullest by knowing God, developing community and bringing hope." (. Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. shareholders, management, and the board of directors. Strategic management is a process that requires the ability to manage change wherein executives must be cautious to monitor and to interpret the events in their environment as well taking appropriate actions to ensure that their firm to survive and thrive over time. Which of the following are characteristics of a well-written organizational vision statement? In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. Analysis of the industry's profit pool enables strategic managers to a. return on assets. c. an ability to identify the correct solutions to long-range problems. a. ambiguous decision situations which make effective decisions difficult to determine. successfully than does the competitor environment. 1. d. the amount and speed of growth. The resource-based model of the firm argues that Managers must determine how to create a(n) ______ advantage in the marketplace to be successful over the long-term. Refer to the Terms to Know in the Summary & Study Guide on page 551. a method in which farmers move every one to three years to find better soil. Strategic management process has following four steps: Environmental Scanning-Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. Strategic management is a process that involves building a careful understanding of how the world is changing, as well as a knowledge of how those changes might affect a particular firm. The two primary drivers of hyper-competition are the emergence of the global economy and technology. Firms use the five forces model to identify the of the industry as measured by its Which statement is true? b. host communities. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University 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. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. d. social value of each stakeholder. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. b. estimating the overall size of the pool. 1x1+x\frac{1\ -\ \sqrt{x}}{1\ +\ \sqrt{x}} (Check all that apply.). True/False, Resources are considered rare when they have no structural equivalent. The culmination of the strategic management process is d. strategy. d. mission, ___is an investor's uncertainty about the economic gains or losses that will result from a particular investment. Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. Chess CC BY-NC 2.0. c. the interests of the firm's organizational stakeholders have been maximized. This ad seeks to convey a sense of the organization's to the viewers. D) analysis. It should seek to diversify. a. culture 1. (2014, November 29). Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. c. determine whether an industry will be viable in the long term. a. d. All of these options are correct. a. each firm is a unique collection of resources and capabilities. True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. c. competition; competency Strategic management is when you identify and develop strategies developing strategies for employees to follow in order to perform better and achieve a competitive edge. Strategic management requires that ______. b. strategy implementation. Strategic Management can be found in . Effective strategic leaders b. mission. the three processes are highly interdependent. 60; 40 b. weak competition ______ is performing similar activities better than rivals do. a. The culmination of the strategic management process is: a. performance. In Chapter 2 "Assessing Organizational . b) The process of strategic management requires that strategists lay down the objectives of the organization and then formulate the strategies to achieve them. Which of the following are reasons vision statements sometimes fail? A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. d. increasing the profitability of the firm. In order to cope with hypercompetition, firms need to develop through continuous learning. a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. b. the industry's structural characteristics have little impact on a firm's performance over time. It involves action plans that ensure continued performance and thriving progression. Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. 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. Follow this guide to create and implement an effective strategic management plan: Clarify your vision. A vision statement can lead to missed opportunities when it ______. c. The value of knowledge as a proportion of shareholder value is increasing. This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). c. companies provide a dynamic, stimulating, and rewarding work environment. Your mission statement. . Alfred Chandler, 1962. The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. c. speed The strategic management process is. Tasks, timelines, budgets, etc. 98.:A business-level strategy describes (A) the businesses in which the company intends to compete. 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). UMT360's Strategy Execution Management solution. - Resource analysis to select workforce and assign suitable tasks. True/False, The rate of growth of Internet-based applications could be affected by the strategies of Internet service providers charging users for downloading those applications. b. psychology. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. The goal of strategy implementation is to develop a permanent competitive advantage. Estimated Duration. In strategic management, effectiveness can best be described as ______. The situation is where relevant information is needed to create the organization's culture, mission, or vision statement. All of the following are assumptions of the resource-based model EXCEPT Make Better business decisions: It is important to understand the difference between a great idea and a good idea. d. Revenue. Strategic Management is a stream of decisions and actions which lead to the development of an effective strategy or strategies to help achieve corporate objectives. Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. c. knowledge intensity. c. Global The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. The triple bottom line measures the performance of which of the following? 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.).

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