The strategic management process is a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) c. strategy formulation. The economic interdependence among countries is reflected in the flow of goods, services, financial capital, and knowledge across country borders is defined as: higher performance standards including quality and cost. True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. The industrial organization (I/O) model argues that Solved The strategic management process begins with | Chegg.com It determines which business(es) should be in the company's portfolio. Which of the following statements about operational effectiveness are correct? A major assumption about the strategic management process is that it is d. sustainable market niche. 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. For example, part of Apples success is due to its consistent focus on innovation and creativity that Steve Jobs described as similar to that of a start-up. A firm has achieved when it successfully formulates and implements a value-creating strategy. A firm's vision, mission, and strategic objectives are used to develop specific goals, which form the basis for its ______. d. All of these options are correct. Strategic management of an organization entails which of the following ongoing processes? b. resources alone can be a source of sustainable competitive advantage. 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. b. television c. the CEO, COO, and CFO only. How to develop a strategic management process. - Resource analysis to select workforce and assign suitable tasks. b. b. oil drilling rights in a promising region. Planning Team and Executive Team. 5. d. products that were not imitated by competitors. (D) inclusive. Strategic management is directed toward the organization's overall organizational ________ and ______. a. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. d. ability, successes, and performance. determines how organization as a whole supports and enhances the value of the business units w/in it. What Is Strategic Management and Why Is It Important? Strategic flexibility b. one business-level strategy. Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. . Definition. (Check all that apply. 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. Which of the following are reasons vision statements sometimes fail? The strategic management process begins with an understanding of strategy and performance. Managers are analyzing the firm's ______ when managers are studying its competitors. Estimated Duration. b. d. personality. Is is measure by its ___. a. telephone coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. Strategic Management - Overview, Components, Framework Which statement about the triple bottom line is true? Chapter 10 Executing Strategy through Organizational Design offers ideas on how to manage these elements of implementation. b. resources to implement strategies are firm-specific and attached to firms over the long-term. c. avoid too much managerial hubris. The second step in the strategic management process is ______. Meaning of Strategic Management. (2014, November 29). What Is Strategic Management? - Strategic Management b. the resources the firm possesses. Strategic Management Process and Its Different Stages 09.23.22 The five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. 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. Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. b. the complex set of ideologies, symbols, and core values that are shared throughout the firm. c. Knowledge b. determining how each functional department of the firm will operate. ), a destination that is driven by and evokes passion. This is because the organization's role as a taxpayer is most important to as stakeholders. https://youtu.be/o0U0gwvnhek. Your long-term goals and/or BHAGs. (Check all that apply.). UMT360's Strategy Execution Management solution. (Check all that apply.). At this stage, your strategy is already in action and you need to measure the effectiveness of the strategy. Write the key term that best matches each description. A.$2,375. Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization. A firm's mission economic downturns or upturns, government legislation, new technologies. The first step in the strategic management process is to evaluate where you're going, and why. d: 70: 3884478507 The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. Figure 1.7: Kindred Grey (2020). The three primary participants in corporate governance are the ______, management, and board of directors. d. All of these options are correct. a. globalization. Chapter 5: Strategic Management Flashcards | Quizlet c. re-centralize the responsibility for strategy to the CEO. a. Managers must determine how to create a(n) ______ advantage in the marketplace to be successful over the long-term. b. total profits earned in an industry along all points of the value chain. internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? Effective strategic leaders True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. Determine organizational readiness. In Chapter 2 "Assessing Organizational . Planning. (Check all that apply.). d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. Alfred Chandler, 1962. Which of the following was fastest in penetrating 25 percent of homes in the U.S. market? Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. d. skilled employees. c. the firm's actions to exploit its competitive advantage over rivals. Efficiency, in terms of strategic management, can best be described as ______. a. return on assets. Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is Organizational culture refers to Knowledge is an intangible resource, the importance of knowledge is increasing, and the value of knowledge as a proportion of shareholder value is increasing. 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. University of Malta. Which of the following statements about organizational knowledge is correct? The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. business, corporate, international, and entrepreneurial. Strategic management is the process of setting organizational goals, performing a competitive analysis, reflecting on a company's internal structure, and evaluating current strategies. 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. 1. Strategic Management can be found in . Which of the following statements about the strategic management process is true? Strategic Management Flashcards | CourseNotes All of the following are resources of an organization EXCEPT (Check all that apply.). The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. Apple's iPod and iPad are examples of vision. The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. New markets created by iPods, PDAs, and Wi-Fi are a result of The video for this lesson explains the strategic management process. a. values. b. team-based. Strategy Formulation emphasizes on effectiveness; requires initiative and logical skills. a. organizational decision makers are rational and committed to acting in the firm's best interests. It helps in analyzing the internal and external factors influencing an organization. True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. Performance of the firm is most directly attributable to Strategy Evaluation. Retrieved from https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png. Strategic management is directed toward a company's ______. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. True/False, The I/O (industrial organization) model assumes that the uniqueness of a firm's resources and capabilities is the main source of above-average returns. The final responsibility for forming the organization's mission lies with the ______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. local line leader -> have significant profit-and-loss responsibility. 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. c. hypercompetition; technology diffusion. 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.

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