the culmination of the strategic management process is:

innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University b. the industry's structural characteristics have little impact on a firm's performance over time. It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the competitors and take necessary . 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, . c. the interests of the firm's organizational stakeholders have been maximized. This improved performance is best explained by The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. b. customers pay the highest sustainable price for the goods and services they receive. A strategy is typically a higher level, broad goal, without a lot of specifics. b. only top managers A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. This involves developing specific strategies and actions. A firm's hierarchy of goals include its ______. University of Malta. d. industry; competency, ___should establish a firm's individuality and should be inspiring and relevant to all stakeholders. ), what business(es) should the company compete in. The strategic management process begins with an understanding of strategy and performance. a. performance. Kick-Off Meeting: 1 hr. Managers execute or implement their decisions as ______ in the third step of the strategic management process. a. . d. personality. [1]. d. expand the strategic responsibilities to all organizational stakeholders. Sound strategies are of no value if they ______. (Check all that apply.). Analyzing the firm's ______ environment, such as operations, may uncover potential sources of 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. Chapter 8 Selecting Corporate-Level Strategies focuses on selecting corporate-level strategies, and Chapter 9 Competing in International Markets presents possibilities for firms competing in international markets. a. suppliers. (Check all that apply.). There are provisions to create, implement and appraise . The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. (Check all that apply. The third step of the strategic management process is the ______ step. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. The culmination of the strategic management process is: a. performance. The strategic management process is a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. (Check all that apply.). 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. 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. Sun Tzu's best-known work is The Art of War. 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. Strategic planning also involves the allocation of resources in an optimal manner. A company competing in a single product market has. It should seek to diversify. . Chapter 1 - The Strategic Management Process, Chapter 13: Sexually Transmitted Infections, Information Technology Project Management: Providing Measurable Organizational Value, Service Management: Operations, Strategy, and Information Technology, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Chapter 10 /Dada/Magic Realism/Surrealism. Identify your goals. 1. Explain the difference between negative reinforcement and punishment, and provide several It offers courses accredited to AMBA, AACSB & NIRF. c. The firm has a lot of old plant and equipment. d. analysis. b. weak competition c. economics. 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. (Check all that apply.). The ability to effectively and efficiently access and use information is In a diversified firm, corporate-level strategy is concerned with Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. b. mission. A strategy Alfred Chandler, 1962. Devise a strategy. d. unions, Organizational stakeholders are usually satisfied when 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. Which of the following are stakeholder groups that managers should consider when making decisions? Social responsibility is the expectation that businesses or individuals will strive to ______. All of the following are assumptions of the industrial organization (I/O) model EXCEPT True/False, An effective vision statement must specify the industry in which a company will operate. When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n): In the resource-based model, which of the following factors would be considered a key organizational success? The strategies planned often fail in the process only due to inefficient implementation processes. b. a functional, although unethical, culture of the school board. conduct a thorough analysis of the external and internal environments, Strategies often fail when managers fail to do which of the following? What are the four steps of the strategic management process? A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. Write the key term that best matches each description. The video for this lesson explains the strategic management process. b. host communities. It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. b. the complex set of ideologies, symbols, and core values that are shared throughout the firm. Which statement is true? In Chapter 2 "Assessing Organizational . c. core competence. Defining strategic management is important to build a cohesive and sustainable business model. b. globalization; exports. a. CEO. a. all resources have the potential to be the basis of sustainable competitive advantage. c. vision. Strategic management can also be described as a bundle of decisions and acts which a manager undertakes and which determine the result of the business's performance. All of the following are resources of an organization EXCEPT Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. Apple Inc. a. unique; easy to imitate. 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. Strategic management process has following four steps: Environmental Scanning-Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. d. A goal, Strategic leaders are It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . Synonymous with business planning and strategic planning. In Wikipedia. Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. 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. Estimated Duration. a. globalization. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. Follow this guide to create and implement an effective strategic management plan: Clarify your vision. c. A mission It is long-term in nature. Situation Analysis. c. Global Pearce and Robinson, 1988. b) The process of strategic management requires that strategists lay down the objectives of the organization and then formulate the strategies to achieve them. The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. It is a philosophical approach to business. 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 ___ is the most critical criterion in prioritizing stakeholders. The two primary drivers of hyper-competition are the emergence of the global economy and technology. The rate of technology diffusion has been steadily increasing over the last two decades. Strategy formulation is the next step in the strategic management process. b. analyses, strategies, and performance. 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. b. a. the march of globalization. d. easy to implement; unique. Performance of the firm is most directly attributable to A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. A company competing in a single product market has The strategic management process is a crucial element of any organization's success. c. what people do when no one else is looking. Although the first four steps describe the planning that must take place, implementation and evaluation are just as important. (Check all that apply. a. Perpetual c. strategy formulation. d. locate the most promising areas of an industry's value chain. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies A core competence 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. True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. c. host communities The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. 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. d. All of these options are correct. It's the process of determining the decisions an organization should take. C ) rational . Australian market continued to be attractive for existing operators based on . local line leader -> have significant profit-and-loss responsibility. 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. \text{Sales}&\text{\$850,000}\\ The 'strategic management process' is the full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns. c. a process directed by top management with input from other stakeholders that seeks to achieve above- average returns for investors through effective use of the organization's resources. Certainly, part of Apples success is due to the unique products it offers the market, as well as how these products complement one another. d. estimating the size of the value-chain activity in the pool. 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 It guides the company to move in a specific direction. (Check all that apply.). Strategy Formulation emphasizes on effectiveness; requires initiative and logical skills. True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . Measure the progress by comparing the plan against actual results. c. use the strategic management process. Let us take a look at the five conventional functions of the management process. A firm has achieved when it successfully formulates and implements a value-creating strategy. Generally speaking, product market stakeholders are satisfied when d. companies are paying the highest prices to suppliers, Product market stakeholders include Greenleaf will not be able to minimally satisfy all stakeholders. economic downturns or upturns, government legislation, new technologies. c. profits that are accrued when a firm earns above-average returns. $46,375 b. regardless of their location in the organization The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. . C) strategy formulation. (Check all that apply. The Snack Division's operating margin for the year was $6.5\$ 6.5$6.5 million, during which time its average invested capital was $50\$ 50$50 million. Strategic Management can be found in . 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. It involves identifying internal and external factors and understanding how they affect an organization. C.$54,375. Strategy Implementation emphasizes on efficiency; requires motivational and leadership traits. b. executives control strategy implementation. b. I/O; resource-based b. team-based. The profit pool is the Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . d. The Internet. A strategic management process can help guide the decisions and actions of senior executives within an organisation.

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