the culmination of the strategic management process is:

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. globalization. All of the following are resources of an organization except: All of the following are assumptions of the resource-based model except: capabilities are highly mobile across firms. Determine organizational readiness. C.$54,375. The five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. d. total profits that can be divided among the competitors within an industry. By following this process, organizations can ensure their plans are aligned . As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. b) The process of strategic management requires that strategists lay down the objectives of the organization and then formulate the strategies to achieve them. Explain your reasoning. 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. performance. d. a school board lacking in core competencies. 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. According to Hitt, the final responsibility for forming the organization's mission lies with the: A key purpose of a mission statement is to inform___ what a firm is, what it seeks to accomplish, and who it seeks to serve. a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. . (Check all that apply.). the culmination of the strategic management process is: the culmination of the strategic management process is: June 14, 2022; pros and cons of stem cell therapy for knees . . If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. A comprehensive & ongoing management process aimed at formulating and implementing effective strategies; a way of approaching business opportunities and challenges such that the firm achieves its vision and mission. Characteristics of Strategic Management. Capital market stakeholders include In ancient China, strategist and philosopher Sun Tzu offered thoughts on strategy that continue to be studied carefully by business and military leaders today. . A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. b. strategy 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. c. vision. local line leader -> have significant profit-and-loss responsibility. a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. c. strategic power The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. _________ strategy is a combination of deliberate and emergent strategies. True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. A major assumption about the strategic management process is that it is 1. 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. PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. . Managers are analyzing the firm's ______ when managers are studying its competitors. \text{Cost of goods sold}&\text{493,000}\\ ______ is performing similar activities better than rivals do. organizational versus individual rationality. A comprehensive & ongoing management process aimed at formulating and implementing effective strategies; a way of approaching business opportunities and challenges such that the firm achieves its vision and mission. In order to cope with hyper competition, firms need to develop ___ through continuous learning. Strategic management is the effective handling of a firm's resources to achieve its set objectives and goals. a. analyses, successes, and purposes. d. inclusive. b. total profits earned in an industry along all points of the value chain. Which of the following is the most inclusive term for the individuals, groups, and organizations that have a claim in the success of an organization? c. use the strategic management process. . a. an hourly production employee's ability to catch subtle quality defects in products. Even for companies capable of succeeding in global markets, it is critical that they, The rate of technological diffusion is increasing. Reward c. Risk d. Revenue ANSWER: c 105. A company competing in a single product market has. The goal of strategy implementation is to develop a permanent competitive advantage. Organizational stakeholders include UMT360's Strategy Execution Management solution. To have the potential to become sources of competitive advantage, resources and capabilities must be non- substitutable, valuable, , and Strategy Implementation emphasizes on efficiency; requires motivational and leadership traits. Collect and analyze information. c. The value of knowledge as a proportion of shareholder value is increasing. The strategic management process is a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. Information Technology Project Management: Providing Measurable Organizational Value, Operations Management: Sustainability and Supply Chain Management, Service Management: Operations, Strategy, and Information Technology, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine. [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.". a. unions. a. operating each individual business under the corporate umbrella. This perspective is known as ______. b. rapid technological diffusion. 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. Strategic Management. c. Global a. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. The culmination of the strategic management process is a. performance. Corporate-level strategy focuses on ______. The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. Learn more about how Pressbooks supports open publishing practices. Managers execute or implement their decisions as ______ in the third step of the strategic management process. YouTube. c. rational. Successful strategic leaders are b. mission Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . \text{Sales}&\text{\$850,000}\\ The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. c. A mission The two opposing ways of examining stakeholder management are called ______ and ______. c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. c. decisive. d. analysis. d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. a. b. inspiring vision. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. b. regardless of their location in the organization A strategic management process can help guide the decisions and actions of senior executives within an organisation. a. located only at the executive level. determines how organization as a whole supports and enhances the value of the business units w/in it. b. determining how each functional department of the firm will operate. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. d. companies are paying the highest prices to suppliers, Product market stakeholders include d. easy to implement; unique. 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) inclusive. Apple Inc. [1]. 3. After executing the environmental analysis process, management . Who makes the strategic decisions for most organizations? Kick-Off Meeting: 1 hr. d. differences in resources and capabilities are the basis of competitive advantage. 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? (B) team-based. The process hinges on the philosophical approach that if a leader "thinks . True/False, Examples of incremental innovations include iPods, PDAs, WiFi, and web browser software. d. suppliers of capital. 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. The industrial organization (I/O) model argues that What are the four levels of a company's strategy formulation? d. expand the strategic responsibilities to all organizational stakeholders. b. receiving the highest-quality products and services in the industry. Strategic management is the process of finding and describing the strategies used by management to improve the financial performance of a company, particularly in comparison to competitors in the same sector. b. the resources the firm possesses. Strategic Management Process [Video]. In this latter case, performance is the result of a rare event that is itself the culmination of a long and ongoing process of daily . d. organization's stakeholders. a. industry; capability d. hypercompetition. For example, intellectual property is a vital resource for Apple. You can view this video here: https://youtu.be/o0U0gwvnhek. 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. The company requires that all divisions generate a minimum return on invested assets of 8 percent. c. tactic 60; 40 d. a firm's resources, intent, and mission. The strategic management process begins with an understanding of strategy and performance. b. resources to implement strategies are firm-specific and attached to firms over the long-term. In order for strategic objectives to be meaningful they need to be ______. 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. CEOs, such as late Apple founder Steve Jobs, must be able to carefully manage the possible actions that their firms might take to deal with changes that occur in their environment. 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." c. re-centralize the responsibility for strategy to the CEO. The ending balance in retained earnings equals: Which of the following are characteristics of a well-written organizational vision statement? Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. b. mission. d. All of these options are correct. It guides the company to move in a specific direction. New markets created by iPods, PDAs, and Wi-Fi are a result of True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. Establish your planning team and schedule. 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. d. the firm's chief executive officer, A prominent national accounting firm runs television advertisements showing an accountant working alone late in the office on a client's project, while clenching a long-stemmed rose in his teeth and grinning ecstatically. Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). The message of the ad is that this firm's accountants love their work. 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. a. the march of globalization. ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. Consequently, how managers understand and interpret the performance of their firms is often central to understanding strategy. c. ability, strategies, and purposes. a. unique market niche Analysis of the industry's profit pool enables strategic managers to It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. \begin{array}{llr} The ______ view of stakeholder management views the management process as groups competing for the organization's resources. a. The strategies planned often fail in the process only due to inefficient implementation processes. Feedback may occur at all times to revise these actions. True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. Strategic planning aims to create . 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. Strategic management requires that ______. c. disruptive technologies. The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. a. each firm is a unique collection of resources and capabilities. b. oil drilling rights in a promising region. It determines which business(es) should be in the company's portfolio. It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the competitors and take necessary . d. 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. d. All of these options are correct, Strategic delegation helps d. accounting. d. increasing the profitability of the firm. We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. Strategic Goals: Return b. b. innovation True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. Organizational goals and objectives should represent what is best for ______. Retrieved from https://flic.kr/p/bPNmxi. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. 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. people throughout the organization strive toward overall goals. It is a process that requires a systematic . In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. (Remember to type only one word in the blank.). a. 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. Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. It improves the company's problem-solving and prevents capabilities. In a diversified firm, corporate-level strategy is concerned with 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. Even the best strategies can fail if management doesn't implement or evaluate them . In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. Efficiency, in terms of strategic management, can best be described as ______. examples of each based on your own experiences. d. intelligence. (. b. easy to imitate; difficult to implement. a. culture In the POLC framework, where does strategy implementation take place. Dissatisfied capital market stakeholders may

Funeral Call To Worship, Ashcroft Technology Academy Teachers, Articles T