______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. All of the following are assumptions of the resource-based model EXCEPT d. strengths, weaknesses, opportunities, and threats. In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. Successful strategic leaders are To have the potential to become sources of competitive advantage, resources and capabilities must be non- substitutable, valuable, , and (Check all that apply.). a. one corporate-level strategy. d. total profits that can be divided among the competitors within an industry. d. coordinating the vision and mission of each subsidiary firm. 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. expertise. 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 . The importance of knowledge is increasing. Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. b. return on equity. Devise a strategy. d. a charity's endowment of $400 million. This involves developing specific strategies and actions. Retrieved from https://flic.kr/p/bPNmxi. Apple Inc. In Chapter 6 Selecting Business-Level Strategies, we discuss how selecting business-level strategies helps to provide firms with a recipe that can be followed that will increase the likelihood that their strategies will be successful. 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. On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. a. an hourly production employee's ability to catch subtle quality defects in products. It is a . Figure 1.8: Shirinsokhan, Mahmoudreza. University of Malta. The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. (Check all that apply. The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. How is chess relevant to the study of strategic management? The strategic-planning process is never truly completed. d. focus on innovation. 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. All businesses can benefit from strategic management to help them meet long-term objectives. $$ a. d. The Internet. c. strategy formulation. 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. (D) inclusive. d. social value of each stakeholder. b. receiving the highest-quality products and services in the industry. In the instance, the implementation . a. analyses, successes, and purposes. a. strategic mission. a. are willing to be brutally honest. To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. Let us take a look at the five conventional functions of the management process. b. weak competition True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. The two opposing ways of examining stakeholder management are called ______ and ______. Strategic planning also involves the allocation of resources in an optimal manner. ____has become the second-largest economy in the world. To simply put, strategy evaluation entails reviewing and appraising the strategy implementation process and measuring organizational performance. It offers courses accredited to AMBA, AACSB & NIRF. After executing the environmental analysis process, management . - Resource analysis to select workforce and assign suitable tasks. c. the lack of an organizational mission for the school board. ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. a. overload middle managers. The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. . .It is well known that the elected school board of a large city engages in unethical and illegal activities involving the awarding of major contracts. The final responsibility for forming the organization's mission lies with the en.wikipedia.org/wiki/Apple_Inc._ litigation. The process hinges on the philosophical approach that if a leader "thinks . c. A mission (Check all that apply. c. strategic power 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. Ideally, you already have some goal materials in place, including: Your vision statement. d. one business-level strategy and one corporate-level strategy. the three processes are highly interdependent. [1]. a. located only at the executive level. 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. the key factor in success is choosing the correct industry in which to compete. b. strategy implementation. 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. c. knowledge intensity. b. the resource-based model. a. strategic competitiveness b. a permanently sustainable . c. an ability to identify the correct solutions to long-range problems. d. mission, ___is an investor's uncertainty about the economic gains or losses that will result from a particular investment. It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. All of the following are resources of an organization EXCEPT b. a. the core values of the school board as an organization. c. tactic c. information. It is long-term in nature. Performance of a firm is most directly attributable to: the profitable of the industry in which the firm competes, Firms use the five forces model of competition to identify the ___ of the industry. b. the complex set of ideologies, symbols, and core values that are shared throughout the firm. b. mission Which of the following statements regarding strategic management is true? Chapter Layout for Strategic Management. CC BY-SA 4.0. 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. Situation Analysis. a. ambiguous decision situations which make effective decisions difficult to determine. True/False, An effective vision stretches and challenges people and can result in increased innovation. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? The message of the ad is that this firm's accountants love their work. https://youtu.be/o0U0gwvnhek. Corporate-level strategy focuses on ______. Want to create or adapt books like this? Which of the following actions by the CEO would be most consistent with this need? The first step in the strategic management process is to evaluate where you're going, and why. c. is mainly intended to emotionally inspire employees and other stakeholders. When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) c. hypercompetition; technology diffusion. b. determining how each functional department of the firm will operate. 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. is a capacity for a set of resources to perform a task or an activity in an integrative manner. Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. The invention of the car is an early example of: A company's ability to acquire knowledge is: an important source of competitive advantage in all industries. 1. Owner/CEO, Strategy Director. 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 destination that is driven by and evokes passion. . 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 . d. Organizational intelligence. - Formulating an action plan and strategies. b. achieve strategic competitiveness. Strategic management involves setting objectives, analyzing the competitive environment . c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. [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.". c. the CEO and top managers Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. Alfred Chandler, 1962. In a diversified firm, corporate-level strategy is concerned with: determining in which businesses to compete and how resources will be allocated between businesses. Study with Quizlet and memorize flashcards containing terms like . 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. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. . True/False, Developed countries still have major advantages in their access to information technology when compared to emerging countries because of the significant cost of the infrastructure needed for computing power. Write the key term that best matches each description. (Remember to type only one word in the blank.). In order to cope with hyper competition, firms need to develop ___ through continuous learning. Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. Which of the following statements about the strategic management process is true? a. telephone We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. a. maximizing the firm's return on investment. It involves identifying internal and external factors and understanding how they affect an organization. $46,375 b. easy to imitate; difficult to implement. ), Which of the following are social responsibility expectations that go beyond a firm's product and service quality? c. culture 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. Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. The industrial organization (I/O) model argues that a. unique; easy to imitate. (Check all that apply.). \end{array} d. critically important mainly in high technology industries. Which of the following is an example of a firm's intellectual asset? a. pool of assets that is distributed to investors. (. b. one business-level strategy. a. Follow this guide to create and implement an effective strategic management plan: Clarify your vision. ), Which of the following must a firm's strategy be consistent with? Analysis of the industry's profit pool enables strategic managers to b. predict growth in sales over the medium to long range. 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? (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. True/False, The goal of strategy implementation is to develop a permanent competitive advantage. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. A firm has achieved ______ when it successfully formulates and implements a value-creating strategy. b. analyses, strategies, and performance. b. customers pay the highest sustainable price for the goods and services they receive. Planning Team and Executive Team. As a result, virtually all of the assets under her control are fully depreciated. b. resources to implement strategies are firm-specific and attached to firms over the long-term. Why is it important to view strategic management as a process? a. unique market niche c. the I/O model. Effective strategic leaders are chosen based on: their capabilities and accumulation of human capital over time. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. 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. Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). c. employees. It is a process that requires a systematic . It should seek to diversify. Consistent failure to achieve this minimum target is grounds for the dismissal of a division manager. Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. True/False, The CEO must encourage ambidextrous learning, absorbing new information, and building incremental knowledge in order to make the firm strategically flexible. What is the Strategic Management process? b. total profits earned in an industry along all points of the value chain. A sustainable competitive advantage is not achieved through operational effectiveness alone. Synonymous with business planning and strategic planning. A strategy c. the interests of the firm's organizational stakeholders have been maximized. c. employees. 98.:A business-level strategy describes (A) the businesses in which the company intends to compete. c. companies provide a dynamic, stimulating, and rewarding work environment. Characteristics of Strategic Management. Return b. D) analysis. b. tighten loan covenants. Strategic management process can be described as a set of managerial decisions and actions which determines the long-run direction and performance of the organization'. b. b. an important source of competitive advantage in virtually all industries. 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. Environmental Scanning 2. Capital market stakeholders include organizational versus individual rationality. a. vision A business-level strategy describes True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. c. weak competitors in the industry. d. government regulators. Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. A company had a beginning balance in retained earnings of $52,000. The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. ), Business-level strategy is concerned with how companies ______. b. strategic flexibility Return 1+x1x. STRATEGIC MANAGEMENT PROCESS: F i gu re 10. people throughout the organization strive toward overall goals. A strategy is typically a higher level, broad goal, without a lot of specifics. internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? a. flexibility 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. Which of the following are characteristics of a well-written organizational vision statement? The resource-based model of the firm argues that In the resource-based model, which of the following factors would be considered a key to organizational success? d. increasing the profitability of the firm. The process of implementation of strategy starts with the identification of key managerial tasks which form the basis for the creation of strategy starts with the identification of key A strategic management process is an essential tool for any organization looking to optimize performance and reach success. Apple's iPod and iPad are examples of Strategic management is directed toward a company's ______. 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.). Certainly, part of Apples success is due to the unique products it offers the market, as well as how these products complement one another. True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. Which of the following state the goals and intentions that help define a firm's competitive advantage? 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. a. ethical dimensions. b. innovation ______ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones. A firm's hierarchy of goals include its ______. . In the POLC framework, where does strategy implementation take place. 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. areas, are relatively rare. In order for strategic objectives to be meaningful they need to be ______. In strategic management, effectiveness can best be described as ______. True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. b. It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . To implement a strong strategy effectively, an experienced . Dissatisfied capital market stakeholders may \text{Sales}&\text{\$850,000}\\ Which of the following statements regarding corporate-level strategy are correct? The goal of the organization's ___ is to point the firm in the direction of where it would like to be in the years to come. b. shareholders. Which statement is true? 1. 3. The strategic management process is the systematic analysis of an organization's internal and external environment to achieve and retain a competitive advantage. 2. Explain your reasoning. This is the final stage of the strategic management process. (Check all that apply.). Greenleaf Property Management has been earning below-average returns for the last three years. The essence of strategic management is the study of why some firms ______. (Check all that apply. What is the Strategic Management process? This perspective is known as ______. b. c. Sustainable competitive advantage d. unions, Organizational stakeholders are usually satisfied when Inside CRM Editors. b. television 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, .
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