b. located in different areas and levels. a. inspired. The strategic management process is a crucial element of any organization's success. d. sustainable market niche. . a. located only at the executive level. True/False, The uniqueness of a firm's resources and capabilities is the basis for a firm's strategy and determines its ability to earn above-average returns under the I/O review. c. return on sales. a. In order to cope with hyper competition, firms need to develop ___ through continuous learning. 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. size; number of competitors. The essence of strategic management is the study of why some firms ______. The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. The culmination of the strategic management process is: Managers must adopt a new mind-set that values ______ and the challenges that evolve from constantly changing conditions. a. anthropology. https://youtu.be/o0U0gwvnhek. A Deeper Dive into the Strategic Management Process. The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. Strategy execution management is the evolution of traditional project delivery. It helps in analyzing the internal and external factors influencing an organization. The strategic management process is more than a set of rules to follow. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. d. All of these options are correct. Collect and analyze information. ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. Disruptive d. hypercompetition. . A firm has achieved ______ when it successfully formulates and implements a value-creating strategy. a. b. an important source of competitive advantage in virtually all industries. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. b. (D) inclusive. It should seek to diversify. 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. a. flexibility (n.d.). Why is it important to view strategic management as a process? Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. a. the march of globalization. b. strategic flexibility A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. Strategic Management can be found in . 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 industry's structural characteristics have little impact on a firm's performance over time. A retail outlet can attempt several remedies to improve profitability to meet the expectations of its ___ stakeholders, including closing stores, changing the top management team, and seeking potential buyers. Strategic management is the management of an organization's resources to achieve its goals and objectives. Alfred Chandler, 1962. 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. The mission of IIM Lucknow is to improve management systems with regard to business, industry and public services through pursuit of excellence in management education, research, consultancy and training. (Check all that apply. d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. Broad Plans Shaping: In this continuous process, the formulation & implementation of broader plans are made and finally, these are also controlled. a. 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. incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. . Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. Chess CC BY-NC 2.0. A strategic management process can help guide the decisions and actions of senior executives within an organisation. Overall, strategic management is an important part of an organization's development and overall performance. d. companies are paying the highest prices to suppliers, Product market stakeholders include McDonald's has been able to a. earn above-average returns. Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. Knowledge is an intangible resource, the importance of knowledge is increasing, and the value of knowledge as a proportion of shareholder value is increasing. D) analysis. a. culture (Check all that apply. Which of the following are needed in order for entrepreneurial initiatives to be successful? 98.:A business-level strategy describes (A) the businesses in which the company intends to compete. Which of the following statements is most consistent with the I/O view? c. what people do when no one else is looking. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University d. industry; competency, ___should establish a firm's individuality and should be inspiring and relevant to all stakeholders. d. inclusive. They involve balancing culture and boundaries or constraints. 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. Chapter 10 Executing Strategy through Organizational Design offers ideas on how to manage these elements of implementation. (Check all that apply.). It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. d. skilled employees. b. focus on strategy formation. Which of the following actions by the CEO would be most consistent with this need? Owner/CEO, Strategy Director. B) strategy implementation. True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. b. rapid technological diffusion. The process of strategic management sometimes encompasses the formulation of important policies. Synthesizing the information gained in the external and internal analysis into a SWOT framework is addressed in Chapter 5. The video for this lesson explains the strategic management process. Research shows that approximately___percent of a firm's profitability is explained by the industry in which it competes, whereas Strategic Goals: In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. $46,375 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 was fastest in penetrating 25 percent of homes in the U.S. market? a. flexibility b. innovation c. speed d. All of these options are correct. c. political dimensions. examples of each based on your own experiences. True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. c. one business-level strategy for failure. c. the CEO, COO, and CFO only. d. All of these options are correct. Sue prefers the Red Shuttle because it gets her to the airport in an hour and a half, while the Blue Shuttle takes $80$ minutes. The ability to effectively and efficiently access and use information is Firms use the five forces model to identify the of the industry as measured by its 1. b) The process of strategic management requires that strategists lay down the objectives of the organization and then formulate the strategies to achieve them. local line leader -> have significant profit-and-loss responsibility. (Check all that apply.). Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). A core competence c. disruptive technologies. (Check all that apply.). a. only the CEO Which of the following are true of behavioral controls? 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. d. hypercompetition. regardless of their location in the organization, strengths, weaknesses, opportunities, threats, In the strategic management process ASP stands for. Study with Quizlet and memorize flashcards containing terms like . (Check all that apply.). d. in the operations area. Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. 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. b. globalization; exports. b. shareholders. - Formulating an action plan and strategies. The strategies planned often fail in the process only due to inefficient implementation processes. c. the profitability of the industry in which the firm competes. c. employees. Reward ______ analysis is the starting point of the strategic management process and includes the advanced work that must be done to effectively formulate and execute strategies. Financial markets often place an emphasis on managers meeting ______ performance goals. d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. Typically, the formulation process starts with an assessment of available resources, an industry analysis to assess the competitive environment in which the company operates . Afra Alnaimi. 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. 3. 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. Estimated Duration. b. global competition. In such a . Strategic Management can be defined as a decision-making process that leads to the development of the strategic position, i.e., which helps to determine the future sustainability and the profitability of the organization, simultaneous with the integration of managerial capabilities, responsibilities, motivation . E.$(11,375). c. personal computer (Check all that apply.). b. executives control strategy implementation. Kick-Off Meeting: 1 hr. Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. 2. Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. Consequently, executives must be careful to monitor and to interpret the events in their environment, to take appropriate actions when change is needed, and to monitor their performance to ensure that their firms are able to survive and, it is hoped, thrive over time. coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. b. the firm's internal resources and capabilities represent the foundation for development of a value-creating strategy. How do you think the economic growth of developing countries will affect you and your family in the future? All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. a. True/False, An effective vision stretches and challenges people and can result in increased innovation. internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? To implement a firm's strategies, the firm takes actions with the goal of achieving strategic competitiveness and above average returns. Strategic management process has following four steps: Environmental Scanning-Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. - Executing plans and strategies. To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. (Check all that apply.). a. are willing to be brutally honest. The profit pool is the Generally speaking, product market stakeholders are satisfied when What is the Strategic Management process? The importance of knowledge is increasing. Strategic management involves setting objectives, analyzing the competitive environment . successfully than does the competitor environment. b. strategy implementation. The third step of the strategic management process is the ______ step. 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. Effective strategic leaders Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. Meaning of Strategic Management. In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. c. the key to competitive success is the structure of the industry in which the firm competes. Firms don't apply for patents so that competitors can't access information in the patents. It is a process that requires a systematic . Firms use both the _____and______models. The 5 stages of the strategic management process. This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). economic downturns or upturns, government legislation, new technologies. (Check all that apply.). b. achieve strategic competitiveness. True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. a. ethical dimensions. Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. b. shareholders c. in the finance area c. culture b. psychology. The second step in the strategic management process is ______. b. inspiring vision. Apple's iPod and iPad are examples of b. determining how each functional department of the firm will operate. d. government regulators. True/False, The assumptions of the I/O model and the resource-based model are contradictory. a. goal b. strategy c. tactic d. mission ANSWER: b 104. The five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. In Wikipedia. c. the interests of the firm's organizational stakeholders have been maximized. symbiosis; zero sum. d. a school board lacking in core competencies. d. one business-level strategy and one corporate-level strategy. ______ is performing similar activities better than rivals do. 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. 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. a. overload middle managers. b. strategy implementation. .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 industrial organization (I/O) model argues that A business-level strategy describes 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. C ) rational . A company had a beginning balance in retained earnings of $52,000. 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. Environmental and internal scanning is the next stage in the process. In the strategic management process ASP stands for Corporate-level strategy focuses on ______. Strategic leaders, ______, often work long hours, and their work is filled with ambiguous decision situations. To have the potential to become sources of competitive advantage, resources and capabilities must be non- substitutable, valuable, , and d. The Internet. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . b. This is because the organization's role as a taxpayer is most important to ___ as stakeholders. 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. Write the key term that best matches each description. . During the ______ step in the strategic management process, managers answer two questions: what industries should we compete in and how should we compete in those industries? a. It guides the company to move in a specific direction. Some of the steps involved in the process of strategic management:- 1. 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.). ), what business(es) should the company compete in. After executing the environmental analysis process, management . a. goal 1. _________ strategy is a combination of deliberate and emergent strategies. Companies have realized that failure to measure it can negatively affect the company and its community. Capital market stakeholders include 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? Figure 1.7: Kindred Grey (2020). d. social value of each stakeholder. STRATEGIC MANAGEMENT PROCESS: F i gu re 10. True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. c. a process directed by top . c. employees. a. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. (Check all that apply. When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . B. The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. 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. c. re-centralize the responsibility for strategy to the CEO. d. strategy. The culmination of the strategic management process is: a. performance. determines how organization as a whole supports and enhances the value of the business units w/in it. 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." d. coordinating the vision and mission of each subsidiary firm. The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. Which statement is true? (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. 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. are established. (2014, November 29). The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. Performance of the firm is most directly attributable to 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. True or false: Intended strategy rarely survives in its original form. 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. The strategic management process is a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . b. resources to implement strategies are firm-specific and attached to firms over the long-term. Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. A sustainable competitive advantage is not achieved through operational effectiveness alone. This behavior reflects What is the difference between strategy formulation and strategy implementation? b. d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. 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. 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. (Check all that apply. d. intelligence. Make Better business decisions: It is important to understand the difference between a great idea and a good idea. 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. It is important to consider that the decision: has ethical implications for organizational stakeholders.

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