the culmination of the strategic management process is:

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. (D) inclusive. b. achieve strategic competitiveness. c. the key to earning above-average returns is strategic flexibility. Introduction. c. The firm has a lot of old plant and equipment. 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. c. weak competitors in the industry. 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. (Check all that apply.). 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. It helps in analyzing the internal and external factors influencing an organization. What is the Strategic Management process? Strategic management requires that ______. Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. Management Process: Definition, Features & Functions C.$54,375. b. b. estimating the overall size of the pool. c. knowledge intensity. \text{Gross profit}&\text{357,000}\\ Defining strategic management is important to build a cohesive and sustainable business model. c. political dimensions. In the POLC framework, where does strategy implementation take place. a. organizational decision makers are rational and committed to acting in the firm's best interests. b. the resource-based model. D) analysis. Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). The strategic management process begins with an understanding of strategy and performance. The process of strategic management sometimes encompasses the formulation of important policies. Strategic Management Flashcards | CourseNotes True/False, An effective vision statement must specify the industry in which a company will operate. Importance of Strategic Management. 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 . The ending balance in retained earnings equals: Definition, Examples and Features of Strategic Management b. a. pool of assets that is distributed to investors. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies Strategic management process has following four steps: Environmental Scanning-Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. a. one corporate-level strategy. Strategic management of an organization entails which of the following ongoing processes? Strategic management is the process of setting organizational goals, performing a competitive analysis, reflecting on a company's internal structure, and evaluating current strategies. a. anthropology. Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. a. strategy, wealth, organization, and threats. Explain Strategy formulation. In the strategic management process ASP stands for - Evaluating efficiency and effectiveness . d. companies are paying the highest prices to suppliers, Product market stakeholders include Strategic Management Process - STRATEGIC MANAGEMENT PROCESS Strategic d. social value of each stakeholder. A company competing in a single product market has. Strategic management involves setting objectives, analyzing the competitive environment . Strategic Management & Strategic Planning Process Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . $$ A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). D. $43,375. a. vitally important at the point where a domestic firm enters the global market. Environmental and internal scanning is the next stage in the process. d. skilled employees. b. all policies and procedures used in functional departments. Which of the following statements is most consistent with the I/O view? a. sell their stock. 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. Strategic leaders, ______, often work long hours, and their work is filled with ambiguous decision situations. b. top-management team. Which statement about the triple bottom line is true? Knowledge is an intangible resource, the importance of knowledge is increasing, and the value of knowledge as a proportion of shareholder value is increasing. The process of creating strategy 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. 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. . b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. True/False, The five forces model suggests that firms should target the industry with the highest potential for above-average returns and then implement either a cost leadership or diffusion strategy . Efficiency, in terms of strategic management, can best be described as ______. Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. b. determining how each functional department of the firm will operate. b. globalization; exports. a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. The value of SWOT analysis parallels ideas from classic military strategists such as Sun Tzu, who noted the value of knowing yourself as well as your opponent. The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. Ideally, you already have some goal materials in place, including: Your vision statement. Strategic Management - THE STRATEGIC MANAGEMENT PROCESS Planning Ahead Strategic management is the management of an organization's resources to achieve its goals and objectives. b. total profits earned in an industry along all points of the value chain. ______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders. Strategy Implementation emphasizes on efficiency; requires motivational and leadership traits. A strategy is typically a higher level, broad goal, without a lot of specifics. b. strategy a. size; number of competitors. b. shareholders d. mission, ___is an investor's uncertainty about the economic gains or losses that will result from a particular investment. (B) team-based. 1.3 Intended, Emergent, and Realized Strategies, 1.5 Contemporary Critique of Strategic Management, 1.6 Understanding the Strategic Management Process, 3.2 The Relationship between an Organization and its Environment, 4.4 Intellectual Property & Isolating Mechanisms, 6.2 Understanding Business-Level Strategy through "Generic Strategies", 6.5 Focused Cost Leadership and Focused Differentation, 7.6 Responding to Innovation in the Market, 8.6 Portfolio Planning and Corporate-Level Strategy, 9.2 Advantages and Disadvantages of Competing in International Markets, 9.5 Drivers of Success and Failure When Competing in International Markets, 9.6 Options for Competing in International Markets, 10.3 The Basic Building Blocks of Organizational Structure, 10.4 Creating an Organizational Structure, 10.5 Creating Organizational Control Systems, 11.4 Corporate Ethics and Social Responsibility, 11.5 Contemporary Questions of Corporate Ethics. Strategic Management Chap 1 Flashcards | Quizlet C ) rational . The strategic management process is. It is a process that requires a systematic . An assessment od strengths, weakness, opportunities and threats. b. mission. The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. a. delegate strategic responsibilities to employees "closer to the action." 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. A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. d. expand the strategic responsibilities to all organizational stakeholders. A customer can buy an iPod that plays music from iTunesall of which can be stored in Apples Mac computer (Inside CRM Editors, n.d.). Which of the following statements about the strategic management process is true? (n.d.). Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . 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. d. abilities; strategies. a. inspired. Strategic Management Process [Video]. Which of the following statements regarding corporate-level strategy are correct? The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. The video for this lesson explains the strategic management process. c. the firm's actions to exploit its competitive advantage over rivals. 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. In Wikipedia. What Is Strategic Management? - Investopedia a. For instance, a SWOT analysis (Strengths-Weaknesses . 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. c. information. The two opposing ways of examining stakeholder management are called ______ and ______. It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. c. strategy formulation. 1. 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 . Apple's iPod and iPad are examples of c. in the finance area Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. a. committed to helping the firm create value for all stakeholder groups. (Check all that apply.). The Complete Guide to Strategy Evaluation - Creately Blog The importance of knowledge is increasing. It offers courses accredited to AMBA, AACSB & NIRF. a. globalization. d. differences in resources and capabilities are the basis of competitive advantage. Strategic Management. What are the four levels of a company's strategy formulation? The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. The resource-based view of the firm Is is measure by its ___. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. A capability 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. c. defining the competitors in the pool. c. strategy formulation. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. b. innovation Strategic Management can be found in . . The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. c. the CEO, COO, and CFO only. 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. UMT360's Strategy Execution Management solution. True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. Firms use both the ______ and ______ models. A.$2,375. Which of the following are true of behavioral controls? The two primary drivers of hyper-competition are the emergence of the global economy and technology. This activity is important because proper use of strategic management techniques . The firm makes less efficient use of its assets than other firms. The strategic management process begins with an understanding of strategy and performance. Which of the following state the goals and intentions that help define a firm's competitive advantage? A major assumption about the strategic management - Course Hero 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. The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. A strategy statements, like vision statements, should be massively inspiring to an organization's main stakeholders and include the purpose of the organization, its scope of operations, and the basis of its competitive advantage. Strategy Implementation in Strategic Management Process It is long-term in nature. Social responsibility is the expectation that businesses or individuals will strive to ______. b. a willingness to unify stakeholders through skillful manipulation. A company had a beginning balance in retained earnings of $52,000. d. The Internet. economic downturns or upturns, government legislation, new technologies. a. goal b. strategy c. tactic d. mission ANSWER: b 104. What is Strategic Management Process, and How Does It Work? b. resources to implement strategies are firm-specific and attached to firms over the long-term. 7 Main Steps in Process of Strategic Management (Explained) a. strategic competitiveness b. a permanently sustainable . Organizational culture refers to True/False, The goal of strategy implementation is to develop a permanent competitive advantage. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. d. A goal, Strategic leaders are b. executives control strategy implementation. (Check all that apply. . 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. c. one business-level strategy for failure. Situation Analysis. b. only top managers 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. 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. McDonald's has been able to a. earn above-average returns. (Check all that apply.). Your company's core competencies. c. tactic This pronouncement is most precisely a statement of organizational A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. b. psychology. Authors: Tanya Sammut-Bonnici. (Check all that apply.). (Check all that apply.). a. power of each stakeholder a. are willing to be brutally honest. Definition. b. rapid technological diffusion. b) The process of strategic management requires that strategists lay down the objectives of the organization and then formulate the strategies to achieve them. Organizational stakeholders include Establish your planning team and schedule. True/False, Organizational mission statements typically do not include statements about profitability and earning above-average returns. Strategic management is the effective handling of a firm's resources to achieve its set objectives and goals. c. employees. _____ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. 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. ability, successes, and performance. It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. In strategic management, effectiveness can best be described as ______. b. Strategic Management Process - Your Article Library 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. STRATEGIC MANAGEMENT PROCESS: F i gu re 10. Match the type of leader (on the left) with the corresponding description (on the right). Litigation. \text{Sales}&\text{\$850,000}\\ The situation is where relevant information is needed to create the organization's culture, mission, or vision statement. Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. Strategic Management - Definition, Importance and Need of - Harappa Meaning of Strategic Management. Chapter 10 Executing Strategy through Organizational Design offers ideas on how to manage these elements of implementation. d. located at different levels, but only in the operating area of the organization, . 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. \text{Cost of goods sold}&\text{493,000}\\ 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. business, corporate, international, and entrepreneurial. Strategy evaluation is the process by which the management assesses how well a chosen strategy has been implemented and how successful or otherwise the strategy is. Disruptive 1. 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 . a. flexibility b. innovation c. speed d. All of these options are correct. d. government regulators. A company competing in a single product market has 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. regardless of their location in the organization 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. the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. b. local dimensions. d. Organizational intelligence. 97.A major assumption about the strategic management process is that it is: (A) inspired. organizational versus individual rationality. Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . a. telephone a. located only at the executive level. Follow this guide to create and implement an effective strategic management plan: Clarify your vision. c. seek to increase their power. a. return on assets. c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. a. the core values of the school board as an organization. Strategy execution management is the evolution of traditional project delivery. ______ is performing similar activities better than rivals do. Performance of the firm is most directly attributable to It had net income of$8,000 and paid out cash dividends of $5,625 in the current period. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. The culmination of the strategic management process is a. performance. (PDF) Strategic Management and Strategic Planning Process - ResearchGate d. analysis. The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. Strategic planning process is a systematic or emerged way of performing strategic planning in the organization through initial assessment, thorough analysis, strategy formulation, its implementation and evaluation. B the process of strategic management requires that A core competence 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. (2014, November 29). Environmental Scanning 2. 1.2 What is Strategic Management? - Strategic Management - Virginia Tech b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. The 6 stages of the Strategic Management Process True/False, The CEO must encourage ambidextrous learning, absorbing new information, and building incremental knowledge in order to make the firm strategically flexible. one business-level strategy and one corporate-level strategy. d. easy to implement; unique. The Strategic Planning Process in 4 Steps | OnStrategy This involves developing specific strategies and actions. Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. Here are the key elements of strategic management. It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the competitors and take necessary . Strategic Management ch 1 Flashcards | Quizlet a. the social energy that drives, or fails to drive, the organization. The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. c. strategy . The second step in the strategic management process is ______. Strategy Evaluation. d. intelligence. Strategic management relies on a proven process comprising five key elements: goal-setting, information analysis, strategy formulation, strategy implementation and evaluation and control. a. ethical dimensions. 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." (PDF) Strategic Management - ResearchGate c. competition; competency True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. b. global competition. Solved The strategic management process has five steps: | Chegg.com All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. a. an hourly production employee's ability to catch subtle quality defects in products. In order to cope with hyper competition, firms need to develop ___ through continuous learning. (C) rational. What Is Strategic Management and Why Is It Important? Firms use both the _____and______models. Financial markets often place an emphasis on managers meeting ______ performance goals. 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. Firms don't apply for patents so that competitors can't access information in the patents. b. is an internally focused affirmation of the organization's financial, social, and ethical goals. The strategic management process is a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. A business-level strategy describes A firm's hierarchy of goals include its ______. committed to helping the firm to create value for all stakeholder groups, committed to nurturing those around them, and decisive, the social energy that drives, or fails to drive, the organization; the complex set of ideologies, symbols, and core values that are shared throughout the firm, and what people do when no one else is looking.

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