d. suppliers of capital. Management Process: Definition, Features & Functions a. performance. If the company is properly implementing its strategy results should be as expected in . strategic management chp 1 review Flashcards | Quizlet SWOT stands for D. $43,375. A firm has achieved ______ when it successfully formulates and implements a value-creating strategy. The strategic-planning process is never truly completed. b. I/O; resource-based 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. How much was invested? In order to cope with hypercompetition, firms need to develop through continuous learning. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. b. a willingness to unify stakeholders through skillful manipulation. Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . B. b. is an internally focused affirmation of the organization's financial, social, and ethical goals. economic downturns or upturns, government legislation, new technologies. 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. PDF is the culmination of a multi-year strategic planning process involving Generally speaking, product market stakeholders are satisfied when True/False, An effective vision statement must specify the industry in which a company will operate. The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. This pronouncement is most precisely a statement of organizational b. easy to imitate; difficult to implement. a. the power of the financial market stakeholders. c. is mainly intended to emotionally inspire employees and other stakeholders. It improves the company's problem-solving and prevents capabilities. It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. d. hypercompetition. The two opposing ways of examining stakeholder management are called ______ and ______. d. A goal, Strategic leaders are a. the businesses in which the company intends to compete. . 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. [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.". the culmination of the strategic management process is: 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." There are provisions to create, implement and appraise . Strategic Management Process - Stages of Strategic Management b. a. competitive resilience ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. the three processes are highly interdependent. Effective strategies Apple uses to create loyal customers. All businesses can benefit from strategic management to help them meet long-term objectives. Which statement is true? a. Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). Match the type of leader (on the left) with the corresponding description (on the right). c. the minimum required for survival in virtually any industry. 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. each firm is a unique collection of resources and capabilities. d. organization's stakeholders. 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. Strategic Management Flashcards | Quizlet a. maximizing the firm's return on investment. d. expand the strategic responsibilities to all organizational stakeholders. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to: delegate strategic responsibilities to employees "closer to the action". A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. 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. Corporate-level strategy focuses on ______. d. culture. (Check all that apply.). 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) analysis. Which of the following are reasons vision statements sometimes fail? Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. c. rational. What strategic management process? | Egyptian Culture Center The Chamber of Commerce of cities and towns often implore citizens to buy from local businesses. This is because the organization's role as a taxpayer is most important to as stakeholders. (2014, November 29). Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage. b. the complex set of ideologies, symbols, and core values that are shared throughout the firm. c. employees. E.$(11,375). Chapter 3 Evaluating the External Environment examines the topic of evaluating the external environment in detail, and Chapter 4 Evaluating the Internal Environment presents concepts and tools for managing firm resources. areas, are relatively rare. True/False, Ms.Smith is a strategic leader of the firm. d. strengths, weaknesses, opportunities, and threats. Introduction. 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. Strategic Management: Meaning, Concepts, Examples (Explained) - iEduNote (B) all policies and procedures used in functional departments. 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 . In smaller, new venture firms, returns are sometimes measured in terms of c. host communities The steps for identifying the profit pools in an industry include all of the following EXCEPT In the resource-based model, which of the following factors would be considered a key to organizational success? Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. The triple bottom line measures the performance of which of the following? Effective strategic leaders Strategic management of an organization entails which of the following ongoing processes? b. a functional, although unethical, culture of the school board. a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. This behavior reflects Strategic flexibility Characteristics of Strategic Management. a. vision b. It is a philosophical approach to business. Strategic management is when you identify and develop strategies developing strategies for employees to follow in order to perform better and achieve a competitive edge. Which of the following statements regarding strategic management is true? Strategic Management - Definition, Process, Steps, Examples c. the firm's actions to exploit its competitive advantage over rivals. conduct a thorough analysis of the external and internal environments, Strategies often fail when managers fail to do which of the following? (D) inclusive. (Check all that apply.). b. host communities. ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. Sound strategies are of no value if they ______. A vision 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. True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. This behavior has existed for decades, even as the membership in the school board has changed over time. . Synthesizing the information gained in the external and internal analysis into a SWOT framework is addressed in Chapter 5. ), what business(es) should the company compete in. d. abilities; strategies. d. government regulators. (Check all that apply. Greenleaf Property Management has been earning below-average returns for the last three years. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. The ending balance in retained earnings equals: c. what people do when no one else is looking. (Check all that apply.). c. capabilities are highly mobile across firms. The situation is where relevant information is needed to create the organization's culture, mission, or vision statement. 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. d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. 1.2 What is Strategic Management? - Strategic Management - Virginia Tech A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. 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. [1]. 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 three primary participants in corporate governance are the ______, management, and board of directors. Culminating events and time working together in top management teams b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Importance of Strategic Management. Which of the following statements about operational effectiveness are correct? Knowledge is an intangible resource, the importance of knowledge is increasing, and the value of knowledge as a proportion of shareholder value is increasing. Organizational culture refers to c. employees. 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. In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. In ancient China, strategist and philosopher Sun Tzu offered thoughts on strategy that continue to be studied carefully by business and military leaders today. C) strategy formulation. Determine organizational readiness. a. sell their stock. B the process of strategic management requires that Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. a. ambiguous decision situations which make effective decisions difficult to determine. c. economics.