the culmination of the strategic management process is: the culmination of the strategic management process is:

True/False, The CEO must encourage ambidextrous learning, absorbing new information, and building incremental knowledge in order to make the firm strategically flexible. a. competitive resilience how your business plans to achieve it goals and improves and sustains it position in the industry. A firm has achieved when it successfully formulates and implements a value-creating strategy. A company competing in a single product market has It helps in analyzing the internal and external factors influencing an organization. d. social value of each stakeholder. c. weak competitors in the industry. (Check all that apply.). c. use the strategic management process. Why is it important to view strategic management as a process? Situation Analysis. c. ability, strategies, and purposes. For instance, a SWOT analysis (Strengths-Weaknesses . 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. This is the final stage of the strategic management process. Companies have realized that failure to measure it can negatively affect the company and its community. In Chapter 2 "Assessing Organizational . Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. b. resources to implement strategies are firm-specific and attached to firms over the long-term. Chess CC BY-NC 2.0. d. analysis. c. economies of scale The three primary participants in corporate governance are the ______, management, and board of directors. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. The process of strategic management sometimes encompasses the formulation of important policies. True/False. c. defining the competitors in the pool. d. ability, successes, and performance. Apple Inc. It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the competitors and take necessary . c. Risk All of the following are assumptions of the I/O model except: resources to implement strategies are firm-specific and attached to firms over the long term. a. b. analyses, strategies, and performance. c. knowledge intensity. Name two benefits workers take for granted now that did not exist before labor organized. Corporate-level strategy focuses on ______. Which of the following statements regarding corporate-level strategy are correct? b. a willingness to unify stakeholders through skillful manipulation. The strategic management process is . The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. Synonymous with business planning and strategic planning. A Deeper Dive into the Strategic Management Process. 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." b. focus on strategy formation. It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. b. host communities. 97.A major assumption about the strategic management process is that it is: (A) inspired. The strategic management process is the systematic analysis of an organization's internal and external environment to achieve and retain a competitive advantage. Kick-Off Meeting: 1 hr. The two primary drivers of hyper-competition are the emergence of the global economy and technology. b. predict growth in sales over the medium to long range. Collect and review information to help make the upcoming strategic decisions. What other games might help teach strategic thinking. d. hypercompetition. strategic objectives. In order to cope with hypercompetition, firms need to develop through continuous learning. 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.). c. what people do when no one else is looking. Strategic Management can be found in . c. strategy formulation. A core competence Organizational stakeholders include UMT360's Strategy Execution Management solution. It is a philosophical approach to business. Defend your answer. d. hypercompetition. (Check all that apply.). C) strategy formulation. B. b. d. All of these options are correct. a. unique market niche 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. Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is: obtaining reliable products at the lowest possible price. a. defining the boundaries of the pool. b. the resources the firm possesses. d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. 2. The third step of the strategic management process is the ______ step. Collect and analyze information. b. a functional, although unethical, culture of the school board. Social responsibility is the expectation that businesses or individuals will strive to ______. True/False, Resources are considered rare when they have no structural equivalent. a. all resources have the potential to be the basis of sustainable competitive advantage. b. a. the social energy that drives, or fails to drive, the organization. b. committed to nurturing those around them. 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. c. capabilities are highly mobile across firms. Who makes the strategic decisions for most organizations? Strategy formulation is the next step in the strategic management process. d: 70: 3884478507 It involves action plans that ensure continued performance and thriving progression. c. culture a. CEO. Sound strategies are of no value if they ______. c. core competence. Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. b. d. a school board lacking in core competencies. a. (Check all that apply.). the three processes are highly interdependent. c. employees. a. unions. Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. True/False, When the firm earns lower-than-average returns, the highest priority is given to satisfying the needs of capital market stakeholders over the needs of product market and organizational shareholders. c. in the finance area How to develop a strategic management process. Which statement is true? b. strategy implementation. Strategic management of an organization entails which of the following ongoing processes? examples of each based on your own experiences. 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 culmination of the strategic management process is: a. performance. Broad Plans Shaping: In this continuous process, the formulation & implementation of broader plans are made and finally, these are also controlled. This perspective is known as ______. True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. a. culture Strategic planning also involves the allocation of resources in an optimal manner. Sun Tzu's best-known work is The Art of War. A vision Disruptive (Check all that apply.). The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. Definition. 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? d. a charity's endowment of $400 million. $46,375 A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. A sustainable competitive advantage is not achieved through operational effectiveness alone. a. delegate strategic responsibilities to employees "closer to the action." d. All of these options are correct. In smaller, new venture firms, returns are sometimes measured in terms of Pearce and Robinson, 1988. Organizational culture refers to Australian market continued to be attractive for existing operators based on . Even for companies capable of succeeding in global markets, it is critical that they, The rate of technological diffusion is increasing. In the strategic management process ASP stands for a. an hourly production employee's ability to catch subtle quality defects in products. Match the strategic management process with its corresponding term. Above average returns are those in excess of what an investor expects to earn from other investments with similar stock prices. Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). Estimated Duration. . It determines which business(es) should be in the company's portfolio. d. culture. Chapter 10 Executing Strategy through Organizational Design offers ideas on how to manage these elements of implementation. The resource-based model of the firm argues that Returns can only be measured in accounting terms such as return on assets, return on equity, or return on sales. At this stage, your strategy is already in action and you need to measure the effectiveness of the strategy. 90; 10 ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. d. differences in resources and capabilities are the basis of competitive advantage. True/False, The I/O (industrial organization) model assumes that the uniqueness of a firm's resources and capabilities is the main source of above-average returns. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. ______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined time frame. b. top-management team. Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. The firm makes less efficient use of its assets than other firms. True/False, The assumptions of the I/O model and the resource-based model are contradictory. d. concentration on the practical day-to-day aspects of the organization's operations. d. attractiveness; profitability. The rate of technology diffusion has been steadily increasing over the last two decades. d. government regulators. ______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders. a. strategic competitiveness b. a permanently sustainable . What are the four levels of a company's strategy formulation? 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. one business-level strategy. C.$54,375. a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. Authors: Tanya Sammut-Bonnici. 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. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. Strategic management is the management of an organization's resources to achieve its goals and objectives. It is important to consider that the decision: has ethical implications for organizational stakeholders. c. information. b. abilities; strengths Organizational goals and objectives should represent what is best for ______. Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. The strategic management process is a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. See the examples before. 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. Which of the following state the goals and intentions that help define a firm's competitive advantage? The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. business, corporate, international, and entrepreneurial. Managers must determine how to create a(n) ______ advantage in the marketplace to be successful over the long-term. Which of the following is an example of a firm's intellectual asset? How much interest was earned? a. values. d. A goal, Strategic leaders are In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. 09.23.22 a. major suppliers of capital d. industry; competency, ___should establish a firm's individuality and should be inspiring and relevant to all stakeholders.