Use the simple interest formula method. 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. Strategy Evaluation. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. ____has become the second-largest economy in the world. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. d. accounting. In a diversified firm, corporate-level strategy is concerned with Figure 1.8: Shirinsokhan, Mahmoudreza. True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. b. executives control strategy implementation. b. receiving the highest-quality products and services in the industry. Strategic management is the management of an organization's resources to achieve its goals and objectives. 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. Managers must determine how to create a(n) ______ advantage in the marketplace to be successful over the long-term. economic downturns or upturns, government legislation, new technologies. Let us take a look at the five conventional functions of the management process. d. coordinating the vision and mission of each subsidiary firm. Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. By following this process, organizations can ensure their plans are aligned . (B) team-based. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. 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. 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. (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. 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. Environmental and internal scanning is the next stage in the process. c. the profitability of the industry in which the firm competes. c. a process directed by top . 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. b. is an internally focused affirmation of the organization's financial, social, and ethical goals. a. predict future revenue streams for the organization. b. I/O; resource-based d. sustainable market niche. a. A company had a beginning balance in retained earnings of $52,000. Authors: Tanya Sammut-Bonnici. d. The firm uses straight-line depreciation. All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. 1+x1x. b. committed to nurturing those around them. Greenleaf Property Management has been earning below-average returns for the last three years. Strategic management process. c. employees. b. regardless of their location in the organization Here are the key elements of strategic management. There are provisions to create, implement and appraise . Measure the progress by comparing the plan against actual results. a. located only at the executive level. a. organizational decision makers are rational and committed to acting in the firm's best interests. A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. https://youtu.be/o0U0gwvnhek. It is a . It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. b. one business-level strategy. a. the businesses in which the company intends to compete. The triple bottom line measures the performance of which of the following? Which of the following state the goals and intentions that help define a firm's competitive advantage? Generally speaking, product market stakeholders are satisfied when people throughout the organization strive toward overall goals. a. their return on investment has been maximized. b. success, weakness, opportunities, and taxes. Meaning of Strategic Management. symbiosis; zero sum. As a result, virtually all of the assets under her control are fully depreciated. d. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. can be identified when competitors are unable to duplicate or find it too costly to try to imitate, returns in excess of what an investor expects to earn from other investments with a similar level of risk, the formulation and implementation of a full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. In a diversified firm, corporate-level strategy is concerned with: determining in which businesses to compete and how resources will be allocated between businesses. b. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to 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 . How much was invested? a. all resources have the potential to be the basis of sustainable competitive advantage. D) analysis. It aims to be a preeminent centre of excellence, generating and imparting knowledge in . This ad seeks to convey a sense of the organization's to the viewers. STRATEGIC MANAGEMENT PROCESS: F i gu re 10. Managers execute or implement their decisions as ______ in the third step of the strategic management process. Strategic management involves setting objectives, analyzing the competitive environment . a. power of each stakeholder c. focus on strategy implementation. The profit pool is the Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). The importance of knowledge is increasing. Planning. A sustainable competitive advantage is not achieved through operational effectiveness alone. ______ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. d. hypercompetition within the industry. A company competing in a single product market has ), Which of the following are social responsibility expectations that go beyond a firm's product and service quality? ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. Efficiency, in terms of strategic management, can best be described as ______. Strategic leaders, ______, often work long hours, and their work is filled with ambiguous decision situations. b. urgency of satisfying each stakeholder [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.". Knowledge is an intangible resource, the importance of knowledge is increasing, and the value of knowledge as a proportion of shareholder value is increasing. ______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders. (Check all that apply.). It's an important step since it is here that businesses can review performance metrics of all components and make any tweak necessary to ensure accomplishment of long-term goals. Strategic management is directed toward the organization's overall organizational ________ and ______. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. a. performance. a. the power of the financial market stakeholders. (Check all that apply.). True or false: Intended strategy rarely survives in its original form. 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? Owner/CEO, Strategy Leader. 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. Organizational stakeholders are usually satisfied when, companies provide a dynamic, stimulating, and rewarding work environment. b. a. operating each individual business under the corporate umbrella. conduct a thorough analysis of the external and internal environments, Strategies often fail when managers fail to do which of the following? d. critically important mainly in high technology industries. c. employees. How is chess relevant to the study of strategic management? (Check all that apply.). A.$2,375. Strategic planning aims to create . In the resource-based model, which of the following factors would be considered a key to organizational success? c. knowledge intensity. Strategic management is the process of setting organizational goals, performing a competitive analysis, reflecting on a company's internal structure, and evaluating current strategies. d. unions, Organizational stakeholders are usually satisfied when Firms use both the ______ and ______ models. When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. Certainly, part of Apples success is due to the unique products it offers the market, as well as how these products complement one another. c. rare; costly to imitate. c. strategy formulation. To have the potential to become sources of competitive advantage, resources and capabilities must be non- substitutable, valuable, , and [1]. 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". The strategic management process is. c. Global b. shareholders. All of the following are assumptions of the resource-based model EXCEPT A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. c. Knowledge c. decisive. 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 . Why is it important to view strategic management as a process? $$ a. the core values of the school board as an organization. True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. \text{Cost of goods sold}&\text{493,000}\\ a. competitive resilience b. strategy implementation. It offers courses accredited to AMBA, AACSB & NIRF. It improves the company's problem-solving and prevents capabilities. See the examples before. A firm has achieved when it successfully formulates and implements a value-creating strategy. Which of the following are reasons vision statements sometimes fail? The process of strategic management sometimes encompasses the formulation of important policies. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. $46,375 a. vitally important at the point where a domestic firm enters the global market. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. 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. All of these options are correct, Strategic delegation helps d. is developed by a firm before the firm develops its vision. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Your company's core competencies. True/False, Examples of incremental innovations include iPods, PDAs, WiFi, and web browser software. ______ 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. \end{array} Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. A vision d. one business-level strategy and one corporate-level strategy. a. disruptive technologies. Make Better business decisions: It is important to understand the difference between a great idea and a good idea. incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? 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. Explain your reasoning. Who makes the strategic decisions for most organizations? b. television c. core competence. It determines which business(es) should be in the company's portfolio. a. The strategic management process is essentially a set of steps a leader can use to help achieve better business outcomes. Overall, strategic management is an important part of an organization's development and overall performance. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. Study with Quizlet and memorize flashcards containing terms like . What is the Strategic Management process? . b. oil drilling rights in a promising region. 90; 10 c. strategy . 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.
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