c. obtaining reliable products at the lowest possible price. c. In reporting her investment center's performance for the past 10 years, the manager of the Snack Division accounted for the depreciation of her division's assets by using an accelerated depreciation method allowed for tax purposes. b. customers pay the highest sustainable price for the goods and services they receive. the key factor in success is choosing the correct industry in which to compete. c. return on sales. 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. A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". business, corporate, international, and entrepreneurial. Strategic Goals: All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. The Strategic Management Process Guide - cascade.app In order to cope with hypercompetition, firms need to develop through continuous learning. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. d. the CEO, COO, and CFO only. b. the resources the firm possesses. b. the complex set of ideologies, symbols, and core values that are shared throughout the firm. c. vision. 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. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. d. sustainable market niche. All of the following are assumptions of the resource-based model EXCEPT b. strategy implementation. 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. 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. a. sell their stock. d. All of these options are correct. 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. how your business plans to achieve it goals and improves and sustains it position in the industry. The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. b. shareholders. b. Although the first four steps describe the planning that must take place, implementation and evaluation are just as important. Research shows that approximately___percent of a firm's profitability is explained by the industry in which it competes, whereas b. success, weakness, opportunities, and taxes. The two primary drivers of hyper-competition are the emergence of the global economy and technology. 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. (Check all that apply.). In the strategic management process ASP stands for Effective strategies Apple uses to create loyal customers. Strategic management is the process of setting organizational goals, performing a competitive analysis, reflecting on a company's internal structure, and evaluating current strategies. (Check all that apply.). b. 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. Learn more about how Pressbooks supports open publishing practices. 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. Efficiency, in terms of strategic management, can best be described as ______. Organizational stakeholders are usually satisfied when, companies provide a dynamic, stimulating, and rewarding work environment. . The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. 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. c. competition; competency d. hypercompetition. 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. (B) team-based. Which of the following statements about the strategic management process is true? 97.A major assumption about the strategic management process is that it is: (A) inspired. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. Financial markets often place an emphasis on managers meeting ______ performance goals. Organizational stakeholders include PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. The ability to effectively and efficiently access and use information is Knowledge is composed of all the following EXCEPT What is Strategic Management and Why is it Important? The culmination of the strategic management process is: a. performance. The video for this lesson explains the strategic management process. internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? Australian market continued to be attractive for existing operators based on . Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. c. a process directed by top management with input from other stakeholders that seeks to achieve above- average returns for investors through effective use of the organization's resources. d. total profits that can be divided among the competitors within an industry. 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. b. mission. (PDF) Strategic Management - ResearchGate Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. Is is measure by its ___. What is Strategic Management? definition, process and importance c. the profitability of the industry in which the firm competes. d. concentration on the practical day-to-day aspects of the organization's operations. We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. Strategic management is directed toward the organization's overall organizational ________ and ______. d. All of these options are correct. . Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. (C) rational. 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. Which of the following is the most inclusive term for the individuals, groups, and organizations that have a claim in the success of an organization? 1. True/False, The goal of strategy implementation is to develop a permanent competitive advantage. The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. Meaning of Strategic Management. A company competing in a single product market has Owner/CEO, Strategy Director. Strategic management is a process that requires the ability to manage change. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. a. unions. Reward c. Risk d. Revenue ANSWER: c 105. 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. b. innovation Strategic Management Process Steps, Components & Examples d. locate the most promising areas of an industry's value chain. What is Strategic Management | Learn About Strategic Management & the Which of the following are stakeholder groups that managers should consider when making decisions? Litigation. 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. In Chapter 6 Selecting Business-Level Strategies, we discuss how selecting business-level strategies helps to provide firms with a recipe that can be followed that will increase the likelihood that their strategies will be successful. local line leader -> have significant profit-and-loss responsibility. 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. 3. are established. a. inspired. Strategic management is directed toward a company's ______. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. d. culture. b. the industry's structural characteristics have little impact on a firm's performance over time. d. estimating the size of the value-chain activity in the pool. conduct a thorough analysis of the external and internal environments, Strategies often fail when managers fail to do which of the following? b. receiving the highest-quality products and services in the industry. 1.4 The History of Strategic Management Return b. organizational versus individual rationality. Strategic Management Process Steps And It's Components ______ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. [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.". Estimated Duration. (PDF) A critical analysis of strategic management process - ResearchGate When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) d. hypercompetition within the industry. Strategic management of an organization entails which of the following ongoing processes? How much was invested? vision. The triple bottom line measures the performance of which of the following? Readiness assessment. b. team-based. c. strategic power True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. 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. This improved performance is best explained by (Check all that apply.). c. what people do when no one else is looking. 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. ), Which of the following must a firm's strategy be consistent with? c. The firm has a lot of old plant and equipment. a. the march of globalization. Strategic management involves setting objectives, analyzing the competitive environment . Your company's core competencies. What Is Strategic Management? Characteristics, Risk, Nature - Geektonight Here are the key elements of strategic management. . coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. d. unions, Organizational stakeholders are usually satisfied when d. intelligence. \text{Gross profit}&\text{357,000}\\ (Check all that apply.). Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. 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 planning aims to create . See the examples before. How to develop a strategic management process. The three primary participants in corporate governance are the ______, management, and board of directors. d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. c. use the strategic management process. c. the key to competitive success is the structure of the industry in which the firm competes. 1+x1x. c. economies of scale A strategy c. core competence. True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. How to Implement a Strategic Management Process [2023] Asana It is important to consider that the decision: has ethical implications for organizational stakeholders. Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. c. ability, strategies, and purposes. b. inspiring vision. Sun Tzu's best-known work is The Art of War. The culmination of the strategic management process is The culmination of the strategic management process is a. performance. Match the type of leader (on the left) with the corresponding description (on the right). ______ 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. (Check all that apply.). Benefits and limitations of strategic management d. Revenue. In ancient China, strategist and philosopher Sun Tzu offered thoughts on strategy that continue to be studied carefully by business and military leaders today. Strategic Implementation is defined as "the process by which strategies and policies are put into action through the development of programs, budgets and procedures" (Strategy implementation, 2009, para.1). True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. 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. In the resource-based model, which of the following factors would be considered a key to organizational success?
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