b. total profits earned in an industry along all points of the value chain. Which of the following statements is most consistent with the I/O view? is a capacity for a set of resources to perform a task or an activity in an integrative manner. 2. 1x1+x\frac{1\ -\ \sqrt{x}}{1\ +\ \sqrt{x}} coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. c. vision The strategies planned often fail in the process only due to inefficient implementation processes. a. are willing to be brutally honest. c. strategy formulation. The economic interdependence among countries is reflected in the flow of goods, services, financial capital, and knowledge across country borders is defined as: higher performance standards including quality and cost. It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. Generally speaking, product market stakeholders are satisfied when c. 36; 20 5. Match the type of leader (on the left) with the corresponding description (on the right). (Check all that apply.). (Check all that apply.). The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. (Check all that apply.). True or false: Intended strategy rarely survives in its original form. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. a. flexibility b. innovation c. speed d. All of these options are correct. What are the four levels of a company's strategy formulation? The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. \text{Sales}&\text{\$850,000}\\ C) strategy formulation. The process of implementation of strategy starts with the identification of key managerial tasks which form the basis for the creation of strategy starts with the identification of key regardless of their location in the organization, strengths, weaknesses, opportunities, threats, In the strategic management process ASP stands for. The resource-based view of the firm b. the resource-based model. d. social value of each stakeholder. 3. d. concentration on the practical day-to-day aspects of the organization's operations. a. power of each stakeholder The ______ view of stakeholder management views the management process as groups competing for the organization's resources. True/False, Ms.Smith is a strategic leader of the firm. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. a. 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. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. UMT360's Strategy Execution Management solution. . b. achieve strategic competitiveness. - Evaluating efficiency and effectiveness . $46,375 . (Check all that apply. The strategic management process is more than a set of rules to follow. a. performance. a. one corporate-level strategy. d. expand the strategic responsibilities to all organizational stakeholders. Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Owner/CEO, Strategy Leader. PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. C ) rational . 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. Managers execute or implement their decisions as ______ in the third step of the strategic management process. 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. Efficiency, in terms of strategic management, can best be described as ______. This improved performance is best explained by c. employees. The rate of technology diffusion has been steadily increasing over the last two decades. c. vulnerability of organizational stakeholders A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. one business-level strategy and one corporate-level strategy. d. All of these options are correct. Synonymous with business planning and strategic planning. 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. Want to create or adapt books like this? \text{Gross profit}&\text{357,000}\\ Generally speaking, product market stakeholders are satisfied when: a firm achieves a balance between profit margins, costs paid to suppliers and prices set for customers, Before liquidating during a bankruptcy, a company will take several actions to try to satisfy its ____ stakeholders. D) analysis. Explain the difference between negative reinforcement and punishment, and provide several All businesses can benefit from strategic management to help them meet long-term objectives. Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. It had net income of$8,000 and paid out cash dividends of $5,625 in the current period. E.$(11,375). Definition. \text{Cost of goods sold}&\text{493,000}\\ Research shows that approximately___percent of a firm's profitability is explained by the industry in which it competes, whereas a. size; number of competitors. d. global dimensions. In Chapter 2 "Assessing Organizational . d. government regulators. a. unions. a. the core values of the school board as an organization. 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? In order to cope with hyper competition, firms need to develop ___ through continuous learning. ), what business(es) should the company compete in. 1+x1x. Your long-term goals and/or BHAGs. A retail outlet can attempt several remedies to improve profitability to meet the expectations of its ___ stakeholders, including closing stores, changing the top management team, and seeking potential buyers. A major assumption about the strategic management process is that it is . In such a . It is a . Synonymous with business planning and strategic planning. The ending balance in retained earnings equals: c. the minimum required for survival in virtually any industry. c. defining the competitors in the pool. vision. d. Diffusion, provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. Strategic management process. The industrial organization (I/O) model argues that d. in the operations area. The modern competitive environment requires an iterative approach to strategic management where execution informs planning and planning guides execution. The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. Prepare a vertical analysis of the income statement for Thain Corporation. University of Malta. c. Risk The I/O model is grounded in Reflects what a firm is doing to achieve its mission and vision as seen by its achievement of specific goals & objectives. b. predict growth in sales over the medium to long range. (Check all that apply.). What are the four steps of the strategic management process? Who typically develops a firm's mission statement? It involves action plans that ensure continued performance and thriving progression. c. focus on strategy implementation. Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization. b. receiving the highest-quality products and services in the industry. Determine organizational readiness. Continuous learning (C) rational. Feedback may occur at all times to revise these actions. d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. d. one business-level strategy and one corporate-level strategy. a. disruptive technologies. d. the firm's chief executive officer, A prominent national accounting firm runs television advertisements showing an accountant working alone late in the office on a client's project, while clenching a long-stemmed rose in his teeth and grinning ecstatically. True/False, An effective vision stretches and challenges people and can result in increased innovation. b. only top managers (Check all that apply.). Afra Alnaimi. c. weak competitors in the industry. 3. b. strategy implementation. c. competition; competency Strategic management is the process of setting organizational goals, performing a competitive analysis, reflecting on a company's internal structure, and evaluating current strategies. Accordingly, the strategic management and planning process consists of sequential five key steps; (i) Goal setting, (ii) Analysis strategy formation, (iii) Strategy formation, (iv) Strategy . (Check all that apply.). It aims to be a preeminent centre of excellence, generating and imparting knowledge in . The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. b. abilities; strengths The goal of the organization's ___ is to point the firm in the direction of where it would like to be in the years to come. All of the following are resources of an organization EXCEPT True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. 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. A core competence Greenleaf Property Management has been earning below-average returns for the last three years. Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. Organizational stakeholders are usually satisfied when, companies provide a dynamic, stimulating, and rewarding work environment. A sustainable competitive advantage is not achieved through operational effectiveness alone. Which of the following statements about the strategic management process is true? a. d. locate the most promising areas of an industry's value chain. 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. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. Managers are analyzing the firm's ______ when managers are studying its competitors. c. the lack of an organizational mission for the school board. . Which of the following statements about operational effectiveness are correct? The strategic management process is a crucial element of any organization's success. 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 capability Which statement about the triple bottom line is true? c. analyses; strategies symbiosis; zero sum. The Jayhawks Rising Strategic Alignment Model is the culmination of a multi-year strategic planning process involving many groups and individuals who proposed hundreds of ideas for how to advance us toward our vision to be an exceptional learning community that lifts each member and advances society. b. strategy implementation. 98.:A business-level strategy describes (A) the businesses in which the company intends to compete. c. Global 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. b. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. Match the strategic management process with its corresponding term. . All of the following are assumptions of the resource-based model EXCEPT True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. a. values. d. sustainable market niche. a. only the CEO An assessment od strengths, weakness, opportunities and threats. d. the amount and speed of growth. This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). b. a willingness to unify stakeholders through skillful manipulation. c. companies provide a dynamic, stimulating, and rewarding work environment. (D) inclusive. This model also guides our presentation of the chapters contained in this book. 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. In the POLC framework, where does strategy formulation take place? a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. Figure 1.7: Kindred Grey (2020). Although the first four steps describe the planning that must take place, implementation and evaluation are just as important. b. committed to nurturing those around them. 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". c. a process directed by top . True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. A.$2,375. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. . 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. b. shareholders c. speed Defend your answer. The final responsibility for forming the organization's mission lies with the - Formulating an action plan and strategies. When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) The two primary drivers of hyper-competition are the emergence of the global economy and technology. Meaning of Strategic Management. The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. Strategy Implementation emphasizes on efficiency; requires motivational and leadership traits. After executing the environmental analysis process, management . [1]. The firm makes less efficient use of its assets than other firms. c. The firm has a lot of old plant and equipment. b. resources alone can be a source of sustainable competitive advantage. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. 09.23.22 c. strategy . The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. b. YouTube. a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. a. suppliers. c. strategy formulation. c. decisive. Income statement information for Thain Corporation is provided below. ______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders. A business-level strategy describes 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. d. ability, successes, and performance. 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. d: 70: 3884478507 b. 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. (Check all that apply. What is the Strategic Management process? ), Business-level strategy is concerned with how companies ______. 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: performance Although an organization's good reputation is a valuable resource that takes years of superior marketplace competence to achieve, it is not a good basis for building a competitive advantage because it can be destroyed almost instantly by bad publicity. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. It guides the company to move in a specific direction. d. increasing the profitability of the firm. ______ 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. 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. a. located only at the executive level. b. one business-level strategy. 60; 40 Which of the following are reasons vision statements sometimes fail? b. inspiring vision. Chapter Layout for Strategic Management. CC BY-SA 4.0. Typically, the formulation process starts with an assessment of available resources, an industry analysis to assess the competitive environment in which the company operates . Firms don't apply for patents so that competitors can't access information in the patents. d. emphasize profit maximization. a. strategic competitiveness b. a permanently sustainable . d. A goal, Strategic leaders are en.wikipedia.org/wiki/Apple_Inc._ litigation. d. 20; 36. It involves identifying internal and external factors and understanding how they affect an organization. a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. . A firm's hierarchy of goals include its ______. 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). Strategic management requires that ______. d. strengths, weaknesses, opportunities, and threats. Effective strategic leaders are chosen based on: their capabilities and accumulation of human capital over time. In a diversified firm, corporate-level strategy is concerned with: determining in which businesses to compete and how resources will be allocated between businesses. Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. The importance of knowledge is increasing. d. All of these options are correct. Return c. is mainly intended to emotionally inspire employees and other stakeholders. d. differences in resources and capabilities are the basis of competitive advantage. b. estimating the overall size of the pool. b. top-management team. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. b. a firm's profit margin yields an above-average return to its capital market stakeholders. the three processes are highly interdependent. d. Organizational intelligence. The culmination of the strategic management process is: A) performance. Environmental and internal scanning is the next stage in the process. The ___ is the most critical criterion in prioritizing stakeholders. 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. ______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined time frame. Dissatisfied capital market stakeholders may Strategic flexibility Study with Quizlet and memorize flashcards containing terms like . c. the profitability of the industry in which the firm competes. c. return on sales. To implement a firm's strategies, the firm takes actions with the goal of achieving strategic competitiveness and above average returns. Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification.

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