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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. The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. (Check all that apply.). a. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. 1.6 Understanding the Strategic Management Process All of the following are assumptions of the industrial organization (I/O) model EXCEPT Strategic Management Process Steps, Components & Examples the three processes are highly interdependent. a. ethical dimensions. According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. b. the industry's structural characteristics have little impact on a firm's performance over time. Consistent failure to achieve this minimum target is grounds for the dismissal of a division manager. The industrial organization (I/O) model argues that d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. c. disruptive technologies. Financial markets often place an emphasis on managers meeting ______ performance goals. It involves action plans that ensure continued performance and thriving progression. Understanding the Strategic Management Process Strategic Management - THE STRATEGIC MANAGEMENT PROCESS Planning Ahead a. defining the boundaries of the pool. b. is an internally focused affirmation of the organization's financial, social, and ethical goals. 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? Determine organizational readiness. d. All of these options are correct, Strategic delegation helps a. located only at the executive level. A business-level strategy describes Pearce and Robinson, 1988. 90; 10 Rationalize the denominator of each fraction and simplify. Here are the key elements of strategic management. (Check all that apply.). \begin{array}{llr} $46,375 It is a process that requires a systematic . c. Sustainable competitive advantage Strategic Management Process and Its Different Stages c. decisive. b. tighten loan covenants. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. d. A goal, Strategic leaders are The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. d. a charity's endowment of $400 million. b. abilities; strengths Strategic management involves setting objectives, analyzing the competitive environment . In Chapter 7, Innovation Strategies, we present insights on the role innovation plays in strategy development and implementation. 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. d. concentration on the practical day-to-day aspects of the organization's operations. a. goal The ______ view of stakeholder management views the management process as groups competing for the organization's resources. Performance of a firm is most directly attributable to: the profitable of the industry in which the firm competes, Firms use the five forces model of competition to identify the ___ of the industry. True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. b. a. competitive resilience Strategy formulation is the next step in the strategic management process. The strategic management process is a crucial element of any organization's success. a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. Your mission statement. What are the four levels of a company's strategy formulation? c. re-centralize the responsibility for strategy to the CEO. d. accounting. Strategic Management Process - Your Article Library c. The firm has a lot of old plant and equipment. 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? Overall, strategic management is an important part of an organization's development and overall performance. c. employees. a. sell their stock. b. shareholders. In strategic management, effectiveness can best be described as ______. a. organizational decision makers are rational and committed to acting in the firm's best interests. b. strategy Solved The strategic management process begins with | Chegg.com Strategic Management Process - Meaning, Steps and Components The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. The Chamber of Commerce of cities and towns often implore citizens to buy from local businesses. . The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. b. weak competition b. a firm's profit margin yields an above-average return to its capital market stakeholders. the culmination of the strategic management process is: What is the Strategic Management process? b. an important source of competitive advantage in virtually all industries. c. the firm's actions to exploit its competitive advantage over rivals. c. the lack of an organizational mission for the school board. True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. What is Strategic Management | Learn About Strategic Management & the b. mission ______ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones. c. The value of knowledge as a proportion of shareholder value is increasing. The strategic management process is. d. emphasize profit maximization. d. sustainable market niche. _____ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. A customer can buy an iPod that plays music from iTunesall of which can be stored in Apples Mac computer (Inside CRM Editors, n.d.). b. urgency of satisfying each stakeholder A firm's mission Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. 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. Which statement about the triple bottom line is true? Capital market stakeholders include b. success, weakness, opportunities, and taxes. . a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. In a diversified firm, corporate-level strategy is concerned with: determining in which businesses to compete and how resources will be allocated between businesses. In smaller, new venture firms, returns are sometimes measured in terms of Strategic Management Process Overview With Examples - Study.com c. focus on strategy implementation. . 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? d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. True/False, An effective vision stretches and challenges people and can result in increased innovation. internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? a. their return on investment has been maximized. The importance of knowledge is increasing. Strategic management requires that ______. 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. b. innovation c. strategy formulation. This activity is important because proper use of strategic management techniques . Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. a. all resources have the potential to be the basis of sustainable competitive advantage. Strategic Management - Your Article Library Which of the following actions by the CEO would be most consistent with this need? The Five Stages of the Strategic Management Process a. return on assets. Organizational stakeholders include 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 a. major suppliers of capital (Check all that apply.). organizational versus individual rationality. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. Figure 1.7: Kindred Grey (2020). Disruptive 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. True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . 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. abilities; strategies. b. rapid technological diffusion. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. Alfred Chandler, 1962. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. ______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders. Some of the steps involved in the process of strategic management:- 1. A firm's hierarchy of goals include its ______. - Resource analysis to select workforce and assign suitable tasks. In the resource-based model, which of the following factors would be considered a key to organizational success? (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. Even for companies capable of succeeding in global markets, it is critical that they, The rate of technological diffusion is increasing. 1+x1x. (PDF) A critical analysis of strategic management process - ResearchGate ), Which of the following are examples of business-level strategies? conduct a thorough analysis of the external and internal environments, Strategies often fail when managers fail to do which of the following? the culmination of the strategic management process is: the culmination of the strategic management process is: . b. strategic flexibility c. seek to increase their power. b. focus on strategy formation. c. host communities It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. a. d. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. b. determining how each functional department of the firm will operate. Strategic Management. 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. _________ strategy is a combination of deliberate and emergent strategies. Social responsibility is the expectation that businesses or individuals will strive to ______. strategic management chp 1 review Flashcards | Quizlet .It is well known that the elected school board of a large city engages in unethical and illegal activities involving the awarding of major contracts. In the POLC framework, where does strategy formulation take place? d. ability, successes, and performance. Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. a. delegate strategic responsibilities to employees "closer to the action." The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. 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. c. the key to competitive success is the structure of the industry in which the firm competes. Characteristics of Strategic Management. Organizational goals and objectives should represent what is best for ______. The 5 stages of the strategic management process. 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.