the culmination of the strategic management process is:

Strategic Management can be defined as a decision-making process that leads to the development of the strategic position, i.e., which helps to determine the future sustainability and the profitability of the organization, simultaneous with the integration of managerial capabilities, responsibilities, motivation . a. culture c. disruptive technologies. The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. It is a continuous process of analyzing and evaluating an organization's internal and external environment, setting objectives and goals, developing strategies, and implementing and controlling those strategies. SWOT stands for b. predict growth in sales over the medium to long range. c. obtaining reliable products at the lowest possible price. The Strategic Planning Process in 4 Steps | OnStrategy organizational versus individual rationality. 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 annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. What is the Strategic Management process? 90; 10 (n.d.). The essence of strategic management is the study of why some firms ______. Strategic Management Process [Video]. A capability The modern competitive environment requires an iterative approach to strategic management where execution informs planning and planning guides execution. The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. c. decisive. d. ability, successes, and performance. b. tighten loan covenants. A firm's hierarchy of goals include its ______. d. critically important mainly in high technology industries. d. attractiveness; profitability. d. The Internet. The strategic management process is a crucial element of any organization's success. This pronouncement is most precisely a statement of organizational Strategic management is the process of defining and implementing an organization's strategy. a. the core values of the school board as an organization. d. focus on innovation. c. Sustainable competitive advantage 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 firm's vision, mission, and strategic objectives form a hierarchy of . d. competitive dominance. Your company's core competencies. A firm has achieved when it successfully formulates and implements a value-creating strategy. a. performance. d. emphasize profit maximization. b. the resource-based model. Chess CC BY-NC 2.0. How much interest was earned? Knowledge is an intangible resource. To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. Efficiency, in terms of strategic management, can best be described as ______. Which of the following statements about the strategic management process is true? In the POLC framework, where does strategy formulation take place? c. avoid too much managerial hubris. c. The firm has a lot of old plant and equipment. True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. The strategic management process is the systematic analysis of an organization's internal and external environment to achieve and retain a competitive advantage. Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). Strategy implementation is the final stage of the process. Which statement is true? is a capacity for a set of resources to perform a task or an activity in an integrative manner. In the instance, the implementation . c. the firm's actions to exploit its competitive advantage over rivals. Solved The strategic management process begins with | Chegg.com b. an important source of competitive advantage in virtually all industries. Strategic management is directed toward the organization's overall organizational ________ and ______. All of the following are assumptions of the resource-based model EXCEPT Greenleaf Property Management has been earning below-average returns for the last three years. A business-level strategy describes Chapter Layout for Strategic Management. CC BY-SA 4.0. c. strategy . Pearce and Robinson, 1988. b. mission b. host communities. Companies have realized that failure to measure it can negatively affect the company and its community. 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. The industrial organization (I/O) model argues that The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. The triple bottom line measures the performance of which of the following? (2014, November 29). 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. examples of each based on your own experiences. b. global competition. In a diversified firm, corporate-level strategy is concerned with What are the four levels of a company's strategy formulation? b. shareholders. UMT360's Strategy Execution Management solution. a. one corporate-level strategy. b. regardless of their location in the organization Strategic Management Advantages and Disadvantages - Wisestep 2. c. vulnerability of organizational stakeholders 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 Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. Management Process: Definition, Features & Functions Strategic Management - Definition, Process, Steps, Examples The resource-based view of the firm 3. c. culture 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. 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. C) strategy formulation. ), Which of the following are social responsibility expectations that go beyond a firm's product and service quality? Solved The strategic management process has five steps: | Chegg.com What Is Strategic Management? - Investopedia Strategic Management: Meaning, Concepts, Examples (Explained) - iEduNote It's the process of determining the decisions an organization should take. d. coordinating the vision and mission of each subsidiary firm. a. competitive resilience 1.2 What is Strategic Management? - Strategic Management - Virginia Tech True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. 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. The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. Characteristics of Strategic Management. Strategic management process. c. the I/O model. STRATEGIC MANAGEMENT PROCESS: F i gu re 10. Owner/CEO, Strategy Leader. Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. a. ethical dimensions. Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. Strategic Management Flashcards | Quizlet d. All of these options are correct. True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. The strategic management process is. The Five Stages of the Strategic Management Process Strategic planning also involves the allocation of resources in an optimal manner. $$ The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. local line leader -> have significant profit-and-loss responsibility. Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. b. mission The company requires that all divisions generate a minimum return on invested assets of 8 percent. The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. Strategic management adheres to the perspective that what might be seemingly ideal for one functional area of an organization might not be in the best interest of the total organization. b. b. the firm's internal resources and capabilities represent the foundation for development of a value-creating strategy. Let us take a look at the five conventional functions of the management process. c. the CEO and top managers The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. Importance of Strategic Management. symbiosis; zero sum. business, corporate, international, and entrepreneurial. a. Chapter 5: Strategic Management Flashcards | Quizlet ), what business(es) should the company compete in. 1x1+x\frac{1\ -\ \sqrt{x}}{1\ +\ \sqrt{x}} Strategic Management Flashcards | CourseNotes It improves the company's problem-solving and prevents capabilities. Apple's iPod and iPad are examples of a. CEO. Return a. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. d. skilled employees. What Is Strategic Management? - Strategic Management c. is mainly intended to emotionally inspire employees and other stakeholders. The culmination of the strategic management process is: a. performance. 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. The profit pool is the What is Strategic Management | Learn About Strategic Management & the 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. The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. . b. committed to nurturing those around them. d. Revenue. It is a process that requires a systematic . 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? True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. (Check all that apply.). Which statement about the triple bottom line is true? The two primary drivers of hyper-competition are the emergence of the global economy and technology. c. 36; 20 c. capabilities are highly mobile across firms. ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. The strategic management process begins with an understanding of strategy and performance. b. resources to implement strategies are firm-specific and attached to firms over the long-term. This behavior reflects The strategic-planning process is never truly completed. Managers are analyzing the firm's ______ when managers are studying its competitors. In Wikipedia. - Resource analysis to select workforce and assign suitable tasks. Collect and review information to help make the upcoming strategic decisions. Which of the following statements regarding strategic management is true? True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. a. the power of the financial market stakeholders. The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. Which of the following statements is most consistent with the I/O view? the culmination of the strategic management process is: statements, like vision statements, should be massively inspiring to an organization's main stakeholders and include the purpose of the organization, its scope of operations, and the basis of its competitive advantage. Strategic Management ch 1 Flashcards | Quizlet In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. c. one business-level strategy for failure. c. weak competitors in the industry. coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. c. employees. ______ is performing similar activities better than rivals do. Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). Inside CRM Editors. c. hypercompetition; technology diffusion. 1.3 Intended, Emergent, and Realized Strategies, 1.5 Contemporary Critique of Strategic Management, 1.6 Understanding the Strategic Management Process, 3.2 The Relationship between an Organization and its Environment, 4.4 Intellectual Property & Isolating Mechanisms, 6.2 Understanding Business-Level Strategy through "Generic Strategies", 6.5 Focused Cost Leadership and Focused Differentation, 7.6 Responding to Innovation in the Market, 8.6 Portfolio Planning and Corporate-Level Strategy, 9.2 Advantages and Disadvantages of Competing in International Markets, 9.5 Drivers of Success and Failure When Competing in International Markets, 9.6 Options for Competing in International Markets, 10.3 The Basic Building Blocks of Organizational Structure, 10.4 Creating an Organizational Structure, 10.5 Creating Organizational Control Systems, 11.4 Corporate Ethics and Social Responsibility, 11.5 Contemporary Questions of Corporate Ethics. Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. b. a. d. strengths, weaknesses, opportunities, and threats. ______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders. d. differences in resources and capabilities are the basis of competitive advantage. Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation New markets created by iPods, PDAs, and Wi-Fi are a result of Who typically develops a firm's mission statement? a. all resources have the potential to be the basis of sustainable competitive advantage. b. weak competition A company had a beginning balance in retained earnings of $52,000. Consistent failure to achieve this minimum target is grounds for the dismissal of a division manager. . This is because the organization's role as a taxpayer is most important to as stakeholders. Situation Analysis. c. strategy formulation. In terms of analyzing the external environment of the firm, the industry environment consists of ______ and other organizations that may threaten the company's success.

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