a. b. tighten loan covenants. Afra Alnaimi. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. Which of the following statements about operational effectiveness are correct? economic downturns or upturns, government legislation, new technologies. a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. In ancient China, strategist and philosopher Sun Tzu offered thoughts on strategy that continue to be studied carefully by business and military leaders today. a. the core values of the school board as an organization. Greenleaf Property Management has been earning below-average returns for the last three years. 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. When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) c. determine whether an industry will be viable in the long term. 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. Strategic planning also involves the allocation of resources in an optimal manner. Explain the difference between negative reinforcement and punishment, and provide several The situation is where relevant information is needed to create the organization's culture, mission, or vision statement. c. personal computer It is a process that requires a systematic . Strategic Management Flashcards | CourseNotes 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. In Chapter 7, Innovation Strategies, we present insights on the role innovation plays in strategy development and implementation. Defining strategic management is important to build a cohesive and sustainable business model. a. Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. This is the final stage of the strategic management process. d. locate the most promising areas of an industry's value chain. c. re-centralize the responsibility for strategy to the CEO. Planning in management is a process of choosing apt goals and actions to pursue, and then determining what strategies to use, what steps to take, and what resources are needed to achieve the goals. d. mission, ___is an investor's uncertainty about the economic gains or losses that will result from a particular investment. Meaning of Strategic Management. Understanding the Strategic Management Process The ending balance in retained earnings equals: ), a destination that is driven by and evokes passion. a. located only at the executive level. areas, are relatively rare. (Check all that apply. Planning. All businesses can benefit from strategic management to help them meet long-term objectives. Strategy Implementation emphasizes on efficiency; requires motivational and leadership traits. The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. Planning extensive employee training and hiring educated and experienced employees. Strategic Management - Definition, Process, Steps, Examples The strategic management process is the systematic analysis of an organization's internal and external environment to achieve and retain a competitive advantage. True/False, The five forces model suggests that firms should target the industry with the highest potential for above-average returns and then implement either a cost leadership or diffusion strategy A firm has achieved ______ when it successfully formulates and implements a value-creating strategy. Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. Which statement about the triple bottom line is true? Ideally, you already have some goal materials in place, including: Your vision statement. The 6 stages of the Strategic Management Process d. suppliers of capital. strategic management chp 1 review Flashcards | Quizlet 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 Corporate governance is the relationship among ______ in determining the direction and performance of corporations. Make Better business decisions: It is important to understand the difference between a great idea and a good idea. Greenleaf will not be able to minimally satisfy all stakeholders. c. strategy formulation. The process hinges on the philosophical approach that if a leader "thinks . Strategic Management Advantages and Disadvantages - Wisestep 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. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to 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. c. return on sales. In strategic management, effectiveness can best be described as ______. b. resources to implement strategies are firm-specific and attached to firms over the long-term. c. Knowledge resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. A firm's vision, mission, and strategic objectives form a hierarchy of . Chapter 10 Executing Strategy through Organizational Design offers ideas on how to manage these elements of implementation. a. ambiguous decision situations which make effective decisions difficult to determine. The Princeton Alliance Church states in its website that "PAC exists to help you live life to the fullest by knowing God, developing community and bringing hope." Figure 1.8: Shirinsokhan, Mahmoudreza. The Snack Division's operating margin for the year was $6.5\$ 6.5$6.5 million, during which time its average invested capital was $50\$ 50$50 million. Managers must constantly scan the external environment for trends and events that affect the overall economy, and they must monitor changes in the particular industry in which the firm operates. a. telephone c. the CEO and top managers The three primary participants in corporate governance are the ______, management, and board of directors. ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. d. All of these options are correct. a. power of each stakeholder What is Strategic Management, and Why is it Important? - SearchCIO ), Which of the following are examples of business-level strategies? PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. The triple bottom line measures the performance of which of the following? c. in the finance area Consequently, how managers understand and interpret the performance of their firms is often central to understanding strategy. Match the strategic management process with its corresponding term. d. coordinating the vision and mission of each subsidiary firm. It is important to emphasize that almost all strategic management process decisions have ______ because they are related to how a firm interacts with its stakeholders. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Devise a strategy. Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. Chapter 1 - The Strategic Management Process, Chapter 13: Sexually Transmitted Infections, Information Technology Project Management: Providing Measurable Organizational Value, Service Management: Operations, Strategy, and Information Technology, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Chapter 10 /Dada/Magic Realism/Surrealism. b. located in different areas and levels. Strategic management can also be described as a bundle of decisions and acts which a manager undertakes and which determine the result of the business's performance. Which of the following are stakeholder groups that managers should consider when making decisions? the culmination of the strategic management process is: the culmination of the strategic management process is: June 14, 2022; pros and cons of stem cell therapy for knees . d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. The invention of the car is an early example of: A company's ability to acquire knowledge is: an important source of competitive advantage in all industries. d. All of these options are correct. b. urgency of satisfying each stakeholder 1.6 Understanding the Strategic Management Process Why is it important to view strategic management as a process? a. strategic mission. a. operating each individual business under the corporate umbrella. b. predict growth in sales over the medium to long range. d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. Strategic management is the management of an organization's resources to achieve its goals and objectives. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. This perspective is known as ______. b. d. culture. 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. What is the Strategic Management process? b. mission Which of the following actions by the CEO would be most consistent with this need? The strategic management process is more than a set of rules to follow. a. one corporate-level strategy. c. a process directed by top . examples of each based on your own experiences. Chapter Layout for Strategic Management. CC BY-SA 4.0. Solved The strategic management process has five steps: | Chegg.com a. flexibility 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? b. strategic flexibility Collect and review information to help make the upcoming strategic decisions. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. To implement a strong strategy effectively, an experienced . 98.:A business-level strategy describes (A) the businesses in which the company intends to compete. The strategic-planning process is never truly completed. Which of the following are needed in order for entrepreneurial initiatives to be successful? a. unique; easy to imitate. d. accounting. (Check all that apply.). b. achieve strategic competitiveness. c. what people do when no one else is looking. c. Risk Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage. Strategic Management - THE STRATEGIC MANAGEMENT PROCESS Planning Ahead Which of the following statements about organizational knowledge is correct? Performance of the firm is most directly attributable to Definition. Strategic Management Process - Meaning, Steps and Components a. competitive resilience Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage. Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. 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. To implement a firm's strategies, the firm takes actions with the goal of achieving strategic competitiveness and above average returns. Collect and analyze information. The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. Strategic Management is a stream of decisions and actions which lead to the development of an effective strategy or strategies to help achieve corporate objectives. 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? Chapter 3 Evaluating the External Environment examines the topic of evaluating the external environment in detail, and Chapter 4 Evaluating the Internal Environment presents concepts and tools for managing firm resources. d. intelligence. c. the firm's actions to exploit its competitive advantage over rivals. The modern competitive environment requires an iterative approach to strategic management where execution informs planning and planning guides execution. Which of the following statements regarding corporate-level strategy are correct? The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. At this stage, your strategy is already in action and you need to measure the effectiveness of the strategy. b. mission The Five Stages of the Strategic Management Process True/False, The goal of strategy implementation is to develop a permanent competitive advantage. ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. d. attractiveness; profitability. A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. d. analysis. b. customers pay the highest sustainable price for the goods and services they receive. This pronouncement is most precisely a statement of organizational It determines which business(es) should be in the company's portfolio. What strategic management process? | Egyptian Culture Center Strategic management process can be described as a set of managerial decisions and actions which determines the long-run direction and performance of the organization'. The two primary drivers of hyper-competition are the emergence of the global economy and technology. the three processes are highly interdependent. What is Strategic Management | Learn About Strategic Management & the 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.