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____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. Chess CC BY-NC 2.0. The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. 1. c. strategic power This is because the organization's role as a taxpayer is most important to as stakeholders. Authors: Tanya Sammut-Bonnici. Typically, the formulation process starts with an assessment of available resources, an industry analysis to assess the competitive environment in which the company operates . (Check all that apply. a. True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? A firm's mission The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. d. hypercompetition. The ability to effectively and efficiently access and use information is d. differences in resources and capabilities are the basis of competitive advantage. Environmental and internal scanning is the next stage in the process. b. tighten loan covenants. Strategy formulation is the next step in the strategic management process. D) analysis. The modern competitive environment requires an iterative approach to strategic management where execution informs planning and planning guides execution. d. coordinating the vision and mission of each subsidiary firm. c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. How much was invested? Organizational culture refers to It offers courses accredited to AMBA, AACSB & NIRF. b. return on equity. b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. a. performance. The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. The goal of strategy implementation is to develop a permanent competitive advantage. Retrieved from https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png. This behavior reflects 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". b. analyses, strategies, and performance. How is chess relevant to the study of strategic management? a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. b. strategy (Check all that apply.). The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. Refer to the Terms to Know in the Summary & Study Guide on page 551. a method in which farmers move every one to three years to find better soil. Importance of Strategic Management. c. strategy . A strategy is typically a higher level, broad goal, without a lot of specifics. b. abilities; strengths It is important to emphasize that, primarily because they are related to how a firm interacts with its stakeholders, almost all strategic management process decisions have b. shareholders. Explain the difference between negative reinforcement and punishment, and provide several This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). C.$54,375. It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. In the resource-based model, which of the following factors would be considered a key to organizational success? a. values. 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? 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. shareholders. Even for companies capable of succeeding in global markets, it is critical that they, The rate of technological diffusion is increasing. 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. 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. Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). a. vitally important at the point where a domestic firm enters the global market. Research shows that approximately___percent of a firm's profitability is explained by the industry in which it competes, whereas 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. d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. . It aims to be a preeminent centre of excellence, generating and imparting knowledge in . A capability b. easy to imitate; difficult to implement. It is a . c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. \end{array} Rationalize the denominator of each fraction and simplify. internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? Organizational goals and objectives should represent what is best for ______. The is the most critical criterion in prioritizing stakeholders. b. is an internally focused affirmation of the organization's financial, social, and ethical goals. a. overload middle managers. d. global dimensions. ), Business-level strategy is concerned with how companies ______. 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. Figure 1.7: Kindred Grey (2020). a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. Estimated Duration. Analysis of the industry's profit pool enables strategic managers to Phase 1: By "Assess and Organize" we mean assessing the current strategic direction and capabilities of the organization and designing and organizing an appropriate startup program based on this assessment. ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. symbiosis; zero sum. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Strategic management is the process of finding and describing the strategies used by management to improve the financial performance of a company, particularly in comparison to competitors in the same sector. a. strategic competitiveness b. a permanently sustainable . b. strategy implementation. d. a school board lacking in core competencies. A company had a beginning balance in retained earnings of $52,000. Devise a strategy. A strategic management process can help guide the decisions and actions of senior executives within an organisation. d. government regulators. Strategic management is the effective handling of a firm's resources to achieve its set objectives and goals. b. shareholders en.wikipedia.org/wiki/Apple_Inc._ litigation. All of the following are resources of an organization EXCEPT Firms use both the ______ and ______ models. c. one business-level strategy for failure. Apple Inc. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. . (Check all that apply.). See the examples before. c. the minimum required for survival in virtually any industry. A company competing in a single product market has A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. To have the potential to become sources of competitive advantage, resources and capabilities must be non- substitutable, valuable, , and a. committed to helping the firm create value for all stakeholder groups. Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is: obtaining reliable products at the lowest possible price. 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. Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage. In order to cope with hyper competition, firms need to develop ___ through continuous learning. The culmination of the strategic management process is a. performance. Synonymous with business planning and strategic planning. a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. c. what people do when no one else is looking. 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 . b. c. A mission Why is it important to view strategic management as a process? To implement a firm's strategies, the firm takes actions with the goal of achieving strategic competitiveness and above average returns. d. skilled employees. c. seek to increase their power. STRATEGIC MANAGEMENT PROCESS: F i gu re 10. How much interest was earned? Match the strategic management process with its corresponding term. 1. [1]. b. - Executing plans and strategies. An assessment od strengths, weakness, opportunities and threats. Reward c. Risk d. Revenue ANSWER: c 105. Successful strategic leaders are It helps in analyzing the internal and external factors influencing an organization. 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. 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. a. goal b. strategy c. tactic d. mission ANSWER: b 104. Here are the key elements of strategic management. The two primary drivers of hyper-competition are the emergence of the global economy and technology. a. Inside CRM Editors. 3. ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. - Resource analysis to select workforce and assign suitable tasks. Name two benefits workers take for granted now that did not exist before labor organized. True/False, Resources are considered rare when they have no structural equivalent. All of the following are assumptions of the industrial organization (I/O) model EXCEPT a. ), what business(es) should the company compete in. When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. a. the social energy that drives, or fails to drive, the organization. c. political dimensions. 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. It should seek to diversify. Is is measure by its ___. a. strategy, wealth, organization, and threats. It is a philosophical approach to business. The steps in the strategic management process include the seven - the development of vision and mission, external and internal environment analysis, establishing long-term objectives, generating, evaluating, and selecting strategies, implementation, and strategy evaluation and control. d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. 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. c. employees. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. are established. d. inclusive. a. Perpetual How to develop a strategic management process. The two opposing ways of examining stakeholder management are called ______ and ______. Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. d. in the operations area. c. defining the competitors in the pool. c. the key to competitive success is the structure of the industry in which the firm competes. They involve balancing culture and boundaries or constraints. Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. 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? a. return on assets. The strategic management process begins with an understanding of strategy and performance. c. Knowledge c. determining in which businesses to compete and how resources will be allocated between businesses. Sound strategies are of no value if they ______. In Chapter 7, Innovation Strategies, we present insights on the role innovation plays in strategy development and implementation. Which of the following statements is most consistent with the I/O view? True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. Which of the following state the goals and intentions that help define a firm's competitive advantage? Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. 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. The culmination of the strategic management process is: A) performance. This involves developing specific strategies and actions. B. d. culture. $$ The second step in the strategic management process is ______. Continuous learning how your business plans to achieve it goals and improves and sustains it position in the industry. (Check all that apply.). A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. c. strategy formulation. Disruptive 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. 1. a. pool of assets that is distributed to investors. the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. a. telephone b. a functional, although unethical, culture of the school board. (. In Chapter 2 "Assessing Organizational . Strategic Management. b. regardless of their location in the organization 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? d. All of these options are correct. The Chamber of Commerce of cities and towns often implore citizens to buy from local businesses. shareholders, management, and the board of directors. Defend your answer. c. the firm's actions to exploit its competitive advantage over rivals. b. inspiring vision. a. anthropology. 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. Tasks, timelines, budgets, etc. a. unique; easy to imitate. c. employees. Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. Knowledge is an intangible resource. Planning Team and Executive Team. c. the CEO, COO, and CFO only. 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. Consistent failure to achieve this minimum target is grounds for the dismissal of a division manager. Explain your reasoning. c. host communities Which of the following best explains a ratio of "net sales to average net fixed assets" that exceeds the industry average? b. global competition. After executing the environmental analysis process, management . c. competition; competency d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. It improves the company's problem-solving and prevents capabilities. a. an hourly production employee's ability to catch subtle quality defects in products. _________ strategy is a combination of deliberate and emergent strategies. b. rapid technological diffusion. c. Sustainable competitive advantage This is because the organization's role as a taxpayer is most important to ___ as stakeholders. b. Social responsibility is the expectation that businesses or individuals will strive to ______. The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? areas, are relatively rare. In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. Which of the following actions by the CEO would be most consistent with this need? Apple's iPod and iPad are examples of Strategic Goals: b. located in different areas and levels. c. is mainly intended to emotionally inspire employees and other stakeholders. The steps for identifying the profit pools in an industry include all of the following EXCEPT Which of the following statements regarding strategic management is true? Knowledge is composed of all the following EXCEPT a. the power of the financial market stakeholders. Managers execute or implement their decisions as ______ in the third step of the strategic management process. It is long-term in nature. Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. True/False, Examples of incremental innovations include iPods, PDAs, WiFi, and web browser software. Characteristics of Strategic Management. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. A firm has achieved ______ when it successfully formulates and implements a value-creating strategy. .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. Above average returns are those in excess of what an investor expects to earn from other investments with similar stock prices. Capital market stakeholders include PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. True/False, Although organizational cultures vary considerably, one cannot make an objective judgement that some organizational cultures are more or less functional than others in terms of ethical considerations. It involves identifying internal and external factors and understanding how they affect an organization. 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. Sun Tzu's best-known work is The Art of War. The culmination of the strategic management process is The strategic management provides a base for the organization on the basis of which progress can be measured and on the basis of the same, the employees can be compensated. ______ is performing similar activities better than rivals do. d. The Internet. (B) team-based. The final responsibility for forming the organization's mission lies with the https://youtu.be/o0U0gwvnhek. (Check all that apply.). d. strengths, weaknesses, opportunities, and threats. d. accounting. Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. b. weak competition d. expand the strategic responsibilities to all organizational stakeholders. coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. 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 core competence is a statement of a firm's business in which it intends to compete and the customers it intends to serve. Strategic management process. a. disruptive technologies. a. the key factor in success is choosing the correct industry in which to compete. It's the process of determining the decisions an organization should take. In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. c. speed Afra Alnaimi. In a diversified firm, corporate-level strategy is concerned with