______ 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. Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. The strategic leader's work is characterized by 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. shareholders, management, and the board of directors. This ad seeks to convey a sense of the organization's to the viewers. Is is measure by its ___. the three processes are highly interdependent. c. employees. . A sustainable competitive advantage is not achieved through operational effectiveness alone. True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. 98.:A business-level strategy describes (A) the businesses in which the company intends to compete. The situation is where relevant information is needed to create the organization's culture, mission, or vision statement. This pronouncement is most precisely a statement of organizational Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. $46,375 $$ A company competing in a single product market has. Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). c. competition; competency b. argues that the industry environment has a stronger influence on firms' ability to implement strategies b. expertise. To have the potential to become sources of competitive advantage, resources and capabilities must be non- substitutable, valuable, , and d. accounting. The message of the ad is that this firm's accountants love their work. a. performance. The culmination of the strategic management process is: A) performance. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). b. d. intelligence. vision. Organizational stakeholders include 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. . Strategy implementation is the final stage of the process. c. the key to earning above-average returns is strategic flexibility. It is a philosophical approach to business. a. vitally important at the point where a domestic firm enters the global market. b. shareholders . is a statement of a firm's business in which it intends to compete and the customers it intends to serve. 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 . d. government regulators. . a. predict future revenue streams for the organization. 97.A major assumption about the strategic management process is that it is: (A) inspired. 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. a. CEO. a. the key factor in success is choosing the correct industry in which to compete. a. The first step in the strategic management process is to evaluate where you're going, and why. ), Which of the following are examples of business-level strategies? 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." ______ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. The ability to effectively and efficiently access and use information is Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. d. ability, successes, and performance. How to develop a strategic management process. Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. Feedback may occur at all times to revise these actions. Afra Alnaimi. ), Which of the following must a firm's strategy be consistent with? 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 strategic management process is the systematic analysis of an organization's internal and external environment to achieve and retain a competitive advantage. 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. d. products that were not imitated by competitors. Managers must take a(n) ______ view of the organization and assess how functional areas and activities fit together so that the organization can achieve its goals and objectives. c. the CEO, COO, and CFO only. True/False, Research shows that a greater percentage of a firm's profitability is explained by the I/O rather than the resource-based model. ), what business(es) should the company compete in. Strategic management of an organization entails which of the following ongoing processes? Strategic management is directed toward a company's ______. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. d. hypercompetition. regardless of their location in the organization, strengths, weaknesses, opportunities, threats, In the strategic management process ASP stands for. (Check all that apply.). In the POLC framework, where does strategy formulation take place? . d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. c. in the finance area b. customers pay the highest sustainable price for the goods and services they receive. The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. In the strategic management process ASP stands for c. the I/O model. D) analysis. It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. The primary drivers of hypercompetition are, All of the following are characteristic of the global economy EXCEPT, The economic interdependence among countries as reflected in the flow of goods, services, financial capital, and knowledge across country borders is defined as, . For instance, a SWOT analysis (Strengths-Weaknesses . 60; 40 b. an important source of competitive advantage in virtually all industries. A strategy is typically a higher level, broad goal, without a lot of specifics. c. is mainly intended to emotionally inspire employees and other stakeholders. Synonymous with business planning and strategic planning. Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. Rationalize the denominator of each fraction and simplify. The strategic-planning process is never truly completed. The third step of the strategic management process is the ______ step. The strategic management process is essentially a set of steps a leader can use to help achieve better business outcomes. (. d. mission, ___is an investor's uncertainty about the economic gains or losses that will result from a particular investment. (Check all that apply.). d. a school board lacking in core competencies. A strategic management process can help guide the decisions and actions of senior executives within an organisation. ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. The steps for identifying the profit pools in an industry include all of the following EXCEPT 2. ______ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones. b. only top managers a. the march of globalization. Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. c. In reporting her investment center's performance for the past 10 years, the manager of the Snack Division accounted for the depreciation of her division's assets by using an accelerated depreciation method allowed for tax purposes. In order to cope with hyper competition, firms need to develop ___ through continuous learning. Greenleaf will not be able to minimally satisfy all stakeholders. Which of the following are characteristics of a well-written organizational vision statement? The culmination of the strategic management process is b. global competition. d. All of these options are correct. a. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. Sound strategies are of no value if they ______. This is because the organization's role as a taxpayer is most important to as stakeholders. d. The firm uses straight-line depreciation. a. globalization. c. seek to increase their power. (Check all that apply.). b. estimating the overall size of the pool. Which statement about the triple bottom line is true? d. companies are paying the highest prices to suppliers, Product market stakeholders include b. innovation Inside CRM Editors. Explain your reasoning. Readiness assessment. For example, Apples decision to create the iPhone demonstrates its ability to interpret that traditional industry boundaries that distinguished the cellular phone industry and the computer industry were beginning to blur. c. employees. c. vulnerability of organizational stakeholders d. is developed by a firm before the firm develops its vision. This model also guides our presentation of the chapters contained in this book. 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? How is chess relevant to the study of strategic management? Match the type of leader (on the left) with the corresponding description (on the right). c. profits that are accrued when a firm earns above-average returns. Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. Chess CC BY-NC 2.0. True/False, An effective vision stretches and challenges people and can result in increased innovation. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. See the examples before. Therefore, organizational strategists must choose one or the other as the basis for developing a strategic plan. Which of the following statements is most consistent under the I/O view?
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