True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. d. critically important mainly in high technology industries. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. Even for companies capable of succeeding in global markets, it is critical that they, The rate of technological diffusion is increasing. It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the competitors and take necessary . Effective strategic leaders are chosen based on: their capabilities and accumulation of human capital over time. c. the key to earning above-average returns is strategic flexibility. Strategic management requires that ______. c. core competence. Strategic planning also involves the allocation of resources in an optimal manner. There are provisions to create, implement and appraise . 1+x1x. a. globalization. Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. $$ Your long-term goals and/or BHAGs. strategic management chp 1 review Flashcards | Quizlet The two primary drivers of hyper-competition are the emergence of the global economy and technology. d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. Strategic management is a process that requires the ability to manage change. d. easy to implement; unique. 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. \end{array} areas, are relatively rare. 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. b. determining how each functional department of the firm will operate. Apple Inc. a. d. All of these options are correct. Generally speaking, product market stakeholders are satisfied when c. the key to competitive success is the structure of the industry in which the firm competes. ), Which of the following are examples of business-level strategies? 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. The strategic management process begins with an understanding of strategy and performance. (n.d.). The three primary participants in corporate governance are the ______, management, and board of directors. Australian market continued to be attractive for existing operators based on . A sustainable competitive advantage is not achieved through operational effectiveness alone. Which statement is true? In order to cope with hypercompetition, firms need to develop through continuous learning. This involves developing specific strategies and actions. examples of each based on your own experiences. $$ b. focus on strategy formation. a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. d. a firm's resources, intent, and mission. b. executives control strategy implementation. Litigation. b. strategy implementation. b. top-management team. Study with Quizlet and memorize flashcards containing terms like . This behavior has existed for decades, even as the membership in the school board has changed over time. a. are willing to be brutally honest. A business-level strategy describes Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. What Is Strategic Management? - Strategic Management a. committed to helping the firm create value for all stakeholder groups. (Remember to type only one word in the blank.). Firms don't apply for patents so that competitors can't access information in the patents. c. The firm has a lot of old plant and equipment. b. global competition. b. mission In order to cope with hyper competition, firms need to develop ___ through continuous learning. Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. What is a Strategic Management Process? | Business Management & Marketing a. CEO. A company had a beginning balance in retained earnings of $52,000. d. coordinating the vision and mission of each subsidiary firm. d: 70: 3884478507 [1]. This ad seeks to convey a sense of the organization's to the viewers. The strategic leader's work is characterized by (Check all that apply.). For instance, a SWOT analysis (Strengths-Weaknesses . On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. Let us take a look at the five conventional functions of the management process. ), Which of the following must a firm's strategy be consistent with? b. weak competition 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 five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. It is a process that requires a systematic . d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. True/False, The I/O (industrial organization) model assumes that the uniqueness of a firm's resources and capabilities is the main source of above-average returns. This is the final stage of the strategic management process. 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. Strategic Management Process Steps, Components & Examples What is the Strategic Management process? 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 . local line leader -> have significant profit-and-loss responsibility. It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . Dissatisfied capital market stakeholders may See the examples before. Which of the following are stakeholder groups that managers should consider when making decisions? True/False. Prepare a vertical analysis of the income statement for Thain Corporation. conduct a thorough analysis of the external and internal environments, Strategies often fail when managers fail to do which of the following? (Check all that apply.). True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. Which of the following statements about the strategic management process is true? d. hypercompetition. What is Strategic Management Process, and How Does It Work? Strategic Goals: It determines which business(es) should be in the company's portfolio. Which of the following is an example of a firm's intellectual asset? Strategic Management - Definition, Importance and Need of - Harappa Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). 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. A firm's hierarchy of goals include its ______. Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is This model also guides our presentation of the chapters contained in this book. Strategic management involves setting objectives, analyzing the competitive environment . Strategic management is the process of setting organizational goals, performing a competitive analysis, reflecting on a company's internal structure, and evaluating current strategies. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation c. determining in which businesses to compete and how resources will be allocated between businesses. d. companies are paying the highest prices to suppliers, Product market stakeholders include the three processes are highly interdependent. d. emphasize profit maximization. - Formulating an action plan and strategies. Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. A major assumption about the strategic management - Course Hero a. inspired. Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. In order for strategic objectives to be meaningful they need to be ______. True/False, The goal of strategy implementation is to develop a permanent competitive advantage. It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. 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. d. global dimensions. The rate of technology diffusion has been steadily increasing over the last two decades. Strategic Management - THE STRATEGIC MANAGEMENT PROCESS Planning Ahead 1.6 Understanding the Strategic Management Process Synonymous with business planning and strategic planning. c. a process directed by top . Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). Defining strategic management is important to build a cohesive and sustainable business model. The process hinges on the philosophical approach that if a leader "thinks . Strategic ch. 1 Flashcards | Quizlet It is a philosophical approach to business. In the POLC framework, where does strategy implementation take place. Which statement about the triple bottom line is true? Financial markets often place an emphasis on managers meeting ______ performance goals. d. mission, ___is an investor's uncertainty about the economic gains or losses that will result from a particular investment. d. products that were not imitated by competitors. c. return on sales. It requires incorporating both short-term and long-term perspectives. c. political dimensions. You can view this video here: https://youtu.be/o0U0gwvnhek. Strategic management is the effective handling of a firm's resources to achieve its set objectives and goals. Disruptive Authors: Tanya Sammut-Bonnici. c. weak competitors in the industry. A firm's mission Figure 1.8: Shirinsokhan, Mahmoudreza. c. disruptive technologies. 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. It should seek to diversify. In ancient China, strategist and philosopher Sun Tzu offered thoughts on strategy that continue to be studied carefully by business and military leaders today. What is Strategic Management? definition, process and importance people throughout the organization strive toward overall goals. Importance of Strategic Management. Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. c. use the strategic management process.
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