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 set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. 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. d. a school board lacking in core competencies. 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. . 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? Corporate governance is the relationship among ______ in determining the direction and performance of corporations. d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. In Chapter 6 Selecting Business-Level Strategies, we discuss how selecting business-level strategies helps to provide firms with a recipe that can be followed that will increase the likelihood that their strategies will be successful. (Check all that apply.). Therefore, organizational strategists must choose one or the other as the basis for developing a strategic plan. b. strategy implementation. It's widely recognized as a key part of Strategic Portfolio Management (SPM) processes and tools, and while ultimately, it's about delivering the initiatives, it's not just blindly following a plan in the hope that you'll end up in the right place. Chapter 8 Selecting Corporate-Level Strategies focuses on selecting corporate-level strategies, and Chapter 9 Competing in International Markets presents possibilities for firms competing in international markets. c. analyses; strategies a. industry; capability d. All of these options are correct. 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. a. the core values of the school board as an organization. Social responsibility is the expectation that businesses or individuals will strive to ______. d. analysis. 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. This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). Retrieved from innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University b. mission Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. a. unions. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. Research shows that approximately___percent of a firm's profitability is explained by the industry in which it competes, whereas . .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. b. b. 5. c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. Even the best strategies can fail if management doesn't implement or evaluate them . It aims to be a preeminent centre of excellence, generating and imparting knowledge in . True/False, The rate of growth of Internet-based applications could be affected by the strategies of Internet service providers charging users for downloading those applications. The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. c. strategy . Which of the following was fastest in penetrating 25 percent of homes in the U.S. market? Explain the difference between negative reinforcement and punishment, and provide several How do you think the economic growth of developing countries will affect you and your family in the future? Environmental and internal scanning is the next stage in the process. The essence of strategic management is the study of why some firms ______. Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. (Check all that apply.). What is the Strategic Management process? 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. b. return on equity. (Remember to type only one word in the blank.). Which of the following statements regarding corporate-level strategy are correct? b. only top managers 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. Knowledge is an intangible resource, the importance of knowledge is increasing, and the value of knowledge as a proportion of shareholder value is increasing. A firm's mission d. expand the strategic responsibilities to all organizational stakeholders. b. strategy implementation. The firm makes less efficient use of its assets than other firms. Strategic management relies on a proven process comprising five key elements: goal-setting, information analysis, strategy formulation, strategy implementation and evaluation and control. a. located only at the executive level. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. c. re-centralize the responsibility for strategy to the CEO. New markets created by iPods, PDAs, and Wi-Fi are a result of Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). Strategic management is directed toward the organization's overall organizational ________ and ______. a. strategic competitiveness b. a permanently sustainable . True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. 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. The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. a. at the top of the organization c. A mission c. strategy formulation. people throughout the organization strive toward overall goals. b. d. a firm's resources, intent, and mission. c. the key to competitive success is the structure of the industry in which the firm competes. 1. 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. Dissatisfied capital market stakeholders may one business-level strategy and one corporate-level strategy. 2. 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. c. employees. University of Malta. It determines which business(es) should be in the company's portfolio. Planning Team and Executive Team. Explain your reasoning. The triple bottom line measures the performance of which of the following? Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. litigation. Study with Quizlet and memorize flashcards containing terms like . b. the resource-based model. b. oil drilling rights in a promising region. The culmination of the strategic management process is Information Technology Project Management: Providing Measurable Organizational Value, Operations Management: Sustainability and Supply Chain Management, Service Management: Operations, Strategy, and Information Technology, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine. a. the key factor in success is choosing the correct industry in which to compete. 60; 40 Effective strategies Apple uses to create loyal customers. (Check all that apply.). In such a . (Check all that apply.). c. in the finance area 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. a. performance. d. locate the most promising areas of an industry's value chain. - Resource analysis to select workforce and assign suitable tasks. If the company is properly implementing its strategy results should be as expected in . Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Broad Plans Shaping: In this continuous process, the formulation & implementation of broader plans are made and finally, these are also controlled. The process of creating strategy Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. 1. C.$54,375. This behavior reflects shareholders, management, and the board of directors. Measure the progress by comparing the plan against actual results. d. intelligence. b. local dimensions. ), Which of the following are examples of business-level strategies? The resource-based model of the firm argues that a. major suppliers of capital Return d. the amount and speed of growth. Here are the key elements of strategic management. incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? d. competitive dominance. CEOs, such as late Apple-founder Steve Jobs, must be able to carefully manage the possible actions that their firms might take to deal with changes that occur . a. analyses; strengths b. I/O; resource-based 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. In a diversified firm, corporate-level strategy is concerned with d. products that were not imitated by competitors. c. Risk b. globalization; exports. You can view this video here: b. achieve strategic competitiveness. Financial markets often place an emphasis on managers meeting ______ performance goals. 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. 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. - Formulating an action plan and strategies. D. $43,375. (Check all that apply.). A strategy (C) rational. (Check all that apply.). Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. c. employees. On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. b. the complex set of ideologies, symbols, and core values that are shared throughout the firm. 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. Owner/CEO, Strategy Leader. The two opposing ways of examining stakeholder management are called ______ and ______. 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, . A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. Managers must determine how to create a(n) ______ advantage in the marketplace to be successful over the long-term. is a capacity for a set of resources to perform a task or an activity in an integrative manner. a. 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. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . B. Which of the following are characteristics of a well-written organizational vision statement? a. culture c. employees. Corporate-level strategy focuses on ______. 3. In this latter case, performance is the result of a rare event that is itself the culmination of a long and ongoing process of daily . New markets created by iPods, PDAs, and WiFi are a result of: Henry Ford once said, "If I had asked people what they wanted, they would have said faster horses." Afra Alnaimi. c. vision 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. Strategic Implementation is defined as "the process by which strategies and policies are put into action through the development of programs, budgets and procedures" (Strategy implementation, 2009, para.1). (B) team-based. a. an hourly production employee's ability to catch subtle quality defects in products. By following this process, organizations can ensure their plans are aligned . A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. d. the CEO, COO, and CFO only. a. each firm is a unique collection of resources and capabilities. d. Organizational intelligence. The strategic management process is the systematic analysis of an organization's internal and external environment to achieve and retain a competitive advantage. b. is an internally focused affirmation of the organization's financial, social, and ethical goals. Analysis of the industry's profit pool enables strategic managers to The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. . a. are willing to be brutally honest. d. Revenue. What other games might help teach strategic thinking. b. committed to nurturing those around them. The third step of the strategic management process is the ______ step. Retrieved from A company had a beginning balance in retained earnings of $52,000. _____ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. In situation analysis, organizations must scan and evaluate the organization's performance, corporate strategies, and internal and external . ______ is performing similar activities better than rivals do. What is the Strategic Management process? 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 is a philosophical approach to business. The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. Which of the following are needed in order for entrepreneurial initiatives to be successful? . True/False, The resource-based model assumes that firms must have resources that are rare or costly to imitate to form a basis for competitive advantage. c. The value of knowledge as a proportion of shareholder value is increasing. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. (D) inclusive. Chapter 10 Executing Strategy through Organizational Design offers ideas on how to manage these elements of implementation. 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. The ___ is the most critical criterion in prioritizing stakeholders. Defend your answer. Apple Inc. b. easy to imitate; difficult to implement. c. is mainly intended to emotionally inspire employees and other stakeholders. All businesses can benefit from strategic management to help them meet long-term objectives. The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. . A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. Strategic Management can be found in . 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 The Chamber of Commerce of cities and towns often implore citizens to buy from local businesses. Successful strategic leaders are a. globalization. Your company's core competencies. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. Learn more about how Pressbooks supports open publishing practices. True/False. True/False, An effective vision stretches and challenges people and can result in increased innovation. Knowledge is an intangible resource. b. analyses, strategies, and performance. The company requires that all divisions generate a minimum return on invested assets of 8 percent. This improved performance is best explained by: Research shows that approximately ___ percent of a firm's profitability is explained by the industry in which it competes, whereas ___ percent is explained by the firm's characteristics and actions. d. easy to implement; unique. In the instance, the implementation . Strategic management process. a. competitive resilience ), Which of the following are social responsibility expectations that go beyond a firm's product and service quality? d. coordinating the vision and mission of each subsidiary firm. A firm's vision, mission, and strategic objectives form a hierarchy of . d. abilities; strategies. The video for this lesson explains the strategic management process. The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. 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 . UMT360's Strategy Execution Management solution. . ______ 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. (B) all policies and procedures used in functional departments. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. Prepare a vertical analysis of the income statement for Thain Corporation. ), Business-level strategy is concerned with how companies ______. In Chapter 2 "Assessing Organizational . True/False, The CEO must encourage ambidextrous learning, absorbing new information, and building incremental knowledge in order to make the firm strategically flexible. ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. the key factor in success is choosing the correct industry in which to compete. 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. In a diversified firm, corporate-level strategy is concerned with: determining in which businesses to compete and how resources will be allocated between businesses. Above average returns are those in excess of what an investor expects to earn from other investments with similar stock prices. Want to create or adapt books like this? At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. (Check all that apply. conduct a thorough analysis of the external and internal environments, Strategies often fail when managers fail to do which of the following? The final responsibility for forming the organization's mission lies with the b. top-management team. A business-level strategy describes how your business plans to achieve it goals and improves and sustains it position in the industry. Between 2008 and 2010, Apple filed more than 350 cases with the US Patent and Trademark Office to protect its use of such terms as apple, pod, and safari (Apple Inc.). Strategic planning aims to create . Synthesizing the information gained in the external and internal analysis into a SWOT framework is addressed in Chapter 5. 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. They involve balancing culture and boundaries or constraints. Use the simple interest formula method. b. strategy implementation. Definition. Strategic management is the management of an organization's resources to achieve its goals and objectives. It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies Income statement information for Thain Corporation is provided below. The strategic management process begins with an understanding of strategy and performance. Which of the following state the goals and intentions that help define a firm's competitive advantage? ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones.
Waterfront Property For Sale Near Alabama, Trading Spaces Bagel Room, 1928 Victrola Phonograph, Duplex For Rent Lake City, Fl, Articles T