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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. Defend your answer. d. global dimensions. 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). 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. True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. a. CEO. (Check all that apply.). ), Which of the following are social responsibility expectations that go beyond a firm's product and service quality? C) strategy formulation. Some of the steps involved in the process of strategic management:- 1. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. D) analysis. a. c. vision ), what business(es) should the company compete in. Strategic management is a process that requires the ability to manage change wherein executives must be cautious to monitor and to interpret the events in their environment as well taking appropriate actions to ensure that their firm to survive and thrive over time. d: 70: 3884478507 The two primary drivers of hyper-competition are the emergence of the global economy and technology. True/False, Developed countries still have major advantages in their access to information technology when compared to emerging countries because of the significant cost of the infrastructure needed for computing power. b. mission b. determining how each functional department of the firm will operate. A company competing in a single product market has. 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. b. 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. 2. The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. c. the profitability of the industry in which the firm competes. At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. b. success, weakness, opportunities, and taxes. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. 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 . Generally speaking, product market stakeholders are satisfied when Formulation of strategies; Environment and organizational appraisal help to find out the opportunities and threats operating in the environment and the strengths and weaknesses of an organization in order to create a match between them. Strategy Evaluation. d. Revenue. The strategic-planning process is never truly completed. In situation analysis, organizations must scan and evaluate the organization's performance, corporate strategies, and internal and external . Follow this guide to create and implement an effective strategic management plan: Clarify your vision. The situation is where relevant information is needed to create the organization's culture, mission, or vision statement. Strategic management is directed toward the organization's overall organizational ________ and ______. . b. psychology. 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. SWOT stands for It determines which business(es) should be in the company's portfolio. c. strategic power . 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. (B) all policies and procedures used in functional departments. Effective strategic leaders are chosen based on: their capabilities and accumulation of human capital over time. Companies have realized that failure to measure it can negatively affect the company and its community. c. disruptive technologies. Which of the following best explains a ratio of "net sales to average net fixed assets" that exceeds the industry average? D. $43,375. Kick-Off Meeting: 1 hr. (D) inclusive. Capital market stakeholders include Explain the difference between negative reinforcement and punishment, and provide several c. the I/O model. c. competition; competency Which of the following actions by the CEO would be most consistent with this need? b. abilities; strengths Organizational culture refers to \text{Sales}&\text{\$850,000}\\ Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). ), Which of the following must a firm's strategy be consistent with? a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. d. locate the most promising areas of an industry's value chain. 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 (Check all that apply.). the key factor in success is choosing the correct industry in which to compete. d. hypercompetition. Environmental and internal scanning is the next stage in the process. The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. Strategic Management can be found in . c. profits that are accrued when a firm earns above-average returns. [1] Using the definition of strategic management above then, the strategic management process is "the coordinated means by which an organization achieves its goals and objectives.". c. Knowledge d. in the operations area. (Check all that apply. business, corporate, international, and entrepreneurial. During the analysis step of the strategic management process managers are concerned with the company's ______. a. sell their stock. Tasks, timelines, budgets, etc. 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.). Alfred Chandler, 1962. The culmination of the strategic management process is a. performance. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. b. tighten loan covenants. Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. 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. . c. political dimensions. This improved performance is best explained by b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. shareholders, management, and the board of directors. b. executives control strategy implementation. c. host communities Determine organizational readiness. b. globalization; exports. d. attractiveness; profitability. b. urgency of satisfying each stakeholder a. overload middle managers. The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. It had net income of$8,000 and paid out cash dividends of $5,625 in the current period. Characteristics of Strategic Management. Importance of Strategic Management. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . 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. Name two benefits workers take for granted now that did not exist before labor organized. Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. (Check all that apply.). It is a . Analysis of the industry's profit pool enables strategic managers to b. expertise. d. Internet. Which of the following are characteristics of a well-written organizational vision statement? d. personality. Income statement information for Thain Corporation is provided below. Your mission statement. (Check all that apply.). b. committed to nurturing those around them. c. the interests of the firm's organizational stakeholders have been maximized. $$ A firm's mission Which of the following are stakeholder groups that managers should consider when making decisions? 97.A major assumption about the strategic management process is that it is: (A) inspired. Effective strategic leaders ), Business-level strategy is concerned with how companies ______. (Check all that apply.). It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. 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. b. strategy 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. Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage. A firm's hierarchy of goals include its ______. (B) team-based. a. organizational decision makers are rational and committed to acting in the firm's best interests. d. expand the strategic responsibilities to all organizational stakeholders. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. New markets created by iPods, PDAs, and Wi-Fi are a result of What is the difference between strategy formulation and strategy implementation? Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. a. unique; easy to imitate. Figure 1.8: Shirinsokhan, Mahmoudreza. 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. Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. A sustainable competitive advantage is not achieved through operational effectiveness alone. a. major suppliers of capital c. A mission Australian market continued to be attractive for existing operators based on . d. The firm uses straight-line depreciation. d. is developed by a firm before the firm develops its vision. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. 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 . c. rational. The ability to effectively and efficiently access and use information is a. unique market niche True/False, The assumptions of the I/O model and the resource-based model are contradictory. b. the industry's structural characteristics have little impact on a firm's performance over time. Collect and review information to help make the upcoming strategic decisions. The two opposing ways of examining stakeholder management are called ______ and ______. a. performance. Which of the following are true of behavioral controls? Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. a. at the top of the organization Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. b. a willingness to unify stakeholders through skillful manipulation. 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. True/False, Ms.Smith is a strategic leader of the firm. d. All of these options are correct, Strategic delegation helps Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . d. the CEO, COO, and CFO only. Consequently, executives must be careful to monitor and to interpret the events in their environment, to take appropriate actions when change is needed, and to monitor their performance to ensure that their firms are able to survive and, it is hoped, thrive over time. (Check all that apply.). people throughout the organization strive toward overall goals. Who typically develops a firm's mission statement? True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. b. Strategic management is a process that requires the ability to manage change. The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. 5. (n.d.). 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. \end{array} a. vitally important at the point where a domestic firm enters the global market. (Check all that apply. c. re-centralize the responsibility for strategy to the CEO. b. television The ending balance in retained earnings equals: In Wikipedia. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. It should seek to diversify. b. one business-level strategy. 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. This involves developing specific strategies and actions. a. goal b. strategy c. tactic d. mission ANSWER: b 104. This is because the organization's role as a taxpayer is most important to ___ as stakeholders. The three primary participants in corporate governance are the ______, management, and board of directors. a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. Study with Quizlet and memorize flashcards containing terms like . This model also guides our presentation of the chapters contained in this book. a. insight. True/False, The uniqueness of a firm's resources and capabilities is the basis for a firm's strategy and determines its ability to earn above-average returns under the I/O review. c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. In a diversified firm, corporate-level strategy is concerned with (Check all that apply.). How is chess relevant to the study of strategic management? Managers must determine how to create a(n) ______ advantage in the marketplace to be successful over the long-term. True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. 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. The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. . 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. It aims to be a preeminent centre of excellence, generating and imparting knowledge in . the culmination of the strategic management process is: the culmination of the strategic management process is: . In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. Strategy execution management is the evolution of traditional project delivery. d. suppliers of capital. d. analysis. d. competitive dominance. Social responsibility is the expectation that businesses or individuals will strive to ______. c. strategy formulation. b. c. what people do when no one else is looking. a. flexibility a. Perpetual 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. 2. b. I/O; resource-based . Firms use both the ______ and ______ models. In order for strategic objectives to be meaningful they need to be ______. a. an hourly production employee's ability to catch subtle quality defects in products. Return Prepare a vertical analysis of the income statement for Thain Corporation. The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. Consequently, how managers understand and interpret the performance of their firms is often central to understanding strategy. The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. b. return on equity. en.wikipedia.org/wiki/Apple_Inc._ litigation. The is the most critical criterion in prioritizing stakeholders. We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. The triple bottom line measures the performance of which of the following? (. The third step of the strategic management process is the ______ step. d. located at different levels, but only in the operating area of the organization, . 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. On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. c. weak competitors in the industry. a. competitive resilience local line leader -> have significant profit-and-loss responsibility. The goal of strategy implementation is to develop a permanent competitive advantage. True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. A customer can buy an iPod that plays music from iTunesall of which can be stored in Apples Mac computer (Inside CRM Editors, n.d.). ______ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. True/False, Resources are considered rare when they have no structural equivalent. It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the competitors and take necessary . a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? The resource-based model of the firm argues that Make Better business decisions: It is important to understand the difference between a great idea and a good idea. Which of the following statements about operational effectiveness are correct? 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. . Reward c. Risk d. Revenue ANSWER: c 105. (Check all that apply.). a. analyses, successes, and purposes. b. all policies and procedures used in functional departments. 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. For example, part of Apples success is due to its consistent focus on innovation and creativity that Steve Jobs described as similar to that of a start-up. c. a process directed by top . - Evaluating efficiency and effectiveness . a. the march of globalization. a. goal Identify your goals. Knowledge is composed of all the following EXCEPT 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. b. the resource-based model. b. regardless of their location in the organization Feedback may occur at all times to revise these actions. d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. c. defining the competitors in the pool. An assessment od strengths, weakness, opportunities and threats. Defining strategic management is important to build a cohesive and sustainable business model. 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. (C) rational. Performance of a firm is most directly attributable to: the profitable of the industry in which the firm competes, Firms use the five forces model of competition to identify the ___ of the industry. Which of the following statements regarding strategic management is true? d. a charity's endowment of $400 million. Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. d. strengths, weaknesses, opportunities, and threats. b. shareholders Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. Strategic management is the process of defining and implementing an organization's strategy. d. one business-level strategy and one corporate-level strategy. a. Which of the following are reasons vision statements sometimes fail? (Check all that apply.). The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. Greenleaf Property Management has been earning below-average returns for the last three years. 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.