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The two primary drivers of hyper-competition are the emergence of the global economy and technology. True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. In order to cope with hyper competition, firms need to develop ___ through continuous learning. Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). Strategy execution management is the evolution of traditional project delivery. The culmination of the strategic management process is Authors: Tanya Sammut-Bonnici. This ad seeks to convey a sense of the organization's to the viewers. True or false: Intended strategy rarely survives in its original form. The three primary participants in corporate governance are the ______, management, and board of directors. A vision Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). D. $43,375. d. A goal, Strategic leaders are 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. b. mission c. seek to increase their power. a. industry; capability 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. . _____ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. d. Internet. How much was invested? Which statement about the triple bottom line is true? a. flexibility b. innovation c. speed d. All of these options are correct. Why is it important to view strategic management as a process? d. All of these options are correct. d. locate the most promising areas of an industry's value chain. a. strategy, wealth, organization, and threats. c. host communities a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. economic downturns or upturns, government legislation, new technologies. Strategic Management can be found in . a. their return on investment has been maximized. A vision statement can lead to missed opportunities when it ______. The two opposing ways of examining stakeholder management are called ______ and ______. $46,375 The industrial organization (I/O) model argues that The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. Match the strategic management process with its corresponding term. 1+x1x. b. the complex set of ideologies, symbols, and core values that are shared throughout the firm. True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. The second step in the strategic management process is ______. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to 97.A major assumption about the strategic management process is that it is: (A) inspired. a. Perpetual Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. . In strategic management, effectiveness can best be described as ______. c. Global Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. c. Sustainable competitive advantage True/False. c. Risk The rate of technology diffusion has been steadily increasing over the last two decades. The I/O model is grounded in The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. c. weak competitors in the industry. Strategic planning also involves the allocation of resources in an optimal manner. c. the CEO and top managers 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. 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 . The importance of knowledge is increasing. 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. 1. the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. a. suppliers. b. only top managers b. all policies and procedures used in functional departments. a. goal b. strategy c. tactic d. mission ANSWER: b 104. strategic objectives. 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 . The video for this lesson explains the strategic management process. Let us take a look at the five conventional functions of the management process. d. Diffusion, provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. a. industry competitors. 09.23.22 (Check all that apply.). The company requires that all divisions generate a minimum return on invested assets of 8 percent. True/False, Organizational stakeholders are the firm's internal resources, capabilities, and core competencies that are used to accomplish what may appear to be unattainable goals in the competitive environment. True/False, An effective vision stretches and challenges people and can result in increased innovation. Chess CC BY-NC 2.0. 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. d. 20; 36. New markets created by iPods, PDAs, and Wi-Fi are a result of The culmination of the strategic management process is a. performance. The firm added to its plant and equipment in the past few years. c. analyses; strategies The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. a. pool of assets that is distributed to investors. b. mission a. unique; easy to imitate. d. hypercompetition. c. the profitability of the industry in which the firm competes. a. each firm is a unique collection of resources and capabilities. 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 Reward c. Risk d. Revenue ANSWER: c 105. Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. Therefore, organizational strategists must choose one or the other as the basis for developing a strategic plan. Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. Strategic management is the process of setting organizational goals, performing a competitive analysis, reflecting on a company's internal structure, and evaluating current strategies. Retrieved from https://flic.kr/p/bPNmxi. a. are willing to be brutally honest. 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. 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. c. the I/O model. business, corporate, international, and entrepreneurial. b. an important source of competitive advantage in virtually all industries. d. critically important mainly in high technology industries. c. obtaining reliable products at the lowest possible price. The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. Collect and review information to help make the upcoming strategic decisions. Income statement information for Thain Corporation is provided below. . a. all resources have the potential to be the basis of sustainable competitive advantage. a. major suppliers of capital 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. Strategic management adheres to the perspective that what might be seemingly ideal for one functional area of an organization might not be in the best interest of the total organization. A capability Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. 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. $$ c. the lack of an organizational mission for the school board. 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. The firm makes less efficient use of its assets than other firms. b. shareholders. The goal of strategy implementation is to develop a permanent competitive advantage. See the examples before. (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. UMT360's Strategy Execution Management solution. b. easy to imitate; difficult to implement. The five stages of the process are: setting goals or objectives, analysis, strategy formation, strategy implementation, and strategy monitoring. b. In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. b. top-management team. d. a school board lacking in core competencies. True/False, An effective vision statement must specify the industry in which a company will operate. Firms use the five forces model to identify the of the industry as measured by its This activity is important because proper use of strategic management techniques . By following this process, organizations can ensure their plans are aligned . d. competitive dominance. Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. . Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. Effective strategic leaders d. is developed by a firm before the firm develops its vision. 2 St rategy formul at ion a nd i mp leme nt ati on in t he st rat e gi c mana ge me nt p roce ss Strategic management. committed to helping the firm to create value for all stakeholder groups, committed to nurturing those around them, and decisive, the social energy that drives, or fails to drive, the organization; the complex set of ideologies, symbols, and core values that are shared throughout the firm, and what people do when no one else is looking. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. a. the core values of the school board as an organization. Strategic planning aims to create . c. the minimum required for survival in virtually any industry. The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. The ending balance in retained earnings equals: True/False, The goal of strategy implementation is to develop a permanent competitive advantage. successfully than does the competitor environment. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. This involves developing specific strategies and actions. are established. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. c. rational. (Check all that apply. c. ability, strategies, and purposes. 60; 40 c. the CEO, COO, and CFO only. Companies have realized that failure to measure it can negatively affect the company and its community. a. return on assets. d. the amount and speed of growth. All of the following are assumptions of the resource-based model EXCEPT b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. 2. c. avoid too much managerial hubris. The strategic management process is. internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? 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, . d. one business-level strategy and one corporate-level strategy. B) strategy implementation. Strategic management is the management of an organization's resources to achieve its goals and objectives. b. customers pay the highest sustainable price for the goods and services they receive. Research shows that approximately___percent of a firm's profitability is explained by the industry in which it competes, whereas (Check all that apply.). d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. a. committed to helping the firm create value for all stakeholder groups. Rationalize the denominator of each fraction and simplify. a. an hourly production employee's ability to catch subtle quality defects in products. After executing the environmental analysis process, management . What other games might help teach strategic thinking. d. analysis. The is the most critical criterion in prioritizing stakeholders. Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. What is the Strategic Management process? a. vision one business-level strategy and one corporate-level strategy. It is a . A firm has achieved when it successfully formulates and implements a value-creating strategy. Even for companies capable of succeeding in global markets, it is critical that they, The rate of technological diffusion is increasing. d. a charity's endowment of $400 million. d. suppliers of capital. 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. focus on strategy formation. ______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders. Firms don't apply for patents so that competitors can't access information in the patents. 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. Match the type of leader (on the left) with the corresponding description (on the right). In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. b. inspiring vision. A business-level strategy describes 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. A firm's vision, mission, and strategic objectives form a hierarchy of . d. easy to implement; unique. Tasks, timelines, budgets, etc. a. insight. Measure the progress by comparing the plan against actual results. b. strategy implementation. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. a. delegate strategic responsibilities to employees "closer to the action." What is the difference between strategy formulation and strategy implementation? b. predict growth in sales over the medium to long range. 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. ), what business(es) should the company compete in. c. employees. Strategy evaluation is the process by which the management assesses how well a chosen strategy has been implemented and how successful or otherwise the strategy is. Write the key term that best matches each description. a. overload middle managers. d. strengths, weaknesses, opportunities, and threats. In order for strategic objectives to be meaningful they need to be ______. Dissatisfied capital market stakeholders may c. employees. Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. - Evaluating efficiency and effectiveness . 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.