Efficiency, in terms of strategic management, can best be described as ______. B the process of strategic management requires that 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. What other games might help teach strategic thinking. b. the industry's structural characteristics have little impact on a firm's performance over time. BUS400 Flashcards | Quizlet Introduction. 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. Strategic Management Process - STRATEGIC MANAGEMENT PROCESS Strategic b. tighten loan covenants. All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. d. critically important mainly in high technology industries. b. inspiring vision. c. profits that are accrued when a firm earns above-average returns. (Check all that apply. a. one corporate-level strategy. 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. strategic objectives. b. all policies and procedures used in functional departments. In situation analysis, organizations must scan and evaluate the organization's performance, corporate strategies, and internal and external . Use the simple interest formula method. 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. Want to create or adapt books like this? New markets created by iPods, PDAs, and Wi-Fi are a result of (Check all that apply.). To implement a strong strategy effectively, an experienced . It should seek to diversify. Strategic leaders, ______, often work long hours, and their work is filled with ambiguous decision situations. b. I/O; resource-based Strategic Management. The strategic management process is more than a set of rules to follow. It offers courses accredited to AMBA, AACSB & NIRF. (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. a. goal Organizational culture refers to After executing the environmental analysis process, management . Who typically develops a firm's mission statement? Strategic management is directed toward a company's ______. 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." shareholders, management, and the board of directors. The Strategic Planning Process in 4 Steps | OnStrategy d. focus on innovation. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. c. strategy formulation. c. the firm's actions to exploit its competitive advantage over rivals. b. top-management team. b. psychology. a. only the CEO c. employees. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. 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. ), Which of the following are examples of business-level strategies? For example, intellectual property is a vital resource for Apple. 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. A company competing in a single product market has. As a result, virtually all of the assets under her control are fully depreciated. True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. c. Risk Strategic management process. The resource-based model of the firm argues that 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? When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. Strategic management is directed toward the organization's overall organizational ________ and ______. Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. Match the strategic management process with its corresponding term. b. receiving the highest-quality products and services in the industry. (Check all that apply. The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. The strategic management process is a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. Strategy Evaluation. Which of the following are reasons vision statements sometimes fail? Synonymous with business planning and strategic planning. 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. c. weak competitors in the industry. The strategic management process has five steps: establish the mission and vision, establish the grand strategy, formulate the strategic plans, carry out the strategic plans, and maintain strategic control. the key factor in success is choosing the correct industry in which to compete. c. strength, wealth, organization, and taxes. Strategy Implementation in Strategic Management Process (Check all that apply. c. companies provide a dynamic, stimulating, and rewarding work environment. b. the complex set of ideologies, symbols, and core values that are shared throughout the firm. a. d. analysis. In the resource-based model, which of the following factors would be considered a key to organizational success? (Check all that apply.). . one business-level strategy and one corporate-level strategy. How is chess relevant to the study of strategic management? Pearce and Robinson, 1988. In Chapter 2 "Assessing Organizational . The ending balance in retained earnings equals: $46,375 Strategic ch. 1 Flashcards | Quizlet Estimated Duration. Prepare a vertical analysis of the income statement for Thain Corporation. c. economics. The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. The company requires that all divisions generate a minimum return on invested assets of 8 percent. Strategic Goals: Situation Analysis. 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. Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. Strategic Management - Definition, Importance and Need of - Harappa Consequently, how managers understand and interpret the performance of their firms is often central to understanding strategy. 3. The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. d. unions, Organizational stakeholders are usually satisfied when Who makes the strategic decisions for most organizations? (PDF) A critical analysis of strategic management process - ResearchGate Reward Which of the following is an example of a firm's intellectual asset? en.wikipedia.org/wiki/Apple_Inc._ litigation, https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109, https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png, Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. d. located at different levels, but only in the operating area of the organization, . d. easy to implement; unique. Strategic Management ch 1 Flashcards | Quizlet Figure 1.7: Kindred Grey (2020). In order for strategic objectives to be meaningful they need to be ______. What is a Strategic Management Process? | Business Management & Marketing What is the difference between strategy formulation and strategy implementation? a. the key factor in success is choosing the correct industry in which to compete. Rationalize the denominator of each fraction and simplify. the three processes are highly interdependent. 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. c. employees. The industrial organization (I/O) model argues that b. estimating the overall size of the pool. It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the competitors and take necessary . b. strategy a. the core values of the school board as an organization. b. focus on strategy formation. 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? True/False, The CEO must encourage ambidextrous learning, absorbing new information, and building incremental knowledge in order to make the firm strategically flexible. How to develop a strategic management process. Strategic Management - Definition, Process, Steps, Examples What strategic management process? | Egyptian Culture Center determines how organization as a whole supports and enhances the value of the business units w/in it. a. A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. Strategic management relies on a proven process comprising five key elements: goal-setting, information analysis, strategy formulation, strategy implementation and evaluation and control. b. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. 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. Identify your goals. The message of the ad is that this firm's accountants love their work. (Check all that apply.). Continuous learning organizational versus individual rationality. It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan.