Identify your goals. E.$(11,375). b. strategy implementation. 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. $46,375 Chapter 5: Strategic Management Flashcards | Quizlet d. Internet. Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. b. 1.3 Intended, Emergent, and Realized Strategies, 1.5 Contemporary Critique of Strategic Management, 1.6 Understanding the Strategic Management Process, 3.2 The Relationship between an Organization and its Environment, 4.4 Intellectual Property & Isolating Mechanisms, 6.2 Understanding Business-Level Strategy through "Generic Strategies", 6.5 Focused Cost Leadership and Focused Differentation, 7.6 Responding to Innovation in the Market, 8.6 Portfolio Planning and Corporate-Level Strategy, 9.2 Advantages and Disadvantages of Competing in International Markets, 9.5 Drivers of Success and Failure When Competing in International Markets, 9.6 Options for Competing in International Markets, 10.3 The Basic Building Blocks of Organizational Structure, 10.4 Creating an Organizational Structure, 10.5 Creating Organizational Control Systems, 11.4 Corporate Ethics and Social Responsibility, 11.5 Contemporary Questions of Corporate Ethics. business, corporate, international, and entrepreneurial. Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. Situation Analysis. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. - Evaluating efficiency and effectiveness . It should seek to diversify. 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? c. Knowledge ______ 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. Collect and review information to help make the upcoming strategic decisions. Strategic Management Process - STRATEGIC MANAGEMENT PROCESS Strategic Strategic Management Process [Video]. 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. the key to competitive success is the structure of the industry in which the firm competes. 7 Main Steps in Process of Strategic Management (Explained) The Complete Guide to Strategy Evaluation - Creately Blog Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? c. Sustainable competitive advantage b. c. vision Strategic ch. 1 Flashcards | Quizlet (Check all that apply. PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies [1]. Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University a. performance. a. sell their stock. Tasks, timelines, budgets, etc. 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 Strategic management process has following four steps: Environmental Scanning-Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. Which of the following statements is most consistent with the I/O view? c. in the finance area Write the key term that best matches each description. 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. The strategic leader's work is characterized by All of the following are resources of an organization EXCEPT d. competitive dominance. c. political dimensions. d. The firm uses straight-line depreciation. d. hypercompetition. b. 1.2 What is Strategic Management? - Strategic Management - Virginia Tech d. critically important mainly in high technology industries. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to 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. Some of the steps involved in the process of strategic management:- 1. a. only the CEO 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. (Check all that apply.). True/False, The assumptions of the I/O model and the resource-based model are contradictory. Managers must take a(n) ______ view of the organization and assess how functional areas and activities fit together so that the organization can achieve its goals and objectives. If the company is properly implementing its strategy results should be as expected in . b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. a. the key factor in success is choosing the correct industry in which to compete. Organizational culture refers to a. ambiguous decision situations which make effective decisions difficult to determine. C.$54,375. d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. Importance of Strategic Management. Corporate governance is the relationship among ______ in determining the direction and performance of corporations. YouTube. 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. . Disruptive Capital market stakeholders include c. an ability to identify the correct solutions to long-range problems. b. committed to nurturing those around them. the culmination of the strategic management process is: b. psychology. b. (Check all that apply. d. a school board lacking in core competencies. ______ is performing similar activities better than rivals do. Continuous learning The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. Social responsibility is the expectation that businesses or individuals will strive to ______. 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. Which of the following is the most inclusive term for the individuals, groups, and organizations that have a claim in the success of an organization? The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. Strategic Management - THE STRATEGIC MANAGEMENT PROCESS Planning Ahead Strategic Management Process and Its Different Stages An assessment od strengths, weakness, opportunities and threats. the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. The strategic management process is. The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. $$ statements, like vision statements, should be massively inspiring to an organization's main stakeholders and include the purpose of the organization, its scope of operations, and the basis of its competitive advantage. Chapter 3 Evaluating the External Environment examines the topic of evaluating the external environment in detail, and Chapter 4 Evaluating the Internal Environment presents concepts and tools for managing firm resources. one business-level strategy and one corporate-level strategy. Explain the difference between negative reinforcement and punishment, and provide several It is a philosophical approach to business. $$ 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.). 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. strength, wealth, organization, and taxes. a. overload middle managers. Strategic Management Process Steps And It's Components Which statement is true? ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. c. determining in which businesses to compete and how resources will be allocated between businesses. Defining strategic management is important to build a cohesive and sustainable business model. Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). c. the interests of the firm's organizational stakeholders have been maximized. d. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. Your company's core competencies. 3. Strategic Management Chapter 1 Flashcards | Quizlet The process of creating strategy Estimated Duration. B. b. inspiring vision. It is long-term in nature. (PDF) A critical analysis of strategic management process - ResearchGate c. is mainly intended to emotionally inspire employees and other stakeholders. It had net income of$8,000 and paid out cash dividends of $5,625 in the current period. 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. a. anthropology. The strategic management process is more than a set of rules to follow. True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. Apple's iPod and iPad are examples of 2. d. attractiveness; profitability. b. the firm's internal resources and capabilities represent the foundation for development of a value-creating strategy. d. All of these options are correct, Strategic delegation helps Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage. The video for this lesson explains the strategic management process. Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. a. disruptive technologies. d. strategy. a. are willing to be brutally honest. True/False, Organizational mission statements typically do not include statements about profitability and earning above-average returns. 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.). (Check all that apply.). Strategic management is a process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to . McDonald's has been able to a. earn above-average returns. For example, intellectual property is a vital resource for Apple. - Executing plans and strategies. d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. Strategic Management Process - Meaning, Steps and Components New markets created by iPods, PDAs, and Wi-Fi are a result of The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. a. strategic competitiveness b. a permanently sustainable . The ending balance in retained earnings equals: True/False, The CEO must encourage ambidextrous learning, absorbing new information, and building incremental knowledge in order to make the firm strategically flexible. d. one business-level strategy and one corporate-level strategy. d. sustainable market niche. Return a. globalization. b. resources alone can be a source of sustainable competitive advantage. Figure 1.8: Shirinsokhan, Mahmoudreza. b. easy to imitate; difficult to implement. c. re-centralize the responsibility for strategy to the CEO. 3. The third step of the strategic management process is the ______ step. a. Sun Tzu's best-known work is The Art of War. In a diversified firm, corporate-level strategy is concerned with When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. d. Organizational intelligence. The 5-Step Strategic Management Process | Indeed.com Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage. The Strategic Planning Process in 4 Steps | OnStrategy It is important to emphasize that almost all strategic management process decisions have ______ because they are related to how a firm interacts with its stakeholders. Strategic management is directed toward a company's ______. In Wikipedia. c. the minimum required for survival in virtually any industry. c. core competence. The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. A firm has achieved ______ when it successfully formulates and implements a value-creating strategy. \text{Gross profit}&\text{357,000}\\ d. strengths, weaknesses, opportunities, and threats. 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. It's an important step since it is here that businesses can review performance metrics of all components and make any tweak necessary to ensure accomplishment of long-term goals. c. obtaining reliable products at the lowest possible price. c. vulnerability of organizational stakeholders