innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. The triple bottom line measures the performance of which of the following? A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. d. a firm's resources, intent, and mission. Strategic Management Flashcards | Quizlet This behavior has existed for decades, even as the membership in the school board has changed over time. b. television d. products that were not imitated by competitors. Strategic Management can be defined as a decision-making process that leads to the development of the strategic position, i.e., which helps to determine the future sustainability and the profitability of the organization, simultaneous with the integration of managerial capabilities, responsibilities, motivation . Here are the key elements of strategic management. In order for strategic objectives to be meaningful they need to be ______. the key factor in success is choosing the correct industry in which to compete. Learn more about how Pressbooks supports open publishing practices. ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. a. strategy, wealth, organization, and threats. The video for this lesson explains the strategic management process. Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. Reward c. Risk d. Revenue ANSWER: c 105. b. achieve strategic competitiveness. Which of the following statements is most consistent under the I/O view? For example, Apples decision to create the iPhone demonstrates its ability to interpret that traditional industry boundaries that distinguished the cellular phone industry and the computer industry were beginning to blur. organizational versus individual rationality. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. A major assumption about the strategic management process is that it is Strategic management is directed toward the organization's overall organizational ________ and ______. Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). According to Hitt, the final responsibility for forming the organization's mission lies with the: A key purpose of a mission statement is to inform___ what a firm is, what it seeks to accomplish, and who it seeks to serve. Which of the following statements about organizational knowledge is correct? Research shows that approximately___percent of a firm's profitability is explained by the industry in which it competes, whereas The Five Stages of the Strategic Management Process d. analysis. Reflects what a firm is doing to achieve its mission and vision as seen by its achievement of specific goals & objectives. Rationalize the denominator of each fraction and simplify. c. focus on strategy implementation. Key Elements of Strategic Management | FounderJar Strategic Management Process - Stages of Strategic Management b. urgency of satisfying each stakeholder Explain your reasoning. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. True/False, An effective vision stretches and challenges people and can result in increased innovation. 09.23.22 c. The firm has a lot of old plant and equipment. ______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders. (Check all that apply.). Strategic Management - Your Article Library strategic objectives. Who makes the strategic decisions for most organizations? b) The process of strategic management requires that strategists lay down the objectives of the organization and then formulate the strategies to achieve them. ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. Effective strategic leaders The importance of knowledge is increasing. (Check all that apply.). c. determine whether an industry will be viable in the long term. Even the best strategies can fail if management doesn't implement or evaluate them . b. estimating the overall size of the pool. c. seek to increase their power. d. All of these options are correct. . b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. c. profits that are accrued when a firm earns above-average returns. Which of the following are true of behavioral controls? Readiness assessment. 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. 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. True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. d. abilities; strategies. 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. Successful strategic leaders are 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. (n.d.). Generally speaking, product market stakeholders are satisfied when c. in the finance area To implement a firm's strategies, the firm takes actions with the goal of achieving strategic competitiveness and above average returns. True/False, Organizational mission statements typically do not include statements about profitability and earning above-average returns. 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. Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. (B) team-based. B the process of strategic management requires that a. sell their stock. Which of the following statements about the strategic management process is true? a. Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. The ability to effectively and efficiently access and use information is 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. A strategy Strategic Management Process - Meaning, Steps and Components . . What Is Strategic Management and Why Is It Important? 98.:A business-level strategy describes (A) the businesses in which the company intends to compete. 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. A company had a beginning balance in retained earnings of $52,000. examples of each based on your own experiences. In such a . What is Strategic Management? definition, process and importance 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. b. all policies and procedures used in functional departments. Strategic Management Process Steps And It's Components d. a school board lacking in core competencies. Chapter 5: Strategic Management Flashcards | Quizlet one business-level strategy and one corporate-level strategy. Alfred Chandler, 1962. b. mission. Management Process: Definition, Features & Functions Want to create or adapt books like this? 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. All businesses can benefit from strategic management to help them meet long-term objectives. The strategic management process is ), what business(es) should the company compete in. 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. (D) inclusive. a. each firm is a unique collection of resources and capabilities. c. return on sales. A strategic management process can help guide the decisions and actions of senior executives within an organisation. strategic management chp 1 review Flashcards | Quizlet The goal of strategy implementation is to develop a permanent competitive advantage. a. c. the lack of an organizational mission for the school board. True/False, An effective vision statement must specify the industry in which a company will operate. When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) It determines which business(es) should be in the company's portfolio. Importance of Strategic Management. d. A goal, Strategic leaders are YouTube. How to Implement a Strategic Management Process [2023] Asana Which of the following are reasons vision statements sometimes fail? 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. b. shareholders Strategic Management Process and Its Different Stages c. vision ), a destination that is driven by and evokes passion. the culmination of the strategic management process is: For instance, a SWOT analysis (Strengths-Weaknesses . $$ True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values.
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