c. strength, wealth, organization, and taxes. 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. Performance of the firm is most directly attributable to 1+x1x. - Executing plans and strategies. c. personal computer d. All of these options are correct. d. is developed by a firm before the firm develops its vision. Organizational stakeholders include University of Malta. 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. This behavior has existed for decades, even as the membership in the school board has changed over time. 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. b. urgency of satisfying each stakeholder Refer to the Terms to Know in the Summary & Study Guide on page 551. a method in which farmers move every one to three years to find better soil. business, corporate, international, and entrepreneurial. b. team-based. d: 70: 3884478507 The two opposing ways of examining stakeholder management are called ______ and ______. 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. d. one business-level strategy and one corporate-level strategy. a. the social energy that drives, or fails to drive, the organization. All businesses can benefit from strategic management to help them meet long-term objectives. b. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. 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. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). Strategic Management Process [Video]. A strategy is typically a higher level, broad goal, without a lot of specifics. In a diversified firm, corporate-level strategy is concerned with The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. d. a firm's resources, intent, and mission. Apple Inc. Which statement about the triple bottom line is true? c. vision. b. analyses, strategies, and performance. d. estimating the size of the value-chain activity in the pool. 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. Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. A firm has achieved when it successfully formulates and implements a value-creating strategy. In Chapter 7, Innovation Strategies, we present insights on the role innovation plays in strategy development and implementation. b. shareholders. The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. Strategic management is a process that requires the ability to manage change. c. hypercompetition; technology diffusion. It had net income of$8,000 and paid out cash dividends of $5,625 in the current period. one business-level strategy and one corporate-level strategy. Your mission statement. 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? 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. b. executives control strategy implementation. b. strategy implementation. The strategic-planning process is never truly completed. 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 in their environment. Reward c. the firm's actions to exploit its competitive advantage over rivals. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. Prepare a vertical analysis of the income statement for Thain Corporation. c. Global d. a charity's endowment of $400 million. (Check all that apply.). a. strategy, wealth, organization, and threats. When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. b. top-management team. d. Organizational intelligence. This improved performance is best explained by True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. d. accounting. Firms use both the _____and______models. b. only top managers True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. 1. True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies c. The value of knowledge as a proportion of shareholder value is increasing. a. anthropology. c. Sustainable competitive advantage b. inspiring vision. Apple's iPod and iPad are examples of What is the difference between strategy formulation and strategy implementation? Figure 1.8: Shirinsokhan, Mahmoudreza. (. Strategic leaders, ______, often work long hours, and their work is filled with ambiguous decision situations. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. d. skilled employees. c. political dimensions. d. expand the strategic responsibilities to all organizational stakeholders. Who makes the strategic decisions for most organizations? ______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined time frame. incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? Strategic management is the process of setting organizational goals, performing a competitive analysis, reflecting on a company's internal structure, and evaluating current strategies. In strategic management, effectiveness can best be described as ______. a. industry competitors. Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). a. goal b. strategy c. tactic d. mission ANSWER: b 104. c. return on sales. Effective strategies Apple uses to create loyal customers. c. obtaining reliable products at the lowest possible price. Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). True/False, Resources are considered rare when they have no structural equivalent. Research shows that approximately___percent of a firm's profitability is explained by the industry in which it competes, whereas Owner/CEO, Strategy Director. Chapter 10 Executing Strategy through Organizational Design offers ideas on how to manage these elements of implementation. ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. d. locate the most promising areas of an industry's value chain. d. hypercompetition within the industry. All of the following are characteristics of the global economy except: the increased use of tariffs to protect industries. A.$2,375. This involves developing specific strategies and actions. a. only the CEO c. determining in which businesses to compete and how resources will be allocated between businesses. b. mission. A firm's vision, mission, and strategic objectives form a hierarchy of . Determine organizational readiness. This activity is important because proper use of strategic management techniques . Strategic management is when you identify and develop strategies developing strategies for employees to follow in order to perform better and achieve a competitive edge. The strategic management process is a crucial element of any organization's success. d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. c. employees. b. abilities; strengths d. ability, successes, and performance. a. strategic competitiveness b. a permanently sustainable . c. companies provide a dynamic, stimulating, and rewarding work environment. The strategic management process is. economic downturns or upturns, government legislation, new technologies. Kick-Off Meeting: 1 hr. Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. b. predict growth in sales over the medium to long range. a. b. the complex set of ideologies, symbols, and core values that are shared throughout the firm. a. b. strategy implementation. a. the march of globalization. Chess CC BY-NC 2.0. b. strategy implementation. It is important to emphasize that, primarily because they are related to how a firm interacts with its stakeholders, almost all strategic management process decisions have The first step in the strategic management process is to evaluate where you're going, and why. (Remember to type only one word in the blank.). a. organizational decision makers are rational and committed to acting in the firm's best interests. The culmination of the strategic management process is ), Which of the following must a firm's strategy be consistent with? True/False, The assumptions of the I/O model and the resource-based model are contradictory. . c. host communities a. predict future revenue streams for the organization. A firm's mission Which of the following statements is most consistent with the I/O view? Identify your goals. It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. b. the industry's structural characteristics have little impact on a firm's performance over time. The strategic management provides a base for the organization on the basis of which progress can be measured and on the basis of the same, the employees can be compensated. Which of the following statements about operational effectiveness are correct? The message of the ad is that this firm's accountants love their work. d. Internet. Strategic flexibility b. a firm's profit margin yields an above-average return to its capital market stakeholders. In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. d. Revenue. d. concentration on the practical day-to-day aspects of the organization's operations. 97.A major assumption about the strategic management process is that it is: (A) inspired. In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. 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, . It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. 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. 2. a. Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. (Check all that apply.). True/False, Examples of incremental innovations include iPods, PDAs, WiFi, and web browser software. 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. an important source of competitive advantage in virtually all industries. It is a . $$ d. unions, Organizational stakeholders are usually satisfied when The firm makes less efficient use of its assets than other firms. Strategic management requires that ______. All of the following are assumptions of the resource-based model EXCEPT 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. d. inclusive. What other games might help teach strategic thinking. 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. a. globalization. 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. a. strategic mission. Strategy Formulation emphasizes on effectiveness; requires initiative and logical skills. Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. In the strategic management process ASP stands for A Deeper Dive into the Strategic Management Process. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. - Evaluating efficiency and effectiveness . The strategic management process is essentially a set of steps a leader can use to help achieve better business outcomes. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. Corporate-level strategy focuses on ______. Effective strategic leaders b. shareholders On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. b. resources alone can be a source of sustainable competitive advantage. For instance, a SWOT analysis (Strengths-Weaknesses . 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 process of implementation of strategy starts with the identification of key managerial tasks which form the basis for the creation of strategy starts with the identification of key Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. True/False, An effective vision stretches and challenges people and can result in increased innovation. A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. en.wikipedia.org/wiki/Apple_Inc._ litigation. Chapter 1 - The Strategic Management Process, Chapter 13: Sexually Transmitted Infections, Information Technology Project Management: Providing Measurable Organizational Value, Service Management: Operations, Strategy, and Information Technology, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Chapter 10 /Dada/Magic Realism/Surrealism. 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.

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