Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. ______ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones. b. resources to implement strategies are firm-specific and attached to firms over the long-term. c. capabilities are highly mobile across firms. a. unique market niche d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. c. obtaining reliable products at the lowest possible price. It is long-term in nature. a. an hourly production employee's ability to catch subtle quality defects in products. A strategic management process can help guide the decisions and actions of senior executives within an organisation. d. strengths, weaknesses, opportunities, and threats. Ideally, you already have some goal materials in place, including: Your vision statement. Strategic Management Process [Video]. It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . d. inclusive. b. receiving the highest-quality products and services in the industry. Situation Analysis. ______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined time frame. A strategy is typically a higher level, broad goal, without a lot of specifics. In this latter case, performance is the result of a rare event that is itself the culmination of a long and ongoing process of daily . Greenleaf Property Management has been earning below-average returns for the last three years. The steps in the strategic management process include the seven - the development of vision and mission, external and internal environment analysis, establishing long-term objectives, generating, evaluating, and selecting strategies, implementation, and strategy evaluation and control. An assessment od strengths, weakness, opportunities and threats. It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. The process hinges on the philosophical approach that if a leader "thinks . c. the minimum required for survival in virtually any industry. 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, . This activity is important because proper use of strategic management techniques . a. The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. This involves developing specific strategies and actions. The essence of strategic management is the study of why some firms ______. d. hypercompetition. b. easy to imitate; difficult to implement. b. only top managers 1x1+x\frac{1\ -\ \sqrt{x}}{1\ +\ \sqrt{x}} True or false: Intended strategy rarely survives in its original form. In a diversified firm, corporate-level strategy is concerned with Returns can only be measured in accounting terms such as return on assets, return on equity, or return on sales. (Check all that apply.). We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. After executing the environmental analysis process, management . The goal of strategy implementation is to develop a permanent competitive advantage. Strategy Evaluation. How much interest was earned? For example, intellectual property is a vital resource for Apple. b. tighten loan covenants. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University 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. c. core competence. What is the difference between strategy formulation and strategy implementation? Income statement information for Thain Corporation is provided below. The goal of the organization's ___ is to point the firm in the direction of where it would like to be in the years to come. A core competence c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. Match the strategic management process with its corresponding term. Greenleaf will not be able to minimally satisfy all stakeholders. a. operating each individual business under the corporate umbrella. A company had a beginning balance in retained earnings of $52,000. a. are willing to be brutally honest. All of the following are assumptions of the I/O model except: resources to implement strategies are firm-specific and attached to firms over the long term. successfully than does the competitor environment. Sound strategies are of no value if they ______. . Which of the following was fastest in penetrating 25 percent of homes in the U.S. market? c. personal computer (Check all that apply.). $$ Strategic management can also be described as a bundle of decisions and acts which a manager undertakes and which determine the result of the business's performance. UMT360's Strategy Execution Management solution. Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. (Check all that apply.). Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. c. Knowledge A firm's vision, mission, and strategic objectives form a hierarchy of . d. a school board lacking in core competencies. c. knowledge intensity. Organizational stakeholders are usually satisfied when, companies provide a dynamic, stimulating, and rewarding work environment. a. the march of globalization. The ability to effectively and efficiently access and use information is Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. strategic objectives. d. a charity's endowment of $400 million. d. hypercompetition within the industry. d. analysis. When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) a. the businesses in which the company intends to compete. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. New markets created by iPods, PDAs, and WiFi are a result of: Henry Ford once said, "If I had asked people what they wanted, they would have said faster horses." 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. d. All of these options are correct. Measure the progress by comparing the plan against actual results. Which of the following statements is most consistent with the I/O view? a. a. analyses; strengths Strategy implementation is the final stage of the process. In order to cope with hyper competition, firms need to develop ___ through continuous learning. a. ethical dimensions. d. concentration on the practical day-to-day aspects of the organization's operations. This is the final stage of the strategic management process. c. speed b. d. the amount and speed of growth. [1]. . areas, are relatively rare. The strategic management process is more than a set of rules to follow. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to: delegate strategic responsibilities to employees "closer to the action". Kick-Off Meeting: 1 hr. Is is measure by its ___. Sun Tzu's best-known work is The Art of War. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. Even for companies capable of succeeding in global markets, it is critical that they, The rate of technological diffusion is increasing. Social responsibility is the expectation that businesses or individuals will strive to ______. The culmination of the strategic management process is To implement a strong strategy effectively, an experienced . b. rapid technological diffusion. Make Better business decisions: It is important to understand the difference between a great idea and a good idea. 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. a. insight. d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. d. the CEO, COO, and CFO only. one business-level strategy and one corporate-level strategy. The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. ______ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. It is a philosophical approach to business. The culmination of the strategic management process is: A) performance. Chapter Layout for Strategic Management. CC BY-SA 4.0. a. disruptive technologies. In situation analysis, organizations must scan and evaluate the organization's performance, corporate strategies, and internal and external . Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. The modern competitive environment requires an iterative approach to strategic management where execution informs planning and planning guides execution. 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. b. strategy implementation. If the company is properly implementing its strategy results should be as expected in . b. predict growth in sales over the medium to long range. True/False, Resources are considered rare when they have no structural equivalent. a. Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. 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. In terms of analyzing the external environment of the firm, the industry environment consists of ______ and other organizations that may threaten the company's success. is a capacity for a set of resources to perform a task or an activity in an integrative manner. Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? The video for this lesson explains the strategic management process. a. the core values of the school board as an organization. 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. True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. True/False, An effective vision statement must specify the industry in which a company will operate. c. strategy . b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. It is important to consider that the decision: has ethical implications for organizational stakeholders. b. the resources the firm possesses. (Check all that apply. All of the following are resources of an organization EXCEPT b. strategy implementation. 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. the social energy that drives, or fails to drive, the organization. Dissatisfied capital market stakeholders may Which of the following is an example of a firm's intellectual asset? Overall, strategic management is an important part of an organization's development and overall performance. Strategic Management. ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. d. All of these options are correct. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. a. the power of the financial market stakeholders. Who makes the strategic decisions for most organizations? The strategic management process is. a. strategic mission. 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. It offers courses accredited to AMBA, AACSB & NIRF. Knowledge is composed of all the following EXCEPT This behavior reflects 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. Strategic Implementation is defined as "the process by which strategies and policies are put into action through the development of programs, budgets and procedures" (Strategy implementation, 2009, para.1). It requires incorporating both short-term and long-term perspectives. In strategic management, effectiveness can best be described as ______. a. delegate strategic responsibilities to employees "closer to the action." A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". Strategic management is a process that requires the ability to manage change wherein executives must be cautious to monitor and to interpret the events in their environment as well taking appropriate actions to ensure that their firm to survive and thrive over time. (. The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. Which statement about the triple bottom line is true? Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization. Figure 1.8: Shirinsokhan, Mahmoudreza. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. (C) rational. The first step in the strategic management process is to evaluate where you're going, and why. organizational versus individual rationality. The firm added to its plant and equipment in the past few years. In ancient China, strategist and philosopher Sun Tzu offered thoughts on strategy that continue to be studied carefully by business and military leaders today. It involves action plans that ensure continued performance and thriving progression. (Check all that apply.).
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