$$ (Check all that apply.). a. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. a. unions. b. c. determine whether an industry will be viable in the long term. 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. Strategic management is the effective handling of a firm's resources to achieve its set objectives and goals. c. is mainly intended to emotionally inspire employees and other stakeholders. d. in the operations area. a. suppliers. - Evaluating efficiency and effectiveness . Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. Managers execute or implement their decisions as ______ in the third step of the strategic management process. The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. (Check all that apply.). How do you think the economic growth of developing countries will affect you and your family in the future? 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. The culmination of the strategic management process is SWOT stands for An assessment od strengths, weakness, opportunities and threats. Which of the following statements regarding corporate-level strategy are correct? c. the key to earning above-average returns is strategic flexibility. Ideally, you already have some goal materials in place, including: Your vision statement. 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. c. the I/O model. The profit pool is the After executing the environmental analysis process, management . The strategic leader's work is characterized by It involves identifying internal and external factors and understanding how they affect an organization. a. return on assets. The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. The culmination of the strategic management process is a. performance. 2. c. Knowledge Effective strategies Apple uses to create loyal customers. To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. Rationalize the denominator of each fraction and simplify. In Chapter 6 Selecting Business-Level Strategies, we discuss how selecting business-level strategies helps to provide firms with a recipe that can be followed that will increase the likelihood that their strategies will be successful. University of Malta. b. regardless of their location in the organization b. When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. people throughout the organization strive toward overall goals. Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. Dissatisfied capital market stakeholders may c. weak competitors in the industry. a. the march of globalization. (Check all that apply.). The essence of strategic management is the study of why some firms ______. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage . d. Revenue. The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. b. b. 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. ______ is performing similar activities better than rivals do. 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? c. 36; 20 a. predict future revenue streams for the organization. True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. c. the key to competitive success is the structure of the industry in which the firm competes. \begin{array}{llr} Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? a. 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. Feedback may occur at all times to revise these actions. d. social value of each stakeholder. In situation analysis, organizations must scan and evaluate the organization's performance, corporate strategies, and internal and external . 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. Strategic leaders, ______, often work long hours, and their work is filled with ambiguous decision situations. b. the resource-based model. Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. b. global competition. d. a charity's endowment of $400 million. b. inspiring vision. a. overload middle managers. The culmination of the strategic management process is: a. performance. b. shareholders. Strategy execution management is the evolution of traditional project delivery. b. strategy implementation. All of the following are assumptions of the resource-based model EXCEPT ______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined time frame. c. decisive. The strategic management process is essentially a set of steps a leader can use to help achieve better business outcomes. b. mission Strategic management requires that ______. . c. Sustainable competitive advantage Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. They involve balancing culture and boundaries or constraints. are established. b. predict growth in sales over the medium to long range. Firms use both the _____and______models. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. c. core competence. What are the four levels of a company's strategy formulation? 1. Retrieved from https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png. Prepare a vertical analysis of the income statement for Thain Corporation. a. vision Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. a. industry; capability the three processes are highly interdependent. d. expand the strategic responsibilities to all organizational stakeholders. .It is well known that the elected school board of a large city engages in unethical and illegal activities involving the awarding of major contracts. a. located only at the executive level. d. analysis. Which of the following statements is most consistent with the I/O view? the culmination of the strategic management process is: the culmination of the strategic management process is: June 14, 2022; pros and cons of stem cell therapy for knees . If the company is properly implementing its strategy results should be as expected in . d. one business-level strategy and one corporate-level strategy. True/False, Ms.Smith is a strategic leader of the firm. a. the social energy that drives, or fails to drive, the organization. d. The Internet. True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. 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. Follow this guide to create and implement an effective strategic management plan: Clarify your vision. d. inclusive. d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. Organizational stakeholders include In Wikipedia. d. Organizational intelligence. In the instance, the implementation . a. a. telephone It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. Inside CRM Editors. is a capacity for a set of resources to perform a task or an activity in an integrative manner. b. achieve strategic competitiveness. b. success, weakness, opportunities, and taxes. \end{array} regardless of their location in the organization, strengths, weaknesses, opportunities, threats, In the strategic management process ASP stands for. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. Which of the following state the goals and intentions that help define a firm's competitive advantage? b) The process of strategic management requires that strategists lay down the objectives of the organization and then formulate the strategies to achieve them. Certainly, part of Apples success is due to the unique products it offers the market, as well as how these products complement one another. Strategic management is the management of an organization's resources to achieve its goals and objectives. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Your company's core competencies. YouTube. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. c. personal computer b. an important source of competitive advantage in virtually all industries. 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 . A firm has achieved ______ when it successfully formulates and implements a value-creating strategy. As a result, virtually all of the assets under her control are fully depreciated. c. analyses; strategies This behavior has existed for decades, even as the membership in the school board has changed over time. ), a destination that is driven by and evokes passion. a. CEO. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. c. a process directed by top management with input from other stakeholders that seeks to achieve above- average returns for investors through effective use of the organization's resources. This model also guides our presentation of the chapters contained in this book. The steps for identifying the profit pools in an industry include all of the following EXCEPT The process of creating strategy b. resources alone can be a source of sustainable competitive advantage. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. b. receiving the highest-quality products and services in the industry. In strategic management, effectiveness can best be described as ______. Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage. 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. . Strategy Evaluation. . a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. 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. The strategic management process is. c. A mission True/False, The goal of strategy implementation is to develop a permanent competitive advantage. A company competing in a single product market has. Managers must determine how to create a(n) ______ advantage in the marketplace to be successful over the long-term. Learn more about how Pressbooks supports open publishing practices. b. abilities; strengths At this stage, your strategy is already in action and you need to measure the effectiveness of the strategy. In a diversified firm, corporate-level strategy is concerned with Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is 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. Apple's iPod and iPad are examples of 98.:A business-level strategy describes (A) the businesses in which the company intends to compete. a. analyses, successes, and purposes. True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . . a. Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. This improved performance is best explained by: Research shows that approximately ___ percent of a firm's profitability is explained by the industry in which it competes, whereas ___ percent is explained by the firm's characteristics and actions. c. political dimensions. Capital market stakeholders include Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. During the ______ step in the strategic management process, managers answer two questions: what industries should we compete in and how should we compete in those industries? 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. It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. A classic management tool that incorporates the idea of scanning elements both external and internal to the firm is SWOT (strengths, weaknesses, opportunities, and threats) analysis. The two opposing ways of examining stakeholder management are called ______ and ______. b. one business-level strategy. We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. Strategic management is the process of setting organizational goals, performing a competitive analysis, reflecting on a company's internal structure, and evaluating current strategies. The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. b. focus on strategy formation. b. the firm's internal resources and capabilities represent the foundation for development of a value-creating strategy. In smaller, new venture firms, returns are sometimes measured in terms of The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. Sound strategies are of no value if they ______. d. suppliers of capital. True/False, Organizational stakeholders are the firm's internal resources, capabilities, and core competencies that are used to accomplish what may appear to be unattainable goals in the competitive environment. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. a. insight. 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.

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