Managers must determine how to create a(n) ______ advantage in the marketplace to be successful over the long-term. The mission of IIM Lucknow is to improve management systems with regard to business, industry and public services through pursuit of excellence in management education, research, consultancy and training. 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 . (. Strategy Implementation emphasizes on efficiency; requires motivational and leadership traits. What are the four levels of a company's strategy formulation? a. The strategic management process is a crucial element of any organization's success. Knowledge is an intangible resource, the importance of knowledge is increasing, and the value of knowledge as a proportion of shareholder value is increasing. 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? What are the four steps of the strategic management process? It is long-term in nature. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. (Check all that apply.). B. The strategic management process is. The two opposing ways of examining stakeholder management are called ______ and ______. The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. Therefore, organizational strategists must choose one or the other as the basis for developing a strategic plan. 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. determine whether an industry will be viable in the long term. 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." d. skilled employees. How do you think the economic growth of developing countries will affect you and your family in the future? c. Risk 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). This model also guides our presentation of the chapters contained in this book. PDF is the culmination of a multi-year strategic planning process involving \text{Sales}&\text{\$850,000}\\ A vision The culmination of the strategic management process is: performance Although an organization's good reputation is a valuable resource that takes years of superior marketplace competence to achieve, it is not a good basis for building a competitive advantage because it can be destroyed almost instantly by bad publicity. Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. d. differences in resources and capabilities are the basis of competitive advantage. d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. d. All of these options are correct. c. strength, wealth, organization, and taxes. c. personal computer Strategic management is directed toward a company's ______. Performance of the firm is most directly attributable to The ending balance in retained earnings equals: a. inspired. b. only top managers 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 It's the process of determining the decisions an organization should take. 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. Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). Strategy Execution Management Solution - UMT360 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. Importance of Strategic Management. A company competing in a single product market has d. the amount and speed of growth. (Check all that apply.). ), a destination that is driven by and evokes passion. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Organizational culture refers to ______ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. It helps in analyzing the internal and external factors influencing an organization. a. unions. a. ethical dimensions. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. d. All of these options are correct. d. organization's stakeholders. When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. Strategic Management & Strategic Planning Process To implement a firm's strategies, the firm takes actions with the goal of achieving strategic competitiveness and above average returns. (Check all that apply.). In Chapter 7, Innovation Strategies, we present insights on the role innovation plays in strategy development and implementation. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. A model of strategic management process represents a clear and practical approach for formulating, implementing, and evaluating strategies. Determine organizational readiness. Managers are analyzing the firm's ______ when managers are studying its competitors. ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. Here are the key elements of strategic management. Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. a. Sue prefers the Red Shuttle because it gets her to the airport in an hour and a half, while the Blue Shuttle takes $80$ minutes. 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. It involves identifying internal and external factors and understanding how they affect an organization. True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. b. I/O; resource-based . 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. Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. 60; 40 Strategic management is the effective handling of a firm's resources to achieve its set objectives and goals. 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. ), Which of the following are examples of business-level strategies? The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. symbiosis; zero sum. a. strategy, wealth, organization, and threats. 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. The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. Consequently, executives must be careful to monitor and to interpret the events in their environment, to take appropriate actions when change is needed, and to monitor their performance to ensure that their firms are able to survive and, it is hoped, thrive over time. a. sell their stock. The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. 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. Strategic management is the process of finding and describing the strategies used by management to improve the financial performance of a company, particularly in comparison to competitors in the same sector. It guides the company to move in a specific direction. 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 . Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. Strategic Management - THE STRATEGIC MANAGEMENT PROCESS Planning Ahead The triple bottom line measures the performance of which of the following? A company competing in a single product market has. Study with Quizlet and memorize flashcards containing terms like . b. host communities. Rationalize the denominator of each fraction and simplify. d. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. Situation Analysis. The firm added to its plant and equipment in the past few years. This pronouncement is most precisely a statement of organizational b. Broad Plans Shaping: In this continuous process, the formulation & implementation of broader plans are made and finally, these are also controlled. b. is an internally focused affirmation of the organization's financial, social, and ethical goals. B the process of strategic management requires that c. Global Owner/CEO, Strategy Leader. a. flexibility b. innovation c. speed d. All of these options are correct. (n.d.). As a result, virtually all of the assets under her control are fully depreciated. Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). conduct a thorough analysis of the external and internal environments, Strategies often fail when managers fail to do which of the following? a. only the CEO d. total profits that can be divided among the competitors within an industry. d. the interests of all stakeholders have been at least minimally satisfied, The Chambers of Commerce of cities and towns often implore citizens to buy from local businesses. Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. They involve balancing culture and boundaries or constraints. The final responsibility for forming the organization's mission lies with the c. the CEO and top managers 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. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. b. local dimensions. incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management?

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