Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. This perspective is known as ______. Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is D. $43,375. Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. d. a firm's resources, intent, and mission. _________ strategy is a combination of deliberate and emergent strategies. a. disruptive technologies. a. delegate strategic responsibilities to employees "closer to the action." Successful strategic leaders are b. strategy implementation. c. strategic power d. emphasize profit maximization. Which of the following statements about operational effectiveness are correct? b. innovation c. use the strategic management process. The Princeton Alliance Church states in its website that "PAC exists to help you live life to the fullest by knowing God, developing community and bringing hope." It helps in analyzing the internal and external factors influencing an organization. (Check all that apply.). Is is measure by its ___. Planning Team and Executive Team. Devise a strategy. (Check all that apply.). Your company's core competencies. Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. It guides the company to move in a specific direction. Which of the following statements is most consistent under the I/O view? Which of the following are true of behavioral controls? d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. d. sustainable market niche. Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. In Wikipedia. Although the first four steps describe the planning that must take place, implementation and evaluation are just as important. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Strategic management is the process of defining and implementing an organization's strategy. The profit pool is the D) analysis. After executing the environmental analysis process, management . The strategic management process is. A vision What is the Strategic Management process? Sun Tzu's best-known work is The Art of War. c. The firm has a lot of old plant and equipment. c. the minimum required for survival in virtually any industry. d. All of these options are correct. Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is: obtaining reliable products at the lowest possible price. a. the power of the financial market stakeholders. Reward The ending balance in retained earnings equals: UMT360's Strategy Execution Management solution. It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the competitors and take necessary . vision. b. mission. b. total profits earned in an industry along all points of the value chain. Introduction. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. Firms use both the ______ and ______ models. Planning. c. what people do when no one else is looking. d. analysis. . 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. a. telephone It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). https://youtu.be/o0U0gwvnhek. Defend your answer. It had net income of$8,000 and paid out cash dividends of $5,625 in the current period. a. ambiguous decision situations which make effective decisions difficult to determine. $$ strategic objectives. . A firm's vision, mission, and strategic objectives are used to develop specific goals, which form the basis for its ______. Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. c. tactic c. employees. Accordingly, the strategic management and planning process consists of sequential five key steps; (i) Goal setting, (ii) Analysis strategy formation, (iii) Strategy formation, (iv) Strategy . a. maximizing the firm's return on investment. This is because the organization's role as a taxpayer is most important to as 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 strategic management process can help guide the decisions and actions of senior executives within an organisation. c. companies provide a dynamic, stimulating, and rewarding work environment. Strategic planning process is a systematic or emerged way of performing strategic planning in the organization through initial assessment, thorough analysis, strategy formulation, its implementation and evaluation. 97.A major assumption about the strategic management process is that it is: (A) inspired. Match the strategic management process with its corresponding term. c. disruptive technologies. c. Risk Corporate governance is the relationship among ______ in determining the direction and performance of corporations. Study with Quizlet and memorize flashcards containing terms like . Let us take a look at the five conventional functions of the management process. b. Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. It offers courses accredited to AMBA, AACSB & NIRF. b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. c. information. 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. All of these options are correct, Strategic delegation helps A strategy is typically a higher level, broad goal, without a lot of specifics. Strategic planning aims to create . c. core competence. 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. Importance of Strategic Management. It is long-term in nature. It improves the company's problem-solving and prevents capabilities. c. determine whether an industry will be viable in the long term. ), Which of the following are examples of business-level strategies? The culmination of the strategic management process is a. performance. Which of the following are stakeholder groups that managers should consider when making decisions? Establish your planning team and schedule. The strategic leader's work is characterized by c. weak competitors in the industry. The strategic management process is essentially a set of steps a leader can use to help achieve better business outcomes. Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. 2 St rategy formul at ion a nd i mp leme nt ati on in t he st rat e gi c mana ge me nt p roce ss Strategic management. Firms use both the _____and______models. Which of the following state the goals and intentions that help define a firm's competitive advantage? b. strategy d. total profits that can be divided among the competitors within an industry. Effective strategic leaders are chosen based on: their capabilities and accumulation of human capital over time. Firms don't apply for patents so that competitors can't access information in the patents. How do you think the economic growth of developing countries will affect you and your family in the future? The second step in the strategic management process is ______. d. is developed by a firm before the firm develops its vision. Measure the progress by comparing the plan against actual results. c. analyses; strategies b. predict growth in sales over the medium to long range. b. rapid technological diffusion. Collect and analyze information. True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . Your long-term goals and/or BHAGs. a. major suppliers of capital b. shareholders c. employees. The culmination of the strategic management process is: A) performance. True/False, The uniqueness of a firm's resources and capabilities is the basis for a firm's strategy and determines its ability to earn above-average returns under the I/O review. 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. 1+x1x. b. host communities. In order to cope with hypercompetition, firms need to develop through continuous learning. Strategic management process. True/False, Organizational mission statements typically do not include statements about profitability and earning above-average returns. The two opposing ways of examining stakeholder management are called ______ and ______. d. the CEO, COO, and CFO only. The strategies planned often fail in the process only due to inefficient implementation processes. The modern competitive environment requires an iterative approach to strategic management where execution informs planning and planning guides execution. This pronouncement is most precisely a statement of organizational University of Malta. 1. a. analyses, successes, and purposes. Planning in management is a process of choosing apt goals and actions to pursue, and then determining what strategies to use, what steps to take, and what resources are needed to achieve the goals. It is a process that requires a systematic . c. strategy formulation. Average returns are those in excess of what an investor expects to earn from other investments with a similar amount of risk. . d. government regulators. b. top-management team. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Some of the steps involved in the process of strategic management:- 1. True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. a. the social energy that drives, or fails to drive, the organization. True/False, The five forces model suggests that firms should target the industry with the highest potential for above-average returns and then implement either a cost leadership or diffusion strategy (Check all that apply.). Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. Social responsibility is the expectation that businesses or individuals will strive to ______. True/False, The rate of growth of Internet-based applications could be affected by the strategies of Internet service providers charging users for downloading those applications. d. companies are paying the highest prices to suppliers, Product market stakeholders include The 5 stages of the strategic management process. ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. c. economics. 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". Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage. d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. c. the profitability of the industry in which the firm competes. b. resources alone can be a source of sustainable competitive advantage. 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. Identify your goals. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. b. determining how each functional department of the firm will operate. Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners).