Which of the following are characteristics of a well-written organizational vision statement? 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. b. analyses, strategies, and performance. Planning extensive employee training and hiring educated and experienced employees. 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? The importance of knowledge is increasing. Which statement about the triple bottom line is true? The process hinges on the philosophical approach that if a leader "thinks . . a. flexibility b. innovation c. speed d. All of these options are correct. A vision statement can lead to missed opportunities when it ______. d. culture. (2014, November 29). It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . . a. ethical dimensions. Strategic management is the management of an organization's resources to achieve its goals and objectives. Planning. 90; 10 a. insight. a. one corporate-level strategy. 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. Strategic management is a process that requires the ability to manage change. a. at the top of the organization c. vulnerability of organizational stakeholders 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." Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. d. All of these options are correct. Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). d. locate the most promising areas of an industry's value chain. d. total profits that can be divided among the competitors within an industry. The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. Strategic management is the process of defining and implementing an organization's strategy. This behavior has existed for decades, even as the membership in the school board has changed over time. Formulation of strategies; Environment and organizational appraisal help to find out the opportunities and threats operating in the environment and the strengths and weaknesses of an organization in order to create a match between them. d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. Sound strategies are of no value if they ______. d. attractiveness; profitability. 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. a. goal Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization. incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? d. abilities; strategies. A business-level strategy describes The Snack Division's operating margin for the year was $6.5\$ 6.5$6.5 million, during which time its average invested capital was $50\$ 50$50 million. 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, . 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. Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. b. c. profits that are accrued when a firm earns above-average returns. The strategic management process is the systematic analysis of an organization's internal and external environment to achieve and retain a competitive advantage. The strategic management process is. Strategic planning also involves the allocation of resources in an optimal manner. b. inspiring vision. It's an important step since it is here that businesses can review performance metrics of all components and make any tweak necessary to ensure accomplishment of long-term goals. d. accounting. The 5 stages of the strategic management process. d. increasing the profitability of the firm. c. capabilities are highly mobile across firms. b. is a capacity for a set of resources to perform a task or an activity in an integrative manner. b. strategy d. A goal, Strategic leaders are a. only the CEO a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. d. 20; 36. a. strategy, wealth, organization, and threats. d. competitive dominance. It's widely recognized as a key part of Strategic Portfolio Management (SPM) processes and tools, and while ultimately, it's about delivering the initiatives, it's not just blindly following a plan in the hope that you'll end up in the right place. Why is it important to view strategic management as a process? a. performance. a. size; number of competitors. Return True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. d. hypercompetition. Returns can only be measured in accounting terms such as return on assets, return on equity, or return on sales. The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. vision. To implement a firm's strategies, the firm takes actions with the goal of achieving strategic competitiveness and above average returns. Strategic Goals: True/False, Research shows that a greater percentage of a firm's profitability is explained by the I/O rather than the resource-based model. A strategy is typically a higher level, broad goal, without a lot of specifics. a. strategic competitiveness b. a permanently sustainable . a. return on assets. Strategic management of an organization entails which of the following ongoing processes? True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. organizational versus individual rationality. Some of the steps involved in the process of strategic management:- 1. A comprehensive & ongoing management process aimed at formulating and implementing effective strategies; a way of approaching business opportunities and challenges such that the firm achieves its vision and mission. $$ b. strategic flexibility (D) inclusive. Strategic management is a process that involves building a careful understanding of how the world is changing, as well as a knowledge of how those changes might affect a particular firm. The resource-based model of the firm argues that c. companies provide a dynamic, stimulating, and rewarding work environment. ______ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. d. inclusive. True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. one business-level strategy and one corporate-level strategy. b. top-management team. . Owner/CEO, Strategy Director. Rationalize the denominator of each fraction and simplify. b. resources to implement strategies are firm-specific and attached to firms over the long-term. D. $43,375. c. employees. c. the CEO and top managers Australian market continued to be attractive for existing operators based on . The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. d. coordinating the vision and mission of each subsidiary firm. The process of strategic management sometimes encompasses the formulation of important policies. 1.3 Intended, Emergent, and Realized Strategies, 1.5 Contemporary Critique of Strategic Management, 1.6 Understanding the Strategic Management Process, 3.2 The Relationship between an Organization and its Environment, 4.4 Intellectual Property & Isolating Mechanisms, 6.2 Understanding Business-Level Strategy through "Generic Strategies", 6.5 Focused Cost Leadership and Focused Differentation, 7.6 Responding to Innovation in the Market, 8.6 Portfolio Planning and Corporate-Level Strategy, 9.2 Advantages and Disadvantages of Competing in International Markets, 9.5 Drivers of Success and Failure When Competing in International Markets, 9.6 Options for Competing in International Markets, 10.3 The Basic Building Blocks of Organizational Structure, 10.4 Creating an Organizational Structure, 10.5 Creating Organizational Control Systems, 11.4 Corporate Ethics and Social Responsibility, 11.5 Contemporary Questions of Corporate Ethics. d: 70: 3884478507 Corporate governance is the relationship among ______ in determining the direction and performance of corporations. The two opposing ways of examining stakeholder management are called ______ and ______. 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. On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. 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. Which of the following statements about the strategic management process is true? PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. c. the lack of an organizational mission for the school board. b. strategy implementation. a. Which statement is true? Managers must constantly scan the external environment for trends and events that affect the overall economy, and they must monitor changes in the particular industry in which the firm operates. (Check all that apply.). Which of the following statements is most consistent with the I/O view? a. the social energy that drives, or fails to drive, the organization. In Chapter 2 "Assessing Organizational . Retrieved from https://flic.kr/p/bPNmxi. ______ analysis is the starting point of the strategic management process and includes the advanced work that must be done to effectively formulate and execute strategies. (Check all that apply.). How much was invested? In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. The culmination of the strategic management process is a. performance. Strategic leaders, ______, often work long hours, and their work is filled with ambiguous decision situations. 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. a. their return on investment has been maximized. internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? a. organizational decision makers are rational and committed to acting in the firm's best interests. The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies a. competitive resilience b. all policies and procedures used in functional departments. Managers must adopt a new mind-set that values conditions. d. resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. 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. urgency of satisfying each stakeholder c. Knowledge . https://youtu.be/o0U0gwvnhek. The second step in the strategic management process is ______. In order for strategic objectives to be meaningful they need to be ______. A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. This is because the organization's role as a taxpayer is most important to ___ as stakeholders. During the analysis step of the strategic management process managers are concerned with the company's ______. Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. b. determining how each functional department of the firm will operate.