A vision statement can lead to missed opportunities when it ______. a. vision a. inspired. a. maximizing the firm's return on investment. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. All businesses can benefit from strategic management to help them meet long-term objectives. The three primary participants in corporate governance are the ______, management, and board of directors. Reward 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. a. Explain your reasoning. 90; 10 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. Explain Strategy formulation. Top management teams (TMTs) - comprising the most influential executives in an organization - are important because of their influence over strategic choices and performance. Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is True/False, The goal of strategy implementation is to develop a permanent competitive advantage. Consistent failure to achieve this minimum target is grounds for the dismissal of a division manager. Managers must adopt a new mind-set that values conditions. a. performance. a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. ), Which of the following are social responsibility expectations that go beyond a firm's product and service quality? The process of strategic management sometimes encompasses the formulation of important policies. C ) rational . A firm has achieved when it successfully formulates and implements a value-creating strategy. c. vision Name two benefits workers take for granted now that did not exist before labor organized. (C) rational. (. This pronouncement is most precisely a statement of organizational d. locate the most promising areas of an industry's value chain. d. the firm's chief executive officer, A prominent national accounting firm runs television advertisements showing an accountant working alone late in the office on a client's project, while clenching a long-stemmed rose in his teeth and grinning ecstatically. Although the first four steps describe the planning that must take place, implementation and evaluation are just as important. A company had a beginning balance in retained earnings of $52,000. Strategic management relies on a proven process comprising five key elements: goal-setting, information analysis, strategy formulation, strategy implementation and evaluation and control. Strategic management of an organization entails which of the following ongoing processes? a. disruptive technologies. c. the key to earning above-average returns is strategic flexibility. b. oil drilling rights in a promising region. A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". Strategy implementation is the final stage of the process. d. differences in resources and capabilities are the basis of competitive advantage. ______ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. Retrieved from https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png. C) strategy formulation. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. b. d. a school board lacking in core competencies. c. rational. 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. a. size; number of competitors. In a diversified firm, corporate-level strategy is concerned with: determining in which businesses to compete and how resources will be allocated between businesses. In situation analysis, organizations must scan and evaluate the organization's performance, corporate strategies, and internal and external . d. Diffusion, provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. Refer to the Terms to Know in the Summary & Study Guide on page 551. a method in which farmers move every one to three years to find better soil. b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. b. total profits earned in an industry along all points of the value chain. a. their return on investment has been maximized. Definition. a. d. ability, successes, and performance. The strategic management process is. This is the final stage of the strategic management process. 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? A sustainable competitive advantage is not achieved through operational effectiveness alone. Which of the following is an example of a firm's intellectual asset? Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. d. a firm's resources, intent, and mission. d. easy to implement; unique. True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. A strategic management process is an essential tool for any organization looking to optimize performance and reach success. d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. The strategic management process is more than a set of rules to follow. 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. The strategic leader's work is characterized by Which of the following statements is most consistent with the I/O view? Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. d. The Internet. Devise a strategy. ), Which of the following are examples of business-level strategies? 2. c. the profitability of the industry in which the firm competes. c. an ability to identify the correct solutions to long-range problems. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. d. concentration on the practical day-to-day aspects of the organization's operations. a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. a. flexibility b. the resource-based model. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. The final responsibility for forming the organization's mission lies with the c. in the finance area b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. strategic objectives. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. To simply put, strategy evaluation entails reviewing and appraising the strategy implementation process and measuring organizational performance. d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. c. the key to competitive success is the structure of the industry in which the firm competes. Strategic management requires that ______. en.wikipedia.org/wiki/Apple_Inc._ litigation. vision. A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. The industrial organization (I/O) model argues that . A firm's vision, mission, and strategic objectives are used to develop specific goals, which form the basis for its ______. Who makes the strategic decisions for most organizations? d. the CEO, COO, and CFO only. b. top-management team. Sound strategies are of no value if they ______. Corporate-level strategy focuses on ______. 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? c. employees. The I/O model is grounded in d. industry; competency, ___should establish a firm's individuality and should be inspiring and relevant to all stakeholders. It improves the company's problem-solving and prevents capabilities. Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. Planning. Environmental and internal scanning is the next stage in the process. They involve balancing culture and boundaries or constraints. conduct a thorough analysis of the external and internal environments, Strategies often fail when managers fail to do which of the following? b. success, weakness, opportunities, and taxes. d. hypercompetition within the industry. The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. Generally speaking, product market stakeholders are satisfied when There are provisions to create, implement and appraise . ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. c. companies provide a dynamic, stimulating, and rewarding work environment. (2014, November 29). c. a process directed by top . 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. Inside CRM Editors. (Check all that apply. c. Risk 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. In Chapter 7, Innovation Strategies, we present insights on the role innovation plays in strategy development and implementation. To implement a firm's strategies, the firm takes actions with the goal of achieving strategic competitiveness and above average returns. Make Better business decisions: It is important to understand the difference between a great idea and a good idea.
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