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 triple bottom line measures the performance of which of the following? ______ is performing similar activities better than rivals do. d. analysis. b. top-management team. Successful strategic leaders are b. executives control strategy implementation. c. 36; 20 Kick-Off Meeting: 1 hr. b. the firm's internal resources and capabilities represent the foundation for development of a value-creating strategy. c. strategic power b. resources to implement strategies are firm-specific and attached to firms over the long-term. A sustainable competitive advantage is not achieved through operational effectiveness alone. Devise a strategy. True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. a. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. STRATEGIC MANAGEMENT PROCESS: F i gu re 10. a. one corporate-level strategy. a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. (Check all that apply.). a. globalization. Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. The I/O model is grounded in McDonald's has been able to a. earn above-average returns. are established. c. determine whether an industry will be viable in the long term. Organizational stakeholders include . Match the strategic management process with its corresponding term. 98.:A business-level strategy describes (A) the businesses in which the company intends to compete. (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. 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. d. ability, successes, and performance. This is because the organization's role as a taxpayer is most important to ___ as stakeholders. . This is the final stage of the strategic management process. (Check all that apply.). Reward c. rare; costly to imitate. Organizational stakeholders are usually satisfied when, companies provide a dynamic, stimulating, and rewarding work environment. ____ is a capacity for a set of resources to perform a task or an activity in an integrative manner. Firms use both the _____and______models. SWOT stands for 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. Meaning of Strategic Management. The process of strategic management sometimes encompasses the formulation of important policies. b. expertise. A company competing in a single product market has. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. b. receiving the highest-quality products and services in the industry. the key factor in success is choosing the correct industry in which to compete. Strategic management process. b. located in different areas and levels. Which of the following are reasons vision statements sometimes fail? Your long-term goals and/or BHAGs. Strategy evaluation is the process by which the management assesses how well a chosen strategy has been implemented and how successful or otherwise the strategy is. d. emphasize profit maximization. 90; 10 the three processes are highly interdependent. a. competitive resilience Strategic management is a process that requires the ability to manage change. Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization. b. return on equity. It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the competitors and take necessary . The goal of strategy implementation is to develop a permanent competitive advantage. 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. The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. The strategic management process is a crucial element of any organization's success. The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. d. The Internet. Chess CC BY-NC 2.0. PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. Which of the following statements regarding strategic management is true? A business-level strategy describes . (Check all that apply. Returns can only be measured in accounting terms such as return on assets, return on equity, or return on sales. 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. Which statement about the triple bottom line is true? a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. a. 5. . Why is it important to view strategic management as a process? The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. b. resources alone can be a source of sustainable competitive advantage. It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. True/False, Ms.Smith is a strategic leader of the firm. It offers courses accredited to AMBA, AACSB & NIRF. Financial markets often place an emphasis on managers meeting ______ performance goals. c. information. A firm's mission 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. re-centralize the responsibility for strategy to the CEO. Who makes the strategic decisions for most organizations? How is chess relevant to the study of strategic management? Above average returns are those in excess of what an investor expects to earn from other investments with similar stock prices. The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. In Chapter 7, Innovation Strategies, we present insights on the role innovation plays in strategy development and implementation. c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. The ability to effectively and efficiently access and use information is ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. 1x1+x\frac{1\ -\ \sqrt{x}}{1\ +\ \sqrt{x}} The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. To implement a strong strategy effectively, an experienced . 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. d. increasing the profitability of the firm. c. hypercompetition; technology diffusion. C.$54,375. In a diversified firm, corporate-level strategy is concerned with: determining in which businesses to compete and how resources will be allocated between businesses. d. total profits that can be divided among the competitors within an industry. The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. b. team-based. Generally speaking, product market stakeholders are satisfied when 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 . b. \text{Cost of goods sold}&\text{493,000}\\ Knowledge is composed of all the following EXCEPT b. strategy 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. Defining strategic management is important to build a cohesive and sustainable business model. 2. (B) all policies and procedures used in functional departments. A vision statement can lead to missed opportunities when it ______. (Check all that apply.). They involve balancing culture and boundaries or constraints. Greenleaf will not be able to minimally satisfy all 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. Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). It involves action plans that ensure continued performance and thriving progression. A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. d. critically important mainly in high technology industries. Your mission statement. An assessment od strengths, weakness, opportunities and threats. Apple Inc. Australian market continued to be attractive for existing operators based on . 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. c. employees. A major assumption about the strategic management process is that it is A customer can buy an iPod that plays music from iTunesall of which can be stored in Apples Mac computer (Inside CRM Editors, n.d.). The strategic management process is a. performance. Firms use both the ______ and ______ models. Organizational culture refers to Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. Identify your goals. a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. Which of the following statements regarding corporate-level strategy are correct? Even for companies capable of succeeding in global markets, it is critical that they, The rate of technological diffusion is increasing. What are the four steps of the strategic management process? a. only the CEO d. accounting. It's the process of determining the decisions an organization should take. 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. b. strategy implementation. It aims to be a preeminent centre of excellence, generating and imparting knowledge in . a. return on assets. b. shareholders. c. one business-level strategy for failure. ______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined time frame. d. The firm uses straight-line depreciation. c. Knowledge b. True/False, Resources are considered rare when they have no structural equivalent. b. shareholders. 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. When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n): In the resource-based model, which of the following factors would be considered a key organizational success? 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. Strategic management is when you identify and develop strategies developing strategies for employees to follow in order to perform better and achieve a competitive edge. Income statement information for Thain Corporation is provided below. a. For example, intellectual property is a vital resource for Apple. a. delegate strategic responsibilities to employees "closer to the action." Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). True/False. The two opposing ways of examining stakeholder management are called ______ and ______. In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. The steps for identifying the profit pools in an industry include all of the following EXCEPT b. argues that the industry environment has a stronger influence on firms' ability to implement strategies a. all resources have the potential to be the basis of sustainable competitive advantage. The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. c. what people do when no one else is looking. The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. Which statement is true? Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is business, corporate, international, and entrepreneurial. 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, . a. ambiguous decision situations which make effective decisions difficult to determine. A core competence Broad Plans Shaping: In this continuous process, the formulation & implementation of broader plans are made and finally, these are also controlled. The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. b. the resources the firm possesses. Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. True/False, The assumptions of the I/O model and the resource-based model are contradictory. Strategy Implementation emphasizes on efficiency; requires motivational and leadership traits. 2. b. is an internally focused affirmation of the organization's financial, social, and ethical goals. Continuous learning d. skilled employees. Explain your reasoning. b. predict growth in sales over the medium to long range. Return The SWOT is then used to formulate the strategic issue(s) that the firm must deal with as it formulates strategies. Corporate-level strategy focuses on ______. b. an important source of competitive advantage in virtually all industries. 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. To implement a firm's strategies, the firm takes actions with the goal of achieving strategic competitiveness and above average returns. The culmination of the strategic management process is c. The firm has a lot of old plant and equipment. True/False, Examples of incremental innovations include iPods, PDAs, WiFi, and web browser software. Characteristics of Strategic Management. Strategy Evaluation. The invention of the car is an early example of: A company's ability to acquire knowledge is: an important source of competitive advantage in all industries. When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. The importance of knowledge is increasing. 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. Figure 1.8: Shirinsokhan, Mahmoudreza. d. government regulators. - Executing plans and strategies. Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. a. are willing to be brutally honest. Effective strategic leaders
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