the culmination of the strategic management process is:

1. The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. STRATEGIC MANAGEMENT PROCESS: F i gu re 10. Importance of Strategic Management. c. the CEO, COO, and CFO only. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. Strategic management involves setting objectives, analyzing the competitive environment . Which of the following statements regarding corporate-level strategy are correct? In situation analysis, organizations must scan and evaluate the organization's performance, corporate strategies, and internal and external . The ability to effectively and efficiently access and use information is The strategic management process is a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. Some of the steps involved in the process of strategic management:- 1. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. Which of the following actions by the CEO would be most consistent with this need? Effective strategies Apple uses to create loyal customers. d. in the operations area. Organizational stakeholders include 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 d. abilities; strategies. d. strategy. c. return on sales. Strategic Management - Definition, Importance and Need of - Harappa b. psychology. It is a process that requires a systematic . b. mission Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. True/False. The strategic management process is more than a set of rules to follow. A retail outlet can attempt several remedies to improve profitability to meet the expectations of its ___ stakeholders, including closing stores, changing the top management team, and seeking potential buyers. The strategic management provides a base for the organization on the basis of which progress can be measured and on the basis of the same, the employees can be compensated. c. the interests of the firm's organizational stakeholders have been maximized. c. Global This improved performance is best explained by Managers execute or implement their decisions as ______ in the third step of the strategic management process. c. strategy formulation. Which of the following is an example of a firm's intellectual asset? We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. 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. (PDF) Strategic Management and Strategic Planning Process - ResearchGate Which of the following are true of behavioral controls? \begin{array}{llr} a. flexibility b. innovation c. speed d. All of these options are correct. In the resource-based model, which of the following factors would be considered a key to organizational success? 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. It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . c. strategy . Here are the key elements of strategic management. The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. 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. a. sell their stock. d. personality. Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. a. CEO. a. inspired. Introduction. b. tighten loan covenants. True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Firms use the five forces model to identify the of the industry as measured by its True or false: The most effective organizations have strong leaders at the top who make all the decisions that the rest of the organization then carries out. d. organization's stakeholders. The Strategic Planning Process in 4 Steps | OnStrategy Which of the following are stakeholder groups that managers should consider when making decisions? (Check all that apply. Strategic Management can be found in . To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. Let us take a look at the five conventional functions of the management process. b. The is the most critical criterion in prioritizing stakeholders. The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. d. estimating the size of the value-chain activity in the pool. Strategic Management Process - Meaning, Steps and Components 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. c. tactic Strategic management is a process that requires the ability to manage change. Characteristics of Strategic Management. University of Malta. c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. (. Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage. Your long-term goals and/or BHAGs. Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. The strategic management process is essentially a set of steps a leader can use to help achieve better business outcomes. In Wikipedia. Chapter 01 Strategic Management and Competitiveness Strategy Execution Management Solution - UMT360 Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. d. accounting. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. c. analyses; strategies b. located in different areas and levels. b. A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". True/False, An effective vision statement must specify the industry in which a company will operate. d. total profits that can be divided among the competitors within an industry. Apple Inc. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies 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." $$ How to develop a strategic management process. statements, like vision statements, should be massively inspiring to an organization's main stakeholders and include the purpose of the organization, its scope of operations, and the basis of its competitive advantage. What Is Strategic Management? | Indeed.com Canada A strategic management process is an essential tool for any organization looking to optimize performance and reach success. b. shareholders. The 6 stages of the Strategic Management Process McDonald's has been able to a. earn above-average returns. UMT360's Strategy Execution Management solution. b. is an internally focused affirmation of the organization's financial, social, and ethical goals. The culmination of the strategic management process is: A) performance. one business-level strategy and one corporate-level strategy. Chapter 5: Strategic Management Flashcards | Quizlet 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. Strategy implementation is the final stage of the process. 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. 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. d. All of these options are correct. ), Business-level strategy is concerned with how companies ______. c. obtaining reliable products at the lowest possible price. d. skilled employees. In a diversified firm, corporate-level strategy is concerned with Readiness assessment. b. strategic flexibility a. power of each stakeholder True or false: Intended strategy rarely survives in its original form. d. sustainable market niche. a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. Solved The strategic management process begins with | Chegg.com a. return on assets. True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. c. 36; 20 a. operating each individual business under the corporate umbrella. A firm's vision, mission, and strategic objectives form a hierarchy of . Retrieved from https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png. 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 . It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. b. customers pay the highest sustainable price for the goods and services they receive. This behavior has existed for decades, even as the membership in the school board has changed over time. 3. a. flexibility The culmination of the strategic management process is: Managers must adopt a new mind-set that values ______ and the challenges that evolve from constantly changing conditions. c. the I/O model. (Check all that apply.). c. The value of knowledge as a proportion of shareholder value is increasing. ______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities. 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. Greenleaf will not be able to minimally satisfy all stakeholders. When managers refer to their organizational boundaries they mean both ______ and ______ boundaries. d. The firm uses straight-line depreciation. Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. b. achieve strategic competitiveness. c. Knowledge True/False, An effective vision stretches and challenges people and can result in increased innovation. a. the businesses in which the company intends to compete. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. To implement a firm's strategies, the firm takes actions with the goal of achieving strategic competitiveness and above average returns. c. ability, strategies, and purposes. 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. 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. It is important because it helps the business to make decisions unbiasedly and react to changes rapidly. True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. In Chapter 2 "Assessing Organizational . Organizational stakeholders are usually satisfied when, companies provide a dynamic, stimulating, and rewarding work environment. (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. b. The strategic management process begins with an understanding of strategy and performance. Management Process: Definition, Features & Functions c. defining the competitors in the pool. a. size; number of competitors. Who typically develops a firm's mission statement? (B) all policies and procedures used in functional departments. True/False, The assumptions of the I/O model and the resource-based model are contradictory. Make Better business decisions: It is important to understand the difference between a great idea and a good idea. the culmination of the strategic management process is: d. emphasize profit maximization. Strategy Implementation in Strategic Management Process c. the CEO and top managers (2014, November 29). Although the first four steps describe the planning that must take place, implementation and evaluation are just as important. b. only top managers A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. [1]. A.$2,375. c. Risk d. hypercompetition. 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. A sustainable competitive advantage is not achieved through operational effectiveness alone. (Check all that apply.). (PDF) Strategic Management - ResearchGate This is because the organization's role as a taxpayer is most important to ___ as stakeholders. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. The firm makes less efficient use of its assets than other firms. are established. Managers are analyzing the firm's ______ when managers are studying its competitors. a. It offers courses accredited to AMBA, AACSB & NIRF. a. vitally important at the point where a domestic firm enters the global market. Strategic Management Process | MiroBlog Which of the following are characteristics of a well-written organizational vision statement? A Deeper Dive into the Strategic Management Process. The Culmination of the Strategic Management Process Is https://youtu.be/o0U0gwvnhek. True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. b. global competition. For example, Apples decision to create the iPhone demonstrates its ability to interpret that traditional industry boundaries that distinguished the cellular phone industry and the computer industry were beginning to blur. Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. Kick-Off Meeting: 1 hr. Chapter Layout for Strategic Management. CC BY-SA 4.0. 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? 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. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. 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 . The 5-Step Strategic Management Process | Indeed.com d. mission, ___is an investor's uncertainty about the economic gains or losses that will result from a particular investment. a. culture b. globalization; exports. True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . Defend your answer. A business-level strategy describes Strategic management process has following four steps: Environmental Scanning-Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. 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.). Strategic Management Process - Stages of Strategic Management . It helps in analyzing the internal and external factors influencing an organization.

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