d. All of these options are correct, Strategic delegation helps c. the profitability of the industry in which the firm competes. Explain Strategy formulation. d. the amount and speed of growth. Ideally, you already have some goal materials in place, including: Your vision statement. (Check all that apply.). Social responsibility is the expectation that businesses or individuals will strive to ______. What Is Strategic Management and Why Is It Important? 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. c. the external environment is assumed to impose pressures and constraints that determine the strategies that result in above-average returns. 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. 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. delegate strategic responsibilities to employees "closer to the action." ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. b. b. psychology. a. analyses, successes, and purposes. 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. In terms of analyzing the external environment of the firm, the industry environment consists of ______ and other organizations that may threaten the company's success. 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. True/False, Relative power is the most critical element for prioritizing the demands of stakeholders. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. areas, are relatively rare. Broad Plans Shaping: In this continuous process, the formulation & implementation of broader plans are made and finally, these are also controlled. Owner/CEO, Strategy Leader. (2014, November 29). c. the key to earning above-average returns is strategic flexibility. The strategic management process is. d. culture. It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. (Check all that apply.). Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______. 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. b. shareholders. Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. Learn more about how Pressbooks supports open publishing practices. b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. Solved The strategic management process begins with | Chegg.com The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. A major assumption about the strategic management process is that it is b. True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. a. flexibility b. innovation c. speed d. All of these options are correct. d. hypercompetition. In Chapter 2 "Assessing Organizational . McDonald's has been able to a. earn above-average returns. b. a firm's profit margin yields an above-average return to its capital market stakeholders. This ad seeks to convey a sense of the organization's to the viewers. d. expand the strategic responsibilities to all organizational stakeholders. c. companies provide a dynamic, stimulating, and rewarding work environment. 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. Performance of the firm is most directly attributable to Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. Knowledge is an intangible resource. b. only top managers Certainly, part of Apples success is due to the unique products it offers the market, as well as how these products complement one another. d. analysis. Strategic Management: Meaning, Concepts, Examples (Explained) - iEduNote d. the CEO, COO, and CFO only. Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. Strategic Management Flashcards | Quizlet c. what people do when no one else is looking. Strategic Management Process | MiroBlog What is Strategic Management? Definition, Process, Types, Advantages b. predict growth in sales over the medium to long range. 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 company requires that all divisions generate a minimum return on invested assets of 8 percent. b. tighten loan covenants. All of the following are assumptions of the industrial organization (I/O) model EXCEPT A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. c. employees. c. decisive. d. estimating the size of the value-chain activity in the pool. Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. Planning extensive employee training and hiring educated and experienced employees. (Remember to type only one word in the blank.). Your long-term goals and/or BHAGs. Study with Quizlet and memorize flashcards containing terms like . The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. Sound strategies are of no value if they ______. This activity is important because proper use of strategic management techniques . Analysis of the industry's profit pool enables strategic managers to c. Sustainable competitive advantage d. competitive dominance. c. the lack of an organizational mission for the school board. b. the resource-based model. \text{Sales}&\text{\$850,000}\\ b. expertise. d. in the operations area. It is a . b. This involves developing specific strategies and actions. C.$54,375. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. In the strategic management process ASP stands for The economic interdependence among countries is reflected in the flow of goods, services, financial capital, and knowledge across country borders is defined as: higher performance standards including quality and cost. What strategic management process? | Egyptian Culture Center 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. The annual cash bonus paid to division managers is 1 percent of residual income in excess of $100,000\$ 100,000$100,000. (PDF) Strategic Management and Strategic Planning Process - ResearchGate d. skilled employees. According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. Explain your reasoning. a. goal 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? b. the industry's structural characteristics have little impact on a firm's performance over time. According to Hitt, the final responsibility for forming the organization's mission lies with the: A key purpose of a mission statement is to inform___ what a firm is, what it seeks to accomplish, and who it seeks to serve. Strategy execution management is the evolution of traditional project delivery. c. capabilities are highly mobile across firms. b. resources alone can be a source of sustainable competitive advantage. Name two benefits workers take for granted now that did not exist before labor organized. d. one business-level strategy and one corporate-level strategy. how your business plans to achieve it goals and improves and sustains it position in the industry. - Resource analysis to select workforce and assign suitable tasks. Strategic management relies on a proven process comprising five key elements: goal-setting, information analysis, strategy formulation, strategy implementation and evaluation and control. b. mission Strategic Management & Strategic Planning Process d. easy to implement; unique. Figure 1.8: Shirinsokhan, Mahmoudreza. Introduction. a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. ______ is performing similar activities better than rivals do. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. What is the difference between strategy formulation and strategy implementation? Strategic Management Process and Its Different Stages d. strengths, weaknesses, opportunities, and threats. b. shareholders, management, and the board of directors. Strategic Management Process - STRATEGIC MANAGEMENT PROCESS Strategic c. employees. c. the CEO and top managers There are provisions to create, implement and appraise . - Executing plans and strategies. Managers are analyzing the firm's ______ when managers are studying its competitors. C) strategy formulation. Strategy formulation is the next step in the strategic management process. Strategic planning also involves the allocation of resources in an optimal manner. (Check all that apply.). c. host communities The strategic management process is the full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns. Consistent failure to achieve this minimum target is grounds for the dismissal of a division manager. a. the march of globalization. The strategic management process is. b. global competition. c. strength, wealth, organization, and taxes. For example, part of Apples success is due to its consistent focus on innovation and creativity that Steve Jobs described as similar to that of a start-up. All businesses can benefit from strategic management to help them meet long-term objectives. d. organization's stakeholders. Companies have realized that failure to measure it can negatively affect the company and its community. Importance of Strategic Management. c. economies of scale ______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders.