d. analysis. The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. Sound strategies are of no value if they ______. a. predict future revenue streams for the organization. Inside CRM Editors. Effective strategies Apple uses to create loyal customers. Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. d. All of these options are correct. c. profits that are accrued when a firm earns above-average returns. 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 (Check all that apply.). 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. \begin{array}{llr} 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. analysis. b. mission. Continuous learning Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. d. the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment. b. strategic flexibility The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. ), a destination that is driven by and evokes passion. Overall, strategic management is an important part of an organization's development and overall performance. The Chamber of Commerce of cities and towns often implore citizens to buy from local businesses. The triple bottom line measures the performance of which of the following? The Complete Guide to Strategy Evaluation - Creately Blog \text{Sales}&\text{\$850,000}\\ In the strategic management process ASP stands for c. A mission d. a charity's endowment of $400 million. Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. True/False, Developed countries still have major advantages in their access to information technology when compared to emerging countries because of the significant cost of the infrastructure needed for computing power. It's the process of determining the decisions an organization should take. What is Strategic Management | Learn About Strategic Management & the Information Technology Project Management: Providing Measurable Organizational Value, Operations Management: Sustainability and Supply Chain Management, Service Management: Operations, Strategy, and Information Technology, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine. Synonymous with business planning and strategic planning. Your company's core competencies. Prepare a vertical analysis of the income statement for Thain Corporation. a. unique market niche d. located at different levels, but only in the operating area of the organization, . c. employees. a. are willing to be brutally honest. True or false: Intended strategy rarely survives in its original form. It is important to emphasize that, primarily because they are related to how a firm interacts with its stakeholders, almost all strategic management process decisions have Returns can only be measured in accounting terms such as return on assets, return on equity, or return on sales. d: 70: 3884478507 c. defining the competitors in the pool. b. committed to nurturing those around them. The strategic management process begins with an understanding of strategy and performance. b. total profits earned in an industry along all points of the value chain. c. strategy formulation. a. the core values of the school board as an organization. McDonald's has been able to a. earn above-average returns. d. industry; competency, ___should establish a firm's individuality and should be inspiring and relevant to all stakeholders. b. easy to imitate; difficult to implement. It is a process that requires a systematic . a. In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. True/False, The uniqueness of a firm's resources and capabilities is the basis for a firm's strategy and determines its ability to earn above-average returns under the I/O review. The message of the ad is that this firm's accountants love their work. A company competing in a single product market has Above average returns are those in excess of what an investor expects to earn from other investments with similar stock prices. Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. Disruptive The video for this lesson explains the strategic management process. The culmination of the strategic management process is a. performance. On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. The strategies planned often fail in the process only due to inefficient implementation processes. . Organizational stakeholders are usually satisfied when, companies provide a dynamic, stimulating, and rewarding work environment. c. return on sales. d. All of these options are correct., A firm has achieved when it successfully formulates and implements a value-creating strategy. A core competence What is Strategic Management and Why is it Important? Environmental Scanning 2. YouTube. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Collect and review information to help make the upcoming strategic decisions. Explain Strategy formulation. strategic management chp 1 review Flashcards | Quizlet Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. In a diversified firm, corporate-level strategy is concerned with . (Check all that apply. c. vision. In order for strategic objectives to be meaningful they need to be ______. (D) inclusive. 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. Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? Strategic Goals: According to Hitt, the primary drivers of hyper-competition are: the emergence of a global economy and rapid technology change. d. hypercompetition. Firms use both the ______ and ______ models. d. critically important mainly in high technology industries. Strategic Management Advantages and Disadvantages - Wisestep The two opposing ways of examining stakeholder management are called ______ and ______. (Michael, R, & Robert, 2009, p.6) Tiger Airways Australia was chosen as the object of study. a. strategic competitiveness b. a permanently sustainable . True/False, Organizational mission statements typically do not include statements about profitability and earning above-average returns. It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. Strategic management process can be described as a set of managerial decisions and actions which determines the long-run direction and performance of the organization'. The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. b. the complex set of ideologies, symbols, and core values that are shared throughout the firm. b. shareholders. c. personal computer Efficiency, in terms of strategic management, can best be described as ______. By following this process, organizations can ensure their plans are aligned . Which of the following statements regarding corporate-level strategy are correct? d. The Internet. The essence of strategic management is the study of why some firms ______. Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. c. seek to increase their power. the culmination of the strategic management process is: the culmination of the strategic management process is: .

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