examples of each based on your own experiences. 1. d. All of these options are correct. Analysis of the industry's profit pool enables strategic managers to - Formulating an action plan and strategies. ______ is performing similar activities better than rivals do. c. the firm's actions to exploit its competitive advantage over rivals. The culmination of the strategic management process is Which of the following statements about organizational knowledge is correct? . a. power of each stakeholder Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. ), Which of the following are social responsibility expectations that go beyond a firm's product and service quality? Overall, strategic management is an important part of an organization's development and overall performance. Name two benefits workers take for granted now that did not exist before labor organized. Firms use the five forces model to identify the of the industry as measured by its c. weak competitors in the industry. You can view this video here: https://youtu.be/o0U0gwvnhek. Planning extensive employee training and hiring educated and experienced employees. (Check all that apply.). b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. It aims to be a preeminent centre of excellence, generating and imparting knowledge in . b. The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. a. c. what people do when no one else is looking. Even the best strategies can fail if management doesn't implement or evaluate them . On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. Is is measure by its ___. d. The Internet. UMT360's Strategy Execution Management solution. Strategy Evaluation. a: 69: 3884476977: Managers must adopt a new mind-set that values conditions. c. economics. a. suppliers. d. expand the strategic responsibilities to all organizational stakeholders. c. speed b. mission. The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to c. strength, wealth, organization, and taxes. Owner/CEO, Strategy Leader. (B) all policies and procedures used in functional departments. Research shows that approximately___percent of a firm's profitability is explained by the industry in which it competes, whereas d. locate the most promising areas of an industry's value chain. c. companies provide a dynamic, stimulating, and rewarding work environment. True/False, Resources are considered rare when they have no structural equivalent. Strategic management is the process of defining and implementing an organization's strategy. Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. a. strategic mission. 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. Strategic Management can be defined as a decision-making process that leads to the development of the strategic position, i.e., which helps to determine the future sustainability and the profitability of the organization, simultaneous with the integration of managerial capabilities, responsibilities, motivation . Managers must adopt a new mind-set that values conditions. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. Chapter 10 Executing Strategy through Organizational Design offers ideas on how to manage these elements of implementation. During the analysis step of the strategic management process managers are concerned with the company's ______. b. c. defining the competitors in the pool. Chapter 8 Selecting Corporate-Level Strategies focuses on selecting corporate-level strategies, and Chapter 9 Competing in International Markets presents possibilities for firms competing in international markets. [1] Using the definition of strategic management above then, the strategic management process is "the coordinated means by which an organization achieves its goals and objectives.". c. seek to increase their power. A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". Strategic management means managing the resources of an organization to reach its goals such as financial and operational objectives. What other games might help teach strategic thinking. The essence of strategic management is the study of why some firms ______. The goal of strategy implementation is to develop a permanent competitive advantage. A core competence Product market stakeholders include the firm's customers, and the principal concern of this stakeholder group is The external control view of leadership emphasizes the role of which of the following types of factors in the success or failure of a firm? Strategic management involves setting objectives, analyzing the competitive environment . b. b. c. competition; competency Strategic management is directed toward a company's ______. b. one business-level strategy. True/False, The goal of strategy implementation is to develop a permanent competitive advantage. PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. - Resource analysis to select workforce and assign suitable tasks. Reflects what a firm is doing to achieve its mission and vision as seen by its achievement of specific goals & objectives. The strategic management process is more than a set of rules to follow. b. the firm's internal resources and capabilities represent the foundation for development of a value-creating strategy. Which of the following are needed in order for entrepreneurial initiatives to be successful? b. The two primary drivers of hyper-competition are the emergence of the global economy and technology. . The profit pool is the Strategic management is directed toward the organization's overall organizational ________ and ______. Planning. Synonymous with business planning and strategic planning. Greenleaf Property Management has been earning below-average returns for the last three years. Environmental and internal scanning is the next stage in the process. 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. B. Disruptive Match the type of leader (on the left) with the corresponding description (on the right). c. an ability to identify the correct solutions to long-range problems. Alfred Chandler, 1962. b. easy to imitate; difficult to implement. SWOT stands for We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. True/False, An effective vision statement must specify the industry in which a company will operate. d. competitive dominance. Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. What is the Strategic Management process? (Check all that apply.). d. mission, ___is an investor's uncertainty about the economic gains or losses that will result from a particular investment. 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. ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. 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. . Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). Effective strategies Apple uses to create loyal customers. In the POLC framework, where does strategy formulation take place? The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. a. 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. organizational versus individual rationality. 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. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. Your company's core competencies. strategic objectives. True/False, The rate of growth of Internet-based applications could be affected by the strategies of Internet service providers charging users for downloading those applications. b. success, weakness, opportunities, and taxes. Who typically develops a firm's mission statement? economic downturns or upturns, government legislation, new technologies. A capability c. culture The steps for identifying the profit pools in an industry include all of the following EXCEPT Which of the following actions by the CEO would be most consistent with this need? c. the key to earning above-average returns is strategic flexibility. In a diversified firm, corporate-level strategy is concerned with: determining in which businesses to compete and how resources will be allocated between businesses. a. CEO. _____ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. a. insight. (B) team-based. Which of the following are true of behavioral controls? Phase 1: By "Assess and Organize" we mean assessing the current strategic direction and capabilities of the organization and designing and organizing an appropriate startup program based on this assessment.