As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. a. each firm is a unique collection of resources and capabilities. (PDF) Strategic Management and Strategic Planning Process - ResearchGate Solved The strategic management process begins with | Chegg.com A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. c. Sustainable competitive advantage The strategic management process is a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. a. committed to helping the firm create value for all stakeholder groups. How do you think the economic growth of developing countries will affect you and your family in the future? 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. B. d. coordinating the vision and mission of each subsidiary firm. 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.). d. strengths, weaknesses, opportunities, and threats. d. A goal, Strategic leaders are Strategic management is a process that requires the ability to manage change wherein executives must be cautious to monitor and to interpret the events in their environment as well taking appropriate actions to ensure that their firm to survive and thrive over time. University of Malta. The rate of technology diffusion has been steadily increasing over the last two decades. d. expand the strategic responsibilities to all organizational stakeholders. Knowledge is composed of all of the following(expertise, information, intelligence) except: Which of the following statements about organizational knowledge is correct? The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to: delegate strategic responsibilities to employees "closer to the action". Strategic Management Process - Stages of Strategic Management d. suppliers of capital. c. use the strategic management process. The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. a. Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of organizational versus _______ rationality. determines how organization as a whole supports and enhances the value of the business units w/in it. What is Strategic Management? definition, process and importance . At the same time, firms must evaluate their own resources to understand how they might react to changes in the environment. is a capacity for a set of resources to perform a task or an activity in an integrative manner. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies c. companies provide a dynamic, stimulating, and rewarding work environment. This is because the organization's role as a taxpayer is most important to ___ as stakeholders. c. Knowledge d. personality. 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. Measure the progress by comparing the plan against actual results. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. The message of the ad is that this firm's accountants love their work. Which of the following is the most inclusive term for the individuals, groups, and organizations that have a claim in the success of an organization? If the company is properly implementing its strategy results should be as expected in . 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. True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. symbiosis; zero sum. Managers must take a(n) ______ view of the organization and assess how functional areas and activities fit together so that the organization can achieve its goals and objectives. Match the type of leader (on the left) with the corresponding description (on the right). It's the process of determining the decisions an organization should take. 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. Knowledge is an intangible resource. 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. The ______ view of stakeholder management views the management process as groups competing for the organization's resources. b. mission b. an important source of competitive advantage in virtually all industries. \text{Cost of goods sold}&\text{493,000}\\ During the analysis step of the strategic management process managers are concerned with the company's ______. c. host communities A core competence Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. 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. 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. The importance of knowledge is increasing. Strategic Goals: Why is it important to view strategic management as a process? The strategic management process is a. values. Strategic Implementation is defined as "the process by which strategies and policies are put into action through the development of programs, budgets and procedures" (Strategy implementation, 2009, para.1). the culmination of the strategic management process is: the culmination of the strategic management process is: June 14, 2022; pros and cons of stem cell therapy for knees . Chapter 01 Strategic Management and Competitiveness To implement a firm's strategies, the firm takes actions with the goal of achieving strategic competitiveness and above average returns. Introduction. a. an hourly production employee's ability to catch subtle quality defects in products. In a diversified firm, corporate-level strategy is concerned with: determining in which businesses to compete and how resources will be allocated between businesses. The strategic leader's work is characterized by Returns can only be measured in accounting terms such as return on assets, return on equity, or return on sales. (Check all that apply.). b. local dimensions. a. ethical dimensions. In Chapter 7, Innovation Strategies, we present insights on the role innovation plays in strategy development and implementation. c. is mainly intended to emotionally inspire employees and other stakeholders. Strategic Management ch 1 Flashcards | Quizlet 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." (PDF) A critical analysis of strategic management process - ResearchGate 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. The 5 stages of the strategic management process. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. Effective strategic leaders Strategic Management can be found in . c. determining in which businesses to compete and how resources will be allocated between businesses. Given that the company's other division managers use straight-line depreciation, is her use of an accelerated method ethical? SWOT stands for The is the most critical criterion in prioritizing stakeholders. 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 interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. Greenleaf will not be able to minimally satisfy all stakeholders. In the resource-based model, which of the following factors would be considered a key to organizational success? 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. Broad Plans Shaping: In this continuous process, the formulation & implementation of broader plans are made and finally, these are also controlled. b. weak competition Strategic planning process is a systematic or emerged way of performing strategic planning in the organization through initial assessment, thorough analysis, strategy formulation, its implementation and evaluation. c. the firm's actions to exploit its competitive advantage over rivals. The two opposing ways of examining stakeholder management are called ______ and ______. d. mission, ___is an investor's uncertainty about the economic gains or losses that will result from a particular investment. Kick-Off Meeting: 1 hr. The two opposing ways of examining stakeholder management are called ______ and ______. ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. a. the march of globalization. d. critically important mainly in high technology industries. The first step in the strategic management process is to evaluate where you're going, and why. 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, . Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. a. goal b. strategy c. tactic d. mission ANSWER: b 104. It is a process that requires a systematic . c. weak competitors in the industry. In Chapter 2 "Assessing Organizational . See the examples before. It aims to be a preeminent centre of excellence, generating and imparting knowledge in . a. defining the boundaries of the pool. c. a process directed by top . 1.6 Understanding the Strategic Management Process In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. Which of the following state the goals and intentions that help define a firm's competitive advantage? What is Strategic Management Process, and How Does It Work? The strategic management process is the systematic analysis of an organization's internal and external environment to achieve and retain a competitive advantage.