Effective strategic leaders d. expand the strategic responsibilities to all organizational stakeholders. a. ethical dimensions. . b. (Check all that apply.). Managers execute or implement their decisions as ______ in the third step of the strategic management process. Figure 1.7: Kindred Grey (2020). (Check all that apply.). b. tighten loan covenants. The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. Managers must constantly scan the external environment for trends and events that affect the overall economy, and they must monitor changes in the particular industry in which the firm operates. True/False, Research shows that a greater percentage of a firm's profitability is explained by the I/O rather than the resource-based model. Collect and review information to help make the upcoming strategic decisions. The third step of the strategic management process is the ______ step. Which statement is true? This perspective is known as ______. E.$(11,375). . Planning Team and Executive Team. Which of the following statements regarding strategic management is true? True or false: Intended strategy rarely survives in its original form. d: 70: 3884478507 c. employees. ), Which of the following are social responsibility expectations that go beyond a firm's product and service quality? 3. Accordingly, the strategic management and planning process consists of sequential five key steps; (i) Goal setting, (ii) Analysis strategy formation, (iii) Strategy formation, (iv) Strategy . a. each firm is a unique collection of resources and capabilities. [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.". Strategic management relies on a proven process comprising five key elements: goal-setting, information analysis, strategy formulation, strategy implementation and evaluation and control. (Check all that apply.). The profit pool is the Feedback may occur at all times to revise these actions. True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. Owner/CEO, Strategy Leader. c. Knowledge 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. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. Knowledge is an intangible resource. Overall, strategic management is an important part of an organization's development and overall performance. d. locate the most promising areas of an industry's value chain. d. ability, successes, and performance. a. strategic mission. The I/O model is grounded in a. analyses, successes, and purposes. a. industry competitors. b. a willingness to unify stakeholders through skillful manipulation. Afra Alnaimi. a. delegate strategic responsibilities to employees "closer to the action." A company competing in a single product market has c. defining the competitors in the pool. 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, . Strategic Management is a stream of decisions and actions which lead to the development of an effective strategy or strategies to help achieve corporate objectives. b. local dimensions. They involve balancing culture and boundaries or constraints. The firm's provide the foundation for choosing one or more ______ and deciding how to implement them. The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. 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. Strategy Evaluation. Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. This behavior reflects The Jayhawks Rising Strategic Alignment Model is the culmination of a multi-year strategic planning process involving many groups and individuals who proposed hundreds of ideas for how to advance us toward our vision to be an exceptional learning community that lifts each member and advances society. Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). Which of the following actions by the CEO would be most consistent with this need? Organizational stakeholders include Follow this guide to create and implement an effective strategic management plan: Clarify your vision. Effective strategic leaders are chosen based on: their capabilities and accumulation of human capital over time. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Who typically develops a firm's mission statement? Determine organizational readiness. 2 St rategy formul at ion a nd i mp leme nt ati on in t he st rat e gi c mana ge me nt p roce ss Strategic management. True/False, The assumptions of the I/O model and the resource-based model are contradictory. d. in the operations area. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. 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. 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. Definition. Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. 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. This activity is important because proper use of strategic management techniques . The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. c. economics. Generally speaking, product market stakeholders are satisfied when: a firm achieves a balance between profit margins, costs paid to suppliers and prices set for customers, Before liquidating during a bankruptcy, a company will take several actions to try to satisfy its ____ stakeholders. . Write the key term that best matches each description. It improves the company's problem-solving and prevents capabilities. a. ambiguous decision situations which make effective decisions difficult to determine. (Check all that apply. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. Want to create or adapt books like this? How to develop a strategic management process. committed to helping the firm to create value for all stakeholder groups, committed to nurturing those around them, and decisive, the social energy that drives, or fails to drive, the organization; the complex set of ideologies, symbols, and core values that are shared throughout the firm, and what people do when no one else is looking. Strategic Goals: The is the most critical criterion in prioritizing stakeholders. Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. d. The firm uses straight-line depreciation. The second step in the strategic management process is ______. a. maximizing the firm's return on investment. 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). Strategic management of an organization entails which of the following ongoing processes? d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. c. information. It is long-term in nature. c. competition; competency Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. A firm's vision, mission, and strategic objectives are used to develop specific goals, which form the basis for its ______. The culmination of the strategic management process is a. performance. b. strategy implementation. 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? d. is developed by a firm before the firm develops its vision. a. pool of assets that is distributed to investors. It involves action plans that ensure continued performance and thriving progression. A firm's mission [1]. b. psychology. Corporate-level strategy focuses on ______. b. a firm's profit margin yields an above-average return to its capital market stakeholders. Which of the following statements about the strategic management process is true? Strategic Management: Chapter 2 Multiple Choi, Barnes & Noble, Inc: Maintaining A Competitiv, Service Management: Operations, Strategy, and Information Technology, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Information Technology Project Management: Providing Measurable Organizational Value. a. the businesses in which the company intends to compete. (Check all that apply.). Let us take a look at the five conventional functions of the management process. B. The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. d. hypercompetition. shareholders, management, and the board of directors. a. one corporate-level strategy. In a diversified firm, corporate-level strategy is concerned with Therefore, organizational strategists must choose one or the other as the basis for developing a strategic plan. d. Organizational intelligence. d. intelligence. This is the final stage of the strategic management process. Measure the progress by comparing the plan against actual results. c. determine whether an industry will be viable in the long term. a. major suppliers of capital Owner/CEO, Strategy Director. b. This improved performance is best explained by: Research shows that approximately ___ percent of a firm's profitability is explained by the industry in which it competes, whereas ___ percent is explained by the firm's characteristics and actions.