New markets created by iPods, PDAs, and Wi-Fi are a result of This improved performance is best explained by 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. A sustainable competitive advantage is not achieved through operational effectiveness alone. a. telephone Strategic Management can be found in . shareholders, management, and the board of directors. In strategic management, effectiveness can best be described as ______. incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? Prepare a vertical analysis of the income statement for Thain Corporation. 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. d: 70: 3884478507 a. values. c. knowledge intensity. c. the interests of the firm's organizational stakeholders have been maximized. d. critically important mainly in high technology industries. c. return on sales. c. A mission Strategic leaders, ______, often work long hours, and their work is filled with ambiguous decision situations. c. defining the competitors in the pool. (Check all that apply. Return b. Readiness assessment. d. increasing the profitability of the firm. A strategic management process can help guide the decisions and actions of senior executives within an organisation. Apple Inc. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. The ability to effectively and efficiently access and use information is - Formulating an action plan and strategies. Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. The firm's ___ provide the foundation for choosing one or more ___ and deciding how to implement them. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. b. strategy 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. 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. a. major suppliers of capital The goal of strategy implementation is to develop a permanent competitive advantage. Estimated Duration. a. unique market niche Typically, the formulation process starts with an assessment of available resources, an industry analysis to assess the competitive environment in which the company operates . (Check all that apply.). The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. In order for strategic objectives to be meaningful they need to be ______. Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). symbiosis; zero sum. 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. b. local dimensions. . c. In reporting her investment center's performance for the past 10 years, the manager of the Snack Division accounted for the depreciation of her division's assets by using an accelerated depreciation method allowed for tax purposes. True/False, When the firm earns lower-than-average returns, the highest priority is given to satisfying the needs of capital market stakeholders over the needs of product market and organizational shareholders. Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). c. use the strategic management process. c. a process directed by top management with input from other stakeholders that seeks to achieve above- average returns for investors through effective use of the organization's resources. The strategic management process begins with an understanding of strategy and performance. It should seek to diversify. strategic objectives. a. The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. b. total profits earned in an industry along all points of the value chain. Strategic management involves setting objectives, analyzing the competitive environment . d. products that were not imitated by competitors. c. focus on strategy implementation. internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? . d. All of these options are correct, Strategic delegation helps a. The strategic-planning process is never truly completed. At this stage, your strategy is already in action and you need to measure the effectiveness of the strategy. Planning extensive employee training and hiring educated and experienced employees. a. unions. b. resources alone can be a source of sustainable competitive advantage. is a capacity for a set of resources to perform a task or an activity in an integrative manner. How is chess relevant to the study of strategic management? c. personal computer The first step in the strategic management process is to evaluate where you're going, and why. . . The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. 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. The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. Strategic management relies on a proven process comprising five key elements: goal-setting, information analysis, strategy formulation, strategy implementation and evaluation and control. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. Therefore, organizational strategists must choose one or the other as the basis for developing a strategic plan. b. top-management team. The second step in the strategic management process is ______. 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. _____ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. A strategy Economies of scale and huge advertising budges are just as effective in the new competitive landscape as they were in the past. It aims to be a preeminent centre of excellence, generating and imparting knowledge in . c. rare; costly to imitate. 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. b. rapid technological diffusion. a. strategic mission. Match the type of leader (on the left) with the corresponding description (on the right). b. easy to imitate; difficult to implement. Consequently, how managers understand and interpret the performance of their firms is often central to understanding strategy. 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. It requires incorporating both short-term and long-term perspectives. In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. 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. d. the interests of all stakeholders have been at least minimally satisfied, The Chambers of Commerce of cities and towns often implore citizens to buy from local businesses. This is because the organization's role as a taxpayer is most important to ___ as stakeholders. It determines which business(es) should be in the company's portfolio. c. The firm has a lot of old plant and equipment. b. the industry's structural characteristics have little impact on a firm's performance over time. 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. a. sell their stock. The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business. Your mission statement. The process of implementation of strategy starts with the identification of key managerial tasks which form the basis for the creation of strategy starts with the identification of key Name two benefits workers take for granted now that did not exist before labor organized. It's an important step since it is here that businesses can review performance metrics of all components and make any tweak necessary to ensure accomplishment of long-term goals. Owner/CEO, Strategy Director. Which of the following statements about operational effectiveness are correct? The rate of technology diffusion has been steadily increasing over the last two decades. 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.
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