en.wikipedia.org/wiki/Apple_Inc._ litigation. As a result, virtually all of the assets under her control are fully depreciated. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. After executing the environmental analysis process, management . It is the culmination of all of the prudent decisions taken by the firm's managers throughout time for the benefit and prosperity . Which of the following are reasons vision statements sometimes fail? a. ambiguous decision situations which make effective decisions difficult to determine. 90; 10 d. emphasize profit maximization. a. located only at the executive level. b. resources to implement strategies are firm-specific and attached to firms over the long-term. b. the resource-based model. Which of the following is an example of a firm's intellectual asset? . What Is Strategic Management? | Indeed.com Canada True/False, Corporate-level strategy in a diversified organization requires a common business strategy for each component of business. d. competitive dominance. Strategic Management - Definition, Importance and Need of - Harappa A core competence True/False, An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values. b. strategic flexibility True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. Reward The Snack Division's operating margin for the year was $6.5\$ 6.5$6.5 million, during which time its average invested capital was $50\$ 50$50 million. organizational versus individual rationality. It offers courses accredited to AMBA, AACSB & NIRF. c. political dimensions. A retail outlet can attempt several remedies to improve profitability to meet the expectations of its ___ stakeholders, including closing stores, changing the top management team, and seeking potential buyers. The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. 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. vision. A vision Strategic management of an organization entails which of the following ongoing processes? Strategic management is the set of decisions and actions resulting in the formulation and implementation of plans designed to achieve a company's objectives. B. (Check all that apply.). c. calls for firms to focus on their homogeneous capabilities to compete against their rivals. d. critically important mainly in high technology industries. In order for strategic objectives to be meaningful they need to be ______. Want to create or adapt books like this? d. companies are paying the highest prices to suppliers, Product market stakeholders include (Check all that apply.). Strategy Execution Management Solution - UMT360 Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. 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. 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. ), Business-level strategy is concerned with how companies ______. A Deeper Dive into the Strategic Management Process. Broad Plans Shaping: In this continuous process, the formulation & implementation of broader plans are made and finally, these are also controlled. d. ability, successes, and performance. b. shareholders . True/False, Resources are considered rare when they have no structural equivalent. the three processes are highly interdependent. b. executives control strategy implementation. Planning extensive employee training and hiring educated and experienced employees. PDF is the culmination of a multi-year strategic planning process involving Capital market stakeholders include d. abilities; strategies. (n.d.). resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. d. intelligence. b. oil drilling rights in a promising region. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. 1.4 The History of Strategic Management c. vision. ____has become the second-largest economy in the world. 98.:A business-level strategy describes (A) the businesses in which the company intends to compete. Strategic ch. 1 Flashcards | Quizlet c. the I/O model. - Evaluating efficiency and effectiveness . Certainly, part of Apples success is due to the unique products it offers the market, as well as how these products complement one another. a. the power of the financial market stakeholders. d. estimating the size of the value-chain activity in the pool. (PDF) Strategic Management - ResearchGate a. a firm's profit margin yields the lowest return to capital market stakeholders that is acceptable to them. a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. Chapter 5: Strategic Management Flashcards | Quizlet Although the first four steps describe the planning that must take place, implementation and evaluation are just as important. c. the CEO, COO, and CFO only. d. government regulators. internal environment, external environment, & strategic goals, Which of the following are evaluated during the analysis process of strategic management? a. analyses; strengths This activity is important because proper use of strategic management techniques . Strategic Management Process - Your Article Library Consistent failure to achieve this minimum target is grounds for the dismissal of a division manager. a. industry competitors. Litigation. Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. Chapter 01 Strategic Management and Competitiveness Which statement is true? Strategic management is the process of defining and implementing an organization's strategy. d. social value of each stakeholder. The firm makes less efficient use of its assets than other firms. a. A vision statement can lead to missed opportunities when it ______. are established. d. the amount and speed of growth. b. focus on strategy formation. This ad seeks to convey a sense of the organization's to the viewers. PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. Even for companies capable of succeeding in global markets, it is critical that they, The rate of technological diffusion is increasing. SWOT stands for This is because the organization's role as a taxpayer is most important to as stakeholders. Methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. Strategic management adheres to the perspective that what might be seemingly ideal for one functional area of an organization might not be in the best interest of the total organization. The strategic management process is more than a set of rules to follow. d. easy to implement; unique. Strategy implementation is the final stage of the process. The Strategic Planning Process in 4 Steps | OnStrategy c. avoid too much managerial hubris. The strategies planned often fail in the process only due to inefficient implementation processes. b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. a. power of each stakeholder Your mission statement. Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. d. concentration on the practical day-to-day aspects of the organization's operations. Pearce and Robinson, 1988. In the strategic management process ASP stands for Defend your answer. c. personal computer Is is measure by its ___. 2. b. all policies and procedures used in functional departments. 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. How to develop a strategic management process. Which statement about the triple bottom line is true? What is Strategic Management? definition, process and importance True/False. Strategic Management - Your Article Library a. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. c. tactic All of the following are assumptions of the industrial organization (I/O) model EXCEPT Strategic Management Process Overview With Examples - Study.com Meaning of Strategic Management. Inside CRM Editors. In the POLC framework, where does strategy formulation take place? b. . b. a firm's profit margin yields an above-average return to its capital market stakeholders. The 5 stages of the strategic management process. It involves identifying internal and external factors and understanding how they affect an organization. Knowledge is composed of all the following EXCEPT 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. For example, intellectual property is a vital resource for Apple. (PDF) Strategic Management and Strategic Planning Process - ResearchGate The Strategic Management Process Guide - cascade.app b. weak competition Who typically develops a firm's mission statement? Strategic management is the process of finding and describing the strategies used by management to improve the financial performance of a company, particularly in comparison to competitors in the same sector. (Remember to type only one word in the blank.). Managers execute or implement their decisions as ______ in the third step of the strategic management process. Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. 7 Main Steps in Process of Strategic Management (Explained) d. a school board lacking in core competencies. areas, are relatively rare. \text{Sales}&\text{\$850,000}\\ d: 70: 3884478507 Between 2008 and 2010, Apple filed more than 350 cases with the US Patent and Trademark Office to protect its use of such terms as apple, pod, and safari (Apple Inc.). . The industrial organization (I/O) model argues that It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the competitors and take necessary .