a. Planning Team and Executive Team. vision. d. Organizational intelligence. a. vision (Check all that apply.). Strategy Evaluation. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. Firms use both the _____and______models. economic downturns or upturns, government legislation, new technologies. d. differences in resources and capabilities are the basis of competitive advantage. True or false: The most effective organizations have strong leaders at the top who make all the decisions that the rest of the organization then carries out. 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. d. concentration on the practical day-to-day aspects of the organization's operations. The strategic management process is essentially a set of steps a leader can use to help achieve better business outcomes. What other games might help teach strategic thinking. b. psychology. (n.d.). As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. It guides the company to move in a specific direction. Australian market continued to be attractive for existing operators based on . A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. Rationalize the denominator of each fraction and simplify. a. located only at the executive level. True/False. ), Which of the following must a firm's strategy be consistent with? PGG Mining is making a strategic decision whether to shut down a coal mine in Pennsylvania. a. the businesses in which the company intends to compete. a. defining the boundaries of the pool. 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.). c. determine whether an industry will be viable in the long term. b. estimating the overall size of the pool. True/False, Customers, suppliers, unions, and local governments are examples of capital market stakeholders. The modern competitive environment requires an iterative approach to strategic management where execution informs planning and planning guides execution. 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 external control view of leadership emphasizes the role of which of the following types of factors in the success or failure of a firm? True/False, A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions. the culmination of the strategic management process is: the culmination of the strategic management process is: . A major assumption about the strategic management process is that it is Strategic leaders, , often work long hours, and their work is filled with ambiguous decision situations. After executing the environmental analysis process, management . b. located in different areas and levels. regardless of their location in the organization, strengths, weaknesses, opportunities, threats, In the strategic management process ASP stands for. c. ability, strategies, and purposes. McDonald's has been able to a. earn above-average returns. The final chapter explores how to lead an ethical organization through corporate governance, social responsibility, and sustainability. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University Therefore, organizational strategists must choose one or the other as the basis for developing a strategic plan. The ___ is the most critical criterion in prioritizing stakeholders. d. competitive dominance. Which of the following state the goals and intentions that help define a firm's competitive advantage? c. Global Strategic management is the process of planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its aims and objectives. Research shows that approximately___percent of a firm's profitability is explained by the industry in which it competes, whereas 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. d. The Internet. Figure 1.7: Kindred Grey (2020). A company competing in a single product market has. Which statement is true? The development of these goals, however, requires a strategic management process to be done correctly and thoroughly. Identify your goals. (2014, November 29). a. anthropology. The video for this lesson explains the strategic management process. A classic management tool that incorporates the idea of scanning elements both external and internal to the firm is SWOT (strengths, weaknesses, opportunities, and threats) analysis. Sue prefers the Red Shuttle because it gets her to the airport in an hour and a half, while the Blue Shuttle takes $80$ minutes. . is a statement of a firm's business in which it intends to compete and the customers it intends to serve. Strategic management process. A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. business, corporate, international, and entrepreneurial. YouTube. The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. b. analyses, strategies, and performance. True or false: The most effective organizations have strong leaders at the top who make all the decisions that the rest of the organization then carries out. ______ provides the firm with new and up-to-date skill sets, which allow it to adapt to its environment as it encounters changes. Dissatisfied capital market stakeholders may: sell their stock, tighten loan covenants, and seek to increase their power. . 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 essence of strategic management is the study of why some firms ______. 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. Capital market stakeholders include a. the power of the financial market stakeholders. 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. This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. 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. b. Refer to the Terms to Know in the Summary & Study Guide on page 551. a method in which farmers move every one to three years to find better soil. . b. abilities; strengths d. easy to implement; unique. a. Synthesizing the information gained in the external and internal analysis into a SWOT framework is addressed in Chapter 5. Strategic planning aims to create . c. vision. It's the process of determining the decisions an organization should take. 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. True/False, The CEO must encourage ambidextrous learning, absorbing new information, and building incremental knowledge in order to make the firm strategically flexible. All of the following are resources of an organization EXCEPT \text{Cost of goods sold}&\text{493,000}\\ d. hypercompetition within the industry. b. rapid technological diffusion. Firms use the five forces model to identify the of the industry as measured by its d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. d. hypercompetition. .It is well known that the elected school board of a large city engages in unethical and illegal activities involving the awarding of major contracts. c. speed Here are the key elements of strategic management. Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. 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. Is is measure by its ___. d. attractiveness; profitability. coordinating and integrating activities within the firm and with suppliers and customers, Strategy implementation involves ______. d. the amount and speed of growth. d. increasing the profitability of the firm. Organizational culture refers to resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. Income statement information for Thain Corporation is provided below. b. mission. To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. Planning in management is a process of choosing apt goals and actions to pursue, and then determining what strategies to use, what steps to take, and what resources are needed to achieve the goals. The second step in the strategic management process is ______. We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. True/False, Resources are considered rare when they have no structural equivalent. It is a process that requires a systematic . It offers courses accredited to AMBA, AACSB & NIRF. The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. The process of creating strategy Kick-Off Meeting: 1 hr. Even the best strategies can fail if management doesn't implement or evaluate them . a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. b. the resources the firm possesses. ______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms. d. locate the most promising areas of an industry's value chain. 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. A sustainable competitive advantage is not achieved through operational effectiveness alone. d. skilled employees. Figure 1.8: Shirinsokhan, Mahmoudreza. Which of the following statements about organizational knowledge is correct? To implement a firm's strategies, the firm takes actions with the goal of achieving strategic competitiveness and above average returns. b. local dimensions. 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. (Check all that apply. a. Chess CC BY-NC 2.0. Strategic management of an organization entails which of the following ongoing processes? d. is developed by a firm before the firm develops its vision. The strategic management process is ______ is performing similar activities better than rivals do.