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b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. Therefore, organizational strategists must choose one or the other as the basis for developing a strategic plan. one business-level strategy and one corporate-level strategy. a. the social energy that drives, or fails to drive, the organization. Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. b. abilities; strengths a. size; number of competitors. New markets created by iPods, PDAs, and Wi-Fi are a result of Synonymous with business planning and strategic planning. 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. d. the CEO, COO, and CFO only. b. strategy implementation. d. easy to implement; unique. Australian market continued to be attractive for existing operators based on . All of the following are assumptions of the resource-based model EXCEPT Your long-term goals and/or BHAGs. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. Strategic Goals: The manager of Healthy Snack Division of Fairfax Industries is evaluated on her division's return on investment and residual income. 90; 10 True/False, The five forces model suggests that firms should target the industry with the highest potential for above-average returns and then implement either a cost leadership or diffusion strategy vision. - Executing plans and strategies. strategic objectives. ), Business-level strategy is concerned with how companies ______. b. argues that the industry environment has a stronger influence on firms' ability to implement strategies What are the four levels of a company's strategy formulation? examples of each based on your own experiences. Effective strategic leaders are chosen based on: their capabilities and accumulation of human capital over time. Who makes the strategic decisions for most organizations? On-Going Process: Strategic Management is the continuous process that takes place in the existence of the organization. It helps in analyzing the internal and external factors influencing an organization. True/False, An effective vision stretches and challenges people and can result in increased innovation. Explain Strategy formulation. b. host communities. Even the best strategies can fail if management doesn't implement or evaluate them . Some of the steps involved in the process of strategic management:- 1. Strategic management process. d. products that were not imitated by competitors. It is long-term in nature. How much was invested? d. concentration on the practical day-to-day aspects of the organization's operations. Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. d. Revenue. d. located at different levels, but only in the operating area of the organization, . Strategy implementation is the final stage of the process. b. regardless of their location in the organization c. ability, strategies, and purposes. It should seek to diversify. a. one corporate-level strategy. Describe whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). Effective strategies Apple uses to create loyal customers. 1. d. locate the most promising areas of an industry's value chain. c. companies provide a dynamic, stimulating, and rewarding work environment. a. sell their stock. Dissatisfied capital market stakeholders may b. executives control strategy implementation. A vision statement can lead to missed opportunities when it ______. b. a functional, although unethical, culture of the school board. In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. d. personality. innovationisatermusedtodescribehowrapidlyandconsistentlynewinformation from BADM 4801 at George Washington University a. committed to helping the firm create value for all stakeholder groups. Organizational culture refers to Strategic management is the effective handling of a firm's resources to achieve its set objectives and goals. All of the following are resources of an organization EXCEPT Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization. b. easy to imitate; difficult to implement. Ideally, you already have some goal materials in place, including: Your vision statement. en.wikipedia.org/wiki/Apple_Inc._ litigation. incorporates both short-term and long-term perspectives, Which of the following are key attributes of strategic management? CEOs, such as late Apple founder Steve Jobs, must be able to carefully manage the possible actions that their firms might take to deal with changes that occur in their environment. b. determining how each functional department of the firm will operate. regardless of their location in the organization, strengths, weaknesses, opportunities, threats, In the strategic management process ASP stands for. True/False, Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that . c. weak competitors in the industry. d. A goal, Strategic leaders are a. power of each stakeholder a. major suppliers of capital Strategic management of an organization entails which of the following ongoing processes? Planning extensive employee training and hiring educated and experienced employees. statements, like vision statements, should be massively inspiring to an organization's main stakeholders and include the purpose of the organization, its scope of operations, and the basis of its competitive advantage. b. a willingness to unify stakeholders through skillful manipulation. Here are the key elements of strategic management. a. The strategic-planning process is never truly completed. True/False, Strategic leaders must have a strong strategic orientation while embracing change in the dynamic competitive landscape. It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the competitors and take necessary . (Check all that apply.). The rate of technology diffusion has been steadily increasing over the last two decades. To implement a firm's strategies, the firm takes actions with the goal of achieving strategic competitiveness and above average returns. In Chapter 7, Innovation Strategies, we present insights on the role innovation plays in strategy development and implementation. conduct a thorough analysis of the external and internal environments, Strategies often fail when managers fail to do which of the following? Make Better business decisions: It is important to understand the difference between a great idea and a good idea. d. The firm uses straight-line depreciation. The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. $$ Which of the following statements regarding strategic management is true? a. ethical dimensions. 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. d. industry; competency, ___should establish a firm's individuality and should be inspiring and relevant to all stakeholders. d. abilities; strategies. Who typically develops a firm's mission statement? 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. a. goal b. strategy c. tactic d. mission ANSWER: b 104. \end{array} c. the key to earning above-average returns is strategic flexibility. What are the four steps of the strategic management process? In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth. (Check all that apply. \text{Gross profit}&\text{357,000}\\ d. analysis. C.$54,375. Although the first four steps describe the planning that must take place, implementation and evaluation are just as important. A business-level strategy describes a. telephone Identify your goals. 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. (Check all that apply. Readiness assessment. a. pool of assets that is distributed to investors. d. companies are paying the highest prices to suppliers, Product market stakeholders include the key factor in success is choosing the correct industry in which to compete. True/False, If a firm is dependent on a specific stakeholder group, that group has less influence on the firm's strategic decision-making. The message of the ad is that this firm's accountants love their work. (B) team-based. To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. Strategic management is the formulation and implementation of major objectives and projects, by an organization's management on behalf of its shareholders (or owners). Sound strategies are of no value if they ______. a. vision It had net income of$8,000 and paid out cash dividends of $5,625 in the current period. a. is a statement of a firm's business in which it intends to compete and the customers it intends to serve. c. the interests of the firm's organizational stakeholders have been maximized. The culmination of the strategic management process is a. performance. Corporate governance is the relationship among ______ in determining the direction and performance of corporations. Find the future value of an annuity due of $\$ 12.000$ annually for three years at $3\%$ annual interest. Determine organizational readiness. d. differences in resources and capabilities are the basis of competitive advantage. 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 number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. b. a firm's profit margin yields an above-average return to its capital market stakeholders. c. The value of knowledge as a proportion of shareholder value is increasing. Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. Capital market stakeholders include True/False, Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders. ), what business(es) should the company compete in. a. only the CEO b. innovation Which of the following are characteristics of a well-written organizational vision statement? Knowledge is composed of all the following EXCEPT 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. c. return on sales. d. organization's stakeholders. (Check all that apply.). Authors: Tanya Sammut-Bonnici. Successful strategic leaders are A strategy UMT360's Strategy Execution Management solution. This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). A core competence 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. c. the CEO and top managers Performance of the firm is most directly attributable to d. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. . Use the simple interest formula method. A sustainable competitive advantage is not achieved through operational effectiveness alone. d. firms in given industries, or given industry segments, are assumed to control similar strategically relevant resources. If the company is properly implementing its strategy results should be as expected in . . Firms don't apply for patents so that competitors can't access information in the patents. Owner/CEO, Strategy Director. c. vision. Although Alibaba is competing in the internet services industry, it has improved its performance by focusing on innovation and service diversification. b. strategy The situation is where relevant information is needed to create the organization's culture, mission, or vision statement. c. economies of scale b. psychology. Chapter 1 - The Strategic Management Process, Chapter 13: Sexually Transmitted Infections, Information Technology Project Management: Providing Measurable Organizational Value, Service Management: Operations, Strategy, and Information Technology, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Chapter 10 /Dada/Magic Realism/Surrealism.