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. strategic management chp 1 review Flashcards | Quizlet A firm's vision, mission, and strategic objectives are used to develop specific goals, which form the basis for its ______. A strategic management process can help guide the decisions and actions of senior executives within an organisation. The strategic management process begins with an understanding of strategy and performance. 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. Identify your goals. Managers are analyzing the firm's ______ when managers are studying its competitors. The strategies planned often fail in the process only due to inefficient implementation processes. 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? A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. ______ is an investor's uncertainty about the economic gains or losses that will result from a particular investment. b. return on equity. b. c. Risk Return Strategic Management Process [Video]. In the instance, the implementation . A company had a beginning balance in retained earnings of $52,000. c. avoid too much managerial hubris. a. size; number of competitors. Definition. 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. d. suggests that vision and mission are closely linked to sustainable competitive advantage, The goal of the organization's come. a. telephone The strategic management process begins with an understanding of strategy and performance. 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. Although the first four steps describe the planning that must take place, implementation and evaluation are just as important. Culminating events and time working together in top management teams a. emphasizes that it is difficult to develop and sustain a competitive advantage based on resources alone. This ad seeks to convey a sense of the organization's to the viewers. The Five Stages of the Strategic Management Process vision. 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. en.wikipedia.org/wiki/Apple_Inc._ litigation, https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109, https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png, Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. d. organization's stakeholders. a. CEO. c. the key to competitive success is the structure of the industry in which the firm competes. Feedback may occur at all times to revise these actions. c. hypercompetition; technology diffusion. a. committed to helping the firm create value for all stakeholder groups. Effective strategies Apple uses to create loyal customers. the culmination of the strategic management process is: Strategic planning process is a systematic or emerged way of performing strategic planning in the organization through initial assessment, thorough analysis, strategy formulation, its implementation and evaluation. The value of SWOT analysis parallels ideas from classic military strategists such as Sun Tzu, who noted the value of knowing yourself as well as your opponent. Even for companies capable of succeeding in global markets, it is critical that they: remain committed to and strategically competitive in their domestic market. . Which of the following are stakeholder groups that managers should consider when making decisions? ______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders. Effective strategic leaders Knowledge is an intangible resource, the importance of knowledge is increasing, and the value of knowledge as a proportion of shareholder value is increasing. New markets created by iPods, PDAs, and Wi-Fi are a result of c. The value of knowledge as a proportion of shareholder value is increasing. Situation Analysis. (Check all that apply.). Which of the following are characteristics of a well-written organizational vision statement? - Evaluating efficiency and effectiveness . 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. c. employees. c. political dimensions. d. social value of each stakeholder. a. competitive resilience Make Better business decisions: It is important to understand the difference between a great idea and a good idea. They involve balancing culture and boundaries or constraints. Chapter 01 Strategic Management and Competitiveness c. use the strategic management process. d. ability, successes, and performance. the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategy formulation. 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. Estimated Duration. True/False, Resources are considered rare when they have no structural equivalent. It defines organization's goals and fixes realistic objectives, which are in alignment with the company's vision. Strategic Management - Definition, Importance and Need of - Harappa b. I/O; resource-based b. focus on strategy formation. Continuous learning 98.:A business-level strategy describes (A) the businesses in which the company intends to compete. Retrieved from https://it.toolbox.com/blogs/inside-crm/11-effective-strategies-apple-uses-to-create-loyal-customers-100109. The strategic leader's work is characterized by Return b. a. ambiguous decision situations which make effective decisions difficult to determine. You can view this video here: https://youtu.be/o0U0gwvnhek. Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. The essence of strategic management is the study of why some firms ______. c. ability, strategies, and purposes. c. rational. Which of the following was fastest in penetrating 25 percent of homes in the U.S. market? 5. How do you think the economic growth of developing countries will affect you and your family in the future? The two primary drivers of hyper-competition are the emergence of the global economy and technology. Which of the following statements regarding corporate-level strategy are correct? The culmination of the strategic management process is: performance Although an organization's good reputation is a valuable resource that takes years of superior marketplace competence to achieve, it is not a good basis for building a competitive advantage because it can be destroyed almost instantly by bad publicity. b. shareholders What is Strategic Management and Why is it Important? b. local dimensions. c. decisive. In strategic management, effectiveness can best be described as ______. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. a. analyses, successes, and purposes. Financial markets often place an emphasis on managers meeting ______ performance goals. how your business plans to achieve it goals and improves and sustains it position in the industry. Ideally, you already have some goal materials in place, including: Your vision statement. a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. d. hypercompetition. Broad Plans Shaping: In this continuous process, the formulation & implementation of broader plans are made and finally, these are also controlled. Consequently, how managers understand and interpret the performance of their firms is often central to understanding strategy. (Check all that apply.). A more formal definition tells us that strategic management "is the process by which a firm manages the formulation and implementation of its strategy.". Strategic management can also be described as a bundle of decisions and acts which a manager undertakes and which determine the result of the business's performance. c. strategy . d. companies are paying the highest prices to suppliers, Product market stakeholders include d. total profits that can be divided among the competitors within an industry. Environmental and internal scanning is the next stage in the process. d. concentration on the practical day-to-day aspects of the organization's operations. True/False, An effective vision statement must specify the industry in which a company will operate. b. split responsibilities between the CEO and the board of directors as a result of corporate scandals triggered by unethical CEOs. a. the social energy that drives, or fails to drive, the organization. Synonymous with business planning and strategic planning. c. the firm's actions to exploit its competitive advantage over rivals. a. the key factor in success is choosing the correct industry in which to compete. 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. a. analyses; strengths The message of the ad is that this firm's accountants love their work. The strategic management process consists of five steps you should perform thoroughly for the plan to be effective. b. predict growth in sales over the medium to long range. c. companies provide a dynamic, stimulating, and rewarding work environment. d. strengths, weaknesses, opportunities, and threats. 1+x1x. This perspective is known as ______. A ______ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage.

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