a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____, and _____. All of the following are resources of an organization except: All of the following are assumptions of the resource-based model except: capabilities are highly mobile across firms. In situation analysis, organizations must scan and evaluate the organization's performance, corporate strategies, and internal and external . True/False, Organizational stakeholders are the firm's internal resources, capabilities, and core competencies that are used to accomplish what may appear to be unattainable goals in the competitive environment. organizational versus individual rationality. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. a. at the top of the organization (Check all that apply.). a. a. return on assets. - Executing plans and strategies. The message of the ad is that this firm's accountants love their work. b. customers pay the highest sustainable price for the goods and services they receive. (Check all that apply. ______ innovation is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones. Reward c. Risk d. Revenue ANSWER: c 105. Strategy implementation is the final stage of the process. b. receiving the highest-quality products and services in the industry. b. 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. d. Revenue. a. the march of globalization. Which of the following are characteristics of a well-written organizational vision statement? The profit pool is the Efficiency, in terms of strategic management, can best be described as ______. In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. 98.:A business-level strategy describes (A) the businesses in which the company intends to compete. The rate of technology diffusion has been steadily increasing over the last two decades. Environmental and internal scanning is the next stage in the process. a. unique market niche ), a destination that is driven by and evokes passion. Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization. b. weak competition An assessment od strengths, weakness, opportunities and threats. b. executives control strategy implementation. - Formulating an action plan and strategies. 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. The strategic management process is It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. ______ innovation is a term used to describe how rapidly and consistently new, information- intensive technologies replace older ones. The resource-based view of the firm Dissatisfied capital market stakeholders may ____has become the second-largest economy in the world. It helps in analyzing the internal and external factors influencing an organization. The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. 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. Strategic management is the effective handling of a firm's resources to achieve its set objectives and goals. As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy. A sustainable competitive advantage is not achieved through operational effectiveness alone. Retrieved from https://commons.wikimedia.org/wiki/File:Chapter_Layout_for_Strategic_Management.png. b. all policies and procedures used in functional departments. a. defining the boundaries of the pool. c. competition; competency Strategic flexibility In the resource-based model, which of the following factors would be considered a key to organizational success? . (B) all policies and procedures used in functional departments. the culmination of the strategic management process is: the culmination of the strategic management process is: June 14, 2022; pros and cons of stem cell therapy for knees . a. flexibility Return Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage. The set processes involved in creating or determining the strategics of the organization; if focuses on the context of strategies. (Check all that apply.). Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment. A firm's hierarchy of goals include its ______. Strengths and weaknesses are assessed by examining the firms internal resources, while opportunities and threats refer to external events and trends. a. located only at the executive level. a. How much was invested? d. the amount and speed of growth. We present a model of the strategic management process in Figure 1.7, Overall Model of the Strategic Management Process. d. intelligence. d. The firm uses straight-line depreciation. a. anthropology. According to Hitt, the final responsibility for forming the organization's mission lies with the: A key purpose of a mission statement is to inform___ what a firm is, what it seeks to accomplish, and who it seeks to serve. a. b. the complex set of ideologies, symbols, and core values that are shared throughout the firm. 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 is. b. abilities; strengths c. core competence. Match the type of leader (on the left) with the corresponding description (on the right). Study with Quizlet and memorize flashcards containing terms like . (Check all that apply.). 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. A strategic management process is an essential tool for any organization looking to optimize performance and reach success. This is illustrated by Steve Jobs, who was known to think bigger and differently than most people ("putting a dent in the universe"). A company had a beginning balance in retained earnings of $52,000. d. differences in resources and capabilities are the basis of competitive advantage. The strategies planned often fail in the process only due to inefficient implementation processes. 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. d. suppliers of capital. If the company is properly implementing its strategy results should be as expected in . The process of creating strategy The three primary participants in corporate governance are the ______, management, and board of directors. 3. The company requires that all divisions generate a minimum return on invested assets of 8 percent. d. attractiveness; profitability. A company competing in a single product market has ______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders. For example, intellectual property is a vital resource for Apple. c. The firm has a lot of old plant and equipment. True/False, The rapid rate of technological diffusion has increased the competitive benefits of patents. a. sell their stock. The first step in the strategic management process is to evaluate where you're going, and why. B) strategy implementation. 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. When resources and capabilities serve as a source of competitive advantage for a firm, the firm has created a(n) The global economy, globalization, rapid technological change, and the increasing importance of knowledge are creating the need to: delegate strategic responsibilities to employees "closer to the action". c. political dimensions. A business-level strategy describes This pronouncement is most precisely a statement of organizational C) strategy formulation. A.$2,375. STRATEGIC MANAGEMENT PROCESS: F i gu re 10. d. Organizational intelligence. b. an important source of competitive advantage in virtually all industries. 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. b. only top managers The ______ view of stakeholder management views the management process as groups competing for the organization's resources. A major assumption about the strategic management process is that it is: the business unit's actions to exploit its competitive advantage over rivals. Managers are analyzing the firm's ______ when managers are studying its competitors. Strategic planning aims to create . Which of the following statements about operational effectiveness are correct? Corporate-level strategy focuses on ______. The process hinges on the philosophical approach that if a leader "thinks . d. All of these options are correct. You can view this video here: https://youtu.be/o0U0gwvnhek. b. the resources the firm possesses. True/False. c. return on sales. . c. one business-level strategy for failure. A firm has achieved when it successfully formulates and implements a value-creating strategy. b. strategy implementation. 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. c. obtaining reliable products at the lowest possible price. A(n) ______ includes both the company's purpose as well as the basis of competition and competitive advantage. one business-level strategy and one corporate-level strategy. (Check all that apply. a. the key factor in success is choosing the correct industry in which to compete. In the strategic management process ASP stands for As a result, virtually all of the assets under her control are fully depreciated. Typically, the formulation process starts with an assessment of available resources, an industry analysis to assess the competitive environment in which the company operates . Consequently, executives must be careful to monitor and to interpret the events in their environment, to take appropriate actions when change is needed, and to monitor their performance to ensure that their firms are able to survive and, it is hoped, thrive over time. 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. The I/O model is grounded in
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