d. personality. It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. It is a continuous process of analyzing and evaluating an organization's internal and external environment, setting objectives and goals, developing strategies, and implementing and controlling those strategies. c. companies provide a dynamic, stimulating, and rewarding work environment. The message of the ad is that this firm's accountants love their work. . What Is Strategic Management? | Indeed.com Canada b. Organizational culture refers to Organizational stakeholders include c. host communities b. shareholders. examples of each based on your own experiences. The first step in the strategic management process is to evaluate where you're going, and why. 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. b. resources to implement strategies are firm-specific and attached to firms over the long-term. d. the CEO, COO, and CFO only. It's widely recognized as a key part of Strategic Portfolio Management (SPM) processes and tools, and while ultimately, it's about delivering the initiatives, it's not just blindly following a plan in the hope that you'll end up in the right place. B the process of strategic management requires that Essentially, the _________ has become one of the world's largest markets with 700 million potential consumers. c. speed b. a willingness to unify stakeholders through skillful manipulation. In Chapter 2 Assessing Organizational Performance, we focus on how the organizations mission and vision shape the development of the firms strategy. b. global competition. \text{Cost of goods sold}&\text{493,000}\\ a. the businesses in which the company intends to compete. c. the I/O model. Strategic Management Process Steps And It's Components d. total profits that can be divided among the competitors within an industry. Strategic Management Chapter 1 Flashcards | Quizlet (2014, November 29). Strategic Management Flashcards | CourseNotes Strategic Management Process Overview With Examples - Study.com Strategy Implementation in Strategic Management Process A company competing in a single product market has a. return on assets. A core competence It is important to emphasize that, primarily because they are related to how a firm interacts with its stakeholders, almost all strategic management process decisions have A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage. Strategy execution management is the evolution of traditional project delivery. (Check all that apply. Readiness assessment. During the ______ step in the strategic management process, managers answer two questions: what industries should we compete in and how should we compete in those industries? Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. New markets created by iPods, PDAs, and Wi-Fi are a result of 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. Strategic Management Process - Your Article Library a. only the CEO Which of the following best explains a ratio of "net sales to average net fixed assets" that exceeds the industry average? Your company's core competencies. How much interest was earned? resources that are valuable, rare, costly to imitate, and non-substitutable form the basis of a firm's core competencies. d. competitive dominance. The process of creating strategy 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. What is Strategic Management | Learn About Strategic Management & the c. In reporting her investment center's performance for the past 10 years, the manager of the Snack Division accounted for the depreciation of her division's assets by using an accelerated depreciation method allowed for tax purposes. Synonymous with business planning and strategic planning. YouTube. In this latter case, performance is the result of a rare event that is itself the culmination of a long and ongoing process of daily . c. profits that are accrued when a firm earns above-average returns. 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. a. Perpetual Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage. Strategic Management can be found in . Synonymous with business planning and strategic planning. 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". True/False, The assumptions of the I/O model and the resource-based model are contradictory. The second step in the strategic management process is ______. Devise a strategy. c. the profitability of the industry in which the firm competes. ____has become the second-largest economy in the world. 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. 1. Strategic Management: Chapter 2 Multiple Choi, Strategic Management: Chapter 1 Multiple Choi, Strategic Management Chapter 8 Potential Ques. A firm's vision, mission, and strategic objectives form a hierarchy of . c. the firm's actions to exploit its competitive advantage over rivals. d. accounting. The five steps followed in the strategic management process are as follows: - Goal-setting or identification of the business vision and direction. d. culture. b. determining how each functional department of the firm will operate. Estimated Duration. What Is Strategic Management and Why Is It Important? 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 1. Continuous learning c. rational. c. focus on strategy implementation. If the profitability of the company is higher than before and other companies, then it means that you have achieved a competitive edge. Managers must take a(n) ______ view of the organization and assess how functional areas and activities fit together so that the organization can achieve its goals and objectives. c. economics. .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. A major assumption about the strategic management process is that it is a. size; number of competitors. The interests of an organization's stakeholders often conflict, and the organization must prioritize its stakeholders if it cannot satisfy them all. C) strategy formulation. Inside CRM Editors. Efficiency, in terms of strategic management, can best be described as ______. b. shareholders. 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. Why is it important to view strategic management as a process? It is important to emphasize that almost all strategic management process decisions have ______ because they are related to how a firm interacts with its stakeholders. You can view this video here: https://youtu.be/o0U0gwvnhek. Strategic management process can be described as a set of managerial decisions and actions which determines the long-run direction and performance of the organization'. Strategic Management - Your Article Library It is a philosophical approach to business. c. ability, strategies, and purposes. The goal of the organization's ___ is to point the firm in the direction of where it would like to be in the years to come. a. inspired. 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. The 5-Step Strategic Management Process | Indeed.com In fact, these models complement each other in that one focuses outside the firm while the other focuses inside the firm. An assessment od strengths, weakness, opportunities and threats. d. The firm uses straight-line depreciation. Benefits and limitations of strategic management There are provisions to create, implement and appraise . (Check all that apply.). Strategic management helps in planning the tools, mechanisms, processes and strategies in achieving the goals and fulfilling the vision of the organization.