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Terms in this set (50)The best approach for strategists is to carefully develop strategic plans themselves and then present them to operating managers to execute. False Firms can be more proactive with strategic management. True Identifying an organization's existing vision, mission, objectives, and strategies is the final step for the strategic management process. False The decision to expand or diversify operations is a strategy-formulation issue. true Strategy implementation is often considered to be the most difficult stage in the strategic-management process True By the nature of what they do, strategists tend to have similar attitudes, values, ethics and concerns for social responsibility. false Strategic management is an attempt to organize qualitative and quantitative information in a way that allows effective decisions to be made under conditions of uncertainty. True According to Peter Drucker "Imagination is more important than knowledge, because knowledge is limited, whereas imagination embraces the entire world." False Middle managers are generally the most visible and critical of all strategic managers. False Objectives should be measurable, challenging, reasonable, consistent, and clear. True All of these are pitfalls an organization should avoid in strategic planning EXCEPT using strategic planning to gain control over decisions and resources. too hastily moving from mission development to strategy formulation. using plans as a standard for measuring performance. failing to involve key employees in all phases of planning. being so formal in planning that flexibility and creativity are stifled. using plans as a standard for measuring performance. In mass retailing, big-box companies like Walmart, Best Buy, and Sears are increasing the square-footage of their retail locations. participating in a dramatic shift to becoming bigger. gaining competitive advantage over smaller stores. noticing a sharp decline in online purchases. finding that less brick and mortar is better. finding that less brick and mortar is better. According to Webster's New World Dictionary, ________ is "the science of planning and directing large-scale military operations, of maneuvering forces into the most advantageous position prior to actual engagement with the enemy." business formulation competitive advantage war strategy strategy ________ is NOT a strategy-implementation activity. Establishing annual objectives Taking corrective actions Motivating employees Allocating resources Devising policies Taking corrective actions Long-term objectives should be all of the following EXCEPT reasonable. continually changing. challenging. consistent. measurable. continually changing Business or military success is generally the happy result of accidental strategies. undermined by the element of surprise. the product of both attention to changing external and internal conditions and the insightful adaptations to those conditions. unrelated to external conditions. None of these the product of both attention to changing external and internal conditions and the insightful adaptations to those conditions. According to Greenley, strategic management offers all of the following benefits EXCEPT enhanced communication. increased resistance to change. increased discipline. more effective allocation of time and resources. increased synergy. increased resistance to change Terms such as objectives, mission, strengths, and weaknesses were first formulated to address problems on the battlefield. in the military hierarchy. in interpersonal relationships. on the trading floor. in the boardroom. on the battlefield Generally, external opportunities and threats are key functions in strategy implementation. key functions in strategy exploitation. uncontrollable by a single organization. unable to have a significant impact on an organization. not worth monitoring and evaluating. uncontrollable by a single organization. The goal of strategic management is to eliminate competitive advantage. achieve competitive advantage. achieve and maintain competitive advantage. eliminate and abolish competitive advantage. maintain competitive advantage. achieve and maintain competitive advantage. The strategic-management process is a continuous process. is a semiannual process. applies mostly to companies with sales greater than $100 million. occurs once a year. applies mostly to small businesses. is a continuous process. Strategy evaluation is necessary because the SEC requires strategy evaluation. internal and external factors are constantly changing. firms have limited resources. the IRS requires strategy evaluation. success today is a guarantee of success tomorrow. internal and external factors are constantly changing. Which of the following is NOT a reason given for poor or no strategic planning in an organization? Planning is viewed as a waste of time Content with current success Too busy "firefighting" to plan ahead Trust of management makes it unnecessary No monetary rewards for planning Trust of management makes it unnecessary What are the means by which long-term objectives will be achieved? Strengths Opportunities Policies Strategies Weaknesses Strategies Which individuals are most responsible for the success and failure of an organization? Human resource managers Strategists Personnel directors Stakeholders Financial planners Strategists How do line managers become "owners" of the strategy? By executing plans formulated by other people By buying off top managers By becoming a shareholder of the firm By involvement in the strategic-management process By attending top manager meetings By involvement in the strategic-management process Annually, ________ businesses in the United States fail. less than 1,000 more than 100,000 about 10,000 exactly 100 almost 10 million more than 100,000 What are guides to decision making that address repetitive or recurring situations called? Objectives Rules Strategies Policies Goals policies The act of strengthening employees' sense of effectiveness by encouraging and rewarding them for participating in decision-making and exercising initiative and imagination is referred to as transformation. empowerment. authoritarianism. proaction. delegation. empowerment What can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives? Strategy implementation Strategy evaluation Strategic management Strategic leading Strategy formulation Strategic management Anything that a firm does especially well compared to rival firms is referred to as opportunity cost. an external opportunity. comparative disadvantage. unsustainable advantage. competitive advantage. competitive advantage. An important activity in ________ is taking corrective action. strategy evaluation strategy implementation strategy formulation strategy leadership All of these strategy evaluation The strategic-management process is becoming more widely used by small firms. nonprofit institutions. governmental organizations. multinational conglomerates. All of these All of these Which of the following is often considered to be the first step in strategic planning? Determining opportunities and threats Developing a mission statement Making a profit Establishing goals and objectives Developing a vision statement developing a vision statement There is a dramatic shift in mass retailing to selling only the most expensive merchandise. opening dramatically larger supercenters. "trading up" and taking customers from more exclusive stores. cutting back on their online presence. operating stores with less square footage. There is a dramatic shift in mass retailing to Internal ________ are controllable activities in an organization that are performed especially well. strengths objectives incompetencies opportunities factors strengths
Sometimes ________ is used to refer to strategic formulation, implementation and evaluation, with ________ referring only to strategic formulation. strategic planning; strategic processing strategic planning; strategic management strategic implementation; strategic focus strategic management; strategic processing strategic management; strategic planning strategic management; strategic planning The strategic-management process represents a(n) ________, ________, and ________ approach for determining an enterprise's future direction. intuitive; disorganized; subjective intuitive; disorganized; objective logical; systematic; subjective inconsistent; systematic; subjective logical; systematic; objective logical; systematic; objective Which statement best describes intuition? It represents a minor factor in decision-making integrated with analysis. It should be coupled with analysis in decision-making. It alone should be used in decision-making. It is management by ignorance. It is better than analysis in decision-making. It should be coupled with analysis in decision-making. An organization should take a(n) ________ approach in its industry. reactive rather than a proactive proactive rather than a reactive adversarial rather than a collegial collegial rather than an adversarial cooperative rather than a competitive proactive rather than a reactive Specific results an organization seeks to achieve in pursuing its basic mission are policies. tenets. objectives. strategies. rules. objectives Strategic management enables an organization to ________, instead of just responding to threats in its business environment. be immune to threats be reactive relinquish control over its destiny avoid responsibility for shaping its future be proactive be proactive
Organizations using strategic management are generally ________ than those that do not. more complex less successful less complex more profitable less profitable more profitable Superior strategy formulation and implementation ________ an opponent's superiority in numbers and resources. are irrelevant to are not enough to surmount can overcome can lead to unite can overcome Military strategy is based on an assumption of ________, whereas business strategy is based on an assumption of ________. cooperation; conflict conflict; cooperation competition; conflict conflict; competition cooperation; competition conflict; competition What step in the strategic management process involves mobilizing employees and managers to put strategies into action? Strategy implementation Competitive advantage Strategy evaluation Strategic advantage Strategy formulation Strategy implementation Both business and military organizations must ________ and ________ to be successful. be impervious to change; continually improve adapt to change; constantly improve shun change; stay the course be impervious to change; stay the course None of these adapt to change; constantly improve A strong ________ heritage underlies the study of strategic management. cultural government military political social military
An organization's vision statement is a constant reminder to its employees of why the organization exists. broadly charts the future direction of an organization. addresses the basic question: "What is our business?" answers the question: "What do we want to become?" None of these answers the question: "What do we want to become?" What types of skills are especially critical for successful strategy implementation? Interpersonal Visionary Marketing Conceptual Technical interpersonal Sets with similar termsCh.1 Multiple choice68 terms Jaklin_Guyumjyan Chapter 1 49974 terms cmit99 Test 174 terms steven_michael38 BUS 496: Strategic Management Ch. 132 terms sportsstudent Sets found in the same folderTest One132 terms collinlamar Strategic Management Exam 1 Duesing75 terms olivia_grace_story Capstone Chap.1 ~ Chap. 391 terms quizlette1045025 Strategic Management Test 168 terms kelsey_hodge7 Other sets by this creator1.2 HARDWARE BASICS8 terms jujuinatutu FIL2611 FILM MANAGEMENT FINAL EXAM52 terms jujuinatutu TAX FINAL PART 250 terms jujuinatutu TAX FINAL PART 150 terms jujuinatutu Recommended textbook solutionsHuman Resource Management15th EditionJohn David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine 249 solutions Service Management: Operations, Strategy, and Information Technology7th EditionJames Fitzsimmons, Mona Fitzsimmons 103 solutions
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Information Technology Project Management: Providing Measurable Organizational Value5th EditionJack T. Marchewka 346 solutions Other Quizlet setsArticles 38-11338 terms clark_lim Chapter 5 Review, Chapter 6 Review251 terms Ashley_Forhan Abdomen test 4293 terms chante_johnson7 Related questionsQUESTION Internal customers of an organization are those people who: 15 answers QUESTION 36.When managers and executives describe the strategic value of skills and knowledge of employees, they use the term 2 answers QUESTION 13. Consistent with European oligarchies, the American system of government was founded on the principle of popular sovereignty, the embodiment of which is the right to participate in the electoral process. 2 answers QUESTION What correct of action do you take on a discrepancy where the NSN on the property and location does not match the NSN on the bin label in the item record is loaded? 15 answers Which of the following is the final step of strategic management process?Strategy Evaluation- Strategy evaluation is the final step of strategy management process. The key strategy evaluation activities are: appraising internal and external factors that are the root of present strategies, measuring performance, and taking remedial / corrective actions.
What is the final step in the strategic management process quizlet?The final stage in strategic management is strategy implementation. Formulation, implementation, and evaluation of strategy activities occur at three hierarchical levels in a large organization: corporate, divisional or strategic business unit, and functional.
What are the 5 stages of strategic management?How to develop a strategic management process. Clarify your vision.. Collect and analyze information.. Devise a strategy.. Execute your strategy.. Evaluate and control.. What are the 7 steps of the strategic management process?How to Strategic Plan in 7 Steps. Step 1: Environmental Scan. ... . Step 2: Internal Analysis. ... . Step 3: Strategic Direction. ... . Step 4: Develop Goals and Objectives. ... . Step 5: Define Metrics, Set Timelines, and Track Progress. ... . Step 6: Write and Publish a Strategic Plan. ... . Step 7: Plan for Implementation and the Future.. |
