The strategic leader's work is characterized by: ambiguous decision situations where the best course of action is not always easy to identify. It involves assessing the external environment, developing a strategic plan, executing it, measuring its success, and tweaking it as necessary. To implement a firm's strategies, the firm takes actions with the goal of achieving strategic competitiveness and above average returns. The two opposing ways of examining stakeholder management are called ______ and ______. Who typically develops a firm's mission statement? It is long-term in nature. Make Better business decisions: It is important to understand the difference between a great idea and a good idea. the key factor in success is choosing the correct industry in which to compete. d. a charity's endowment of $400 million. (B) team-based. The final responsibility for forming the organization's mission lies with the a. a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm. d. 20; 36. c. strategy formulation. d. Internet. Strategic management is the organization's analysis, decision-making, and actions to create and maintain a competitive advantage (Gurel Emet, 2017;Tapera, 2014). d. increasing the profitability of the firm. It guides the company to move in a specific direction. 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. a. their return on investment has been maximized. d. emphasize profit maximization. The Strategic Management process is the way in which strategists determine objectives and make strategic decisions. Your long-term goals and/or BHAGs. Chapter 3 Evaluating the External Environment examines the topic of evaluating the external environment in detail, and Chapter 4 Evaluating the Internal Environment presents concepts and tools for managing firm resources. C) strategy formulation. Strategic management process. b. strategic flexibility The strategic leader's work is characterized by d. the amount and speed of growth. The last stage of the strategic management process includes diligent monitoring and review of all the processes that contribute to achieving the business goal. One important element of strategy implementation entails crafting an effective organizational structure and corporate culture. successfully than does the competitor environment. a. defining the boundaries of the pool. Although McDonald's is competing in an unattractive industry, it has improved its performance by focusing on product innovations and by enhancing existing facilities. Strategic Management - Overview, Components, Framework b. one business-level strategy. Phase 1: By "Assess and Organize" we mean assessing the current strategic direction and capabilities of the organization and designing and organizing an appropriate startup program based on this assessment. c. the key to earning above-average returns is strategic flexibility. A.$2,375. c. seek to increase their power. Efficiency, in terms of strategic management, can best be described as ______. a. goal b. strategy c. tactic d. mission ANSWER: b 104. b. shareholders. (Check all that apply.). 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. A strategic management process can help guide the decisions and actions of senior executives within an organisation. a. the power of the financial market stakeholders. c. the CEO and top managers Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy. What Is Strategic Management? | Indeed.com Canada
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