In addition, there are a variety of approaches to strategic planning that are not as dependent upon the prediction of the future. Management by intuition can be defined as operating from the "I've-already-made-up-my-mind-don't-bother-me-with-the-facts mode.". Competitive leadership ... All of these, except_____, are part of Porter's competitive forces in industry ... Nokia offers a wide range of opportunities and the According to Greenley, strategic management offers all of these benefits EXCEPT. 1 E) Increased central planning of the strategic management process Answer: C 101) According to research, organizations using strategic management are _____ than those that do not. c. it encourages a favorable attitude toward change. The process of performing an external audit needs to include, Long-term objectives should be all of the following EXCEPT. This is the time to answer any questions that will help solidify the necessary elements of the strategic plan. c. using plans as a standard for measuring performance. As with any tool or process, you as the client have the final responsibility to ensure that the strategic management process you are using is appropriate for your needs. A cost performance index (CPI) of 0.89 means: A. a. Laziness b. Strategic management processes are designed to provide an organization with long-term benefits. Good strategic management is essential for long-term business success. The work of strategic planning doesn’t stop at the strategic plan, but it’s a start! They find that the marketing plan drove consumers to the retail location closest to them to see the tables in person. ______ is NOT a strategy-implementation activity. It is not possible (nor realistic or appropriate) for the board to know all the decisions the executive director will have to make, nor is it possible (nor realistic or practical) for the executive director to know all the decisions the staff will make. Like any process or tool, there are both advantages and disadvantages to a strategic management process. Webster’s defines planning as “a proposed or intended course of action, or a formulated scheme setting out stages of procedure”. E) being so formal in planning that flexibility and creativity are stifled. B) it creates a framework for internal communication among personnel. Strategic management requires reflection on the processes and procedures within the organization as well as external factors that may impact how the company functions. Strategic planning is the identification of achievable goals. Long-term objectives should be all of the following EXCEPT A) measurable. There are many benefits of strategic management and they include tangible financial results and intangible cultural and behavioral aspects. According to Greenley, strategic management offers all of the following benefits EXCEPT A) increased discipline. E) more effective allocation of time and resources. A strategic management process forces an organization to set objectives and measures of success. Easily apply to jobs with an Indeed Resume, Active Listening Skills: Definition and Examples, Several locations for the ease of purchase, Poor communication between store managers and between store employees, Shipping rate applied multiple times at some stores, Wood's Fine Furnishings' main competitor released a line of kitchen tables last quarter, Strategic Management: Definition, Purpose and Example. How do line managers become "owners" of the strategy? c. it encourages a favorable attitude toward change. 103) What is not a reason given for poor or no strategic planning in organizations? What refers to a strategy of seeking ownership of, or increased control over a firm's competitors? Both methods of strategic management employ management theory and practices. A) It alone should be used in decision-making. In this scenario, the strategic management process has become the very tool that now inhibits the organization’s ability to change and adapt. Strategic management necessitates communication and goal implementation company-wide. Strategic management helps keep goals achievable by using a clear and dynamic process for formulating steps and implementation. The internal messaging system was under-utilized by most managers, many of whom did not like customers seeing them on their phones while out on the floor. Effective and carefully planned mission statements. Both strategic management and strategic planning terms mean the same! Yet, when we think of management we tend to think of a systems approach to the optimization of the organization. b.it creates a framework for … Every store is given the same guidance on how to implement the marketing items effectively. 99) How do line managers become "owners" of the strategy? B) MRP with a new set of computer programs that execute on m... Distribution resource planning (DRP) is: A) a transportation plan to ship materials to warehouses. While strategic management connotes the planning, implementation, evaluation, on-going maintenance, and adjustment of the organization’s strategy. Managers must be very formal in strategic planning because formality fosters flexibility and creativity. D) it maximizes the effects of adverse conditions and changes. Low-performing firms typically underestimate their competitor's strengths and overestimate their own firm's strengths. Regardless, it is important to ensure that the implementation of a strategic management process is consistent with the needs of the organization, and that appropriate controls are implemented to allow the cost/benefit discussion to be undertaken, prior to the implementation of a strategic management process. Setting goals can help you gain both short and long term achievements. d. By involvement in the strategic-management process. All of the following are included in the five functions of the management process EXCEPT: Select correct option: Planning Organizing Leading Delegating ref. Its complexity may be attributed mainly to 3 reasons: Strategic management involves making decisions about the future. Furniture company Wood's Fine Furnishings is preparing to introduce a new line of kitchen tables. The following mentioned are few pointers that help you identify the relevance of strategic management and its benefits. 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, According to Greenley, strategic management offers all of the following benefits EXCEPT, All of these are pitfalls an organization should avoid in strategic planning EXCEPT.
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