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Terms in this set (26)Strategic plan A company's plan for how it will match its internal strengths and weaknesses with external opportunities and threats in order to maintain a competitive advantage. What are the three strategies to a strategic plan
The need to support corporate productivity and performance improvement efforts. strategic management The process of identifying and executing the organization's mission by matching its capabilities with the demands of its environment. Strategy A strategy is a course of action. vision evokes emotion mission statement Spells out who the company is, what it does, and where it's headed. What are the 7 Strategic management tasks Step 1: Define the current Business and Its Mission What are the five that are part of strategic planning? the first 5 steps strategic control the process of assessing progress toward strategic goals and taking corrective action as needed Corporate-level strategy Identifies the portfolio of businesses that, in total, comprise the company and the ways in which these businesses relate to each other. Diversification strategy implies that the firm will expand by adding new product lines. Vertical integration strategy means the firm expands by, perhaps, producing its own raw materials, or selling its products direct. Consolidation strategy reduces the company's size Geographic expansion strategy takes the company abroad. Cost leadership the enterprise aims to become the low-cost leader in an industry Differentiation : a firm seeks to be unique in its industry along dimensions that are widely valued by buyers. Focus : a firm seeks to carve out a market niche, and compete by providing a product or service customers can get in no other way. leverage supplementing what you have and doing more with what you have Strategic Human Resource Management The linking of HRM with strategic goals and objectives in order to improve business performance and develop organizational cultures that foster innovation and flexibility. what human resources management polices worked for Southwest 1) high compensation, flexible job assignments, cross training, employee stock ownership HR professionals should be part of the firm's strategic planning executive team. Identify the human issues that are vital to
business strategy. 3 basic strategic challenges for HR 1) the need to support corporate productivity and performance improvement efforts metrics measures the performace of various HR related activites HR's Strategy Execution Role The HR department's strategies, policies, and activities must make sense in terms of the company's corporate and competitive strategies, and they must support those strategies. HR's Strategy Formulation Role Supplying competitive intelligence that may be useful in the strategic planning process. what are the 3 Components of the HR process HR professionals who have strategic and other skills Sets with similar termsHR chapter 317 terms kelseybel Chapter 325 terms morgan_ann8 246 terms gregorywu5 BP 246 terms jbynoe Sets found in the same folderCHAPTER 7: TRAINING AND DEVELOPMENT54 terms rbcjy HRM Chapter 276 terms zehanna_visram Chapter 1 HRM71 terms northbay94 HRM chapter 7 - performance management46 terms simonamk08 Other sets by this creatorFast math38 terms Barrymueller English Balzak23 terms Barrymueller acct 2317 terms Barrymueller ACCT 56 terms Barrymueller Other Quizlet setsCh 2 Charting a Company's Direction Its Vision, Mi…36 terms ManxMouse HR STRATEGIC PLANNING34 terms shretha68 Strategic Management24 terms josh_booker6 Chapter 3: HR Strategy and Analysis23 terms Victoria_Compton1 Related questionsQUESTION A highly integrated process, often requiring persons from multiple companies and multiple functions to come together in a coordinated way to create customer satisfaction at a given place and time 4 answers QUESTION The most common recruiting and selection procedures for international assignments would be background and reference checks. T OR F 5 answers QUESTION Which type of wine is best served with white meatÑpork, turkey, chicken, veal, fish, and shellfish? 15 answers QUESTION A product of job analysis that provides a written explanation of what the job involves is called a: 3 answers What is a company's plan for how it will match its internal strengths and weaknesses with external opportunities and threats?A strategy is a course of action. The company's long-tem plan for how it will balance its internal strengths and weaknesses with its external opportunities and threats to maintain a competitive advantage.
Which strategy identifies to build and strengthen a firm's long term competitive position in the marketplace?A competitive or business-level strategy identifies how to build and strengthen the business's long-term competitive position in the marketplace. A company's corporate-level strategy identifies the sorts of businesses that will comprise the company and the ways in which these businesses relate to each other.
How would SWOT analysis strengthen the strategic management process externally and internally?A SWOT analysis will position you to seize opportunities and prepare effective strategies. Getting a clear and realistic view of your internal environment will help you identify ways to better satisfy clients, achieve your objectives and strengthen weaker areas that have an impact on your performance.
What is a course of action that the company can pursue to achieve its strategic aims?Strategy is a course of action. A mission statement is a general statement of a company's intended direction that evokes emotional feelings in the organization's members. A vision statement is broader and more future-oriented than a mission statement.
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What is a companys plan for how it will match its internal strength and weaknesses with external opportunities and threats to maintain a competitive advantage?
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