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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 companies plan for how it will match its internal strengths and weaknesses with external opportunities and threats to maintain a competitive advantage?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 of the following company strategies identifies how do you build and strengthen the business's long term competitive position in the marketplace?16) Which type of strategy identifies how to build and strengthen a firm's long-term competitive position in the marketplace? Explanation: B) A competitive or business-level strategy identifies how to build and strengthen the business's long-term competitive position in the marketplace.
Which refers to the strategic planning process by which a company typically led by the HR team assesses and identifies the personnel needs of the organization?A staffing plan is a strategic planning process by which a company (typically led by the HR team) assesses and identifies the personnel needs of the organization. In other words, a good staffing plan helps you understand the number and types of employees your organization needs to accomplish its goals.
Which one of the following refers to any factors that allow a company to differentiate its product or service from those of its competitors to increase market share?Which of the following refers to any factors that allow a company to differentiate its product or service from those of its competitors to increase market share? Explanation: A competitive advantage refers to the factors that allow a firm to differentiate its product or service from competitors to gain market share.
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