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Terms in this set (17)Strategic Plan The 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. Strategy A course of action the company can pursue to achieve its strategic aims. Strategic management The process of identifying and executing the organizations strategic plan, by matching the company's capabilities with the demands of its environment. Vision Statement A general statement of the firms intended direction that shows, in broad terms, "what we want to become" Mission Statement Summarizes the answer to the question, "What business are we in?" Corporate- level Strategy Type of strategy that identifies the portfolio of business that, in total comprise the company and the ways in which these businesses relate to each other. Competitive Strategy A strategy that identifies how to build and strengthen the business's long-term competitive position in the marketplace. Competitive advantage Any factors that allow an organization to differentiate its product or service from those of its competitors to increase market share. Functional Strategy A department's functional strategy identifies what the department must do in terms of specific department policies and practices to help the business accomplish its competitive goals. Strategic human resource management Formulating and executive human resource policies and practices that produce the employee competencies and behaviors the company needs to achieve its strategic aims. Strategy Map A strategic planning tool that shows the "big picture" of how each department's performance contributes to achieving the company's overall strategic goals. HR Scorecard A process for assigning financial and non financial goals or metrics to the human resource management related chain of activities required for achieving the company's strategic aims and for monitoring results. Digital Dashboard Presents the manager with desktop graphs and charts, and so a computerized picture of where the company stands on all those metrics from the HR scorecard process. Strategy -based metrics Metrics that specifically focus on measuring the activities that contribute to achieving a company's strategic aims. HR Audit An analysis by which an organization measures where it currently stands and determines what it has to accomplish to improve its HR function. High performing work system A set of human resource management policies and practices that promote organizational effectiveness.. Human resource metric The quantitative gauge of a human resource management activity such as employee turnover, hours of training per employee, or qualified applicants per position Sets with similar termsHR chapter 317 terms kelseybel HR chapter 326 terms Barrymueller HR Test 1 Ch 340 terms mjrohrer1 246 terms gregorywu5 Sets found in the same folderChapter 221 terms himaya_rajapakse Chapter 415 terms himaya_rajapakse Chapter 516 terms himaya_rajapakse Chapter 67 terms himaya_rajapakse Other sets by this creatorFinal Psychodynamic16 terms himaya_rajapakse Quiz 46 terms himaya_rajapakse Neuropsychology: Quiz 24 terms himaya_rajapakse Brain Functions15 terms himaya_rajapakse Other Quizlet setsAdvPhys Lab Exam 225 terms nikki_zink LP 3 Health Promotions Version 131 terms cheynae_olaf Quiz 321 terms diamond_hitter Ch. 01 Module 3: Sections 1.05-1.0628 terms michael_cantu9 Related questionsQUESTION because of so many constraints from bounded rationality, they follow the satisficing model 6 answers QUESTION What does the term, residual risk mean in the CRM process? 3 answers QUESTION In which statements regarding medications taken by a client diagnosed with COPD do the drug name and the drug category correctly match? Select all that apply. 15 answers QUESTION if an integrated MEP management system is not well balanced, the result will include 5 answers Which type of strategy identifies how do you build and strengthen a firms longVertical integration strategy means the firm expands by, perhaps, producing its own raw materials, or selling its products direct. Geographic expansion strategy takes the company abroad. Identifies how to build and strengthen the business's long-term competitive position in the marketplace.
Which level strategy is a longCorporate-level strategy
Corporate strategy defines the long-term objectives and generally affects all the business-units under its umbrella.
What is longPerformance goals of an organization, intended to be achieved over a period of five years or more. Long-term objectives usually include specific improvements in the organization's competitive position, technology leadership, profitability, return on investment, employee relations and productivity, and corporate image.
What is longA long-term strategy is a comprehensive plan for a business that defines goals for the future. During this process, you're setting and completing goals to achieve an overarching goal for the company. To create a long-term strategy, you may set multiple smaller goals that help you meet your ultimate objective.
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Which type of strategy identifies how do you build and strengthen a business units long term position in the marketplace?
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