Ch 1, 2, 3, 4, 5 Flashcards
Good HRM practices allow companies to gain a _____ advantage
Competitive
The policies, practices, and systems that influence employees’ behavior, attitudes, and performance
Human resource management
A company’s ability to maintain and gain market share
Competitiveness
The systematic planned strategic effort by a company to attract, retain, develop, and motivate highly skilled employees and managers
Talent management
A course of action that might allow a firm to gain competitive advantage
Strategy
A process to address the organization’s competitive challenges by integrating an organization’s goals, policies, and action sequences into a cohesive whole
Strategic management
The pattern of planned HR activities and deployments intended to enable an organization to achieve its goals
Strategic HRM
2 examples of strategic types
Cost leadership
Differentiation
Being the lowest cost producer in the industry
Cost leadership
Creating the impression that the company’s product or service is different from that of others in the industry
Differentiation
2 phases of strategic management
Strategy formulation
Strategy implementation
Strategy formulation
Mission -> Goals -> Strategic Choice
A statement of the organizations reason for being
Mission
What an organization hopes to achieve in the medium-to-long-term future
Goals
The organization’s strategy; the ways an organization will attempt to fulfill its mission and achieve its long-term goals
Strategic choice
2 components of strategy formulation
External analysis
Internal analysis
Examining the organization’s operating environment to identify the strategic opportunities and threats
External analysis
Identifying the organization’s strengths and weaknesses
Internal analysis
SWOT Analysis
Strengths (internal)
Weaknesses (internal)
Opportunities (external)
Threats (external)
Strategy implementation
Strategic choice -> firm performance
4 directional strategies
Concentration strategies
Internal growth strategies
External growth strategies
Divestment