Ch.1 Ashley *done* Flashcards
What is the definition of strategy?
The formulation of organizational missions,goals,objectives and action plans for achievement that explicitly recognize competition and the impact of outside environmental forces.
What is strategic Human Resources Management?
The strategic management of people through HR programs and policies to ensure achievement of strategic objective such as:
- profitability
- customer satisfaction
- employee performance
- organizational survival
What makes you happy?
Chocolate chocolate chocolate
what is an intended strategy?
An intended strategy is planned and deliberate. It is the set of intentional acts that is contemplated and planned to accomplish a goal. An intended strategy is also sometimes called a deliberate strategy.
What is an emergent strategy?
A set of certain consistent actions that form an unintended pattern that was not initially anticipated or intended in the initial planning phase. For example, although unintended, adopting an emergent strategy might help a business adapt more flexibly to the practicalities of changing market conditions.
What is corporate strategy?
Organizational-level decisions that focus on long-term survival.
- restructuring-turnaround, divestiture, liquidation, bankruptcies
- Growth- includes incremental, international and mergers and acquisitions.
- Stability- maintain status quo
Describe Turnaround strategy
a Restructuring strategy, to attempt to increase the viability of an organization.
Describe the divestiture strategy
A restructuring strategy, a sale of a division or part of an organization.
Describe the liquidation strategy
a restructuring strategy, the termination of a business and the sale of it’s assets.
Describe bankruptcy as a restructuring strategy
A formal procedure in which an appointed trustee in bankruptcy takes possession of a business’s assets and disposes of them in an orderly fashion.
Describe incremental growth
A growth strategy that can be attained by expanding the client base,increasing products/services, changing the distribution networks, or using technology
Describe international growth
A growth strategy that can be attained by seeking new customers or markets by expanding internationally.
Describe Acquisition
The purchase of one company by another
Describe merger
2 organizations combine resources and become one.
Define a stability strategy
Maintenance strategies where companies do not wish to see their companies grow and so their strategic hrm practices remain constant aka. status quo,neutral or do-nothing strategies.
What is the main difference between Corporate strategy and Business Strategy?
Corporate has multiple lines of business, Business has a single line of business.
What is the strategic planning process?
- establish mission,vision,values
- develop objectives
- analyze the external environment
- determine the competitive position
- identify the competitive advantage
- implement the strategy
- evaluate the performance
T OR F- a purpose of values statement is to convey a sense of identity for employees
true
T OR F- A purpose of a values statement is to generate employee commitment to something greater than themselves
true
T or F- A purpose of a values statement is to add stability of the org as a social system
true
T or F- If you have a good values statement, the employees can reference to it, in order to regulate their behaviour.
true
What is a Value Proposition?
A company’s value proposition describes the benefits of its products and services.
What is a Value Statement?
A declaration that informs the customers and staff of a business about the firm’s top priorities and what its core beliefs are.
What are 3 errors in strategic planning?
Relegating the process to official planners and not involving executives and managers
failing to use the plan as the guide in making decisions and evaluating performance.
Failing to align incentives and other HR policies to the achievement of strategy.
