Chap-2 terms

Question 1

Business Strategy?

Answer 1

How a company will compete in it’s market place

Question 2

Cost-leadership Strategy?

Answer 2

Be the lowest cost producer for a particular level of product quality

Question 3

Operational excellence?

Answer 3

Maximize the efficiency of the manufacturing or product development process to minimize costs

Question 4

Differentiation Strategy?

Answer 4

Developing a product or service that has unique characteristics valued by customers

Question 5

Product Innovation?

Answer 5

Developing new products or services

Question 6

Specialization Strategy?

Answer 6

Focusing on a narrow market segment or niche and pursuing a differentiation or cost-leadership strategy within that market segment

Question 7

Customer Intimacy?

Answer 7

Delivering unique and customizable products or services that better meet customer’s needs and increase customer loyalty

Question 8

Growth Strategy?

Answer 8

Strategy to expand the company either organically or via acquisitions

Question 9

Talent Philosophy?

Answer 9

System of beliefs about how a firm’s employees should be treated

Question 10

Human Resource Strategy?

Answer 10

Linkage of the entire human resource function with the company’s business strategy

Question 11

Staffing Strategy?

Answer 11

Constellation of priorities, policies, and behaviors used to manage the flow of talent into, through, and out of an organization over time

Question 12

Core Workforce?

Answer 12

Long-term, regular employees

Question 13

Flexible Workers?

Answer 13

Temporary, leased, part-time, or contract workers, or independent contractors employed for shorter periods by firms as needed

Question 14

Internal Talent Focus?

Answer 14

Preference for developing employees and promoting from within to fill job openings

Question 15

External Talent Focus?

Answer 15

Preference for filling jobs with new employees hired from outside the organization

Question 16

Proactive Staffing?

Answer 16

Done before situations/issues arise

Question 17

Reactive Staffing?

Answer 17

Done in response to situations/issues

Question 18

Job-oriented Staffing?

Answer 18

Hiring to fill a specific job opening

Question 19

Talent oriented Staffing?

Answer 19

Recruiting and even hiring without a specific job opening

Question 20

Centralized Staffing?

Answer 20

Situation in which all of an organization’s staffing activities are channeled through one unit

Question 21

Decentralized Staffing?

Answer 21

Different business units of a company each house their own staffing functions

Question 22

Combines Approach?

Answer 22

Combination of centralized and decentralized staffing

Question 23

Human Capital Advantage?

Answer 23

Acquiring a stock of quality talent that creates a competitive advantage

Question 24

Human Process Advantage?

Answer 24

Superior work processes that create a competitive advantage