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HR Planning - Midterm > Chapter 1 - Strategic Management - TM > Flashcards

Chapter 1 - Strategic Management - TM Flashcards

Various concepts of strategy including types The reality of the strategic process Strategic planning process* Differences between mission, vision and values Porters generic competitive strategies Benefits of strategy formulation*

1
Q

Define Strategic Human Resources Management

A

A process that identifies current and future human resources needs for an organization to achieve its goals.

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2
Q

If HRM strategies are not skillfully applied, they can [Blank] affect organizational strategy

A

If HRM strategies are not skillfully applied, they can negatively affect organizational strategy

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3
Q

What are some positive outcomes of SHRM? (4)

A

profitability
customer satisfaction
employee performance
organizational survival

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4
Q

Define Organizational Strategy

A

The plan for how an organization intends to achieve its goals

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5
Q

The following is a definition of what?:

A tangible corporate goal; a point of view about the competitive positions a company hopes to build over a decade

A

STRATEGIC INTENT

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6
Q

The following is a definition of what?:

The systematic determination of goals and the plans to achieve them

A

STRATEGIC PLANNING

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7
Q

The following is a definition of what?:
The entire process of conceptualizing the mission of an organization, identifying the strategy, and developing long-range performance goals

A

STRATEGY FORMULATION

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8
Q

The following is a definition of what?:
Those activities that employees and managers of an organization undertake to enact the strategic plan, to achieve the performance goals

A

STRATEGY IMPLEMENTATION

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9
Q

Define “Strategic Plan”

A

A written statement that outlines the future goals of an organization, including long-term performance goals

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10
Q

What are Policies?

A

Broad guidelines to action which establish the parameters or rules

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11
Q

When considering the realities of strategy formulation and implementation, what are the 4 outcomes?

A

1- Intended Strategy
2- Emergent Strategy
3- Discarded Strategy
4 - Realized Strategy

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12
Q

When the agreed upon strategy was arrived at through the normal formal planning process it is the…

A

Intended Strategy

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13
Q

If new legislation is suddenly introduced that directly affects your company in some way (for example, new tariffs on international steel and you are a steel bearings making company) you will have to change your originally planned strategy b/c of this making it a …

A

Emergent Strategy (created from new ideas and conditions)

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14
Q

If an NGO originally planned to centre their strategy increasing salaries, EE Learning opportunities and bolstering benefits to retain and engage employees but had their funding drastically cut, what kind of new strategy would they have?

A

Discarded Strategy (deemed inappropriate due to changing circumstances)

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15
Q

After the plan is implemented, it is called a…

A

Realized Strategy (what actually happened)

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16
Q

What are some examples of triggering events that may warrant a change in strategy?

A 
New CEO
Threat of a change in ownership
 External intervention
 Performance gap
 Strategic inflection point
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17
Q

Organizational-level decisions that focus on long-term growth and survival are known as

A

CORPORATE STRATEGIES

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18
Q

3 types of Corporate Strategies are:

A

GROWTH, RESTRUCTURING AND STABILITY

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19
Q

RESTRUCTURING Strategy 1.

Define Turnaround Strategy

A

An attempt to increase the viability of an organization

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20
Q

RESTRUCTURING Strategy 2.

Define Divestiture

A

The sale of a division or part of an organization

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21
Q

RESTRUCTURING Strategy 3.

Define Liquidation

A

The termination of a business and the sale of its assets

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22
Q

RESTRUCTURING Strategy 4.

Define Bankruptcy

A

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

23
Q

What are the 4 types of Restructuring Strategies?

A

Turnaround, Divestiture, Liquidation, Bankruptcy.

24
Q

GROWTH Strategy 1.

Define International Growth

A

Seeking new customers or markets by expanding internationally

25
Q

GROWTH Strategy 2.

Define Acquisition

A

The purchase of one company by another

26
Q

GROWTH Strategy 3.

Define Merger

A

Two organizations combine resources and become one

27
Q

GROWTH Strategy 4.

Incremental Growth

A

Growth attained by expanding the client base, increasing products/services, changing the distribution networks, or using technology

28
Q

What are the 4 types of Growth Strategies?

A

Incremental, International, Mergers, Acquisitions

29
Q

This is the definition of?

Maintenance strategies where companies do not wish to see their companies grow and so their strategic HRM practices remain constant

A

STABILITY STRATEGY (AKA -status quo
do-nothing strategies
pause and proceed with caution
harvest strategy)

30
Q

This is the definition of?:
(a) The action plan for a single line of business to gain competitive advantage

(b) An org’s working plan for:
Achieving its vision
Prioritizing its objectives
Competing successfully; and 
Optimizing financial performance
A

BUSINESS STRATEGY

31
Q

What are the 7 Steps in the STRATEGIC PLANNING PROCESS?

Short Answer Question

A

1 - Establish a Mission, Vision, Values

  1. Develop Objectives
  2. Analyze the Environment
  3. Identify the Competitive Advantage
  4. Evaluate Performance
  5. Implement the Strategy
  6. Determine the Competitive Position
32
Q

[PART 1: Strategic Planning Process - Mission, Vision Values] What is a Mission Statement?

A

An articulation of the purpose of the organization and the value it creates for customers

33
Q

[PART 1: Strategic Planning Process - Mission, Vision Values] What is a Vision Statement?

A

A clear and compelling goal that serves to unite an organization’s efforts

34
Q

[PART 1: Strategic Planning Process - Mission, Vision Values] What are Organizational Values?

A

The basic beliefs that govern individual and group behaviour in an organization

35
Q

[PART 1: Strategic Planning Process - Mission, Vision Values]
What is the PURPOSE of a Vision Statement?

A
  1. EE sense of Identity
    • EE Commitment to smtg greater than themselves
  3. Adds STABILITY to the org as a social system
  4. Serves as a guide for appropriate behaviour and to make sense of organizational activities
36
Q

[PART 2: Strategic Planning Process - Develop Objectives] Who develops Organizational Objectives?

A

The Management Team

37
Q

[PART 2: Strategic Planning Process - Develop Objectives]

What kind of Objectives do mgmt teams develop?

A

Short-term, related to an organizations high-lvl mission, vision and value

38
Q

[PART 2: Strategic Planning Process - Develop Objectives]

What are objectives?

A

Objectives are an expression, in measurable terms, of what an organization intends to achieve

39
Q

[PART 2: Strategic Planning Process - Develop Objectives]

What are Hard Goals?

A

Goals that are an expression in measurable terms of what an organization intends to achieve; include numbers

40
Q

[PART 2: Strategic Planning Process - Develop Objectives]

What are Soft Goals?

A

Goals that define the targets of social conduct for the organization and may not always be quantifiable

41
Q

[PART 3: Strategic Planning Process - Analyze the Environment]

Managers must be aware of [BLANK] and [BLANK] in the external environment

A

Managers must be aware of THREATS and OPPORTUNITIES in the external environment

42
Q

[PART 3: Strategic Planning Process - Analyze the Environment]

What areas should be scanned and analyzed?

A

technology, laws and regulations, the economy, sociocultural factors, and changing demographics

43
Q

[PART 4 - Strategic Planning Process - Competitive Advantage]

What are the 4 Criteria for Sustained Competitive Advantage?
(VIRO)

A
  1. Valuable
  2. Inimitable
  3. Rare
  4. Organized
44
Q

[PART 5 - Strategic Planning Process - Evaluate Performance]

What are organizational resources and capabilities that serve as a firm’s competitive advantage and directly contributes to a company’s strategy known as?

A

An Organization’s CORE COMPETENCIES

45
Q

[PART 5 - Strategic Planning Process - Evaluate Performance]

What are organizational capabilities to adapt and renew competencies in accordance with the changing business environment

A

Dynamic Capabilities

46
Q

[PART 5 - Strategic Planning Process - Evaluate Performance]

What does SWOT Analysis stand for?

A

Strengths
Weaknesses
Opportunities
Threats

Used to analyze the company’s resource capabilities and deficiencies and its market opportunities and threats in the future

47
Q

[PART 7- Strategic Planning Process - Competitive POSITION]

What is the organization’s Value Proposition?

A

A statement of the fundamental beliefs of the products or services being offered in the marketplace

48
Q

[PART 7- Strategic Planning Process - Competitive POSITION]

What are Porter’s 5 Competitive Strategies?

A
  1. Low-cost provider strategy
  2. Broad differentiation strategy
  3. Best-cost provider strategy
  4. Focused or market niche
    strategy based on lower cost
  5. Focused or market niche strategy based on differentiation
49
Q

[PART 6 - Strategic Planning Process - Implementation]

Strategy Implementation is the process of putting a strategy into [Blank]

50
Q

[PART 6 - Strategic Planning Process - Implementation]

Strategy implementation is also called what?

A

Operational Planning (consisting of programs, budgets, and procedures)

51
Q

[PART 6 - Strategic Planning Process - Implementation]

What does the program outline?

A

steps or activities necessary to accomplish the goal

52
Q

[PART 6 - Strategic Planning Process - Implementation]

What do Procedures list?

A

the steps required to get the job done

53
Q

SHORT ANSWER OPTION:

What are the Benefits of Strategy formation?

A 
Clarity
Coordination
Efficiency
Incentives
Change
Career Development
54
Q

List 3 ERRORS in Strategic Planning

A
  1. not involving executives and managers
  2. not using the plan as the guide to making decisions and evaluating performance
  3. not aligning incentives and other HR policies to the achievement of strategy

HR Planning - Midterm (8 decks)

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