Chapter 4 Flashcards
The process by which top management determines overall organizational purposes and objectives and how they are achieved
Strategic Planning
A company’s continuing purpose or reason for being
Mission
The sum total of the organization’s ongoing purpose
Corporate Mission
The organization should assess its strengths and weaknesses in interval environment and the threats and opportunities from external environments
SWOT Analysis
The desired end results of any activity
Objectives
Objectives should have Four basic characteristics
Expressed in writing
Measurable
Specific as to me
Challenging but attainable
Focuses on gaining competitive advantage by being the lowest cost producer or service within the marketplace
Lowest-Cost Strategy
Require aggressive construction of efficient-scale facilities and vigorous pursuit of cost minimization in such areas as operations, marketing and HR
Lowest-Cost Strategy
Focus on developing products or services that are unique from their competitors
Differentiation Strategies
Can take many forms, including design or brand image, technology, features, customer service, and price
Differentiation Strategy
Matching the internal and external supply of candidates with job openings anticipated in the organization over a specific period of time
Human Resource Planning (Workforce Planning)
Determining the number, skill, and location of employees the organization will need at future dates to meet its goals
Requirements Forecast
Determination of whether the firm will be able to secure employees with the necessary skills, and from what sources
Availability Forecast
Uses current level of staffing as starting point for determining future staffing needs
Zero Base Forecast
Each successive level in the organization, starting with the lowest, forecasts its requirements, ultimately providing an aggregate forecast of employees needed
Bottom-Up Forecast
