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Human Resources > Chapter 5 > Flashcards

Chapter 5 Flashcards

1
Q

Planning

A

the cognitive, creative, and behavioral process of developing a sequence of activities intended to achieve a goal or move toward an imagined future state

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2
Q

Goal Oriented Planning

A

the process of determining the activities and steps from an existing state to a clearly defined end state

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3
Q

Action Oriented Planning

A

directing one’s full attention to the task at hand

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4
Q

Short Term Planning

A

typically created for a period of one year or less, has a definite end point

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5
Q

Long-Term Plan

A

Often in place for three or more years; end point not always determined; can be complex and require substantial resources

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6
Q

Single Use Plan

A

Used once for a unique situation

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7
Q

Standing Plan

A

Typically a far reaching plan that articulates and synthesizes mission-driven, strategic goals for a business

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8
Q

Financial Plan

A

Plan for providing financial resources to support an organization’s activities

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9
Q

Contingency Plan

A

Designed to respond to a crisis or a failed plan; a back-up plan

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10
Q

Project Plan

A

Outlines specific actions, time frames, roles, responsibilities, objectives, and outcomes for particular work projects to be done by one or more people

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11
Q

Goals

A

the purpose toward which an endeavor is directed, are specific, measureable, achievable, results based, and time specific

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12
Q

Subgoals

A

a goal that is created to help attain another, bigger goal; a larger goal can be decomposed into several smaller subgoals, which are easier to solve and often far more concrete than the overarching goal

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13
Q

Milestones

A

getting somewhere, or to marking distanced travel; helps mark progress toward a goal or subgoal

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14
Q

Action Steps

A

individual actions that support goal or subgoal attainment; not always organized to follow a linear sequence

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15
Q

Scenario Planning

A

a dynamic, systematic process in which people envision all of the “what if” scenarios for given situations and plan for several likely possibilities

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16
Q

Mission Statement

A

– a statement that describes what an organization is, what it does, and what it stands for

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17
Q

Competitive Advantage

A

anything that positively distinguishes one organization from others

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18
Q

Vision

A

a description of what an organization wants to become – its future identity – which can be realized through the successful accomplishment of its mission

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19
Q

Vision Statement

A

an articulation of a company’s vision

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20
Q

Strategy

A

helps an organization realize its mission and brings its mission to life

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21
Q

Growth Strategy

A

a corporate strategy that involves expansion of operations and/or an increase in market share

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22
Q

Acquisition Strategy

A

a corporate strategy that involves joining with other businesses by buying, merging with, or taking over other companies

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23
Q

Joint Venture

A

a formal arrangement between two or more entities to engage in activities together and to share risk

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24
Q

Stability Strategy

A

a corporate strategy that is intended to maintain a compay’s current position

25
Retrenchment Strategy
a corporate strategy that is adopted when a company needs to regroup and defend itself while turning the business around
26
Divestiture Strategy
which a company sells of or folds a particular division, business, brand, product or services line
27
Differentiation
providing a product or service that is perceived as unique by consumers
28
Core Competency
an activity that an organization does very well, that is readily identified by customers, and that sets the company apart from it’s competitors.
29
Cost Leadership
a business strategy of providing the lowest prices in the industry for a particular product, product line, or service
30
Niche Strategy
a business strategy that caters to a narrow segment of the market
31
Vertical Integration
a business strategy of acquiring or developing businesses along the supply chain
32
Supply Chain
all of the resources, products, services, and operations that contribute to producing and selling goods or services
33
Functional Strategies
departmental strategies that are developed to help an organization achieve its goals
34
Strategic Planning
the process of examining an organization’s internal and external environments and determining major goals that will help the company realize its mission and move toward its mission
35
Environmental Scanning
the process of assessing social and natural conditions that have the potential to affect an organization
36
Industry
a collective group of companies that provide the same or similar products and services
37
Stake Holder
any constituent potentially impacted by an organization’s actions, either inside or outside the organization
38
Stake Holder Analysis
an audit of all stakeholders and an analysis of how each stakeholder will be affected by an organization’s decisions, and/or how the stakeholder can affect the organization
39
Strategic Planning
1. Review or evaluate mission, vision, goals and strategies 2. Conduct internal analysis 3. Conduct external analysis 4. Craft strategies 5. Implement strategies 6. Evaluate strategies
40
SWOT Analysis
a technique that examines strengths, weaknesses, opportunities, and threats that may affect achievement of strategic mission and vision Strengths, Weaknesses, Opportunities and Threats
41
Strength
A positive characteristic or activity that an organization possesses that can have a positive impact on the organization
42
Weakness
Any negative characteristic or activity that an organization possesses that can have a negative impact on the organization
43
Opportunity
any situation, condition, or event that is favorable to an organization
44
Threat
any situation, condition, or event that can negatively impact an organization
45
Diversified Company
a company that has two or more distinct divisions that produce different products or services
46
BCG Matrix
An analysis tool used to illustrate how a business unit, product, service, brand, or product portfolio is performing in terms of market share and market growth The BCG model is based on classification of products (and implicitly also company business units) into four categories based on combinations of market growth and market share relative to the largest competitor. http://www.maxi-pedia.com/web_files/images/BCG_Matrix.png
47
Market Share
the percentage of the market that a product, service, or business unit has capture
48
BCG STARS (high growth, high market share)
- Stars are defined by having high market share in a growing market. - Stars are the leaders in the business but still need a lot of support for promotion a placement. - If market share is kept, Stars are likely to grow into cash cows.
49
BCG QUESTION MARKS (high growth, low market share)
- These products are in growing markets but have low market share. - Question marks are essentially new products where buyers have yet to discover them. - The marketing strategy is to get markets to adopt these products. - Question marks have high demands and low returns due to low market share. - These products need to increase their market share quickly or they become dogs. - The best way to handle Question marks is to either invest heavily in them to gain market share or to sell them.
50
BCG CASH COWS (low growth, high market share)
- Cash cows are in a position of high market share in a mature market. - If competitive advantage has been achieved, cash cows have high profit margins and generate a lot of cash flow. - Because of the low growth, promotion and placement investments are low. - Investments into supporting infrastructure can improve efficiency and increase cash flow more. - Cash cows are the products that businesses strive for.
51
BCG DOGS (low growth, low market share)
- Dogs are in low growth markets and have low market share. - Dogs should be avoided and minimized. - Expensive turn-around plans usually do not help.
52
Market Growth Rate
A measure of growth in the market for given products or services
53
Recruiting
The process of attracting qualified candidates for jobs
54
HR Inventory
an internal system that maintains information about people within an organization, including skills, training needs, career plans, and other information about employees
55
Selection
the act of choosing whom to hire from among a group of qualified applicants
56
Succession Plan
a plan for filling management positions in the event those positions are vacated
57
Layoff
a termination with the possibility of rehire once conditions improve
58
For-cause termination
the dismissal of an employee for breaking a company policy, failing to perform, or failing to adjust to company values, norms, or culture

Human Resources (8 decks)

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