MODULE 7 (NEW) Flashcards
comes from the Greek word strategos,
which has its roots in military language.
Strategy
The process of investigation, analysis, and
decision making that provides the company
with the criteria for attaining a competitive
advantage.
Strategy Formulation
It is when an organization engages in different generic strategies where organizations positions itself relative to its competitors
Strategy Formulation
The process by which strategies and policies
are put into action through the development
of programs, budgets, and procedures.
Strategy Implementation
It is when an organization develops
strategies for achieving company’s goals in
light of its environment.
Strategy Implementation
is a process for analyzing a company’s competitive situation, developing the company’s strategic
goals, and devising a plan of action and allocation of resources (human, organizational, and physical) that will increase the
likelihood of achieving those goals.
Strategic Management
(SHRM)can be thought of as “the pattern of planned human resource deployments and activities intended to enable an organization to achieve its goals.”
Strategic human resource management (SHRM)
focused on day-to-day activities
Administrative Linkage
firm’s strategic business planning function develops the strategic plan and then informs the HRM function of the plan
One-Way Linkage
allows for consideration of human resource issues during the strategy formulation process
Two-Way Linkage
based on
continuing rather than sequential
interaction
Integrative Linkage
Five important variables determine success in strategy implementation
organizational structure;
task design;
the selection, training, and development of people;
reward systems;
and types of information and information systems.
the ___________strategyfocuses on becoming the lowest cost producer in an industry.
“overall cost leadership”
attempts to create the impression that the
company’s product or service is different from that of others in the industry.
“differentiation”
An emphasis on acquiring vendors and suppliers or buying businesses that allow a company to expand into new markets.
External Growth Strategy
A strategy focusing on increasing market share, reducing costs, or creating and maintaining a market niche for products and services.
Concentration Strategy
The planned elimination of large numbers of personnel, designed to enhance organizational effectiveness.
Downsizing
A focus on new market and product development, innovation, and joint ventures.
Internal Growth Strategy
consist of the strategies that evolve from the grassroots of the organization and can be thought of as what organizations actually do, as opposed to what they intend to do
Emergent Strategies
companies are becoming interested in the idea of a “learning organization,” in which
people continually expand their capacity to achieve the results they desire.
Enhancing Firm Competitiveness