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HRM > Questions > Flashcards

Questions Flashcards

1
Q

What is an organisation?

A

A group of people who work together in an organized way for a shared purpose

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2
Q

What are stakeholders?

A

A person such as an employee, customer or citizen who is involved with an organisation, society etc. and therefore has responsibilities towards it and an interest in its success.

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3
Q

What do stakeholders have an direct influence on?

A

buyers, suppliers, competitors, capital providers, employees, special interest groups, government and local authority institutions and media

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4
Q

What is a mission?

A

Mission statement:
- reason for being
- often vague and short
- will remain unchanged for years

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5
Q

What is a vision?

A

The desired end state for the company
- focuses on the future
- entails values of the company
- directs all activities of the organisation

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6
Q

What are aims?

A

General organisational goals for the future.
Relate to one or more of the following:
- balance of interest
- profitability
- quality
- effectivity and efficiency
- image
- code of conduct

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7
Q

What are objectives?

A
  • SMART objectives (specific, measurable, acceptable, realistic & time-specific)
  • Should be obtained within 1-3 years
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8
Q

What is the DESTEP model?

A

The external environment

Demographical
Economical
Socio-cultural
Technical
Ecological
Political

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9
Q

What are demographic factors?

A
  • age and sex distribution
  • live expectancy
  • population size & density
  • occupations (jobs)
  • nationalities & ethnicities
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10
Q

What are economical factors?

A
  • Level of economic development
  • GDP (gross domestic product): is the total monetary of market value of all the finished goods and services produced within a country’s borders in a specific time period. It functions as a comprehensive scorecard of a give country’s economic health.
  • Rate of inflation
  • Wage levels / labour costs
  • Level of unemployment
  • Strength of currency
  • Taxation structure / rates
  • Income distribution: is there equality in the income distribution?
  • Purchasing power
  • Spending patterns
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11
Q

What are socio-cultural factors?

A

Is related to what kind of culture there is in my external environment. In this factors are included:
- Languages
- Religious and cultural froupings
- Educational attainment
- Level of social cohesion
- Press / social attitudes
- Life style attitudes and role of women

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12
Q

What are technological factors?

A

Refers to:
- R&D (Research and Development) activity: the more countries pay for research and development the higher the chance they are more technologically developed. - Patent /copyright protection: if you develop a new product how it will be secured in the future.
- Transport infrastructure
- Energy availability / costs
- Availability of skilled workforce
- Level / impact of technology adoption and transfer: how fast are people using new technology - Impact of emerging technologies

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13
Q

What are ecological factors?

A
  • government attitude / polices / regulations (when government imposes rules on businesses) - Planning and building controls
  • Recycling issues and costs
  • Energy / water availability and consumption patterns of people
  • Sector specific issues
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14
Q

What are political factors?

A

Politics imposes more and more regulations upon business so when we look for a place to establish our business we need to look for a couple of things.
- levels of law and corruption
- What kind of competition law and policy are there
- Business ownership regulations
- Employment law
- Consumer protection
- Sector specific laws

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15
Q

What are the Five Forces by Micheal Porter

A

The threat of new entrants
Bargaining power of suppliers
Bargaining power of buyers
Threat of substitutes
Rivalry amongst existing competitors or intensity of rivalry

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16
Q

When is there a threat of new entrants?

A
  • low amount of capital is required to enter a market
  • Existing companies can do a little to retailate
  • Existing firms do not possess patents, trademarks or do not have an established brand reputation
  • There is no government regulation
  • Customer switching costs are low (it doesn’t cost a lot of money for a firm to switch to other industries)
  • There is a low customer loyalty
  • Products are nearly identical
  • Economies of scale can be easily achieved
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17
Q

When is the bargaining power of suppliers high?

A
  • There are few suppliers but many buyers
  • Suppliers are large and threaten to forward integrate.
  • Few substitute raw materials exist
  • Suppliers hold on to scarce resources
  • Cost of switching raw materials is especially high
18
Q

When is the bargaining power of buyers high?

A
  • buying in large quantities or control many access points to the final customer
  • If only few buyers exist the bargaining power is high, and is not that good for the business.
  • Switching costs to another supplier are low
  • They threaten to integrate backwards
  • There are many substitutes
  • Buyers are price sensitive
19
Q

What is the threat of substitudes?

A

Threat of substitute products are specially high if you look at electronic devices for example. If the threat of substitutes products is high it has a huge impact in the company.
- threatening when buyers can easily find substitute products with attractive prices or better quality.
- Switching cost means when you go to one product to another that substitutes it and if it doesn’t cost you anything the switching cost is low that means that is good for the buyer but not for the business. When buyers can switch from one product or service to another with little cost: switch from coffee to tea doesn’t cost anything unlike switching from car to bicycle.

20
Q

When is the rivalry amongst competitors high?

A
  • there are many competitors
  • Exit barriers are high: if you want to invest in research you need to invest a lot of money and if you want to exit it will cost you a lot of money. If the exit barriers are high the competition is also high.
  • The more competitors there are the higher the intensity of rivalry
  • Industry of growth is slow or negative
  • Products are not differentiated and can be easily substituted
  • Competitors are of equal size
  • Low customer loyalty
21
Q

What is the confrontation matrix?

A

From SWOT to Confrontation Matrix, you match the strengths and weaknesses from the internal environment with the opportunities and threats from the external analysis any by mixing them you get the confrontation matrix.

22
Q

Strenght-Opportunities strategies

A

which of the company’s strengths can be used to maximize the opportunities you identified? What opportunities are there and what I am good at so I can use this opportunities and match them with my strong points.

23
Q

Strenght-Threats strategies

A

how can I use the company’s strengths to minimize the threats you identified? So are there things in the external environment which I can fight with my own strengths?

24
Q

Weakness-Opportunity strategies

A

what actions can you take to minimize the company’s weaknesses using the opportunities you identified?

25
Q

Weakness-Threats strategies

A

how can you minimize the company’s weaknesses to avoid the threats you identified?

26
Q

What does the situational analysis consist of?

A

Definition of the current vision, aims and strategy.
I I
Internal External
analysis analysis

27
Q

What does the Strategy information consist of?

A

Determining a view of the future
I
Developing various strategies
I
Evaluation and choice of a strategy

28
Q

What does Planning and implementation consist of?

A

Implementation of the strategy

29
Q

Determining a view of the future

A

The goals for the future are determined by the vision and the mission. The mission is oriented to the future and from the vision you come to aims and objectives. So the view of the future comes from your objectives:
- in how far can chosen objectives be achieved?
- In how far are the objectives realistic?
- In how fare are these viable?

30
Q

Developing various strategies

A

Needs to be chosen what position do you want your company to have: do you want to be a leader, a challanger, a follower or a specialist

31
Q

What is the markets leader strategy?

A
  • increase total market:
  • Enlarge number of users
  • Increase product consumption
  • Use product for new goals
  • Defend and expand market share
  • Position streghtening
  • Attacking the flanks
  • Enhacing mobility
32
Q

What is a challenger?

A
  • their objective is to become a market leader
  • Attack head on
  • Attach from the side
  • Hedge the market leader in
  • Attack market leader indirectly
  • Use a guerrilla strategy
33
Q

What is a follower?

A
  • follows the market leader
  • Closely follow the market leader (imitating)
  • Follow at a certain remove (certain level of differentiation)
  • Selectively follow (mixture between following and pursing an own policy)
34
Q

What is a specialist?

A

Organizations that focus on small market niches (no or hardly any fear of competitors) - geographical specialisation
- Product specialisation
- Market specialisation

35
Q

What is the Ansoff’s product/market matrix?

A

If you come in an existing market with an existing product you call the strategy: market penetration. Example: telecom industry or supermarkets they fight for market share in the same market with existing products.
If you are in an existing market with a new product is called: product development. Hygiene and or cosmetic products they always bring new products in existing markets.
If you have a new market where no one is operating but with an existing product is called: market development. For example: clothing or fashion industry they try to expand to new markets with existing products.
If you have a new market with a new product is called: diversification. For example: Tata, personal data is being use and sold. This are new products and there wasn’t a market for them.

36
Q

Micheal Porter’s generic competitive strategies

A

If you have a broad target but you want to differentiate that means that you customize or make particular changes, specific products for a customer group you name it DIFFERENTIATION STRATEGY.
If you focus for example on a niche market with cheap products, is called FOCUSED COST LEADERSHIP.
You can also say that you focus on a niche market but you prefer to focus on the differentiation is called FOCUS DIFFERENTIATION STRATEGY. Normally the most expensive products are places in this strategies.
One assumption of Porter is that in companies is needed to pursue just ONE strategy otherwise an organisation will find itself being stuck in the middle

37
Q

Treacy and Wiersena’s Three Value Discipline

A

1.Operational excellence: cost leadership. How good are you at operating? How good are you at input, throughput, output. How fast are you on that process. How good are you ofering processes or services.
2.Product-leadership: short “time-to market” innovative products. How fast I am bringing new products to the market?
3.Customer intimicy: what is the customer relationship. If I buy something at a company what kind of service will I get later form the company.What kind of service is the company giving.

38
Q

What is Red ocean strategy?

A
  • enter a saturated market
  • differentiate to win over the competitors
  • serve existing demand
  • choose between providing lower cost or special value to the customer
39
Q

What is Blue ocean strategy?

A
  • find the untapped market
  • get the product on the market before the competitors appear
  • create new demand
  • get the product on the market with low cost and unique value before others
40
Q
A

HRM (2 decks)

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