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Certified Knowledge Exam > Strategy > Flashcards

Strategy Flashcards

1
Q

Strategy Definition

A

organizational missions, goals, objectives and action plans for achievement that recognizes the competition and impact of outside environmental forces (ie. organizations intentions)

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2
Q

Strategy Formulation

A

process of creating the orgs mission, identifying the orgs strategy and developing long term performance goals

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3
Q

Strategy Implementation

A

act(s) of putting long term, mid term and short term plans into place; activities that managers and employees do to enact the strategic plan and reach their goals

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4
Q

Three Resource Types

A

land, capital and labour

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5
Q

HR’s role in Strategy

A

align hr and business strategies, develop hr metrics and measure hr values, and manage risks

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6
Q

Environmental Factors

A

economic climate, globalization, political/legal factors, technological factors, demographic factors and social/cultural factors

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7
Q

Corporate Strategy

A

organizations overall strategy that is made up of multiple units; determies how the corporation as a whole supports and enhances the value of the business units

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8
Q

Types of Corporate Strategies

A

restructuring, growth, stability

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9
Q

Restructuring Strategies

A

turnaround, divestiture, liquidation, and bankruptcies

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10
Q

Growth Strategies

A

incrememental growth, international growth, mergers, acquisitions

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11
Q

Stability Strategies

A

maintaining status quo

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12
Q

Turnaround

A

attempt to increase viability of the org

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13
Q

Divestiture

A

sale of a division or part of an org

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14
Q

Liquidation

A

termination of a business and sale of its assets

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15
Q

Bankruptcy

A

appointed trustee takes posession of a business’ assets and disposed of them properly

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16
Q

Incremental Growth

A

expanding client base, increasing products/services, changing distribution and using technology

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17
Q

International Growth

A

seeking new customers or markets by expanding internationally

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18
Q

Acquisition

A

purchase of one company by another

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19
Q

Merger

A

two organizations combine resources and become one

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20
Q

Domestic Growth Strategy (Domestic HR Strategy)

A

exporting goods abroad to seek new markets

21
Q

Multi-Domestic Growth Strategy (Adaptive HR Strategy)

A

producing within the market where goods are sold

22
Q

Multinational Growth Strategy (Exportive HR Strategy)

A

standardizing the products and services around the world to gain efficiency

23
Q

Global Growth Strategy (Integrative HR Strategy)

A

introducing culturally sensitive products in chosen countries with the least amount of cost

24
Q

Host-Country Nationals (HCNs)

A

people from subsidary country who know the foreign cultural environmental well

25
Q

Parent-Country Nationals (PCNs)

A

people from headquarters that are highly familiar with orgs products/services as well as corporate culture

26
Q

Third-Country Nationals (TCNs)

A

people from third country who have extensive experience and know the corporate culture from previous experience with corporate branches in the third country

27
Q

Expatriate

A

someone who gives up residence in home country to take up residence in a foreign country either temporarily or permanently

28
Q

Compensation Policy Options

A

home based, host based, region based

29
Q

Home Based Compensation

A

links base salary to salary structure of the home country, retains home country salary structure for other supplements (ie housing, schooling)

30
Q

Host Based Compensation

A

links base salary to the salary of the host country, but retains home country salary structure for other supplements (ie housing, schooling)

31
Q

Region Based Compensation

A

compensates based on the “region” where they are assigned

32
Q

Intended Strategy

A

agreed-upon strategy arrived at through formal planning process

33
Q

Emergent Strategy

A

created from new ideas and conditions

34
Q

Discarded Strategy

A

deemed inappropriate due to changing circumstances

35
Q

Realized Strategy

A

Implemented plan (ie what actually happened)

36
Q

Strategic Planning Process

A

7 step process

1 -  Establish mission/vision/values
2 - Develop objectives
3 - Analyze the external environment
4 - Identify competitive advantage
5 - Determine competitive position
6 - Implement the strategy
7 - Evaluate the process
37
Q

SWOT Analysis

A

Internal environment - strengths and weaknesses

External environment - opportunities and threats

38
Q

Competitive Advantage

A

firms characteristics that allow it to earn higher rates of profits than competitors

39
Q

Tangible Assets

A

assets with substance and can be consumed

40
Q

Intangible Assets

A

assets that are not concrete (ie reputation or goodwill)

41
Q

Capabilities

A

collective skills, abilities and expertise

42
Q

Porter’s Model of Five Competitive Strategies

A

low cost leader strategy, broad differentiation strategy, best cost provider strategy, market niche on differentiation, market niche on low cost

43
Q

Low-Cost Leader Competitive Strategy

A

low-cost provider of product/service that appeals to a broad range of customers (ie. Walmart)

44
Q

Broad Differentiation Competitive Strategy

A

differentiate product offerings from rivals’ that appeal to a broad range of buyers (ie. Whole Foods)

45
Q

Best-Cost Provider Competitive Strategy

A

more value for the money, emphasizing low cost and but upscale (ie. Ikea)

46
Q

Market Niche on Differentiation Competitive Strategy

A

focused based on differentiation (ie. Rolls-Royce)

47
Q

Market Niche on Low Cost Competitive Strategy

A

focused based on low cost (ie. Maybelline)

48
Q

Purpose of Governane in HR

A

establish who has power, who makes decisions, who is accountable for those decisions and how others are heard

Certified Knowledge Exam (9 decks)

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