Strategy Flashcards
(48 cards)
Strategy Definition
organizational missions, goals, objectives and action plans for achievement that recognizes the competition and impact of outside environmental forces (ie. organizations intentions)
Strategy Formulation
process of creating the orgs mission, identifying the orgs strategy and developing long term performance goals
Strategy Implementation
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
Three Resource Types
land, capital and labour
HR’s role in Strategy
align hr and business strategies, develop hr metrics and measure hr values, and manage risks
Environmental Factors
economic climate, globalization, political/legal factors, technological factors, demographic factors and social/cultural factors
Corporate Strategy
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
Types of Corporate Strategies
restructuring, growth, stability
Restructuring Strategies
turnaround, divestiture, liquidation, and bankruptcies
Growth Strategies
incrememental growth, international growth, mergers, acquisitions
Stability Strategies
maintaining status quo
Turnaround
attempt to increase viability of the org
Divestiture
sale of a division or part of an org
Liquidation
termination of a business and sale of its assets
Bankruptcy
appointed trustee takes posession of a business’ assets and disposed of them properly
Incremental Growth
expanding client base, increasing products/services, changing distribution and using technology
International Growth
seeking new customers or markets by expanding internationally
Acquisition
purchase of one company by another
Merger
two organizations combine resources and become one
Domestic Growth Strategy (Domestic HR Strategy)
exporting goods abroad to seek new markets
Multi-Domestic Growth Strategy (Adaptive HR Strategy)
producing within the market where goods are sold
Multinational Growth Strategy (Exportive HR Strategy)
standardizing the products and services around the world to gain efficiency
Global Growth Strategy (Integrative HR Strategy)
introducing culturally sensitive products in chosen countries with the least amount of cost
Host-Country Nationals (HCNs)
people from subsidary country who know the foreign cultural environmental well
