Weeks 1-6 Flashcards
What is strategy?
The formulation of organizational objectives, competitive scopes, and action plans for gaining advantage.
What is logical incrementalism (emergent strategy)?
Subtly redirecting strategy to accommodate for changes.
What is the strategy formulated at the beginning of the period called, vs what actually happened?
Intended strategy vs realized strategy.
Distinguish between corporate and business strategies.
A corporate strategy is at the organizational level that focuses on long-term survival, whereas a business strategy focuses on one line of business in a diversified company or public organization.
What are the four kinds of restructuring strategies?
Turnaround, divestiture, liquidation, and bankruptcy.
What are the three kinds of growth strategies?
Incremental, international, and by mergers and acquisitions.
What are the steps involved in strategic planning?
- Establish MVV
- Develop objectives
- Analyze external environment
- Identify competitive advantage
- Determine competitive position
- Implement strategy
- Evaluate performance
What are the three categories of competitive advantage?
- Tangible assets
- Intangible assest
- Capabilities (collective skills, abilities, and expertise)
What four criteria must capabilities meet in order to provide a sustained competitive advantage?
- VALUABLE to the firm’s strategy
- RARE
- INIMITABLE
- Can be ORGANIZED by the firm
What are core capabilities?
Resources and capabilities that serve a firm’s competitive advantage.
What are dynamic capabilities?
The ability to adapt and renew competencies in accordance with changing business environment.
Define value proposition.
A statement of the fundamental benefits of the products or services being offered in the marketplace.
What are Porter’s five generic competitive strategies?
- Low-cost provider
- Broad differentiation
- Best-cost provider
- Focused or market niche based on lower cost
- Focused or market niche based on differentiation
What is a program, in regards to strategy?
The steps or activities necessary to accomplish a goal.
What are procedures, in regards to strategy?
The steps required to get a job done.
Define strategic HRM.
The management of HR philosophies, policies, and practices to enable the achievement of the organizational strategy.
What are the four stages of the analysis of the external environment?
- Scanning (identify early signals of changes and trends in the environment)
- Monitoring (following key indicators)
- Forecasting (an attempt to project the possible impact on the org)
- Assessing (an attempt to describe the impact, and make a judgement of the probability of each of several possible outcomes).
Define competitive intelligence.
A formal approach to obtain information about competitors.
What four criteria help identify significant trends?
- Are there ripple effects?
- How profound are the impacts on people’s priorities, roles, and expectations?
- How large is the impact scope?
- Will the changes endure over time?
What are the three most important long-term HR priorities reported by organizations?
- Developing leaders
- Workforce planning
- Succession management
Define HR forecasting.
The process of ascertaining the net requirement for human capital by determining the demand for and supply of human resources now and in the future.
What is the term for the KSAOs that are held by employees and are useful to a firm?
Generic human capital.
What is the term that represents skills employees have based on their knowledge in the firm and through mentorship?
Firm-specific human capital.
What is human capital stock and flow?
The amount of human capital within the firm at a given time, and how human capital stock changes over time.
