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Strategic Management
HRM 320
14
Management
Undergraduate 3
02/08/2012

Additional Management Flashcards

 


 

Cards

Term
Strategic Management
Definition

Linking HRM with strategic goals & objectives in order to improve business eprformance and develop organizational cultures that foster innovation and flexibility.

 

Formulating and executing HR Systems/policies/activities-that produce the employee comptencies & behaviors the company needs to achieve its strategic aims

Term
 Strategic Planning
Definition
Procedures for making decisons about the organizations long term goals and strategies
Term
Core Values
Definition
Strong & enduring beliefs & priciples that the company uses as a foundation for its decisions
Term

Steps in linking Strategic Planning and HR Planning

 

Definition

1- Mission/ Vision/ Values

2- Enviromental Analysis

3- Internal Analysis

4- Forumlating Strategy

5- Strategy Implementation

6- Evaluation & Assesment

(Figure 2.1 in text)

Term
Mission
Definition

Statement indicating who the company is/ what it does/ where it is headed

(Basic Purpose/ reason for existance)

Term
Strategic Vision
Definition

Statement of the organization's intended direction that evokes emotional feelings in members

(Where the company is going & what it can become)

Term
Environmental Scanning
Definition
Systematic monitoring of major forces influencing the organization.
Term
6 most frequently monitored external issues
Definition

1- Economic Factors & Developmental Information (general/regional/global conditions)

2- Industry & Competitive Trends

(new processes/services/innovations)

3- Technological Change

(IT/innovations/automation)

4- Government & Legislative issues

(laws & administrative rulings)

5- Social Concerns

(Child & elder care/environment & educational priorities)

6- Demographic & Labor Market Trends

(age/composition/literacy of labor market/immgration)

Term
5 Forces of a Competitive Environment
Definition
customers, rival firms, new entrants, substitutes, suppliers
Term

Customers

(in competitive environment)

Definition

Firm's strategy must focus on identifying needs of customers and creating customer value.

 

Term
HR's Role in Strategic Management
Definition
Formulation & Execution
Term
Formulation
Definition

-work with top management to formulate a strategic plan

-very helpful with internal/ external audits

-keeps HR in focus

Term
execution
Definition

create HR policies/ procedures based on company strategies.

 

guides execution of major firm restructuring

Term

Internal Analysis

(text) 

Definition
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