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SM Chapter 3
| Term | Definition |
|---|---|
| The basic management planning process | setting objectives, making basic planning forecasts, reviewing alternative courses of action, evaluating which options are best, and choosing and implementing your plan |
| Policies and procedures | provide day-to-day guidance employees need to do their jobs in a manner that is consistent with the company's plans and goals |
| Policies | set broad guidelines delineating how employees should act |
| Procedures | spell out what to do if a specific situation arises |
| Strategic plan | the company's overall plan for how it will match its internal strengths and weaknesses with its external opportunities and threat in order to maintain a competitive position |
| Strategy | course of action, may face the same problem but take a different course of action |
| Strategic management | the process of identifying and executing the organization's strategic plan by matching the company's capabilities with the demands of its environment |
| Step 1 of the Strategic Management Process | define the current business |
| Step 2 of the Strategic Management Process | perform external and internal audits |
| Step 3 of the Strategic Management Process | formulate a new direction |
| Step 4 of the Strategic Management Process | translate the mission into strategic goals |
| Step 5 of the Strategic Management Process | formulate strategies to achieve the strategic goals |
| Step 6 of the Strategic Management Process | implement the strategies |
| Step 7 of the Strategic Management Process | evaluate performance |
| Vision Statement | a general statement of the firm's intended direction; "what we want to become" |
| Mission Statement | summarizes what the company's main tasks are today |
| Corporate-level strategy | identifies the portfolio of businesses that, in total, comprise the company and how these businesses relate to each other |
| diversification corporate strategy | means the firm will expand by adding new product lines |
| Vertical integration strategy | the firm expands by producing its own raw materials or selling its products directly |
| consolidation strategy | the company reduces its size |
| geographic expansion | the company grows by entering new territorial markets (ex - taking the business abroad) |
| Competitive strategy | identifies how to build and strengthen the business's competitive position in the marketplace |
| Competitive advantage | any factors that allow a company to differentiate its products or service from those of its competitors to increase market share |
| Cost leadership | means becoming the low-cost leader in an industry |
| differentiation | the firm seeks to be unique in its industry along dimensions that are widely valued by buyers |
| Focusers | carve out a market niche |
| Functional strategies | identify what each department must do to help the business accomplish its strategic goals |
| Competitive intelligence | HR managers are in a good position to provide information on competitors |
| Strategic Human Resource Management | means formulating and executing human resource policies and practices that produce the employee competencies and behaviors the company needs to achieve its strategic aims |
| Performance with Purpose | PepsiCo - means achieving financial performance while also achieving human sustainability, environmental sustainability, and talent sustainability |
| Strategy map | summarizes how each department's performance contributes to achieving the company's overall strategic goals |
| The HR scorecard | a process for assigning financial and nonfinancial goals or metrics to the human resource management-related strategy-map chain of activities required for achieving the company's strategic aims |
| a digital dashboard | presents the manager with desktop graphs and charts, showing a computerized picture of how the company is doing on all metrics from the HR scorecared process |
| human resource metrics | the quantitative gauge of a human resource management activity, such as employee turnover, hours of training per employee, or qualified applicants per position |
| Benchmarking | comparing high-performing companies' results to your own to understand what makes them better |
| Strategy-based metrics | measures the activities that contribute to achieving a company's strategic aims (like guest returns) |
| HR Audit | an analysis of the completeness, efficiency, and effectiveness of the organization's HR functions, including its HR policies, practices, processes, and relevant metrics |
| High-performance work system (HPWS) | a set of human resource management policies and practices that together produce superior employee performance (like effective staffing & training) |
| Employee engagement | being psychologically involved in, connected to, and committed to getting one's jobs done; drives performance and productivity |
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calliemiller729