Strategy is a course of action. Strategic planning is important to managers because the goals from the top and going downward should form an unbroken chain of goals. The goals at each level should guide what everyone does.
Explanation: A competitive advantage refers to the factors that allow a firm to differentiate its product or service from competitors to gain market share. Managers aim to achieve competitive advantages for each of their businesses through cost leadership, differentiation, and focus.
StrategyStrategy is an action that managers take to attain one or more of the organization's goals. Strategy can also be defined as “A general direction set for the company and its various components to achieve a desired state in the future. Strategy results from the detailed strategic planning process”.
The correct answer is C) high-performance work system. Reason: The term that describes the group of human resource management policies and activities...
Product differentiation is what makes your product or service stand out to your target audience. It's how you distinguish what you sell from what your competitors do, and it increases brand loyalty, sales, and growth. Focusing on your customers is a good start to successful product differentiation. What do they want?
Benchmarking involves analyzing the demographic make-up of an organization over a specific period to determine the overall diversity of the firm. A construction firm that wants to compare its own HR-related metric results with those of other construction firms can use a benchmarking service provided by SHRM.
The administrative process of selecting among appropriate ways and means of achieving a strategic plan or objective. The use of tactical management in a business environment allows a manager to choose the best tactics or methods for each situation that arises, rather than following a particular standard procedure.
The Strategic Management course is designed to explore an organisation's vision, mission, examine principles, techniques and models of organisational and environmental analysis, discuss the theory and practice of strategy formulation and implementation such as corporate governance and business ethics for the ...
Strategic intent is the term used to describe the aspirational plans, overarching purpose or intended direction of travel needed to reach an organisational vision. Beneficial change results from the strategic intent, ambitions and needs of an organisation.
Employee Relations: compromise the HRM activities associated with the movement of employees within in the organization such as promotions, demotion, terminations and resignation.
which term refers to the employee skills and behaviors that a firm needs to achieve its strategic goals? Workforce requirements.
A staffing plan is a strategic planning process by which a company (typically led by the HR team) assesses and identifies the personnel needs of the organization. In other words, a good staffing plan helps you understand the number and types of employees your organization needs to accomplish its goals.