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human resources decisions need to be strategic because of: 2022 barriers to entryIndustry factors (such as high start-up costs) that can prevent new firms from successfully launching new operations in that industry.buyer powerIn the relationship between a firm and its customers, buyers with high power can negotiate product price or features, while buyers with low power cannot.capabilitiesA firm’s skill at coordinating and leveraging resources to create value.competitionBusiness actions a firm undertakes to attract customers to its products and away from competitors’ products.competitive advantageWhen a firm successfully attracts more customers, earns more profit, or returns more value to its shareholders than rival firms do.competitive environmentFactors and situations both inside the firm and outside the firm that have the potential to impact its operations and success.cost-leadership strategyA generic business-level strategy in which a firm tightly controls costs throughout its value chain activities in order to offer customers low-priced goods and services at a profit.demographicsPart of PESTEL that includes facts about the income, education, age, and ethnic and racial composition of a population.differentiation strategy A generic business-level strategy in which firms add value to their products and services in order to attract customers who are willing to pay a higher price.economic factorsPESTEL category that includes facts (such as unemployment rates, interest rates, and commodity prices) about the state of the local, national, or global economy.environmental factorsPESTEL category that examines a firm’s external situation with respect to the natural environment, including pollution, natural resource availability and preservation, and alternative energy.environmental scanningThe systematic and intentional analysis of a firm’s internal state and its external environment.external environmentThe aspects of the world at large and of a firm’s industry that can impact its operations.external factorsThings in the world or industry environments that may impact a firm’s operations or success, such as the economy, government actions, or supplier power. Strategic decisions can be made in response to these things but normally cannot directly influence or change them.focus strategyA generic business-level competitive strategy that firms use in combination with either a cost-leadership or differentiation strategy in order to target a smaller demographic or geographic market with specialized products or services.generic business-level strategiesBasic methods of organizing firm value chain activities to compete in a product market that can be used by any sized firm in any industry.industryA group of firms all offering products or services in a single category, for example restaurants or athletic equipment.industry rivalryOne of Porter’s Five Forces; refers to the intensity of competition between firms in an industry.internal environmentInnermost layer of a firm’s competitive environment, including members of the firm itself (such as employees and managers), investors in the firm, and the resources and capabilities of a firm.internal factorsCharacteristics of a firm itself, such as resources and capabilities, that the firm can use to successfully compete against its rivals.legal factorsIn PESTEL, the laws impacting business, such as those governing contracts and intellectual property rights and illegal activities, such as online piracy.macro environmentThe outermost layer of elements in a firm’s external environment that can impact a business but are generally beyond the firm’s direct control, such as the economy and political activity.micro environmentThe middle layer of elements in a firm’s external environment, primarily concerned with a firm’s industry situation.new entrantsOne of Porter’s Five Forces, the threat of new entrants assesses the potential that a new firm will start operations in an industry.opportunity A situation that a firm has the resources and capabilities to take advantage of.PESTELA strategic analysis tool that examines several distinct categories in the macro environment: political, economic, sociocultural, technological, environmental, and legal. political factorsPESTEL factor that identifies political activities in the macro environment that may be relevant to a firm’s operations.Porter’s Five ForcesEvaluates the interconnected relationships between various actors in an industry, including competing firms, their suppliers, and their customers, by examining five forces: industry rivalry, threat of new entrants, threat of substitutes, supplier power, and buyer power.primary activitiesFirm activities on the value chain that are directly responsible for creating, selling, or servicing a product or service, such as manufacturing and marketing.resourcesThings a firm has, such as cash and skilled employees, that it can use to create products or services. sociocultural factorsPESTEL category that identifies trends, facts, and changes in society’s composition, tastes, and behaviors, including demographics.strategic analysisProcess that firms use to study and understand their competitive environment.strategic groupBusinesses offering similar products or services and following the same generic competitive strategy.strategic positioningFirm’s decisions on how to organize its actions and operate to effectively serve customers and compete against rivals.strategyProcess of planning and implementing actions that will lead to success in competition.strengthsResources and capabilities of a firm; what it is good at.substitutesOne of Porter’s Five Forces; products or services outside a firm’s industry that can satisfy the same customer needs as industry products or services can.supplier powerOne of Porter’s Five Forces; describes the balance of power in the relationship between firms in an industry and their suppliers.support activitiesValue chain activities that a firm performs to sustain itself; do not directly create a product or service but are necessary to support the firm’s existence, such as accounting and human resources.switching costsPenalty, financial or otherwise, that a consumer bears when giving up the use of a product currently being used to select a competing product or service.SWOTStrategic analysis tool used to examine a firm’s situation by looking at its strengths, weaknesses, opportunities, and threats.technological factorsPESTEL category that includes factors such as the Internet, social media, automation, and other innovations that impact how businesses compete or how they manufacture, market, or sell their goods or services.threatAnything in the competitive environment that would make it harder for a firm to be successful.value chainSequence of activities that firms perform to turn inputs (parts or supplies) into outputs (goods or services).VRIOanalytical tool that evaluates a firm’s resources and capabilities to determine whether or not it can support an advantage for the firm in the competitive environment: value, rarity, imitation, and organization.weaknessesThings that a firm does not have good capabilities to perform or gaps in firm resources. 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© Jun 5, 2022 OpenStax. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution License . The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, and OpenStax CNX logo are not subject to the Creative Commons license and may not be reproduced without the prior and express written consent of Rice University. Which view of global business suggests that the success and failure of firms are largely determined by their environments?The institution-based view suggests that the success and failure of firms around the globe are largely determined by their environments.
Which of the following does the institutionAn institution-based view of global business, focuses on the dynamic interaction between institutions and firms and considers firm behavior as the outcome of such an interaction.
What is the definition of an institutionThe institution-based view suggests that foreign entrants need to develop a strong knowledge of the rules of the game, both formal and informal in host countries. The industry-based view suggests that the degree of competitiveness in an industry determines organisation performance.
Which of the following countries would be characterized as an emerging economy group of answer choices?Currently, some notable emerging market economies include India, Mexico, Russia, Pakistan, Saudi Arabia, China, and Brazil. Critically, an emerging market economy is transitioning from a low income, less developed, often pre-industrial economy towards a modern, industrial economy with a higher standard of living.
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The _____ view of global business focuses on external factors that affect a firm’s performance.
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