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Terms in this set (83)____defines the nature of the company's business in terms of how it will match its internal strengths and weaknesses with its external opportunities and threats in order to maintain a competitive position Strategic planning ___involves setting objectives, making forecasts, reviewing alternative courses of actions, evaluating options and implementing the plan The management planning process What is the first step in the basic planning process? Setting an objective Which of the following is not part of the basic managerial planning Building corporate hierarchies Which term indicates the course of action for getting from where you are to where you want to be? Plan What is the company's plan for how it will match its internal strengths and weaknesses with external opportunities and threats to maintain a competitive advantage? Strategic plan A course of action that a firm can pursue to achieve its strategic aims is known as strategy Strategic management is best defined as the process of identifying and executing the organizations strategic plan by matching the company's capabilities with it Environmental demands All of the following are steps involved in the strategic management process except Offshoring low-skill jobs What is the first step in the strategic management process Asking, "Where are we now as a business?" Which of the following is a simple guide used to compile relevant information about a company's environment including economic, competitive, and political trends that may affect a firm? Environmental scan worksheet John wants to perform external and internal audits as part of the strategic management process. What is a frequently used tool to organize relevant information on positive and negative aspects of the company and environment? SWOT Which of the following provides a summary of a firms intended direction and shows, in broad terms "what we want to become"? Vision statement The sales director at WebMd is calculating annual sales revenue targets and the number of new medical related content providers that the firm needs to maintain competitive advantage. In which step of the strategic management process is the sales director involved Choosing specific strategies or course of action The _____ of the California Energy Commission indicates that the organization assess and acts through public and private partnerships to improve energy systems that promote a strong economy and a healthy environment Mission statement Goals are initiated by the bottom level of an organization according to the hierarchy of
goals False Steps in the basic management planning process include setting objectives, reviewing alternative courses of action, and evaluating which options are best. True Strategy is a course of action. True A mission statement is a general statement of a company's intended direction that evokes emotional feelings in the organizational members False A vision statement is broader and more future oriented than a mission statement True Strategic management focuses more on translating a mission into goals than on the function last of organizing, staffing, and controlling True Why is strategic planning important to managers? Explain the importance of setting hierarchical goals 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. If each level of Manager and staff from various departments do what they are supposed to regarding achieving their goal, ultimately the success of those goals will aid in the success of the company. What is strategic management? The process of identifying and executing the organizations mission by matching the organizations capabilities with the demands of its environment What is the first step in strategic management? Define the company's current business and mission (where are we now) What is the second step in Strategic Management? Managers audit or study both the external environment of the firm and its internal strengths and weaknesses. Tools that can be used during this step is the environmental scanning worksheet or the SWOT chart
What is the third step in the strategic management process Develop vision and mission statemeng What is the fourth step in strategic management? Translate the desired new direction into strategic goals What is step 5 in the strategic management process? The Manager chooses Strategies —- courses of actions — that will enable the company to achieve its strategic goals What is the 6th step in the strategic management process? Strategy execution What is the seventh step in the strategic management orocess Evaluate the results Explain the difference between a firm's vision and its mission. How might these impact the actions of an organization A vision statement is future oriented. It's a general statement on what the firm would like to become. A mission statement is present oriented. Mission statement indicates what a company is doing right now A company's _____ strategy identifies the portfolio of businesses that comprise a firm and the ways in which these businesses relate to each other Corporate level A diversification corporate strategy implies a firm will Expand by adding new product lines Harley-Davidson sells a line of boots helmets, and leather jacket indicating that the firm is pursuing which of the following strategies diversification When apple opened its own Apple stores, this was an example of Concentration Winchester Rugs operates a website called www.buyrufsdirect.com, so Winchester rugs is most likely using a strategy of vertical integration Which of the following activities most likely indicates that a firm is implementing a vertical integration strategy producing raw materials What is the primary reason that mergers and acquisitions fail Personnel Critical human resource tasks during mergers and acquisitions Enforcing current rules All of the following are services that human resource consulting companies provide during mergers and acquisitions except Overseeing database recovery systems Lauren is identifying what each department in her company must do to help the business functional Consolidation keeps the company's strategy up to date by assessing progress toward strategic goals and taking corrective action as needed. False Managers engage in three levels of strategic planning True Cost leadership, differentiation, and focus strategies are types of corporate level strategies False A vertical integration strategy means that a firm will expand by adding new product lines False McDonald's addressed its lagging profitability by first closing stores operating below guidelines. Mc Donald's used a consolidation strategy True
A business level strategy is implemented by Pizza Hut, Domino's, Papa John's and Little Caesar's in their completion with each other for pizza customers True ______ is a strategic planning tool that shows how each department performance contributes to achieve the company's overall strategic goal A strategy map Formulating and executing human resource policies and practices that produce the employee competencies and behaviors a company needs to achieve its strategic aims is known as ________. strategic human resource management The primary purpose of strategic human resource management is to integrate a company's strategic plan with its human resource strategies
In order to generate the desired workforce skills, competencies and behavior that a firm needs to achieve its strategic goals, human resource management first develop Strategic plans A company's ____ strategy identifies how to build and strengthen the business's long term competitive position in the marketplace competitive
Which of the following refers to any factors that allow a company to differentiate aits product or service from those of its competitors to increase market share Competitive advantage A company's business level strategy identifies the ways to strengthen a firm's long-term competitive position in the marketplace Companies like Ferrari are knwn as ____ because they carve out a market niche and compete by providing a product that customers can attain in no other way focusers Which of the following strategies identifies the broad activities that each department will pursue in order to help a business attain its competitive goals functional A firms functional strategies identify the broad activities that each ____ will do in order to help the business accomplist its strategic goals department John wants his shoe store to adopt the strategy of having the lowest prices on shoes in town. John is adopting which competitive strategy cost leadership John is a manager is looking at HR scorecard data through a _____which presents the manager with desktop graphs and charts, showing a computerized picture of how the company is doing on all the metrics from the HR scorecard process. A) digital dashboard 59) Which of the following is the final step in the strategic human resource management process! The manager asks, "Specifically what recruitment, selection, training, and other HR policies and practices should we put in place so as to produce the required employee skills and behaviors?" Human resource strategies are the ______ used to support a firms strategic goals Policies and practices The _______is the process for assigning financial and nofinancial goals or metric to the human resource management related strategy map chain of activities required for achieving the company's strategic aims HR score card Which of the following us a strategic planning tool that offers an overview of how each department performance contributes to achieving thr company's overall strategic goals? Strategy map Which of the following refers to a process for assigning financial and non financial goals to the HR management related chain of activities required for achieving the company's strategic aims and for monitoring results? HR scorecard A ________ presents a manager with desktop graphs and charts that illustrate where the Digital dashboard The concise measurement system used by companies to show the quantitative standards the firm uses to measure HR activities, employee behaviors resulting HR scorecard Which of the following is used to manage employee performance and to align all employees with the key objectives a firm needs to achieve its strategic goals HR scorecard Strategic human resource management means formulating and executing HR systems that produce the employee competencies and behaviors a firm needs to achieve its strategic aims True The specific human resource policies and practices used to support a firms strategic goals are known as human resource strategies True He scorecards present managers with desktop graphs and charts of how a firms hr strategies compare to those of other firms in the same industry False Strategy maps help managers link the company's strategic plan with departmental activities True Which of the following terms refers to the quantitative measure of a human resource s management yardstick such as employee turnover or qualified applicant per person Human resource metrics The use of human resource metrics is essential for ________. evidence-based management Which of the following terms refer to the process of comparing and analyzing the practices of one firm with those of a high performing company Benchmarking Which of the following refers to an analysis by which an organization measures where it currently stands and determines what it has to accomplish to improve its HR functions He audit All of the following are commonly addressed in HR except Accounting expenses Which term refers to software applications used to analyze and draw conclusions from Hr data Talent analytics Which of the following questions would least likely be answered by the use of workforce analytics software What hiring policies are standard in the industry? An HR manager conducting an HR audit on compensation would most likely search for Compliance with state and federal laws Like the scientific method, evidence-based HR management should have all of the following subjectivity What tools might be best used to assess recruitment effectiveness Computerized applicant tracking system Human resource metrics are used to assess a firms HR performance and go compare firms HR performance with that of another firm (t/f) True The 2008 announcement by Starbucks that it would be closing approximately 600 of its stores suggests the firm was using a ______ strategy consolidation Sets with similar termsHR chapter 317 terms kelseybel HURM EXAM 154 terms troth4 Chapter 320 terms JakeW850 HR MANAGEMENT CHPT.325 terms david_luc2 Sets found in the same folderChapter 3 The Manager's Role in Strategic Human Re…100 terms kannak HR CHAPTER 4 TEST51 terms Lauri888 Chapter 769 terms ryan_day45 Human Resource Management - Midterm Review100 terms katmur73 Other sets by this creator
Chapter 7 - Managerial Accounting37 terms Tijilana_Mitchell The Balance Sheet8 terms Tijilana_Mitchell Chapter 223 terms Tijilana_Mitchell Discussion7 terms Tijilana_Mitchell Other Quizlet sets106 - Histology of the Endocrine System…58 terms njeffery4PLUS interior angles of a triangle14 terms Scott_Heiman Prosthetic valves19 terms nlgolsch Therapeutics of Psychiatric Disorders16 terms Horsegirl808 Related questionsQUESTION The person usually responsible for greeting and seating guests and for rotating arriving guests among the dining room stations is the 15 answers QUESTION How has the Internet and WWW created a global platform for business? 14 answers QUESTION management function that involves setting goals, establishing strategies for achieving those goals, and developing plans to integrate and coordinate activities 6 answers QUESTION The project schedule should have any holidays or other non-working time designated before the schedule is baselined. 7 answers Which of the following provides a summary of a firm's intended direction and shows in broad terms what we want to become quizlet?Which of the following provides a summary of a firms intended direction and shows, in broad terms "what we want to become"? approach to strategic planning.
Which of the following is a general statement of the company's intended direction?The vision statement is a general statement of the firm's intended direction and shows, in broad terms, "what we want to become."
Which of the following refers to any factors that allow a company to differentiate its product or service from those of its competitors to increase market share quizlet?Which of the following refers to any factors that allow a company to differentiate its product or service from those of its competitors to increase market share? Explanation: A competitive advantage refers to the factors that allow a firm to differentiate its product or service from competitors to gain market share.
Which of the following is a simple guide used to compile relevant information about economic competitive and political trends that may affect a firm?An environmental scanning worksheet provides a simple format for compiling information about political, economic, and competitive trends that may affect a company.
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Which of the following provides a summary of a firms intended direction and shows in broad terms what we want to become?
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