UARK - MGMT 2103 Exam 1 Questions. And Answers all correct
171 views 0 purchase
Course
UARK - MGMT 2103
Institution
UARK - MGMT 2103
Porter's Strategy Typology Correct Answer: competitive advantage results from creating value in one of 2 ways
-low cost strategy
-differentiation strategy
Low Cost Strategy Correct Answer: create value by reducing cost and charging less than competitors (Walmart)
Differentiation Strategy ...
Porter's Strategy Typology Correct Answer: competitive advantage results from creating value in one of
2 ways
-low cost strategy
-differentiation strategy
Low Cost Strategy Correct Answer: create value by reducing cost and charging less than competitors
(Walmart)
Differentiation Strategy Correct Answer: create value by convincing the market that your
product/service is different from competitors and charging a premium
Core Capabilities Correct Answer: the strategic resources leveraged to achieve strategic objectives: "a
harmonized combination of multiple resources and skills that distinguish a firm in the marketplace"
-valuable, rare and difficult to imitate by competitors
Core Capabilities to Become Sources of Sustained Competitive Advantage Correct Answer: -firm specific
skills vs general skills
-teams vs individuals
-entire system of HRM practices vs. individual practices
2 Demensions of Human Capital Correct Answer: -Value of Human Capital
-Uniqueness of Human Capital
Value of Human Capital Correct Answer: "potential to contribute to...human capital"
Uniqueness of Human Capital Correct Answer: are the skills and knowledge needed to perform firm-
specific or general?
4 Types of Human Capital Workers Correct Answer: 1. Strategic Knowledge Workers
2. Supporting Labor
3. Core Employees
4. Collaboration/Complementary/Alliance Partners
Strategic Knowledge Workers Correct Answer: employees have unique skills that are directly linked to
the company's strategy
-ex: top management
Supporting Labor Correct Answer: employees whose skills are of less strategic value and generally
available in the labor market
-ex: clerical workers
, Core Employees Correct Answer: employees with skills to perform a predefined job that are quite
valuable to a company, but not particularly unique or difficult to replace
-ex: sales people
Collaboration/Complementary/Alliance Partners Correct Answer: individuals and groups with unique
skills, but those skills are not directly related to a companies core strategy
-ex: consultants
Workers in the Human Capital Architecture Square Correct Answer: -*Strategic Knowledge Worker*
=high uniqueness/ strategic value, internalization, relational
-*Collab. Partners* = high uniqueness, low strategic value, externalization, relational
-*Supporting Worker* = low uniqueness/strategic, externalization, transactional
-*Core Worker* = low uniqueness, high strategic, internalization, transactional
Control Correct Answer: a specific combination of HR practices, work structures, processes that
minimizes employee knowledge and skill requirements and seeks to limit the variability of performance
across people
Commitment Correct Answer: focus on developing a workforce that identifies with the firm, enhances
attachment
Principles of a Control Oriented Work System of the 2 Generic HR Strategies Correct Answer: -
Egalitarianism/Engagement
-Knowledge Development
-Shared Information
-Performance-Reward Linkage
Egalitarianism/Engagement (HR Strategies) Correct Answer: very little employee influence over
"management" decisions, no formal employee complaint and grievances management, intense
supervision/control
Knowledge Development (HR Strategies) Correct Answer: low skill requirements, limited training
efforts, job tasks narrowly defined or standardized
Shared Information (HR Strategies) Correct Answer: little communication/socialization efforts, very little
performance information shared, very little strategic info shared
Performance-Reward Linkage (HR Strategies) Correct Answer: limited benefits, relatively low wages,
may have incentive based individual rewards
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Classroom. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
