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UARK MGMT 2103 Test 1 Vocab Ch 1,3,5,6,11, &12 Questions with Accurate Answers
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UARK MGMT 2103 Test 1 Vocab Ch 1,3,5,6,11, &12
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UARK MGMT 2103 Test 1 Vocab Ch1,3,5,6,11, &12
Strategy - answer Business plan to create value in a particular market
Value Creation - answer Occurs when you produce a product or provide a service such
that the revenue generated exceeds costs
Strategy Formulation - answer-Developing the business strategy given market and other
conditions
-Outlines specifically how the firm will create value in a particular market
Strategy Implementation - answer-Implementing the business practices to execute the
desired strategy
-This involves all business practices
Porter's Strategy Typology - answerCompetitive advantage results from creating value
through either cost leadership or differentiation
Low-Cost Strategy - answer-This strategy is to value by reducing costs
-Produce a product or delivery a service at the lowest possible cost
-By keeping costs low, the firm is able to charge less than competitors and maintain a
profit
Differentiation Strategy - answer-This strategy is to create value by convincing the
market that your product/service is different from all the others
-Produce a product or deliver a service that is different from competitors
-By differentiating the product or service the firm is able to charge a premium,
maintaining a profit
Resource Based View of Competitive Strategy (RBV) - answer-Firms gain a competitive
advantage through firm-controlled resources
-Not all resources serve as a source of competitive advantage
-Human resources and the organizational practices that develop and support those
resources are possibly one of the most difficult sources of competitive advantage to
replicate
List the four characteristics necessary for a resource to be a source of competitive
advantage. - answer1. The resource is Valuable
2. The resource is Rare
, 3. The resource is Inimitable
4. There are Organizational processes in place to support the valued resource
Core Capabilities - answerIntegrated knowledge sets within an organization that
distinguish it from its competitors and deliver value to customers
The HC/HR (Human Capital/Human Resources) Architecture - answerJob families
contribute differentially to competitive advantage in relation to job requirements and
relation to core competencies. In other words, different jobs provide different things to
an organization - some are more strategically important than others. Therefore, human
capital should be managed differently, depending upon the strategic importance of their
jobs.
The two dimensions of the HC/HR Architecture - answer1. Value
2. Uniqueness
List the four types of employees given to us by the HC/HR Architecture. - answer1.
Strategic knowledge workers
2. Core employees
3. Supporting labor
4. Complementary/alliance partners
Value of Human Capital - answerThe potential to contribute to competitive advantage in
the organization
Uniqueness of Human Capital - answerAre the skills and knowledge needed to perform
firm-specific or general? In other words, how rare/unique are these skills/knowledge?
Can we find these skills anywhere in the market, or are these rare skills that most
people won't have?
Strategic Knowledge Workers - answerEmployees who have unique skills that are
directly linked to the company's strategy (Example: top management)
Supporting Labor - answerEmployees whose skills are of less strategic value and
generally available in the labor market (Example: clerical workers)
Core Employees - answerEmployees with skills to perform a predefined job that is quite
valuable to a company, but not particularly unique or difficult to replace (Example:
salespeople)
Complementary/Alliance Partners - answerIndividuals and groups with unique skills, but
those skills are not directly related to a company's core strategy (Example: consultants)
Strategic Human Resource Management - answerThe pattern of human resources
deployments and activities that enable an organization to achieve its strategic goals. In
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