Exam (elaborations)
Exam 4 MGMT 2103 Christine Manno Questions Graded A+
- Course
- Institution
Exam 4 MGMT 2103 Christine Manno
[Show more]
Content preview
Exam 4 MGMT 2103 Christine MannoStrategic Human Resource Management - answerThe pattern of human resources
deployments and activities that enable an organization to achieve its strategic goals. &
using human resources practices/policies/procedures to manage your people and their
skills/talents in order to achieve a competitive advantage.
Strategy - answerBusiness plan to create value in a particular market
Competitive Advantage: - answerA firm's ability to gain and maintain market share in its
industry by creating value in its production process
Value Creation - answerOccurs when you produce a product or provide a service such
that the revenue generated exceeds costs
Strategy Formulation - answerDeveloping the business strategy given market and other
conditions & Outlines specifically how the firm will create value in a particular market
Strategy Implementation - - answerImplementing 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 creates value by reducing costs
- Produce a product or deliver 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- creates value by convincing the market that a
product/service is different from all the others,
- Produce a product or deliver a service that is different (or is perceived as different)
than 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) - - answerFirms 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 - - answerThe resource is Valuable, which requires that the resource is:
Rare, Inimitable, Organizational processes in place to support the valued resource
Core Capabilities - answerIntegrated resource sets within an organization that
distinguish it from its competitors and deliver value to customers
List the two generic HR strategies - - answerCommitment-Oriented (High Performance
Work System) & Control-Oriented
High Performance Work System - answerA specific combination of HR practices, work
structures, and processes that maximizes employee knowledge, skill, commitment, and
flexibility
Control Oriented Work System - answerA specific combination of HR practices, work
structures, and processes that minimizes employee knowledge and skill requirements,
and seeks to limit the variability of performance across people
List the Four Principles of a High Performance Work System - - answerEgalitarianism &
Engagement, Knowledge Development, Shared Information, Performance-Reward
Linkage
Egalitarianism and Engagement - - answereliminate status and power differences and,
in the process, increase collaboration and teamwork
Knowledge Development - - answerEmployees in high-performance work systems need
to learn in "real time," on the job, using innovative new approaches to solve novel
problems
Shared Information - - answerA shift away from the mentality of command and control
toward one more focused on employee commitment
Creating a culture of information sharing where employees are more willing (and able)
to work toward the goals for the organization
Performance-Reward Linkage - - answerIt is important to align employee and
organizational goals. When rewards are connected to performance, employees will
naturally pursue outcomes that are mutually beneficial to themselves and the
organization
The HC/HR (Human Capital/Human Resources) Architecture - answer- Job 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.
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 julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80202 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now