21407 Lecture Notes - Lecture 1: Society For Human Resource Management, Vertical Integration, Cost Leadership
Document Summary
Strategic plan = how an org. will match its internal strengths and weaknesses with its external opportunities and threats to maintain comp. adv. A firm needs a strategy to specify what actions are going to be taken (e. g. strengthen it"s competition position) A creative, distinctive strategy (helps improve above average profits) How to attract and please customers (most important) How to position the firm in the marketplace. How to best to respond to changing economic and market conditions. How to capitalize on attractive opportunities to grow business. How to achieve the firms performance targets. How to attract, manage and retain the best human resources (most important) Corporate (company level diversification, vertical integration, Business (source of comp adv cost leadership, differentiation, customer focus) Ensures hr management is fully integrated with strategy of the firm. Ensures hr policies cohere across areas of hierarchy. Ensures hr practices adjusted/used by line managers and employees every day consolidation)
