HRM 1901 Lecture 4: Chapter 5 Notes

• School: Temple University
• Department: Human Resource Management
• Course: HRM 1901
• Professor: In- Sue Oh

Document Summary

Scenario planning- a dynamic, systematic process in which people envision all of the what if scenarios for given situations and plan for several likely possibilities. Competitive advantage- anything that positively distinguishes one organization from others. Vision- a description of what an organization wants to become- its future identity- which can be realized through the successful accomplishment of its mission. Vision statement- an articulation of a company"s vision: mission clarity leads to better choices. Store brand vs name brand: niche strategy- a business strategy that caters to a narrow segment of the market (ex. Rolex, bulgari, lamborghini vs. mini vans: vertical integration- a business strategy of acquiring or developing businesses along the supply chain (ex. Strategic planning is the process of examining an organization"s internal and external environments and determining major goals that will help the company realize its mission and move toward its vision.