HRMA 2350 Study Guide - Final Guide: Cost Leadership

• School: University of Houston
• Department: Hotel and Restaurant Management
• Course: HRMA 2350
• Professor: Boger Carl

Document Summary

Is a concept developed by michael porter, used in business strategy. It describes a way to establish the competitive advantage. Cost leadership, in basic words, means the lowest cost of operation in the industry. Is used to define the quality techniques and standards to be applied, and the various responsibilities for achieving the required quality levels, during the project. Is a form of marketing strategy where an organization concentrates all its resources mainly on expanding or entering a narrow industry segment or market. When an organization is analyzing its labor supply, it is studying its external environment. Is composed of all the outside factors or influences that impact the operation of business. The business must act or react to keep up its flow of operations. An organization"s internal environment is composed of the elements within the organization, including current employees, management, and especially corporate culture, which defines employee behavior.