COMMERCE 2BC3 Chapter Notes - Chapter 2: Human Resource Management, Strategic Management, Fee Tail
15 May 2014
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Document Summary
A business model is a story of how the firm will create value for customers and, more importantly, how it will do so profitably. Strategic management is a process, an approach to addressing the competitive challenges an organization faces. It can be thought of as managing the pattern or plan that integrates an organization"s major goals, policies, and action sequences into a cohesive whole. First, business organizations engage in generic strategies that often fit into some strategic type. The second aspect of strategic management is the process of developing strategies for achieving the company"s goals in light of its current environment. Strategic human resource management: a pattern of planned human resource deployments and activities intended to enable an organization to achieve its goals. Strategy formulation: the process of deciding on a strategic direction by defining a company"s mission and goals, its external opportunities and threats, and its internal strengths and weaknesses.
