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8 Cards in this Set
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- 3rd side (hint)
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Strategic Plans |
Formal documents that are common in large organisations. They are needed within public organisations to ensure funding and goverment approval.
Strategy is not only about goals, it is equally about tatics. What we intend to achieve and how we aim to achieve them.
Leadership understands the operation aspects and the importance of skilled and adaptable staff - Pascal (1985) |
Strategic Plans, Strategy - Goals = Tatics and Leadership |
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Viability |
HR strategy in a firm is required to secure and maintain a certain kind of HR that is nescessary for viability, however HR strategy is not required for viability.
Strategy is best defined by distinction between 'strategic problems' in their environment and strategies they use to adress them.
PEST: Environment - firms will face 'intelligent opposition' also stake and market regulations can take down large organisations. |
Viability, Strategy Defined and PEST |
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Survival |
Remaining viable in its chosen markets, firms require table stakes along with a set of goals, resources and capable people.
Marketing, funding, production and HRM - decisionsnare strategic, they will make or break a firm.
This model is oversimplified, a viable model puts these pieces together in a profitable and sustainable way - failure in one will affect all. |
Survival, Table Stakes and Oversimplified |
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Sustained Advantage |
Higher level problem, firms engaged struggle to build and defend capital advantage. Firms building superior returns have 'sustained competitive advantage' however this does not ensire firms are different from rivals. Advantage is only temporary, environment is evolving and adopting. Sustained by 'barriers of imitation'. "Schumpeterian Shocks" major shocks of innovation that can bring down firms/industries e.g Apple vs Nokia |
Sustained Advantage, Superior Returns and Temporary Advantage |
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Strategies of Firms |
Particular attempts to deal with strategic problems they face - characteristics behaving in particular environments. (Whole) Business: its critical function and should relate to viable business model {Stakeholders should have systematic relationships}. Competitive: concerned with marketing goals and policies embedded in/only part of business strategy. |
Strategies of Firms, Whole Business and Competitive |
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Strategic Management Process |
Forming strategy as process od forms or reforming strategy as the environment changes. Formal planning 》Analysis 》Debates: Policy and Finance 》Learning Process Human cognition, not one single executive has all the answers - benefits from teams. Firms network of different stakeholders. 》Stakeholders: Finance 》Suppliers: Resource Contribution 》Employees: Performance Related Two types or intra-management political problems: 》Macro: departments acquire power when central to business strategy. 》Micro: Industry managers advancingntheir own interests regardless power. |
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Role of HRM |
Executive recruitment and development Executives understand the power of participation in decision making, organisations are still hierarchies and power reverts to top. Those who assume management is in place, not by choice, HRM is dependent on how well we chose and manage organisation. |
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Team-building |
'Person-job fit' and 'person-team fit' build team-worling abilities of management. Hart's (1992) typology identifies 5 types of strategy-making: 》 Focuses on either members and not executives. 》 Styles are defined by roles, effecting employees/employers 》Styles fit different situations/circumstances |
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