COMMERCE 2BC3 Chapter Notes - Chapter 2: Strategic Management, Human Resource Management, Total Quality Management
19 Sep 2016
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The resources a company can use to compete are categorized as physical, organizational and human. The goal of strategic management in an organization is to deploy and allocate resources in a way that gives it a competitive advantage. Hrm should: have input in strategic plan, have specific knowledge of the organization"s strategic goals, know what types of employee skills, behaviours, and attitudes are needed to support said plan, develop programs to ensure employees have these qualities. A business model is a story of how the firm will create value for customers, and how it will do it profitably. Fixed costs are costs that are incurred regardless of the number of units produced. Variable costs are costs which vary directly with the units produced. Contribution margins or margins is the difference between what you charge for your product and the variable costs of that product (price variable cost).
