COMMERCE 2BC3 Chapter Notes - Chapter 2: Human Resource Management, Strategic Management, Society For Human Resource Management

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 2BC3
• Professor: Zhaocheng( Elly) Zeng

Document Summary

A business model is a story of how the firm will create value for customers and more importantly, do so profitably. Contribution margins or margins are the difference between what you charge for your product and the variable cost of the product. Gross margins is the total amount of margin you made and is calculated as the number of units sold times the contribution margin. Strategy is defined as the skillful employment and coordination of tactics and as artful planning and management : this involved analyzing a company"s competitive situation, and. Strategic human resources management (shrm) is a pattern of planned human resource deployments and activities intended to enable an organization to achieve its goals. Companies may have deployed just in time inventory, or tqm to make them more competitive. The strategic management process has 2 yet interdependent phases: The hrm function needs to be involved with every step of the decision making process.