COMMERCE 2BC3 Chapter Notes - Chapter 2: Strategic Planning, Strategic Management, Human Capital
10 Dec 2018
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Document Summary
Business model: the story of how the firm will create value for customers and, how it will do so profitably. Strategy: referred to as skillful employment and coordination of tactics and artful planning and management . Intensive/internal growth: a focus on new market and product development, innovation, and joint ventures: companies channel their resources toward building on existing strengths, strategies include expansion, modernization, and diversification. Task design: tasks must be designed and grouped into jobs effectively. Selection, training, and development of people: staffing people who have the necessary knowledge, skill, and ability to perform. Reward systems: developing performance management and reward systems that lead employees to work for and support the strategic plan. Organizational structure: hrm practices: companies can choose six different menus of hrm practices to implement into their strategy. This doesn"t consider hr issues while formulating the strategic plan: two-way linkage: allows for hr issues to be considered during strategic planning.
