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Terms in this set (65)Which of the following is a physical resource that a company uses to compete with other companies? Technology A(n) _____ typically charts how a firm will create value for customers and how it will do so profitably. Business Model _____ costs are incurred regardless of the number of units produced Fixed Which of the following statements is true of variable costs incurred by firms? These costs change directly with the units produced. Which of the following is an example of a fixed cost? Factory rent The _____ margin is calculated as the number of units sold times the contribution margin. gross _____ refers to what is left after a firm pays its variable costs and fixed costs. Profit A _____ workforce describes the former workers to whom a firm still owes financial obligations. Legacy Jonathan retired from a large multinational automobile company last year. He receives health care benefits as well as a pension from the company. At present, Jonathan falls under the category of a _____. Legacy workforce _____ is a process that primarily addresses the competitive challenges an organization faces. strategic management When an organization develops integrated manufacturing systems such as advanced manufacturing technology and just-in-time inventory control, it needs to assess the employee skills required to run these systems and train them accordingly. These assessments and training programs intended to enable an organization to achieve its goals fall under: strategic human resource management During _____, the strategic planning groups decide on a strategic direction by defining the company's mission and goals, its external opportunities and threats, and its internal strengths and weaknesses. strategy formulation Pluto Inc., a large manufacturer of desktops and laptops, has decided to enhance revenues by expanding its product line. It has identified the tablet market as a possible market to expand, and has identified Compco Inc. as a potential competitor. Pluto Inc. is currently in the _____ stage of the strategic management process. strategy formulation Saturn Inc. is a large manufacturer of footwear and accessories. It has always lagged behind its closest competitor Hexagon Inc. It plans to overtake Hexagon by leveraging its strength in women's footwear and entering markets in the Mid-West that it had traditionally ignored. Saturn Inc. is in the _____ phase. strategy formulation During the strategic implementation stage of the strategic management process, an organization: ensures that it has skilled employees in place. Which of the following statements is true of a strategic implementation stage of the strategic management process? During this stage, an organization follows through on a strategy chosen in the strategy formulation stage. _____ component of the strategic management process consists of structuring the organization, allocating resources, ensuring that the firm has skilled employees in place, and developing reward systems that align employee behavior with the organization's strategic goals. strategy implementation The strategic management decision-making process usually takes place at a firm's highest levels, with a firm's strategic planning group, which includes: the chief executive officer and the president. Which of the following is the lowest level of integration between the human resource management function and the strategic management function? Administrative Linkage Which of the following statements is true of the administrative linkage level between the human resource management function and the strategic management function? In this level, the Human Resource Management department is completely divorced from any component of the strategic management process. Which is the level of integration at which the human resource management primarily engages in day-to-day activities unrelated to the company's core business needs? Administrative Linkage In _____, a firm's strategic business planning function develops the strategic plan and then informs the Human Resource Management function of the plan. one-way linkage Which of the following is true of one-way linkage? It precludes the company from considering human resource issues while formulating the strategic plan. The one-way linkage level: often leads to strategic plans that companies cannot successfully implement. In the two-way linkage level: the human resource issues are allowed for consideration during the strategy formulation process. Which of the following statements is true of two-way linkages? The strategic planning function and the human resource management function are interdependent. Which of the following linkages has its human resource management functions built right into the strategy formulation and implementation processes? integrative linkage Mission, goals, external analysis, internal analysis, and strategic choices are the five major components of the _____ process. strategy formulation
Which of the following is a statement that contains information on the customers that will be served, the needs that will be satisfied, and the technology that will be used by the company? mission An organization's _____ is what it hopes to achieve in the medium- to long-term future, and it reflects how an organization's reason for being is operationalized. goal Which of the following primarily examines an organization's operating environment to identify its strategic opportunities and threats? external analysis Which of the following is used by an organization to identify its strengths and weaknesses? internal analysis An organization uses _____ to measure the quantity and quality of its resources internal analysis External analysis and internal analysis combined constitute the _____. SWOT Analysis Which of the following statements is true of the SWOT analysis It gives the strategic planning team of an organization all the information it needs to generate a number of strategic alternatives. Which of the following describes the ways an organization will attempt to fulfill its mission and achieve its long-term goals? strategic choice The basic premise behind strategy implementation is that: choice of organizational processes and structural forms make an economic difference. _____ is the process through which an organization seeks applicants for potential employment. recruitment Anna, a HR manager at a technology firm, is entrusted with the task of hiring a member for a new team. She has already received information about what the new role will entail as well as the tasks that the new employee will be performing. She is currently using several mediums to seek applicants for the role. Which of the following human resources management (HRM) practice is Anna performing? recruitment Which of the following addresses what tasks should be grouped into a particular job? job design The process by which a firm attempts to identify job applicants with the necessary knowledge, skills, abilities, and other characteristics that will help the firm achieve its goals is known as _____. selection ____ refers to a planned effort to facilitate the learning of job-related knowledge, skills, and behavior by employees. training Jane, an employee with Manor Electricals, has been transferred to a different division within the company. To facilitate a smooth transition, the company has initiated a program for Jane that will provide her with the necessary knowledge and skills required to perform the new role effectively. Which of the following human resources management practices did Manor Electricals perform? Training Which of the following activities entails specifying those activities and outcomes that will result in the organization successfully implementing the strategy? Performance management Which of the following statements is true regarding companies that are not diversified They have evaluation systems that call for subjective performance assessments of managers. A high level of pay relative to that of competitors can ensure that _____. the company attracts high-quality employees A company that follows an overall cost leadership strategy focuses on becoming the lowest cost producer in an industry A company that wants to become the lowest cost producer in an industry should _____. construct efficient large-scale facilities Which of the following is true regarding the differentiation strategy? Companies achieve above-average returns if they succeed in their differentiation strategy. CompX Inc. is an online retailer of electronic products including laptops and tablets. The company is known for its unique approach to customer support, which is known for going above and beyond in satisfying customer complaints and issues. What kind of a strategy is CompX using differentiation Companies engaged in a cost strategy require employees to: have a high concern for quantity. Which of the following statements is true for companies that employ cost strategies? They are very specific in the skills they require from their employees. A company employing a differentiation strategy requires employees who: are highly creative and cooperative. Which of the following statements is true of companies that employ differentiation strategies? They want their employees to take a balanced approach to process and results. Strategies emphasizing market share or operating costs are considered _____ strategies. concentration With a(n) _____ strategy, a company attempts to focus on what it does best within its established markets and can be thought of as "sticking to its knitting." concentration
Gemco Inc., a high-end luxury jewelry manufacturer, has training programs to ensure that its current employees always design and manufacture jewelry in keeping with its high quality standards. Which of the following directional strategies has Gemco adopted? concentration Strategies focusing on market development, product development, innovation, or joint ventures make up the _____ strategy of an organization. internal growth Companies attempting to integrate vertically or horizontally or to diversify exhibit a(n) _____ strategy. external growth Which type of strategy attempts to expand a company's resources or to strengthen its market position through acquiring or creating new businesses? external growth strategy Which of the following is a strategy made up of retrenchment and liquidation divestment strategy Tokyo Electronics is facing financial difficulties mainly due to losses incurred by its gaming division. As a consequence, it has decided to shut down operations of this division. Which of the following strategies has Tokyo electronics adopted? divestment strategy Which of the following is a challenge of downsizing? It is difficult to boost the morale of employees who remain after downsizing. Which of the following statements is true of intended and emergent strategies? Intended strategies are the result of the rational decision-making process used by top managers as they develop a strategic plan. A company where employees are in a constant state of assimilating knowledge through monitoring the environment, making decisions, and flexibly restructuring the company to compete in that environment is known as a(n) _____ organization. learning Sets with similar termsch298 terms abellalynn MANA 3319-Chapter 1-Practice Questions56 terms mdson557 HR Management Ch. 243 terms brandee_m_wilson MIE 330 Topic 219 terms courteney_sebastian Sets found in the same folderHRM 182 terms a_boots MGMT 365 - FINAL - Chapter 365 terms Hailsnicole1
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Which of the following is a true of one way linkage?Which of the following is true of one-way linkage? It precludes the company from considering human resource issues while formulating the strategic plan. The one-way linkage level: often leads to strategic plans that companies cannot successfully implement.
What type of strategy is used by a firm that focuses on what it does best within established markets internal growth concentration external growth divestment?Companies using concentration strategies attempt to focus on what they do best within their established markets.
Which of the following describes the ways the organization will attempt to Fulfil its mission and achieve its longStrategic choice describes the way an organization attempts to fulfill its mission and achieve its long-term goals.
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Which of the following is the lowest level of integration between the human resource management?
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