Companies with empowered, highly trained, flexible workforces have a competitive advantage.
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43 Chapter 3: Strategic Human Resource Management and the HR Scorecard 1. A ________ is the company’s plan for how it will match its internal strengths and weaknesses with external opportunities and threats to maintain a competitive advantage. strategic plan 2. Which of the following is not part of strategic planning? implementing strategies 3. The purpose of a strategic plan it to identify ways to create or maintain a(n) ________. competitive advantage 4. What is the first step in the strategic management process? define the business and its mission 5. A ________ is a general statement of intended direction that evokes emotional feelings in organization members. vision 6. Vision statements focus on the ________. future 7. A ________ lays out what a business strives to be while the ________ lays out what it should be now. vision; mission 8. Defining the business is the ________ step in the strategic management process. first 9. Performing external and internal audits is the ________ step in the strategic management process. second 10. The third step in the strategic management process is ________. formulate new business and mission statements 11. The sales director at WebMD is developing goals regarding sales revenue targets and the number of new medical-related content providers like hospitals and HMOs it must sign up per year. Which step of the strategic management process is WebMD working on? translate the mission into strategic goals 11. Last year, General Motors began a company-wide strategy to improve product quality and customer satisfaction. Re cent reports show that GM’s product recalls for the first half of the year are higher than for the entire previous year. GM explains that the figures support the corporate commitment to quality and satisfaction. Which step of the strategic management process is GM currently dealing with? evaluate performance 12. A ________ serves to communicate who a company is and what it does. mission 13. The ________ of the California Energy Commission is to assess and act through public and private partnerships to improve energy systems that promote a strong economy and a healthy environment. mission The ________ of the California Energy Commission is for Californians to have energy choices that are affordable, reliable, diverse, safe, and environmentally acceptable. vision 14. The primary tool used in step two of strategic planning, external and internal audits, is the ________. SWOT analysis 15. SWOT is an acronym for ________. strengths, weaknesses, opportunities, and threats 16. A strategy can also be called a ________. course of action 17. A ________ answers the question, “how do we get from here to there?” |
