Exam (elaborations)
Exam 1 Managing People & Organizations UARK (Sparks) Questions and Answers Fully solved
- Course
- Institution
Exam 1 Managing People & Organizations UARK (Sparks)
[Show more]
Content preview
Exam 1 Managing People &Organizations UARK (Sparks)
Strategy - answer Business plan to create value in a particular market
Value Creation - answer Produce a product or provide a service such that the revenue
generated exceeds costs
Strategy Formulation - answer- Developing the business strategy given market and
other conditions
- Outlines specifically how the firm will create value in a particular market
Strategy Implementation - answer◦ Implementing the business practices to execute the
desired strategy
◦ This involves all business practices
Porter's Strategy Typology (On Exam) - answerCompetitive Advantage Results From
Creating Value
Porter's Strategy Typology (Continued): (On Exam) - answerValue is created in one of
two ways:
Low Cost Strategy - Create value by reducing costs.
◦ Create a product or a service at the lowest possible cost
◦ By keeping costs low, the firm is able to charge less than competitors and maintain a
profit
Differentiation Strategy - Create value by convincing the market that your
product/service is different from all the others.
◦ Produce a product or service that is different than competitors
◦ By differentiating the product or service the firm is able to charge a premium,
maintaining a profit
The Resource-Based View (RBV) of Competitive Strategy - answer◦ Firms gain a
competitive advantage through firm-controlled resources.
◦ Not all resources serve as a source of competitive advantage.
◦ Human resources and the organizational practices that develop and support those
resources are possibly one of the most difficult sources of competitive advantage to
replicate.
,-Hardest resource to replicate is PEOPLE
Competitive Advantage (VRIO): Can apply to my own career - answerV - Is the
resource Valuable?
R - Is the resource Rare?
I - Is the resource Inimitable? (Unique)
O - Are there Organizational processes in place to support the valued resources?
Core Capabilities: People as a Strategic Resource - answerIntegrated knowledge exists
in an organization that distinguishes it from its competitors and delivers value to
customers.
Core Capabilities / Competencies (People should be your greatest competitive
advantage): - answer◦ Core capabilities/Competencies or "strategic capabilities" serve
as the dominant sources of competitive advantage.
◦ These competencies or capabilities are the resources leveraged to achieve strategic
objectives.
◦ These capabilities are valuable, rare, and difficult to imitate by competitors.
Human Capital - answer◦ Different parts of a firm's workforce have different strategic
value to the firm in that they differ in their influence on core competencies
◦ Greater source of competitive advantage from
- Firm-Specific skills vs. General skills
- Teams vs. Individuals
- The entire system of human resource management practices vs. individual practices.
Human Capital and HRM practices can be sources of competitive advantage. One may
bring about the other. (Individual goals should be tied to established Strategy
HC/HR Architecture - answerThe HC/HR Architecture (Lepak & Snell, 1999)
- Job families contribute differently to competitive advantage in relation to job
requirements and relation to core competencies
Two Dimensions of the HC/HR Architecture: - answer1. Value of Human Capital
"Potential to contribute to ... competitive advantage"
2. Uniqueness of Human Capital
Are the skills and knowledge needed to perform firm-specific or general?
, Human Capital Architecture: - answer
Architecture - answerComplementary/Alliance Partners (ex. Consultants)
Collaborative
Individuals and groups with unique skills, but those skills are not directly related to a
company's core strategy.
Supporting Labor
(ex. Clerical Workers)
Compliance-Based
Employees whose skills are of less strategic value and generally available in the labor
market.
Strategic Knowledge Workers (ex. Top Management)
Commitment-Based
Employees who have unique skills that are directly linked to the company's strategy.
Core Employees
(ex. Sales Managers)
Performance-Based
Employees with skills to perform a predefined job that are quite valuable to a company,
but not particularly unique or difficult to replace.
Implications of the HC Architecture - answer◦ Some human resources can be a source
of competitive advantage, while others cannot. Knowledge Workers (engineers, etc) can
be a greater source of competitive advantage than traditional employees.
◦ Each group of employees adds their own unique value to the execution
of business strategy & competitive advantage.
◦ All groups of employees should not be managed the same.
◦ One work system is not sufficient throughout the organization.
Additional Implications - answer◦ Firms must decide if the performance (productivity) of
a job family can influence strategic capabilities
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80202 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now