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Exam 4 MGMT 2103 Christine Manno Questions Graded A+
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Exam 4 MGMT 2103 Christine Manno
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Exam 4 MGMT 2103 Christine MannoStrategic Human Resource Management - answerThe pattern of human resources
deployments and activities that enable an organization to achieve its strategic goals. &
using human resources practices/policies/procedures to manage your people and their
skills/talents in order to achieve a competitive advantage.
Strategy - answerBusiness plan to create value in a particular market
Competitive Advantage: - answerA firm's ability to gain and maintain market share in its
industry by creating value in its production process
Value Creation - answerOccurs when you produce a product or provide a service such
that the revenue generated exceeds costs
Strategy Formulation - answerDeveloping the business strategy given market and other
conditions & Outlines specifically how the firm will create value in a particular market
Strategy Implementation - - answerImplementing the business practices to execute the
desired strategy----This involves all business practices
Porter's Strategy Typology - answercompetitive advantage results from creating value
through either cost leadership or differentiation.
Low-Cost Strategy - - answer- This strategy creates value by reducing costs
- Produce a product or deliver 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 - answer- creates value by convincing the market that a
product/service is different from all the others,
- Produce a product or deliver a service that is different (or is perceived as different)
than competitors,
- By differentiating the product or service, the firm is able to charge a premium,
maintaining a profit
Resource Based View of Competitive Strategy (RBV) - - answerFirms 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
, List the four characteristics necessary for a resource to be a source of competitive
advantage - - answerThe resource is Valuable, which requires that the resource is:
Rare, Inimitable, Organizational processes in place to support the valued resource
Core Capabilities - answerIntegrated resource sets within an organization that
distinguish it from its competitors and deliver value to customers
List the two generic HR strategies - - answerCommitment-Oriented (High Performance
Work System) & Control-Oriented
High Performance Work System - answerA specific combination of HR practices, work
structures, and processes that maximizes employee knowledge, skill, commitment, and
flexibility
Control Oriented Work System - answerA specific combination of HR practices, work
structures, and processes that minimizes employee knowledge and skill requirements,
and seeks to limit the variability of performance across people
List the Four Principles of a High Performance Work System - - answerEgalitarianism &
Engagement, Knowledge Development, Shared Information, Performance-Reward
Linkage
Egalitarianism and Engagement - - answereliminate status and power differences and,
in the process, increase collaboration and teamwork
Knowledge Development - - answerEmployees in high-performance work systems need
to learn in "real time," on the job, using innovative new approaches to solve novel
problems
Shared Information - - answerA shift away from the mentality of command and control
toward one more focused on employee commitment
Creating a culture of information sharing where employees are more willing (and able)
to work toward the goals for the organization
Performance-Reward Linkage - - answerIt is important to align employee and
organizational goals. When rewards are connected to performance, employees will
naturally pursue outcomes that are mutually beneficial to themselves and the
organization
The HC/HR (Human Capital/Human Resources) Architecture - answer- Job families
contribute differentially to competitive advantage in relation to job requirements and
relation to core competencies.
- In other words, different jobs provide different things to an organization - some are
more strategically important than others.
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