Business Management & Strategy PHR Study Guide


Flashcards on Business Management & Strategy PHR Study Guide , created by Cari Hawthorne on 12/09/2015.
Cari Hawthorne
Flashcards by Cari Hawthorne, updated more than 1 year ago
Cari Hawthorne
Created by Cari Hawthorne over 8 years ago

Resource summary

Question Answer
Factors that effect organizations EXTERNAL BUSINESS ENVIRONMENT (5)
Typewriters, computers, copy machines TECHNOLOGICAL DEVELOPMENTS
Horse and wagon to regional delivery services INDUSTRY DEVELOPMENTS
A greater demand for businesses goods and services ECONOMIC DEVELOPMENTS
need for workers based on market LABOR POOL
Environments affected by activities of state, federal and local government LEGAL AND REGULATORY ACTIVITY
Businesses are organized into one of the four basic structures INTERNAL BUSINESS OPERATIONS
basic and easy to organize. Single authority and final authority for all decisions. Profits belong to the owner and owner is liable for all decisions and activities SOLE PROPRIETORSHIPS
owned by two or more people who share final authority for business decisions and are jointly responsible for the actions of the business PARTNERSHIPS
share responsibility for managing the business based on the partnership agreement GENERAL PARTNERSHIPS
most of the partners involved are only investors and have little input into daily operations. Most common are law firms, accounting practices and medical clinics LIMITED PARTNERSHIPS
acts similar to a general partnership but formed only to manage a specific project JOINT VENTURE
liability is limited to assets owned by the corporation. Life of the corporation can be extended past the life of the founder. Ownership can be transferred by selling stock CORPORATIONS
cross between a general partnership and a corporation LIMITED LIABILITY COMPANY
process by which businesses create the product or services offered to customers PRODUCTION
activities necessary to produce the goods or services OPERATIONS
defines organizational goals and the methods to be used in achieving these goals STRATEGIC PLANNING & STRATEGIC MANAGEMENT
framework for collecting information used to forecast future business operations ENVIRONMENTAL SCANNING
communicates what a company does, for whom it does it, and what long-range success will look like VISION STATEMENT (THINK LONG TERM)
gets more specific and describes how the company will achieve its vision MISSION STATEMENT (SHORT TERM)
things that set companies apart CORE COMPETENCIES
standards for how an organization will conduct business CORPORATE VALUE STATEMENT
goals need to describe how an organization will achieve their goals SMART GOALS
descriptive enough to guide business-unit managers in developing action plans that will accomplish the goals SPECIFIC
method for determining when it has been met MEASURABLE
describe the actions that will be taken ACTION-ORIENTED
high enough to challenge the organization but not so high that its unachievable REALISTIC
time frame for completion TIME-BASED
Where are we now? Human Capital Management plan or HR Plan
Where do we want to be? Human Capital Management plan or HR Plan
How will we get there? Human Capital Management plan or HR Plan
How will we know when we arrive? Human Capital Management plan or HR Plan
behavior focused on building external and strategic relationships CORPORATE RESPONSIBILITY (CR)
behavior that doesn't deplete the resources used to achieve an outcome SUSTAINABILITY
Insurance that protects companies from claims such as sexual harassment, discrimination and wrongful discipline EMPLOYMENT PRACTICES LIABILITY INSURANCE (EPLI)
employees who initiate reports of what they reasonably believe are company actions are in violation of federal laws Whistle Blowers
the amount of time an employee has to file retaliation for blowing the whistle 90 DAYS
the amount of time that OSHA has to issue a final order for retaliation 180 DAYS
advise employees on ethical issues and manage programs designed to allow confidential reporting ETHICS OFFICER
-PRODUCT -PRICE -PLACEMENT -PROMOTION THE FOUR P's that summarize the marketing function
compilation of all policy decisions a company has made POLICY MANUALS
normally contain a summary of information that employees need to know regarding their employment relationship with their employer EMPLOYEE HANDBOOKS
ability to create effective organizations by applying the principals and practice of human resource management HR TECHNICAL EXPERTISE (Be sure to go back and look at these competencies created by SHRM)
statement that reports a companies assets, liability and equity at a specific point and time BALANCE SHEET
also known as a profit and loss statement. Reports a company's income, expenses and profits over a certain period of time INCOME STATEMENT
reports the flow of cash in and out of a company CASH FLOW STATEMENT
plan that describes expected income and expenses over a period of time BUDGET
requires justification for ALL expenses in the new budget ZERO BASED BUDGET
explains what a company seeks to accomplish and why? PURPOSE STATEMENT
-cost leadership -differentiation -focus GRAND STRATEGIES FROM PORTER
selling products and services at a lower cost COST LEADERSHIP (THINK SOUTHWEST AIRLINES)
providing unique products and services that are widely valued by customers DIFFERENTION (THINK LEXUS, NORDSTROM)
strategy that concentrates on a specific need FOCUS
moderate growth-only retains customers DEFENDERS
seek fast growth, like innovation and risk taking PROSPECTORS
imitate others success ANALYZERS
use inconsistent strategies, only respond to change REACTORS
-Inbound logistics -operations -outbound logistics -marketing and sales -service PRIMARY ACTIVITIES OF THE VALUE CHAIN
-Firm infrastructure -human resource management -technology development -procurement SECONDARY ACTIVITIES OF THE VALUE CHAIN
Strengths, Weaknesses, Opportunities & Threats SWOT
organizations should be formed in a way that support one another STRATEGIC ALIGNMENT
In what business are we or should we be in? CORPORATE STRATEGY
How should we compete in a particular industry BUSINESS STRATEGY
shared values and beliefs that influence worker behavior CULTURE
patterns or activities that keep an organization operating SYSTEMS
-suppliers -buyers -rival firms -new entrants -substitues PORTER'S FIVE FORCES
costs of switching from one one service to another, capital requirements or amount of money, economies of scale THREAT OF NEW ENTRANTS
goods or services of different businesses that can satisfy similar customer needs THREAT OF SUBSTITUTES (CELL PHONE COMPANIES)
depending on suppliers for materials BARGINING POWER OF SUPPLIERS
opportunities to improve their market position or competitive pressures RIVAL FIRMS
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