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Flashcards in Chap-2 terms Deck (24):
1

Business Strategy?

How a company will compete in it's market place

2

Cost-leadership Strategy?

Be the lowest cost producer for a particular level of product quality

3

Operational excellence?

Maximize the efficiency of the manufacturing or product development process to minimize costs

4

Differentiation Strategy?

Developing a product or service that has unique characteristics valued by customers

5

Product Innovation?

Developing new products or services

6

Specialization Strategy?

Focusing on a narrow market segment or niche and pursuing a differentiation or cost-leadership strategy within that market segment

7

Customer Intimacy?

Delivering unique and customizable products or services that better meet customer's needs and increase customer loyalty

8

Growth Strategy?

Strategy to expand the company either organically or via acquisitions

9

Talent Philosophy?

System of beliefs about how a firm's employees should be treated

10

Human Resource Strategy?

Linkage of the entire human resource function with the company's business strategy

11

Staffing Strategy?

Constellation of priorities, policies, and behaviors used to manage the flow of talent into, through, and out of an organization over time

12

Core Workforce?

Long-term, regular employees

13

Flexible Workers?

Temporary, leased, part-time, or contract workers, or independent contractors employed for shorter periods by firms as needed

14

Internal Talent Focus?

Preference for developing employees and promoting from within to fill job openings

15

External Talent Focus?

Preference for filling jobs with new employees hired from outside the organization

16

Proactive Staffing?

Done before situations/issues arise

17

Reactive Staffing?

Done in response to situations/issues

18

Job-oriented Staffing?

Hiring to fill a specific job opening

19

Talent oriented Staffing?

Recruiting and even hiring without a specific job opening

20

Centralized Staffing?

Situation in which all of an organization's staffing activities are channeled through one unit

21

Decentralized Staffing?

Different business units of a company each house their own staffing functions

22

Combines Approach?

Combination of centralized and decentralized staffing

23

Human Capital Advantage?

Acquiring a stock of quality talent that creates a competitive advantage

24

Human Process Advantage?

Superior work processes that create a competitive advantage