Human resource management - summary of Dessler book, Summaries of Human Resource Management

Download Human resource management - summary of Dessler book and more Summaries Human Resource Management in PDF only on Docsity! Chap 2 The strategic management process Step 1: Ask where we are now Step 2: Size up situation – perform external and internal audits Step 3: Create strategic options Step 4: Review strategic options Step 5: Make a strategic choice Step 6: Translate into goals Step 7: Implement strategy Step 8: Evaluate performance Why strategic planning is necessary for manager? • Strategic Planning - A strategic plan is the company’s plan for how it will match its internal strengths and weaknesses with external opportunities and threats in order to maintain a competitive advantage. • Manager’s Roles in Strategic Planning - Devising a strategic plan is top management’s responsibility. - Because the consequences of a poor choice can be dire, few top managers delegate the job of deciding how the company should match internal strengths and weaknesses with external opportunities and threats to maintain a competitive advantage. Types of strategies Level 1: Corporate strategies – What business we are in Identifies the portfolio of businesses that comprise the company and the ways in which these businesses are related to each other Growth strategy There are 2 ways for a company to growth - Expanding to other industries, jump into different business - Focus on 1 business: o Expanding based on geography (Open more shops, Export goods and services, etc.) - Limitation: limited resources o Expending product line – more choices for customers