Organizational structural changes
looks @ individual units in organization to reduce or eliminate redundancy or bureaucratic processes to reduce costs & increase production, while this involves looking @ entire organization to simplify processes w/ goal of increasing customer satisfaction through process improvement
What is corporate restructuring vs reengineering?
Document that includes info on what benefits plan provides & how it operates, are required for employers to give to employees under ERISA requirements
What is Summary Plan Descriptions (SPDs)?
Answers ? 'where are we now?" using internal & external scans, including statistical models, SWOT, PESTLE, & Porter's 5 forces.
What is environmental scanning?
If your company has little ability to combat price erosion or other customer demands, profit potential of your business may be constrained.
What is bargaining power of customers?
increased efficiencies, risk management, cultural perception of brand
What is social force?
large number of employees enter organization w/i short period of time
What is workforce expansion?
Collection of organization policies, rules & procedures, w/ disclaimer that it can be withdrawn, changed at any time & should not be construed as contract.
What is Employee Handbook?
Evaluation of strategy implemented, determining adjustments, sometimes returning to formulation stage.
What is strategy evaluation?
Substitutes are a different product, but something that customers may be tempted to use to replace your product.
What is threat of substitute products or services?
Global positive brand recognmition
What is Political/Legal force?
downsizing, or rightsizing used to decrease expenses by reducing size of workforce
What are workforce reductions (RIFs)?
describes direction business will take & what business will achieve
What is a goal?
Answers ? "where do we want to be?", working towards developing mission, vision, corporate values & goals.
What is strategy formulation?
Classic analysis of how high barriers are to entry in market, ie, economies of scale, product differentiation, dapital requirements, distribution channels, regulatory limitations.
What is threat of new entrants?
profit, market share, customer loyalty, trust
What is competitiion force?
2 or more organizations combine into single entity w/ leveraging assets of both to form more successful entity
What is merger?
specific description of practical steps that will be taken to achieve business goals
What is an objective?
Deciding who will be invited to participate, determining time frame for completion of plan & which tools will be used.
What is pre planning stage of strategic process?
Intense industries, according to Porter, tend to be ones that have many competitors, slow growth, high fixed costs (because they are tempted to reduce marginal prices), high exit barriers, etc.
What is rivalry & jockeying among existing competitors?
ability to define skill sets of future labor to create or sustain qualified workforce
What is Economic force?
1 organization, generally a corporation, purchases or trades stock to gain controlling interest in another organization
What is an acquisition?
Strategic direction statement, goal, objective, action plan, communication methodmode of goal to organization & evaluation/ measurement of success
What are Human Capital Management Plan (HCMP) components?
Answers ? "how do we get there?", developing tactivical goals, budget, action plans & executing plan.
What is strategy implmentation?
If company is dependent upon a certain supplier or suppliers, they may be @ high risk that their profit margins will be eroded by those suppliers making increasing demands upon company.
What is bargaining power of suppliers?
What is technology force?