Additional Case 1.2 As the Manager of HR of an Old, Established Company

question 13

Multiple Choice

Additional Case 1.2
As the manager of HR of an old, established company, you are leading the management team in a strategic planning session. During the planning session, managers are being forced to think about the future, see the likely changes in the marketplace, and make plans to use company resources to enhance their competitive edge.
-Refer to Additional Case 1.2.The most likely benefit of this strategic planning session is:

• A) communicating a specific business strategy for the firm.
• B) identifying the constraints and capabilities of the firm's HR.
• C) exploiting and expanding the firm's distinctive capabilities.
• D) identifying gaps between the current situation and a future vision.

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Definitions:

Circular Flow Model

An economic model illustrating the movement of goods, services, and money between households and businesses in an economy.

Demand

The desire and ability of consumers to purchase goods or services at given prices, playing a critical role in determining market prices and quantities.

Supply

The aggregate availability of a product or service for acquisition at a designated price.

Competition

A market situation in which multiple sellers are trying to sell their product or service to the same buyers, leading to a struggle for market share.