write note on given diagram? Relationship between Competitive and HumanResource StrategiesExternal EnvironmentCOMPETITIVESTRATEGYLaborMarketCorporateCultureProduction TechnologyHUMAN RESOURCESTRATEGYEcon omicCondit ionsLaborRelat ionsClimateEmployeeKSASChapter 2

Answered: write note on given diagram?

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

write note on given diagram?

Relationship between Competitive and Human
Resource Strategies
External Environment
COMPETITIVE
STRATEGY
Labor
Market
Corporate
Culture
Production Technology
HUMAN RESOURCE
STRATEGY
Econ omic
Condit ions
Labor
Relat ions
Climate
Employee
KSAS
Chapter 2

Expert Solution

Competitive Strategies And Human Resource Strategies

A firm's competitive strategy concerns how to compete in the business areas the firm operates. In other words, competitive strategy means to define how the firm intends to create and maintain a competitive advantage with respect to competitors. Crucial to a firm's growth and prosperity is the ability to gain and retain competitive advantage. One way to do this is through strategic initiative. To the extent one company gains the initiative, competitors are obliged to respond and thereby play a reactive rather than proactive role. To the extent a firm gains an advantage difficult for competitors to remove, it stays in control longer and therefore should be more effective.

Human resource strategies are the plans that lead to implementing different functions in the human resources department of an organization. Typically, these strategies are guided by the overall strategies of the business and serve to help the business attain its long-term goals via its staff.