In simple terms, a retrenchment strategy involves the abandonment of those products or services, which are no longer profitable for the organization. It also includes withdrawal of the business from those markets where even sustenance is difficult. For example, a corporate hospital may decide to focus only on specialized treatments, and thus, realize higher revenues. Besides, a retrenchment strategy also [...]
Everything you need to know about approaches to strategy formulation. Strategy formulation is often referred to as strategic planning or long-range planning. This process is primarily analytical, not action- oriented. The strategy formulation process is concerned with developing a corporation's mission, objectives and policy. This process involves scanning external and internal environmental factors, analysis of the strategic factors and generation, [...]
Everything you need to know about human resource planning. Human resource planning is considered as a strategy for the acquisition, utilization, improvement and retention of an enterprise's human resources. Thus, the activity of manpower planning is synonymous with personnel management itself. The "Procurement" function of manpower management is basically concerned with having the right type of people available as and [...]