Group Proj_Human Resources Plan__APAFORMAT.docx

Motors and more has good customer loyalty and close

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the more knowledgeable they will be as well. Motors and More has good customer loyalty and close relationships amongst their employee base with their buyers. They have to ensure to maintain prospector strategy who is highly dependant on new innovation and products so buyers do not have the upper hand. The threat of subsitutes or “when buyers can easily find subsitute products with alternative prices or better quality and when buyers can switch from one product or service to another with little cost” (Jurevicius, 2013, para. 7). Subsitutes can make an industry more competitive or lose profit quickly, one example of this is in the pharmaceutical industry when a generic drug comes out on the market, usually the name brand drug loses a significant amount of market share once that genertic product is released. Motors and More could have an issue as more competitors enter the market and produce the same products, the best resolve to this is to be ahead of the competition and innovative in their space. The last threat is rivarly among existing competitors or “force is the major determinant on how competitive and profitable an industry is. In competitive industry, firms have to compete aggressively for a market share, which results in low profits” (Jurevicius, 2013, para. 8). A key to success of Motors and More is the ability to understand their competition and be ahead of the curve on creating and sourcing new products and materials. While Motors and More industry is highly competitive the HR strategy should inherently work to understand how to compete in the market, this includes hiring the best in class employees, as well as, ensuring there is low turnover
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HR Project Plan 10 to immediate competitors. Improving their own product differentiation, service levels, technology adaptation will put them ahead of the competition. Overall Motors and More will greatly benefit from a prosepector strategy. Porters Five Force Factors uncover that this strategy will help the company be fit to handle threats of rivalry or competitors, threat of substitutes, as well as, supplier power. All of this capable through HRM building a strategy around innovation and agility. As this strategy protects against buyer power and substitutes because it is fast paced and outperforms the competitors. Strategy and Company Performance Strategic planning by an organization leads to informed and purposeful actions. By articulating a clear common vision of why the organization exists, now and in the future, a strategic plan provides direction and a cornerstone form making important human resources management decisions (Ivancevich, J. M., & Konopaske, R. (2013). Motors and More will need to incorporate a strategy to promote innovation and create a culture of growth and development. The company is growing at a fast pace and it is imperative that they develop a value and a new foundation as the cornerstone of their company. They will need to accomplish this by creating a recruitment and retention plan, introducing a training and development program, developing a compensation plan, and putting in place a new human resource forecast plan.
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  • Fall '14
  • Group Project, McCain

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