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· Competitive contact – defining where the corporation competition is to be localized. · Managing activities and business interrelationships – corporate strategy seeks to develop synergies by sharing and coordinating staff and other resources across business units, investing financial resources across business units and using business units to complement other corporate business activities. Igor Ansoff introduced the concept of synergy to corporate strategy. · Management Practices – corporations decide how business units are to be governed: through direct corporate intervention (centralization)or through more or less autonomous government (decentralization) that relies on persuasion and rewards Corporations are responsible for creating value through their businesses. They do so by managing their portfolio of businesses, ensuring that the businesses are successful over the long-term, developing business units, and sometimes ensuring that each business is compatible with others in the portfolio.
(1991) describes an entrepreneur as someone who has the ability to see and evaluate business opportunities, gather resources to take advantage of them and undertake the necessary actions to ensure success. When reviewing literature we find we can characterise entrepreneurial characteristics and skills into three distinct key groups, personal characteristics, interpersonal skills and practical skills. According to Locke (2000) one of the most common personal characteristics shared by successful entrepreneurs is their work ethic or ‘love of their work’. Timmons and Spinelli (2006) support this view suggesting that it is this ‘passion for work’ that allows entrepreneurs cope with the extreme levels uncertainty and resources shortages when launching a new venture. Others such as Bass and Stogdill (1993) suggest that it is perseverance that pushes the entrepreneur through difficult business start-up process.
Strategy can be defined as the plans that businesses lay out to achieve their objectives (Sandberg, 1992). The plans that businesses set up in order to position themselves to make maximum profit include their mission, vision, goals, objectives, strategy, implementation and execution (Sandberg, 1992). For the previously mentioned plans to be successful good strategic management has to be in place. Good strategic management can be organized into three levels: corporate, business and operational levels (Ritson, 2013). The levels of strategic management can be formulated through several schools of thought.
The key points made by the authors are discussed here. Examples of how such communities can add value to business organizations and relevant success stories discussed by the authors are also reviewed. This paper also attempts at discussing the applications of these concepts apart from critically evaluating the authors’ ideas. II. Key Concepts The key concepts discussed in the reviewed paper are summarized as follows: A.
104-112. 11) Davenport, T.H. (1993). Process Innovation, Harvard Business School Press, Boston, MA. 12) Earl, Michael J., Sampler, Jeffrey L. and Short, James E. (1995) "Strategies for business process reengineering: Evidence from field studies," Journal of Management Information Systems, v12, n1 (Summer), pp.
Microsoft (2013), Company information, mission, vision and strategy, available online at http://www.microsoft.com/about/companyinformation/ourbusinesses/business.mspx, retrieved on December 10, 2013 Prahalad, C.K. and Hamel, G. (1990), The core competence of the corporation, Harvard Business Review, Vol.68 (3), 79–91. Warren, K (2008), Strategic Management Dynamics, John Wiley & Sons Ltd: Chichester
Johnson, G.(1987): Strategic Change and the Management Process. Oxford: Basil Blackwell. Johnson, G. & Scholes, K. (1989): Exploring Corporate Strategy: Text and Cases. London: Prentice-Hall. Kober, R. et al.
Previous research affords various prospects into understanding problems and solutions occurring within the field of business management. Research methodology gives leaders the ability to understand how internal and external factors affect their organizations and offers solutions to correct or redirect resources to potentially enhance and further their competitive advantage (Daft, 2012). Through the gathering of such research, leaders advance their potential for solutions supportive of current and past problems while supporting the ultimate goal of competitive advantage. While some organizations focus on the hiring of outside organizations to conduct in depth research, depending on the size and scope of the problem and answers desired, examination of previous research articles and methodologies offers possible solutions with little to no cost. Through a collectio... ... middle of paper ... ....1080/10887156.2012.731831 Lauring, J., & Selmer, J.
This can be manifested in an ability to attract and retain customers and employees, achieve strategic alliances, gain the support of financial markets and generate a sense of direction and purpose. Corporate identity is a strategic issue. Corporate identity differs from traditional brand marketing since it is concerned with all of an organization’s stakeholders and the multi-faceted way in which an organization communicates.” (Ballmer, Bernstein, Riel et al. 1997) Thus, this statement highlights the multidisciplinary nature of the area and its difference from brand management. Another interesting research that recent academicians have developed is that corporate identity refers to an organization’s unique characteristics which are rooted in the behaviour of the internal stakeholders i.e., the members of the organization.