Management is the strategic operation of any organization whether for profit or non-profit. The ideology of an organization is to sufficiently meet the objectives of the company, and if possible, set a remarkable standard in the market place. It is argued that, “the search for new information is a human capability, organization systems, processes, and incentives are encourage-able mechanisms; however, it is the manager and not the organization’s responsibility to be innovative” (Qiang, Maggitti, et al, 2013, pg. 894). The development and expansion of creditable managers points to individuals who are aware of the organization needs in reference to acquisitions, new products, interest to stake holders, and maximizing company profits. To achieve the desired outcome of these objectives, companies employ what is fundamental in catalyzing these goals; the necessity of a business plan. An organization is an entity in and of itself, henceforth, it strives to become reputable, to its employees, desiring credibility among its competitors, and customers. A good beginning for any company is to always have a unified interest in its objectives and customers satisfaction. Augmenting to this argument, is the responsibility of every company to be ethical in its operations, and contribute through social responsibilities to its environment. Henceforth, it is with consideration that the following criteria is implemented for effective management.
A formal strategy must be followed in order to accomplish company goals. Managers are required to be experienced, educated, flexible, and informative in their capacity to undertake meaningful ventures. The success of companies depend on current, and creditable information which allows for a formidabl...
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A catalyst for organizational success is strategy. Having a solid plan can take your organization to new heights. So much preparation and analysis is necessary in order to prepare such a sound tactic. Being able to loo...
An organization needs to adhere to ethics in order to effectively implement its mission, vision, and objectives in a way in which offers a solid foundation to management and their subordinates to properly develop and implement its strategies. By doing so, the organization as a whole is essentially subscribing to one commonality that directs all of the actions of the employees of the organization. Additionally, it assists in preventing such employees from divergence in regard to the proposed strategic guideline. Ethics additionally ensures that a strategic plan is developed in accordance to the interests of the appropriate stakeholders of the organization, both internal and external (Jin & Drozdenko, 2010). Likewise, corporate governance that stems from various regulatory parties makes it necessary for organizations to maintain a high degree of ethical standards; this is done by incorporating ethics within the organization’s strategic plan so as to foster a positive corporate image for the stakeholders and general public (Min-Dong Paul, 2009).
Numerous definitions of strategy exist, in most circumstances strategy can loosely be explained as an overall plan of deployment of resources to ascertain a favourable position within a market (Zablah, Bellenger and Johnston 2004; Grant 1994, p 14). Further, imbedded in many successful organisations are strategies, the importance of which is to remain relevant in the market, and successful in the various attributes of business; profiteering, employee motivation, maintaining sustainable core competencies, effectiveness in operation, or efficiency in the conduction of operations. Therefore challenges involved in the formulation and implementation of a strategy can revolve around the overall external market, as well as internal
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Throughout the global economic environment the desire to out-perform the competition is always present. In every situation, the companies who do better are the ones with superior strategy (Rothaermel, 2013). Strategic management is therefore important in every company, no matter what industry or market they operate in; and as stated by M. Carpenter and G. Sanders, 2013, is described as "The process by which a firm manages the formulation and implementation of its strategy". Strategic management is a constant topic under discussion with different schools of theorists with different beliefs and attitudes which is described as "A tense array of disagreement" (Rees, 2012).
I would desire that the company generates profits as that what keeps an organization going forward. It is vital to strive to keep the business as profitable as possible without violating any ethical standards. Customer service is an integral part of management philosophy as customers are important to every business. As a manager, it is vital to creating products and services that meet the actual and perceived needs of clients. Management requires thinking of the external environment since there is a significant change in the environment where the organization operates and there is a need to alter the life of the business to ensure that it reflects the changing
From reading this case, we realize the company did not apply the managing ethics competency in building its goals and structure. Managing ethics competency involves the o...
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Management success is gained through accomplishment of mission and objectives. Managers fail when they do not accomplish mission and objectives. Success and failure are tied directly to the reasons for being in business, i.e., mission and objectives. However, accomplishing mission and objectives is not sufficient. Success requires both effectiveness and efficiency. Managers who accomplish their mission and objectives are said to be effective. Efficiency describes the relationship between the amount of resources used (input) and the extent to which objectives were accomplished (output). If the cost of accomplishing an objective is prohibitive, then the objective is not realistic in the context of the firm's resources. Additional planning is necessary. Management is defined as the process of setting and achieving goals through the implementation of some basic management functions. These functions include planning, organizing, leading, and controlling. By using these key tools, one can create an organization as a whole consisting of unified parts acting in harmony to achieve goals, both successfully and proficiently. It is common knowledge to many managers and employees today that the very goal of one organization is to be as efficient and effective as possible. Planning, which can otherwise be known as the “first” function of management, places the groundwork in position for the other functions of management. Planning is a constant process that entails determining courses of action to respond to the questions of what should be done, by whom, where, when, and how. By planning properly, one will devise a proposal for the organizational activities necessary to reach the objectives one has set for themselves or their team.
Robbins, S.P., & Coulter, M. (2009). Management (10th ed.). Upper Saddle River, NJ: Pearson Prentice Hall.