Business Strategy report Assignment Example | Topics and Well Written Essays - 2500 words

Business Strategy report - Assignment Example ch concerns ability of the firm to set goals, according to which proper action plans are set in order to meet those goals and produce desired results. Some of the features of strategic management can be described as follows (DeWit and Meyer, 2004). Strategic thinking- The aspect of strategic thinking involves generation of unique ideas and insights that help to increase competitive advantages of business as well as to achieve desired goals more efficiently. The strategic thinking process requires managers to consider past performance of the business and realize ways in which change or implementation of a new strategy might affect the organization and its various interest groups. Strategic thinking is mostly done when a firm considers applying a change in operations or while incorporating new business ventures into a formal organizational structure. It is mainly a mental process and requires examining the firm from the view point of its capabilities. Managers and authorities brainstorm to come up with new and innovative methods for fulfilling organizational goals and developing new horizons of business opportunity. Strategic planning- The next step after strategic thinking is the process of strategic planning. In strategic thinking, the firm decides upon actions that are needed to be taken. In the strategic planning process, the firm formulates effective solutions so that proposed ideas and objectives can be achieved. Strategic planning involves analyzing the firm considering the following aspects (Johnson, Scholes and Whittington, 2005): Primarily strategic planning involves evaluating the firm from the view point of external environment. This involves conducting PESTEL (Political, Environmental, Social, Technological, Economical and Legal) analysis. The external environmental factors that can affect functioning of an organization are taken into perspective and ways in which external factors are likely to respond when a firm incorporates changes or new business

Theories of Management and Translation into Practices of Management Research Paper

Theories of Management and Translation into Practices of Management - Research Paper Example From the time when social organizations were formed for accomplishing goals and objectives, human beings have felt the need for management and coordination of individual initiatives and efforts. With the increasing reliance on group efforts, organized groups expanded and became large, subsequently accounting for the increasing importance and complexity of management. Henceforth, the managerial theories have gained importance with regards to the way managers manage these complex organizations. However, surprisingly there are numerous managers across different parts of the world that have attained immense managerial success even without the basic knowledge of management (Olum, 2004, p.1-2). There are unequivocal views about managers who have applied mixed management theories in their day to day activities and practices have attained greater success in managing their organizations effectively and efficiently and helped them in realizing organizational goals and objectives. Instances sho w that theories of management cannot be directly translated into practices in the organization and thus managers belonging to the contemporary organizations must appreciate their respective roles in the organizations while seeking to achieve set goals and objectives (Olum, 2004, p.1-2). ... process in which people influences others so as to make them understand and agree to their terms with regards to what needs doing and in the process facilitates individuals and collective efforts to attain shared goals and objectives on the organization (Laguerre, 2010, p.6). The definition developed by the author not only suggests and includes efforts for influencing and facilitating the present works undertaken in the group, but it also ensures that individuals in the group are ready and prepared to encounter future challenges and problems at the workplace. Even though the definition of Yukl is highly comprehensive, there are several researchers who have put forth such definitions which are more narrowly focused. For example, researchers like Coons & Hemphill (1957) believe that leadership is nothing but the behavior of a person or individual which helps to direct the activities and performance of a group towards shared goals and objectives. Kahn & Katz (1978) believes that leaders hip accounts for the influential increment above and over the mechanical compliances with the custom directives in the organization (Laguerre, 2010, p.6). The varying definition of leadership also accounts for its difficulty in practical application in the organization. It is because perspectives differ between individuals and this accounts for the reason how different researchers define management and leadership as per their own perspectives (Daft & Lane, 2008, p.4). As a consequence of the above fact, when researchers conduct leadership studies, they assume different definitions of leadership such that confusion in the interpretation of results can be eliminated or removed.  Ã‚