According to "Blue Ocean Strategy.com" (2014), "Red oceans refer to the known market space – all the industries in existence today. In red oceans, industry boundaries are clearly delineated and
Teams need to have clear direction, and without clear direction or clarity about where it’s heading will flounder in the struggle to achieve real and possibly any real results. Within the structure of any team, new goals and aims need to be implemented. Visions could become blurred and motivation lacking. 1-4 By looking at new approaches and ideas, fresh thinking and communication can be improved. Stand back and re-think take a long look at the skills of the team
It must diversify. Drucker argued that while the central core of a business should decide which businesses it enters, diversification would be needed in an era of fast changing markets and technologies ("Managing diversification,"). Today, the business environment has become much more volatile and dynamic. So, the key issue, more often than not, is not whether to diversify, but when and how to diversify. A related issue is for management to decide when the company is straying too far from the core and get back the focus ("Managing diversification,").
Blue Ocean Strategy Blue ocean strategy is a WAY OF TRACKING PROGRESSION IN A GIVEN MARKET. IT CAN BE USED TO TRACK BOTH SELF AND THE COMPETITORS ADVANCEMENT. Ultimately it is a means to project when the product or service has reached its maturity and beginning to decline.. Most of the time a company using the blue ocean strategy will simply take an existing service or product , and alter it in such a way that no one else has done yet. The pioneer or guinea pig if you will is taking a huge risk, thereby profiting, or suffering greatly while using the element of surprise.
Hire or develop new talent. From the case it appears that Tanglewood has some inconsistency in management styles between the new stores and the original stores. I would advise them to develop new talent and hire within the company. The company has such a strong philosophy, and in order to continue with that core philosophy, I believe they should develop the talent they have with individuals who are already familiar with company expectations. Based on the reading, Tanglewood expanded by purchasing already established stores instead of building new ones, which left them with employees that were familiar with retail but had a vast contrast to their existing management core beliefs.
Your Name INF 410 Project Management Professor Allyson Heisey November 27, 2012 Project Management Project management has emerged as a crucial factor that determines the success of an organization. Whether it is a question of facing an economic crisis or generating large turnover, it plays a pivotal role in the growth of a firm (Kundan, P. 2012). Henry Gantt and Henry Fayol were project management main supporters and their work has been shown to be relevant over the years. Henry Gantt is best known for his planning and control techniques, and creating the Gantt chart. The Gantt chart is still used today and is recognized as an important management tool.
It is also important to a business to have some type of base plan for any business that affects its revenue, expenses and profits. It provides a long term direction to the organization and it helps the organization achieve a competitive advantage. It will also tell about the business in the market, values and the way that they may handle resources in order to meet the objectives of the company as a whole. One of the main things that it helps to do is helps to analyze the internal and external environment. Something to remember is that without strategy the company would be pretty much shooting in the dark.
Set a pace of growth that will be sustainable, that will not rock the company to the core and in process set it back. BKD has learned this lesson from previous experience that put them in bankruptcy court. While implementing changes that will allow BKD to grow, the change managers and other managers within the company are setting a sustainable pace, one that the associates can grasp the change before others are thrown at them. Change is a way of life in the BKD organization, one that all associates strive to make a better place not only to work but to live. The vision and mission of the company are important components of any change that is implemented and by keeping them in mind, will allow the company to achieve the goal of being the leader in health and wellness for the
Leadership in Business Bert Lawson MGT/521 Management 1/20/2014 Les Colegrove Leadership in Business Leadership in business is a must for a business to flourish in today’s economy. Companies need to keep up with the changing times to keep their product marketable, to do this leadership has to find new ways and find ways to keep their ear to the ground to ensure their product is meeting consumer needs. This paper will discuss the role of managers in a leadership role. When you think of a manager most would think of someone who is keeping the day to day operations moving and that is true but a manager is so much more. When you break down what a manager means to a business.
We first have to have a vision for our business so we know what we are wanting to achieve long term. Then we have to have a mission what are we in business for? This will keep up working to be who we want to be and achieve what we have set out to achieve. Marketing takes a group of people to work on many different areas within the business and the market so having the right team means a lot. The team has to look at the situation that the business is in and research and see what is working good for the business and what is not.