Identify the main reasons for reviewing working methods, products and / or services in a business environment. • Ways of working – Ways to improve performance and obtain feedback and move the business forward • Products and services provided – These need to be reviewed as the market place is fast pacing and constantly changing. Its important to do the above so that business keeps up to date with the current market. 2. When a business is going through change: a) Describe the different types of support that people may need.
Evaluate the motives for takeovers and mergers and evaluate how they link with corporate strategy. (40 Marks) A corporate strategy is a plan based on the corporate aims and objectives which defines the overall scope and direction of the business by identifying its choice of business, markets and activities. Corporate strategies are also likely to involve a significant investment in terms of time and resources, which makes them difficult to change. There are three ways of achieving strategic development, and a company may use any combination to achieve its corporate aims and objectives. One of the three ways of achieving strategic development is via external growth.
In today’s market climate, companies have had to increase their consciousness as to what really matters. The market is demanding more and more that organizations account for the interests of not just shareholders but all stakeholders. Team members, shareholders, customers, vendors, the environment and society’s interests must be in the forefront of consideration of all companies wishing to stay relevant in today’s market and workforce environment. This in more than just the right thing to do, it is an operational imperative that offers significant ROI to a business’ bottom-line. Companies must view themselves as part of an ecosystem; one entity in an interdependent interconnected environment.
Balanced Scorecard Organizations and upper-management often use a Strengths, Weaknesses, Opportunities, Threats, and Trends (SWOTT) analysis model to concentrate on the company’s competitive advantages, their possibilities, evaluate how to improve susceptibilities, and avoid coercion. Organizations depend on SWOTT analysis to remain successful in their industries. For a business to be successful and sustain their performance, the entity is obligated by their external environment to generate strategic objectives and constantly evaluate its vision and mission. Organizations must reflect on their mission and vision frequently to assess each for validity, consistency, and making sure the objectives are components useful to the desired vision. Businesses require a tool to measure the execution of objectives.
Strategic Plan Paper: Riordan Manufacturing, Incorporated Team A Strategic Plan Paper: Riordan Manufacturing, Incorporated Global organizations have complex structures because operations span beyond their domestic markets and into the international marketplace. This global marketplace affects how organizations conduct business because of varying differences and needs in economic, technological, political-legal, and sociocultural forces. Organizations then must balance these external factors by strengthening their core competencies. Strategy planning is the means for organizations in realizing goals while considering the factors that affect their businesses. Riordan Manufacturing, Incorporated is a global organization planning for sales
Strategy critical success factors (CSF’s): resulting from the chosen competitive strategy of the business; 3. Environmental critical success factors (CSF’s): resulting from economic or technological changes; and 4. Temporal critical success factors (CSF’s): resulting from internal organizational needs and changes The specific factors will vary from business to business and industry to industry. Identifying CSF’s is important as it allows firms to focus their efforts on building their capabilities to meet the critical success factors, or even allow firms to decide if they have the capability to build the requirements necessary to meet Critical Success Factors (RAPIDBI, 2007). The CSF’s that are applied to Flayton Electronics (case study) are : Training and education, Quality data and reporting, management commitment, customer satisfaction, staff orientation, role of the quality department, communication to improve quality, Continuous improvement, aggressive commitment when required, managerial ability and experience, quick decision and action capability, organizational effectiveness, earning systematically from past strategies.
Strategic Plan: Part II Anonymous BUS/475 February 23, 2000 n.a. Strategic Plan: Phase II Several trends and forces, both external and internal factors can lead businesses on different pathways. Trends and forces are necessities that must be analyzed by organization and fostered as a tool to increase revenue. Organizations that respond and react to changes and modify their strategic plan when necessary will remain superior in the industry and competition. In order for a business to thrive in today’s shifting business environment, the administration of that particular organization must have the capability to respond to changes in the trends and forces in the business setting.
Building an organization by grouping jobs into work units and allocating resources C. Identifying business functions and mobilizing leaders D. Being flexible and responsive towards customer needs and the competitive environment Correct! The correct answer is: D. A dynamic organization is, “flexible and adaptive, particularly in response to competitive threats and customer needs” (Bateman & Snell, 2011, p.16). 15. For today’s managers, the organizing function requires a higher focus on which of the following? A.
Globalization is most prevalent factor in the changing business world. This environment manifests itself in opportunities and threats both economically and politically. However there three important issues or challenges for supply chains of the global economy are (1) more volatility of supply and demand, (2) shorter product life cycles, (3) the blurring of traditional organizational boundaries. 2. Technology has made a major impact as a facilitator of change as companies have transformed their processes.
Critical thinking is important in business because decisions have to be made using facts and those decisions can affect the business and many or all of its workers. Critical thinking when effective involves