2011). Following the guidelines and supporting research provided in this article can help large enterprises avoid such pitfalls (Newman et al. 2011).
An article that recently appeared in the Sloan Management Review examines the internal rather than the external risks of an organization. This article divides these internal risks into three categories: risks created by the unwanted/unauthorized actions of employees, risks of not achieving strategic objectives that are inherent to any "interesting strategy," and risks caused by completely uncontrollable external events (Mangelsdorf 2011). It is only by understanding how each of these risks might affect the organization and by working to achieve a minimization of exposure to each type of risk -- often through the creation of contingency plans -- that organizational success can be assured (Mangelsdorf 2011).
In another article appearing in the summer issue of the Sloan Management Review, the ever-important issue of information is addressed. Information is key to the survival of any organization, and the features of its acquisition, transfer, communication, and utilization are all essential to organizational success; this is especially true in the complex networks of larger multinational organizations (Riaz et al. 2011). Many corporations are finding that being bogged down by too-great attention towards the precision of data is slowing them down relative to their competitors, and those interviewed for this article assert that what is needed is "fast info," not "perfect data" -- overall trends and indications need to be captured, but exact quantifications do not need to be achieved, in other words (Riz et al. 2011). This does not suggest that having accurate or precise information is not beneficial, but rather that it is important to act quickly once enough information is at hand to gain a reasonable appraisal of the situation rather than taking extra time to make measurements ever more precise and detailed (Riaz et al. 2011). Essentially, this article stresses the need for efficiency rather than...
There are consumer movements and environmental lobbyists serving as watchdogs on businesses. These organizations may take businesses whose activities are affecting people or environment to court and ask that businesses to pay for damages. Government has also passed tougher health and safety laws that businesses should adopt while conducting business activities. Findings The findings of this paper reveal that New Zealand is a country that welcomes foreign investment based on the
Strategic Management in Business Development The term "strategic planning" is generally used in the narrow sense, namely the application of management tools to address areas such as, profitability, efficiency, growth and competitive advantage. Ultimately, to address concerns of stakeholders for increase shareholder value and long-term competitiveness. Business development is at the heart of strategic thinking and needs imagination and innovation. It should be proactive and anticipatory. It involves the creation of a
Strategic Plan Our business is an Internet sales business. Mission, vision and values contribute to defining what that business is, who its target market is and how the business model is going to work. As Radtke (1998) notes, every organization has a purpose for being. That purpose drives most of what the organization does. Thus, the mission statement should provide a clear sense of mission for the company to follow. In
I would recommend, however, to cut bait. Aside from the culture differences, the external environment for that market is the most challenging in the FedEx family. With low barriers to entry, low margins, high ease of switching or substitution, office services is a tough place to make money. Factor in the lack of synergy with the rest of FedEx's operations, and they should do their best to cut costs
Strategic Planning for Business The objective of this study is to examine the importance of strategic planning for business. Toward this end, this study will conduct a review of the literature in this area of inquiry. Zuckerman (nd) writes that the concept of strategy 'has roots in both political and military history, from Sun Tzu to Homer and Euripides. The word 'strategy' comes from the Greek 'stratego', which means to 'plan
McDonald's strategic issue is a fundamental policy question or challenge affecting an organization's mandates, mission, and values; product or service level and mix; clients, users, or payers; or costs, financing, structure, or management (Bryson, 1995). This paper describes a strategic issue faced by fast food giant McDonald's, which is fighting to maintain its position as a market leader. McDonald's has built one of the most successful fast food franchises in the
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