Discuss about the Strategic Management for Quality Management for Organizational Excellence.
The “advent of globalization and the recent developments in the fields of technology as well as innovations has drastically modified the way the different business and the companies of the world transact their business in the present times”(Hitt, Ireland and Hoskisson 2012). Thus, it is seen that the various organizations take the help of various kinds of innovative as well as effective strategies for the process of their business (Hitt, Ireland and Hoskisson 2012). However, many scholars are of the opinion that the effectiveness of these strategies depends on the context as well as the way they are being (Evans, Stonehouse and Campbell 2012). On the other hand, the use of effective strategies can “bring about the overall growth as well as development of a particular business organization or company” (Evans, Stonehouse and Campbell 2012). However, it is generally seen that a mistimed or ineffective strategy can harm the prospects of a particular organization in a negative manner (Evans, Stonehouse and Campbell 2012). Therefore, it would be apt to say that the effectiveness of a particular strategy depends on the context in which it is being used and thus the organizations should be careful about the kind of strategies which they are using for the purpose of their business (Keupp, Palmié and Gassmann 2012). It is significant to note that a particular which has proved to be successful for one business organization cannot achieve the same results in the context of other business organizations as well (Hitt, Ireland and Hoskisson 2012). This report will discuss about the various strategies which are available o the organizations of the present and also the various issues which entail them.
The strategy of “stakeholder approach” has gained a considerable amount of significance within the framework of the contemporary business world (Hill, Jones and Schilling 2014). It is a reflection of this particular fact that the various organizations of the present times are increasingly turning towards this particular for the effective performance of their business organization (Hill, Jones and Schilling 2014). The stakeholders are the individuals or the groups who are interested in the business activities of a particular organization and in many cases it is seen that they handle the wages of the employees (Wheelen et al. 2017). On the other hand it is generally that the various seen that this particular strategy concerns itself with gaining competitive advantage over the rivals operational in the same field of business through ethical means (Wheelen et al. 2017). The various organizations of the present times often resort to unethical for the process of gaining competitive advantage and it is here that this particular strategy gains prominence. Therefore, it becomes very important for the concerned organization to convey the strategies which the organization has formulated and is intending to implement (Wheelen et al. 2017). Thus, the major focus of this particular strategy is to maximize the interests of these stakeholders who are related to the organization.
The major advantage of this particular strategy is that it considerably reduces the tension as well as the conflicts between the organization concerned and the various stakeholders who form an important part of the organization (Priem, Li and Carr 2012). Many scholars are of the opinion that this particular strategy is being followed by the various organizations to ensure the smooth conduct of the business activities of the concerned organization (Priem, Li and Carr 2012). This particular also helps in the creation of a better brand image of the organization as the focus is on gaining competitive advantage through ethical means (Priem, Li and Carr 2012).
The major implementation issues which the various organizations face for the implementation of this particular strategy by the organizations is the fact that not all the “goals as well as the objectives of the organization are in synchronization with the policies followed by the stakeholders” (Hill, Jones and Schilling 2014). Therefore, the management of the various organizations always seems to be in a dilemma whether they should opt for this particular strategy or not (Hill, Jones and Schilling 2014). In addition to this, it is generally seen that not all the entities of the organization hold the same view as the stakeholders does and therefore it is seen the implementation of this particular strategy creates various issue (Hill, Jones and Schilling 2014).
The primary limitation of this particular strategy is that the process of gaining competitive advantage through ethical means is not always feasible for the organizations and generally it is seen that if the organizations try to follow all the ethical rules then their annual revenue gets affected in a significant manner (Keupp, Palmié and Gassmann 2012). Moreover, focusing all the attention on the stakeholders shifts the attention of the organization from the other important aspects of the business process (Keupp, Palmié and Gassmann 2012). Moreover, it is significant to note that this particular strategy totally ignores the other important aspects of the business organizations like sustainability, internal as well as external business environment, marketing and others (Keupp, Palmié and Gassmann 2012).
The concept of sustainability has gained a considerable amount of significance in the present times and it is a reflection of this particular fact that the various organizations of the present times are increasingly taking the help of the strategy of “sustainable approach” to further enhance the prospects of their business (Evans, Stonehouse and Campbell 2012). The primary focus of this particular strategy is on the use of the natural resources as well as the social capital in an ethical manner so that the organization not only derives benefits from these resources but also ensures its continuity for the future generations (Evans, Stonehouse and Campbell 2012). The fast rate of depletion of the natural resources on which the majority of the organizations of the present time depend had made it imperative for the organizations to take the help of this particular strategy (Wheelen et al. 2017). In the present times it is generally seen that the focus of the various business organizations has shifted from just the making of profit (Wheelen et al. 2017). The various business organizations of the present times try to take this particular strategy to contribute in a positive manner towards the environment and also the society (Wheelen et al. 2017).
The major benefit of this particular strategy is that it promotes the ethical use of not only the natural resources but also the social capital and thereby ensures the continuity of them for the future generations (Stead and Stead 2014). Many scholars are of the opinion that this is not only likely to benefit the concerned organization but also the environment as well as the society in the broader sense of the term (Wheelen et al. 2017).
The major implementation issue which the various organizations face for the implementation of this particular strategy is from the various shareholders related to the organization (Stead and Stead 2014). The shareholders are the individuals who had invested in the business process and their major focus is on gaining a larger amount of profit (Wheelen et al. 2017). Therefore, it is generally that the various organizations face resistance from the shareholders who are related to the organization (Wheelen et al. 2017).
The focus of the organizations on the ethical use of the natural capital as well as the social capital is not only likely to reduce the amount of revenue gained by the organization in a significant manner but also is likely to create a lot of conflicts within the framework of the organization (Hill, Jones and Schilling 2014). The conflicts are not only from the end of the shareholders but also from the higher authorities of the organization (Hill, Jones and Schilling 2014). Furthermore, it is seen that this particular strategy totally ignores the total important factors which affect the business process of the various organizations like the internal as well as the external business environment, the concept of competitive advantage, marketing and others (Hill, Jones and Schilling 2014).
The internal as well as the external environments in which a particular organization is operational affects the business of that particular organization in a significant manner (Keupp, Palmié and Gassmann 2012). Therefore, the various organizations take the help of this particular strategy to enhance their internal as well as external competencies (Keupp, Palmié and Gassmann 2012). This particular strategy was first propounded by “David Teece, Gary Pisano and Amy Shuen, in their 1997 paper Dynamic Capabilities and Strategic Management” (Goetsch and Davis 2014). The numerous benefits which this particular strategy provides to the organizations have made the use of this particular strategy to be an imperative one for the various organizations (Goetsch and Davis 2014).
The major benefit of this particular strategy is that it allows the organizations to rebuild as well as integrate their external and internal competencies as per the business environment (Evans, Stonehouse and Campbell 2012). This particular feature provides a lot of advantage to the concerned organization as the business environment in which a particular organization operates wields a considerable amount of influence on the concerned business organization (Evans, Stonehouse and Campbell 2012). Furthermore, this particular strategy also helps the concerned organization to develop effective mitigation plans for the risks or the threats which they face (Evans, Stonehouse and Campbell 2012).
The major implementation issue which this particular strategy faces is that the various organizations often to access the business environment in which they are operational in an effective manner and thus the strategies developed by them often fails to achieve the desired results for the concerned organization (Hitt, Ireland and Hoskisson 2012). Furthermore, it is generally seen that the implementation of this particular strategy requires several changes within the framework of the organization which is resisted by the various entities of the organization (Hitt, Ireland and Hoskisson 2012).
The primary focus of this particular strategy is on the internal as well as the external competencies of the business environment and thus it can be said that this particular strategy avoids the other important factors which play a significant impact on the business operations of the various organizations (Evans, Stonehouse and Campbell 2012). Furthermore, it is seen that this particular strategy totally ignores the concepts of competitive advantage and sustainability and other factors which impact the business of the organizations in a significant manner (Evans, Stonehouse and Campbell 2012).
Conclusion
To conclude, strategies form an important part of the contemporary business world and therefore the various organizations take the help of diverse kinds of strategies for the purpose of their business operations. The various organizations try to take the help of effective strategies to “bring about the overall growth as well as the development of their business process”. However, it is generally seen that the effectiveness of a particular strategy depends on the context as well as the organization for which it is being used. Thus, it is seen that a particular strategy which has proved successful for one organization might not prove to be resourceful for other organizations as well. Therefore, it becomes very important for the various organizations to thoroughly access the “needs as well as the requirements of their business and also the business environment in which they are operational” for the formulation as well as the implementation of these strategies. The primary objective of the various organizations for the formulation of these strategies is “to bring about the overall growth as well as development of their business organization”. It is a reflection of this particular fact that the various organizations of the present times take the help of diverse strategies like sustainable approach, stakeholders approach, dynamic capabilities and others to further enhance the prospects of their business. It is true that these strategies provide a considerable amount of benefit to the various organizations however there are certain aspects of these strategies. In addition to these, it is generally seen that the organizations face various kinds of implementation issues for the implementation of these strategies as well.
References
Eden, C. and Ackermann, F., 2013. Making strategy: The journey of strategic management. Sage.
Evans, N., Stonehouse, G. and Campbell, D., 2012. Strategic management for travel and tourism. Taylor & Francis.
Goetsch, D.L. and Davis, S.B., 2014. Quality management for organizational excellence. Upper Saddle River, NJ: pearson.
Hill, C.W., Jones, G.R. and Schilling, M.A., 2014. Strategic management: theory: an integrated approach. Cengage Learning.
Hitt, M.A., Ireland, R.D. and Hoskisson, R.E., 2012. Strategic management cases: competitiveness and globalization. Cengage Learning.
Keupp, M.M., Palmié, M. and Gassmann, O., 2012. The strategic management of innovation: A systematic review and paths for future research. International Journal of Management Reviews, 14(4), pp.367-390.
Molina-Azorin, J.F., 2012. Mixed methods research in strategic management: Impact and applications. Organizational Research Methods, 15(1), pp.33-56.
Pearce, J.A. and Robinson, R.B., 2013. Strategic management: Planning for domestic & global competition. McGraw-Hill/Irwin.
Priem, R.L., Li, S. and Carr, J.C., 2012. Insights and new directions from demand-side approaches to technology innovation, entrepreneurship, and strategic management research. Journal of management, 38(1), pp.346-374.
Stead, J.G. and Stead, W.E., 2014. Sustainable strategic management. Routledge.
Vogel, R. and Güttel, W.H., 2013. The dynamic capability view in strategic management: A bibliometric review. International Journal of Management Reviews, 15(4), pp.426-446.
Wheelen, T.L., Hunger, J.D., Hoffman, A.N. and Bamford, C.E., 2017. Strategic management and business policy. pearson.
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