Discuss about the Conceptualising Contemporary Corporate Value Creation.
The major aim of this task is to depict how management can be done through using online structured conversations. This will be done using online conversations that will involve among others critical thoughts regarding the knowledge which has been gained in the subjects as well as the practical applications that can be used in resolving or real or actual problems.
Based on topic 6 on organizational planning, questions arise as to whether it is important to plan or not to plan (Moutinho & Vargas-Sanchez, 2018). The topic is further aimed at presenting a critical evaluation and analysis of numerous organizational and management theories and practices that are based in the contemporary business environment contexts. It also aims at presenting a critical reflection on numerous management issues which include among others innovation, sustainability, ethics, innovation, entrepreneurship, and digital disruption and the impact that they play in shaping or influencing organizations in the 21st century (Adams, 2017).
The major agenda is thus to ascertain how and why there is need to conduct organizational planning and how it might also be ultimately be adapted and be used in the VUCA world (Bratton & Gold, 2017). Based on the topic, it is quite evident that there is need for organizational managers to ensure that they effectively plan for the direction of their respective firms so that they can succeed.
Elevator pitch is one of the planning methods that managers can use in order to plan for their organizations. Based on the case study, it is quite apparent that the management of the company can ultimately win back their online shoppers so long as the numerous management problems facing the company are resolved amicably. Organizational planning can thus be deemed to be not only logical but also rational and ordered (Akhtar et al, 2018). This is quite realistic in the VUCA world since the contemporary business environment is indeed quite dynamic hence the need to have dynamic approaches and strategies in order to address such concerns. In addition to that, it is also prudent to note that scenario planning is indeed quite helpful because it enables organizations to have an overview of how the actual situation can be using simulations and apply the best measures that can ensure that such situations are handled with ease. As a result, this ultimately helps organizations to become not only responsive but also flexible in the VUCA environment and other emerging situations (Rees & Smith, 2017).
While advising the leadership of my organization regarding the approach that should be taken in order to have effective organizational planning, then the major advice that I would give include:
Based on the case study, it is quite evident that there are indeed conflicting values that are quite evident. In order to resolve the conflict, the board should ensure that there is a clear line of hierarchy right from the top to the bottom (Du Plessis, Hargovan, & Harris, 2018). Managers in the 21st century need to ensure that there is a clear line of hierarchy and the duties and responsibility of each stakeholder in the organization is clearly reflected. Managers in the 21st century need to ensure that the best marketing and strategies are adopted that will ensure the needs and wants of the customers are effectively addressed with ease. It is the aspiration of each and every company or organization to be continuous in business and these can only be achieved through catering for the needs of all the stakeholders and ensure that they are addressed effectively.
There is need for organizations to ensure that traditional approaches are developed with an aim of formulating goals that will effectively adjust as well as implement relevant actions that will enable the organization to achieve its goals. Organizations should strive the best to ensure that they survive (Hickman & Silva, 2018).
In order to handle the strategy dilemma, it will be important for Benjy’s to adopt the second approach which is visionary. This is attributed to the fact that even though the company’s reputation has been built on the reputation of both price as well as option, the second option will be the best because it will not only help the company to have better service, but will also enable it to have knowledgeable and experienced sales individuals, provide after-sales service to its customers, and also offer its customers with exclusive products. The general contemporary business environment is marked with lots of characteristics which include among others competitors, fluctuating prices, threats of new entrants, substitute products among others. As a senior manager working in a retailer that deals with electronic products that has stores based in Australia and across the world, I would ensure that I check on the local competitors in Australia and do a SWOT analysis of our company with a view of coming up with the best solutions that will enable us have a competitive advantage (Nuhu, Baird & Appuhamilage, 2017).
For organizations to become successful, then it is important that they put into consideration the five major forces analysis which is:
Threat of new entry-This refers to the easiness of a company to enter the market
Threat of substitutes-This implies to similar products or services that compete with what the company is offering.
Buyers’ bargaining power-the power of customers can make them demand for service improvements and cheaper prices thus ultimately reducing the profitability of the organization.
The suppliers’ bargaining power-suppliers are quite important because they provide the inputs to production of services or products. However, the power of suppliers is vehemently reduced if such suppliers are reduced in number or where the switching costs are extremely high.
The extent of competitors’ rivalry –when competitive rivalry prevails, then it becomes
It is important for organizations to ascertain both the weaknesses and strengths that it has so that it comes up with viable strategies that will help it achieve its goals and objectives (Morán?Ordóñez et al, 2017).
The implementation of strategy in organizations can sometimes fall short of what is required or even fail completely as a result of setting up unachievable targets as well as strong strategies. It is therefore prudent for organizational managers to effectively comprehend the reasons for such failures so that they come up with effective strategies that can address the reasons for such failures. In order to execute strategies in organizations, it is always prudent for the organizational managers to take into consideration all the strengths and limitations associated with each strategy so that a viable strategy is chosen.
In the topic on the management of people through their hands, hearts, and minds, it is quite evident that there is need for organizations to ascertain the challenge that they are faced with especially when working with people (LÊgreid, 2017). This can be done through using comprehensive tools that will enable organizations to gain a better comprehension of the people working with it. Among one of the important strategies is being aware of any conflicting choices and values which need to be made when working with individuals in the organizations.
Addressing the key management problems such as the ones which are faced by Renate Schmidt is quite essential for organizations since it will aid in the removal of any barriers that will prevent an organization from the achievement of its set goals and objectives. It is also prudent for the organizational managers to become aware of the fact that an organization’s business environment indeed has a direct effect on the manner in which such an organization should actually thing about the management of its people (Al?Hadi et al, 2018). Some of the forces and trends that should be given in by an organization include among others the aspects of human capital and the composition of both the internal as well as the external labour force of an organization.
It is important for the management of organizations to note that there is a deep connection between the management values as well as the theory in use that is applied when working with individuals which ultimately shapes both the behaviours and attitudes.
References
Adams, C. A. (2017). Conceptualising the contemporary corporate value creation process. Accounting, Auditing & Accountability Journal, 30(4), 906-931.
Akhtar, P., Khan, Z., Frynas, J. G., Tse, Y. K., & Rao?Nicholson, R. (2018). Essential micro?foundations for contemporary business operations: Top management tangible competencies, relationship?based business networks and environmental sustainability. British Journal of Management, 29(1), 43-62.
Al?Hadi, A., Chatterjee, B., Yaftian, A., Taylor, G., & Monzur Hasan, M. (2017). Corporate social responsibility performance, financial distress and firm life cycle: evidence from Australia. Accounting & Finance.
Bratton, J. and Gold, J., 2017. Human resource management: theory and practice. Palgrave.
Du Plessis, J. J., Hargovan, A., & Harris, J. (2018). Principles of contemporary corporate governance. Cambridge University Press.
Halligan, J. (2017). Reform design and performance in Australia and New Zealand. In Transcending New Public Management (pp. 55-76). Routledge.
Hickman, C. R., & Silva, M. A. (2018). Creating excellence: Managing corporate culture, strategy, and change in the new age. Routledge.
LÊgreid, P. (2017). Transcending new public management: the transformation of public sector reforms. Routledge.
Morán?Ordóñez, A., Whitehead, A. L., Luck, G. W., Cook, G. D., Maggini, R., Fitzsimons, J. A., & Wintle, B. A. (2017). Analysis of Trade?Offs Between Biodiversity, Carbon Farming and Agricultural Development in Northern Australia Reveals the Benefits of Strategic Planning. Conservation Letters, 10(1), 94-104.
Moutinho, L. and Vargas-Sanchez, A. eds., 2018. Strategic Management in Tourism, CABI Tourism Texts. Cabi.
Nuhu, N. A., Baird, K., & Bala Appuhamilage, A. (2017). The adoption and success of contemporary management accounting practices in the public sector. Asian Review of Accounting, 25(1), 106-126.
Rees, G., & Smith, P. (Eds.). (2017). Strategic human resource management: An international perspective. Sage.
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