Building and Sustaining Strategy - Essay Example

?Building and Sustaining Strategy The Experience Building and sustaining strategy has been one of the most interesting encounters while learning this course. As a student, I have come across various learning strategies that I am able to apply in the business world and emerge as a very competitive entrepreneur. Some of the basic concepts that I have come across include the ability to arouse and stimulate customers demand. This process of marketing entails building brands that is attractive to the customers. The brands must also be cheap and well packaged. I have also learnt the basics of building good customer relations. Establishing good customer relations has helped learn the importance of feedback in the business (Langdoc, 1998). The feedback reception helps an entrepreneur to plan and make necessary changes in the product and services approaches. Innovation is a very important part of building and sustaining strategy. As an entrepreneur I have also learnt the basic skills of nurturing an innovation protecting it and making the best out of it. For any business to be successful there must be a good communication network. Lack of feedback was major issue at the organization (Coyle, 2003). The management never responded to the points of concerns raised by employees. Effective feedback usually helps in dealing with the emerging challenges. The management is the policy translator to the employees and therefore continuous feedback should be available. I have also been able to learn the importance of good communication with other employees. The proper communication network helps in solving problems that we may encounter while conducting business. Good communication is also important with the customers (Business Forecasting, 2011). Management is a continuous process of synchronizing an organization with its market throughout while tackling the competitors and regularly collecting feedback within the organization itself (Buchanan, 2000). It examines external and internal factors affecting a particular organization together with the skills, information and strategies put in place to effectively manage the change and consequent improvements. I have a feeling that management is an effective tool for decreasing motivational and environmental constraints while improving organizational structure. I learnt that lack of organized information (lack of an integrated framework) in an organization is a potential drawback. Organizations have departments, which at most times cause distortion of information hence influencing the decisions made by the executives. Information in an organization can be organized in a process-based manner (Pitak, 2000). The process-based manner ensures that the organization is viewed horizontally regardless of the departmental boundaries. In addition, intangible (making of decisions, leadership, and innovation) and tangible should be Organization communication is the movement of knowledge and information amongst people in the organization in order for efficiency and effectiveness to be attained. Both the management and staff should share the goals of the organization. In the past, application aspects (writing and speaking) were the major concerns of communication but it later changed to character-based aspects. Since that time, organizational communication has developed and undergone various modifications. When changes or challenges occur in an organization, ways and means are identified to counter the changes effectively spread equally within the organization fraternity. For any entrepreneur the ability to maximize and optimize profits is an essential part while building and sustaining strategy. Application There is need for development of an overall plan on the integration of the various departments and staff. The management should insist on teamwork and establish an environment within the company that practices respect and diversity. The management should make a decision on the points of responsibility interdependence by assessment of the joined responsibilities. After the assessment, ways of coordination need identification. There should be collective planning and clear objectives during any transition within the company. During a transition, high responsibility interdependence teams need creation. It should focus on the information management of task within the company (Blackler & Kennedy, 2003). This will help in preventing integrations and liaisons based on personal skills. Service delivery is a major component in any company, the rules and standards set need following to increase company rating among clients and standardization organization. Interdependence in the company should be encouraged for employee relations enhancement (Ahmad, R., & Buttle, F. (2001). In cases of company projects, centralization of management does not relate to other department. Projects may vary from short term to long term; standardization in the management of such projects is a method that can make it possible for achieving the end term goal of the course (Steiger, 2008). Objectives, goals, and monetary budgets should be set; conflict performance need eradication to reduce the likelihood of rewards on such behaviors. A shared budget is a major cause of conflicts therefore; it could be of high importance for each department to have its own budget to reduce these conflicts. Culture that supports collaboration should be set in a firm to encourage people to work toward achieving set goals. Collaboration in a company can be achieved through shared vision and setting objectives. Although each department achievement is measured individually, managerial staffs sit at a level that encloses all the departments (Amcor, 2011). Each department should have a manager for quick access to employees and good relations. Some analysts believe that introduction of a little competition is healthy; on the contrary the competition promotes conflict among employees. Identification of a conflict should occur as early as possible this rectifies a problem when it is still manageable rather than waiting for it to worsen some of the issues e.g. mistrust and negativity. Cause elimination may not be that feasible in hat the cost benefit ration of the same would be low. Identification of conflicts needs a broad mind in that narrowing down to a single or few critical issues. This can lead to aggression thereby making conflict resolution more difficult (Sahay, 2004). Learning of conflict management, this encourages managers to be always learning from solved issues and from conflict resolution experts. This reduces the cost on resources as delegations of duties and results are achieved. Procedural justice is followed by people in dispute therefore during conflict management procedure should be followed for fixation of issues to reduce. Conflict costs the disputants and the company as well hence conflict management is of enormous benefits (Visy, 2011). Disputants need to undergo equal treatment to encourage a sense of belonging. As a successful entrepreneur, I also learnt concepts about international marketing especially through exports. Exporting of commodities has the advantages of economies of scale; it is also a contractual source of income and limited financial exposure (Rhodes, 2012). Challenges We cannot assume that all was well during the entire course. I would like to bring into your attention to some of the few challenges that I came across while undertaking this course and how we can overcome them. At some point, I felt like giving up on the course but I thank my instructors and my friends for encouraging me. This was mainly due to the increased content and work that entails this course. The course is very rigorous and wide and has many researchable areas however, I am grateful to be through with it. Working in groups was also stressful at times especially with the different temperaments that people have. At times, it became so hard to assemble people and do something constructive. It was also difficult to come at a consensus at some point due to divided opinions and attention of some members. Bibliography Ahmad, R., & Buttle, F. (2001). Customer Retention:a Potential Potent marketing Strategy. Journal of Strategic Management , 29-46. Amcor. (2011). Amcor Sustainability Report. Retrieved September 04, 2012, from Amcor Company Website: http://www.amcor.com/about_us/Sustainability/122136954.html Buchanan, G. (2000). Entreprise Resource Planning. Purchasing Today, 14-15. Coyle, J. (2003). The managemnet of business logistis, a supply chain perspective. Ohio: South-Westen Thomson Learning. Langdoc, S. (1998). ERP Reality check for Scared CIO's . PC Week, Vol 15 Issue No 8 88. Pitak, C. (2000). Tools, techniques, and applications for integrating the supply chain. Florida: St. Luice Press. Rhodes, S. (2012, January 7). Personal Finance and Development. Retrieved 2012, from Advantages and Disadvantages of Internet Marketing: HYPERLINK "http://www.thebestway2invest.com" www.thebestway2invest.com Sahay, A. (2004). Environmental Reporting by Indian Corporations, Corporate Social Responsibility and Environmental Management. London: Oxford University Press Steiger, F. (2008). The Validity of Company Valuation Using Discounted Cash Flow Methods. European Business School. Retrieved from on HYPERLINK "http://arxiv.org/ftp/arxiv/papers/1003/1003.4881.pdf" http://arxiv.org/ftp/arxiv/papers/1003/1003.4881.pdf 10 September, 2012. Visy. (2011). Visy for A BETTER WORLD. Retrieved September 4th, 2012, from Visy Environmental Safety,Sustainability and Clean Energy: http://www.visy.com.au/sustainability/ Read More