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Management Insight - Research Paper Example

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It is of vital importance that the field the business engages initially is well-thought out both in terms of corporate strategy and business strategy. Once the direction is determined, the…
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Management Insight
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Management Insight Question Strategy formulation made me realize the importance of direction in business. It is of vital importance that the field the business engages initially is well-thought out both in terms of corporate strategy and business strategy. Once the direction is determined, the implementation is also very important to make the venture a success. Managerial decision making is also important in this regard in the sense that the decisions which the managers take in the face of opportunities and threats are have far reaching repercussions.
Question # 2
If someone from their starting days is known to adhere to ethical practices then when the time comes in the future for placing a person on a position which requires a flawless record then this trait might prove to be useful. Similarly if one has been active in Social Responsibility programs since their early days then the experience gained in this can be used in a manner which is beneficial to both the organization and the society (Loviscky et al., 2007).
Question # 3
Businesses in search of new markets and more capital are increasingly expanding not only within the country they originate but to other countries as well. This has given it a global touch and has made the decision making process all the more complex in this environment. Taking into account the conditions of the country it is operating in is of vital importance (Levy, Beechler, Taylor, & Boyacigiller, 2007)
Question # 4
I would add IT management as another key outcome to modern management which will be due to the ever-changing nature of businesses processes and the technology being used in it. If I am equipped with this skill then it is less likely that I will be rendered redundant in the future.
Works Cited
Loviscky., Greg., Trevino., Linda., Jacobs., & Rick. (2007). Assessing Managers Ethical Decision-making: An Objective Measure of Managerial Moral Judgment. Journal of Business Ethics, 73(3), 263-285.
Levy, O., Beechler, S., Taylor, S. T., & Boyacigiller, N. A. (2007). What We Talk about When We Talk about Global Mindset: Managerial Cognition in Multinational Corporations. Journal of International Business Studies,38(2), 231-258. Read More
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