Management Practice of the 21st Century - Essay Example

decentralized command-and-control, and so forth. (Manager2006) To some extent they have experience managerial behaviour in different tastes and concerns. For example in business concerns sales: Today do we deploy the same patterns of selling behaviour as it was some decades ago Does that pattern is aligned by product, geography, or industry Does technology have some impact in the marketing of that product Many twenty-plus year sales veterans recall that they have witnessed all three models implemented within the same firm, seen them come, and go, and come back.

However, managers, and especially senior executives, are increasingly learning that relying solely on memory of past experiences to make decisions is also problematic. If an industry or market is changing, prior experience and personal memory may be outdated, irrelevant to the new circumstance. An incorrect lesson can also be drawn from prior experience. Coca-Cola's senior management appeared quite affected by this when they decided to retire the firm's premier product the Coca-Cola drink and replace it with a new variant.

The results were disastrous and the firm had to bring back its main product, now called Coca-Cola Classic. The episode has gone down in business history as a classic misjudgement. Smart people just drew the wrong lessons from past events. That is why the rigors of knowledge management and analysis of market conditions must exist side-by-side with personal expertise and experience. (Manager2006)According to Winchester John, organizations that adopt e-business practices make use of electronic networks to transform their processes and exchange value, including money, goods and services.

The model for these new kinds of companies has evolved from websites through e-commerce and e-channels to an all-pervasive use of electronic means to interact, collaborate and transact business. The significant investment that is being made by enterprises in this sector is accelerating the pace at which transactions and information can be moved across the world's communications networks and in turn is transforming more customers into e-consumers. In addition to the development of the market itself, advances in technology are enabling these solutions to perform more business functions and services than ever before.

(Winchester, 2006)Managing Supply Chain 21st century business environmentis defined byrapid change on a global scale, in terms