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Our aim is to conduct a literature review and make recommendations for efficient strategic planning which anticipates and embraces change to maintain its competitive edge during financial crash of 2008.
The strategic planning is primarily focused on decision making processes…
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Download file to see previous pages... that organizational crisis can be averted or at least minimized through managerial strategies that are visionary in their perspectives (Simola, 2003; Cheney & Christenson, 2000; Pearson, & Clair, 1998; Seeger, Sellnow, & Ulmer, 1997). It is important that strategic planning involves more proactive and innovative measures to meet the exigencies of competitive business.
Scholars have asserted that irrational decisions in business are often motivated by false judgment, escalated commitment to previous course of actions where managerial leadership may be driven by financial investment, time and belief that something better would emerge (Bazerman and Moore 2008; Staw & Fox, 1977).
The various social researches have revealed that organizations are willing to take risks and make decisions to avoid losses rather than with the desire to make profit. (Hallahan, 1999; Beach, 1997; Bailey & Alexander, 1993; Pease, Bieser & Tubbs, 1993; Frisch, 1993; McDaniel & Sistrunk, 1991; Devine, 1990; Fagley & Miller, 1987; Bazerman, 1984).
Shapiro, Slywotzky and Tedlow (2000) believe that key factor that sustain the performance of the organizations through thick and thin are their strong leadership. Nutt (1990) believes that flexibility of approach and initiative in decision making is vital part of leadership as ‘strategic choices are influenced by the manager’s decision style’. Hence, the leaders who are able to make tough decisions and implement changes are able to revitalize the business. In competitive business environment, exemplary leadership effectively links the data, information and knowledge within the organizational goals to overcome hard times and gain competitive advantage. The organization must incorporate more aggressive but people friendly management strategies that encourage trust building amongst the work force for improved organizational results.
The paper would analyze the various elements of change management and the role of strategic thinking and planning ...Download file to see next pagesRead More
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