Management Theory

Paper Summary:

This paper explains that, beyond the traditional disciplines of planning, organizing, leading and controlling, the traits of effective leaders and managers needs to center on creating lasting competitive advantages for their firms by making them agile and quick to respond to competitive and market conditions. The paper also points out that management theories are needed to enable leadership to create passion for change in employees. The paper stresses that an entirely new set of constructs and frameworks for analyzing, interpreting and ultimately responding to the use of time as a competitive asset needs to be developed to meet the demands of the 21st century. The highly lauded Toyota Production System (TPS) is used as an example of the application of management theories to accomplish this needed cultural change.

Table of Contents:
Synopsis
Changing Perception of Management Principles and Theories
Changing the Perception of Competing on Price/Features/Functions to Competing on Knowledge
Summary and Conclusions

From the Paper:

"Historically organizations rely on the price, features, functions and promotional strategies for sustaining the sales of their products. The uses of these aspects of a product also are heavily relied on for differentiation relative to competitors. From a cursory analysis of the industries where this is most prevalent, the product life cycles are often rapid (2 years or less) and marked by many price drops over time in an attempt to drive price elasticity advantages back into a product that in many instances is seen by consumers or customers as a commodity."

Sample of Sources Used:

• Arthur J Adams, Mahesh Gupta, Louis Raho. 2007. Perceptions of Management Philosophies. The Journal for Quality and Participation 30, no. 2 (July 1): 34-40. (Accessed December 10, 2007).
• R Timothy S Breene, Paul F Nunes, Walter E Shill. 2007. THE CHIEF STRATEGY OFFICER. Harvard Business Review 85, no. 10 (October 1): 84-93. (Accessed December 10, 2007).
• Hannagan R (2004). Management Concepts and Practices. London, UK: Financial Times, Prentice Hall . Chapters 7, 11 - 19 inclusive.
• Liker, J (2003). The Toyota Way. New York, NY : McGraw-Hill Paul Lyons 2007. A LEADERSHIP DEVELOPMENT MODEL TO IMPROVE ORGANIZATIONAL COMPETITIVENESS. Advances in Competitiveness Research 15, no. 1/2 (January 1): 103-115 (Accessed December 10, 2007).
• Raymond E Miles 2007. Innovation and Leadership Values. California Management Review 50, no. 1 (October 1): 192-201. (Accessed December 10, 2007).

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