A look at how management by objectives constitutes the vital ingredients of developing a sustainable competitive edge in today's business environment.
Written in 2008; 1,743 words; 5 sources; APA; $ 56.95
Paper Summary:
This paper explains that, because of the intense level of competition that is the defining feature of the current business environment, businesses have to constantly change in order to build and maintain a competitive advantage. The paper then explains that, in this respect, the management of a business organization has three strategies at its disposal: differentiation, cost leadership and niche marketing. The paper goes on to examine how the process of management by objectives can be a crucial factor in the successful implementation of all three strategies. The paper concludes that management by objectives is vital for both managing change and for creating an effective performance appraisal system.
From the Paper:
"Addressing competitive threats requires business organizations to develop a competitive advantage in the form of a unique selling proposition. The management of a business organization can develop this unique proposition through differentiating its product line or by changing different process chains to make them more efficient and effective or by narrowing the scope of marketing to develop a niche position. Unless there are clear objectives to guide strategy formulation and implementation, the end results will often deviate from what was originally targeted. In the case of cost leadership for example, the management has to develop a clear idea about how it will change the process chains in order to reduce costs. Here the objective is cost minimization. However the process of management by objectives is particularly relevant in this respect because the management has to ensure that the changed processes enhance the strategic focus of the company and do not deviate from it. When it comes to changing process chains to minimize costs, the management of a business organization employs the principles of business process reengineering which is essentially an exercise in change management. This is an issue of managing change which is once again dependent on the successful practice of management by objectives."
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