Management & Strategic Competitiveness
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The author discusses the importance of companies having modern strategic management processes in order to be assured of continuous growth. The paper stresses the fact that organizations must let go of their age-old practices and make room for modern management values. The paper looks at some of the important concepts and theories of the strategic management such as the resource based view and knowledge based view of the firm. The resource based view explains how resources and capabilities are the primary source of superior strategic performance for a firm and thus need to be used efficiently and better than all the competitors. The knowledge based view exploits the knowledge of its workforce to produce better goods and services. The author concludes that this can only take place in an environment that is flexible and in a culture that encourages participation of employees at all levels.
From the Paper:"In order to stay afloat and also to conduct business successfully in the era of constant change, a firm must follow the modern practices of the strategic management. The companies that still stick to the traditional mindset when it comes to their management practices are in fact managing by hope. They hope that if they still stick to the stick-and-carrot approach for managing employees they will keep on delivering results. They hope that the concept of having assembly line operation will still work for them. They have hopes that external environmental conditions will eventually become favorable after a short period of flux. The organizations that adhere to the status quo don't blaze the trail rather they become mere followers, as they don't have the culture to encourage new ideas, fresh thinking and experimentation. Such organization can do nothing to empower their employees rather they stifle them with routines. However, in the changing external environmental conditions, the boundaries getting blurred and globalization taking greater hold of world economy, organizations can no more afford to have a narrow and traditional approach to management. In developed and modern organizations successful strategies come out as a result of modern strategic management process and participation by the employees having a shared vision."
Cite this Research Paper:
Management & Strategic Competitiveness (2006, October 19) Retrieved June 02, 2020, from https://www.academon.com/research-paper/management-strategic-competitiveness-74691/
"Management & Strategic Competitiveness " 19 October 2006. Web. 02 June. 2020. <https://www.academon.com/research-paper/management-strategic-competitiveness-74691/>