Strategic and planning management assignment Question study help review analysis: Management & its concepts – Strategic process of formulation & decision making
Question Asked??
What is management and what are the important concepts of management?
Solution the question proposed is::
Literature review: introduction
Literature review allows the researcher to collect some crucial and effective information related with different important implications of management in existing business environment. The paper explores different important theories and concepts related to the management for the purpose of exploring some crucial implications of management of a business organization. For this purpose, an intensive and critical review of different journal article and text book is taken into account in the paper.
Implications of management
In order to have proper understanding of implications of management, it is quite crucial to understand the meaning and disposition of the term ‘management’. In the views of Koontz, and Weihrich (2006), management can be defined as the process of utilizing the available resources for the purpose of accomplishing the pre-decided or assigned tasks. According to the authors, efficient and effective use of different available resources for the purpose of ensuring maximum advantages of such resources can be referred to the management.
In contrast to this, Daft,and Marcic (2012) have stated that efficient usage of available resources is not the only definition of management. Management is comprehensive term in which, there are a number of different activities such as monitoring, planning, coordinating, and decision making is included. In the context of an organization, there are a number of different aspects and functions such as marketing, human resource management, accounting and finance, administration and production, which are required to be aligned with the organizational objectives. In the views of the authors, all the activities, which are performed for the purpose of establishment of the alignment and co-ordination between these different departments of an organization, come under the category of management.
Understanding Management
Along with this, Daft and Lane (2009) have also critically argued about the disposition and meaning of management in the context of contemporary business organization. Defining the meaning of management, the authors have elaborated that management can be considered as the driver of different important and crucial activities and functions of the organization for the purpose of attaining long term success. In the views of the authors, management can also be defined as collective efforts for the purpose of ensuring effective and efficient accomplishment of different crucial and essential activities within the business organization.
The role and implications of good management in the success of the organization is a well recognized phenomenon as there are a number of different scholars and authors who has explored different implications of managements in their literature. In line to this, Cole (2004) has revealed that the first and foremost implication of management can be sighted in the long term success and sustainability of the organization. In exiting dynamic and highly competitive market, it has become quite tough for the organization to ensure his sustainability within the presented market place. In this direction, in the absence of effective and efficient management, it becomes quite hard for the organization to cope up with external environmental problems and issues. In this context the author has stated that effective management can be implicated in the sustainability of the organization in existing tough business conditions. As management of resources enables the organization to prevent the wastage of resources and get maximum benefits of such resources, the scope for addressing external environmental problem to the organization enhances up to a significant level.
In the line of such findings of Cole (2004), Landy and Conte (2009) have provided some intensive examples. In the views of the authors, there a number of successful business organizations across the world such as Wal-Mart, Toyota, Ford, Samsung, and many more, which lead their respective industries, has become successful due to some systematic and high quality management. The success and market leadership of such organization is the prime implication of management of the organization. In contrast to this, Chang, Hsiao and Chien (2012) have also investigated regarding negative implications of the bad and unsystematic management. In the views of the authors, on one side effective management can accelerate the growth of the company, while on the other side, an ineffective management can also lead to suppress the success of the organization. Some critical negative implications of management over organizations can be seen in the period of recent global financial crisis, which has witnessed the collapse of a number of prominent business organizations across the globe. For instance, the solvency of Lehman Brothers Ltd, one of the prime banking institutions of the UK, has reflected the implication of failure of effective management. In the views of the author, the bank cannot utilizes its assets and control its business activities due to which, despite having some intensive amount of fixed assets, the bank became short of working capital. This causes for the bankruptcy of the bank. This incident has reflected one of the prime and prominent examples of the implication of management over sustainability.
An institution-based view of international business strategy
In the support of this, Peng, Wang and Jiang (2008) have added further that globalization is also one of the major postulates of existing business norms, which has prompted the organization to change their functional and operational disposition. In this context, the authors have highlighted the implication of management in the successful accomplishment of globalized business practices of the organization. Management helps organization to be acclimatized as per the norms and trends of a new business market, which allows it to get some intensive success in the new market place. In the views of the authors, the implication of management can be defined in the capacity of the management to modify its products and service offerings, operational and functional structure, and other business practices as per the demand of the new market place. Explaining implications of management in the context of globalized business environment, Stonehouse and Campbell (2004) has explained the case of McDonald; a US based multinational retail food chain. As per the author, in the line of its business expansion strategy, the company prefers to explore different destinations across the international business arena. In such different business destinations, the management of the organization undertakes the strategy of “Think global and Act Local”, which prompts it make some significant changes it its product offerings and operational framework. The success of the company articulates the role and implications of management for the organization in existing globalized business environment.
In addition to this, DuBrin (2008) has explored the implication of the management in the proper and effective accomplishment of different core functions within the organization. In the views of the author, for the purpose of be successful, the organization requires to perform different functions such as planning, coordinating, decision making, administration, and controlling. These are some of the crucial responsibilities which is quite crucial for the long term success and effective functioning of the organization within the marketplace. In relation to this, effective accomplishment of such core functions can be defined as the implications of management for the organization.
The Role of Goal Importance Congruence in Top Management Teams
Colbert, and Barrick (2008) have illustrated that for the purpose of being successful and effective in existing market place, effective decision making is one of quite crucial aspects. There are a number of different types of decisions related with strategic operations and functional activities which are required to taken by the management. In this case, the implication of management can be reflected in the effectiveness and efficiency of such crucial decisions of the organization. An effective and the most suitable decision can allow the organization to resolve different external environmental problems. Moreover, it allows the organization to avail some crucial opportunities prevailing within the market place.
Implications for Management Theory and Research
Gladwin, Kennelly and Krause (1995) have also depicted that all the functions and activities gets implicated and influenced with the approach and disposition of the management of the organization. The positive and optimistic approach of management allows the organization to have the more positive attitude towards the risk taking activities and decision, In contrast to this, the authors have also elaborated that pessimistic approach and dimension of the management drives the organization to adopt activities and strategies that can help it to secure its existence within the market. Growth and success of the organization becomes second priority to the organization. In this way, the management disposition also leaves some crucial implications on the way organization responds and its proposition in existing dynamic marketplace and environmental issues.
Role of top management team international orientation in international strategic decision-making
Strategy formulation is also an important aspect of the success of the organization. In this context, Nielsen and Nielsen (2011) have elaborated the role and implication of management in the context of strategy formulation. In the views of the author, there are a number of different problems can issues which are required to be confronted by the business organizations while operating in existing business environment. In this context, the management of the organization has to formulate some crucial strategies and tactics for the strategic orientation as well as proper accomplishment of different functional activities of the organizations. As per the authors, the positive implication of the organization can be seen in the success of different important and effective growth strategies. There are a number of different types of strategies related with the growth of the organization, such as intensification of the existing product and service offerings, diversification, merger, acquisition, and strategic change within organizational culture and structure. In the context of the adoption of such strategic measures the role of management becomes quite important.
In line to this, Smith, Peterson and Wang (1996) have explored that it is a prime responsibility of the organization’s management to scan the internal as well as external business environment which can cast some significant impact of the functioning of the business organization. After having all the understanding and proper knowledge regarding such environmental factors, the management has to take some crucial strategic steps in the well being of the organization in the long run.
In addition to such above mentioned implications of management, Ongori, and Agolla (2012) have investigated that the proper controlling and evaluation of the existing functioning and efficiency of its existing resources are also some of the crucial and effective implications of management. In this context, the author has stated that for the organization it becomes quite essential to use its existing resources in the manner that their wastage can be minimized and their utility can be enhanced quite significantly. Better and effective management disposition within the organization, establishes effective control over different activities performed by its employees. It helps the organization to enhance its overall productivity and efficiency.
Role of Performance Measurement Systems in Strategy Formulation Processes
Along with this, Gimbert, Bisbe and Mendoza (2010) have also explored that lack of monitoring and controlling sometimes leads to indiscipline and conflicts at the workplace that directly affects the efficiency and productivity of the organization. In this regard, better management skills helps in the establishment effective administration and control over different business activities.
In this context, the authors have also reflected that from the perspective of the employee satisfaction and performance appraisal, role of management is also quite important. Performance measurement and evaluation is the utmost task of management of the organization. Proper and effective accomplishment of this task allows the management to appraise the efforts employed by the employee in the betterment of the organization. it also enhances the motivation and satisfaction level availed by the employee, which directly reflects in their efficiency and productivity. In this way, effective management enables the organization to retain its highly efficient employees and be distinguished among its core competitors.
These are some of crucial and important implications of management, which has been identified by different crucial literatures.
Conclusion
On the basis of critical review of different crucial and authentic literatures, it can be concluded that for the business organization, it is quite essential to understand some of the crucial implications of the management within their operational framework. There are different important aspects such as strategy formulation, decision making, change management, controlling, and performance evaluation, which have been reflected as the implications of management. However, as the span of the functions of the management is quite vast, it has some wide implications over business performance. In all, the paper can be summed up by saying that in the long term success and sustainability of the organization, the role of management is quite vital.
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