...Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. Marketing strategy consists of the analysis, strategy development, and implementation activities in: “Developing a vision about the market(s) of interest to the organization, selecting market target strategies, setting objectives, and developing, implementing, and managing the marketing program positioning strategies designed to meet the value requirements of the customers in each market target”. Strategic marketing is a market-driven process of strategy development, taking into account a constantly changing business environment and the need to deliver superior customer value. The focus of strategic marketing is on organizational performance rather than a primary concern about increasing sales. Marketing strategy seeks to deliver superior customer value by combining the customer-influencing strategies of the business into a coordinated set of market-driven actions. Strategic marketing links the organization with the environment and views marketing as a responsibility of the entire business rather than a specialized function. Because of marketing’s boundary orientation between the organization and its customers, channel members, and competition, marketing processes are central to the business strategy planning process. Strategic marketing provides the expertise for environmental monitoring...
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...Project management and 21st century organizations Chapter 19 discusses the importance of project failure and how to successfully manage them in order to avoid this. It also identifies the different kinds of outsourcing. Chapter 20 goes on to discuss how technology has affected the business world and explains ways to develop a 21st century organization. Often times a business will lose time and money due to the lack or poor use of project management; however, if it is correctly utilized, project management will ensure that an organization successfully completes projects on time, within budget, and with minimal disruptions. Project management can be used in all departments (sales, marketing, accounting, etc.) and the benefits are categorized by being either tangible or intangible. Tangible benefits are measured in monetary terms. They include things such as increased productivity, increased response time, decrease in costs. Intangible are not measured monetarily but they still have a substantial impact on the business. Examples are facilitation of strategic planning, improved customer response, improved decision making. Feasibility analyzes the company’s ability to successfully complete a project. This allows managers to examine possible outcomes, both negative and positive, of a project before investing too much time and money in it. All projects are constricted by the interdependent variables time, cost, and scope. Change to one variable will affect either one or both of...
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...Global Talent Management at Novartis Individual Case Assignment There are two philosophies of leadership behind Novarits. First was to develop talent for leadership positions from within, which was one of the goals of any talent management system. It was easier to build a company culture when its employees come up through the ranks with shared values and experiences. Also, it was often less expensive to promote from within than to outbid an outside competitor for someone already holding a comparable position. Another element of Vasella’s philosophy was that the company needed to move talented individuals to their desired positions before they were solicited from the outside. Vasella recognized that in order to manage talent successfully, the company needed to pay people well, but he also knew that pay was not enough to motivate people. People work because they believe in the purpose of the company and they feel engaged in its success. From 2002 onward, the entire company adopted the two-dimension scale, with one dimension focusing on business objectives and the other focusing on values and behaviors consistent with Novartis norms. Each of these two performance dimensions had a three-point scale, with 1 indication poor performance dimensions, 2 indicating satisfactory performance, and 3 indicating superior performance. Employees saw their compensation closely connected to company performance and to their individual rating. In order to minimize the criticism of various aspects of...
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...IMPLEMENTING ORGANIZATIONAL CHANGE AT PLANET AIR TRAVEL Introduction Organizational change is occurring every day and everywhere; it is a natural process that is essential for organizational development. Change occurs when companies transit from their current state to their desired future state. Change is imperative in today’s chaotic business environment due to constant in customer expectations, unpredictable economy, the emergence of new market and technological advancements. Internal and external drivers of change have an impact on the nature of organizational changes; therefore, in order to secure Planet Air Travel (PAT) future there was a need to undergo reactive and transformational changes along with emergent changes. However, employees react differently to change due to their perception of the change. At PAT employees will have various reactions throughout the change process, which is explained using Carnell (2003) coping cycle.Successful implementation of change is not an easy task, therefore; Kotter’s(1995 in Hayes 2010) eight-step model is a useful framework for successfully executing and implementing PAT vision. Organization Context Organization context is considered as "the ecology of the organization," which, consist of activities that occuroutside an organization's boundaries as well as those that are unique to the organization (Hahn, 2010). It is determined both bythe internal and external environment. The internal context at PAT is the internal environment...
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...the Role of Innovation in the Economic Growth Process Surrounding the Role of Innovation in the Economic Growth Process Innovation Innovation is an essential element for any organization in order to survive, grow and significantly influence the direction of any industry. Development does not; however, guarantee success, but most be followed up with successive streams of innovation and change, from the incremental to the radical. The most reliable way to be successful in the industry is to innovate better and longer than the competitor, leading companies develops innovation portfolios that they can use to help sustain growth over the long term. Innovation and change is an essential part of any business activity, but only some people recognize its importance and significance. Often, management fails to notice the implication of innovation and change, which becomes the reason of the change failure. Innovation can be summarized in two main areas: innovation is doing something nobody has done in the history of the world or do something that we have not done before. Innovation does not always fit with what we do, and a lot of new opportunities that are found in the company do not sit well with her. So the first step is to create a "space" where these opportunities can be developed, at their own pace and without neglecting the routine tasks. It is therefore; necessary to release resources to enable people to experiment with these new ideas. It is also necessary that...
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...Managing Organizational Change A comparative and critical analysis of the articles “The work of leadership” by Ronald A. Heifetz and Donald L. Laurie and “Leading change: Why transformation efforts fail” by John P. Kotter Introduction Organizations operate in an increasingly complex and dynamic environment, where change occurs continuously. The automotive industry, the health care and biotech industry, financial services, telecommunication and media companies, commodities manufacturers and internet companies have nothing in common but the need to face profound and dramatic change to stay competitive in today’s business world. This context poses a serious challenge to the management of all the existing organizations, that is the need to manage change well in order to achieve long-term success in the transformation processes. Indeed, transformations are perceived to be critical for organizational success and achievement of sustainable competitive advantage. Successful transformations, however, require leadership. Indeed, any change process requires the creation of a new vision and a new set of rules that has to be eventually institutionalized and rooted in social norms, and shared values of the organization: leaders, not managers (whose task is that of maintaining the current system operating at its best) are those in charge of leading change. Successful leaders recognize and understand the opportunities and challenges that come with change. This being said, both “The work...
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...controls costs by placing limits on physicians' fees and by restricting the patient's choice of physician". Simply stated, managed care provides benefits to those who cannot afford the expenses of an insurance plan. Managed health care is considered to be a process by which medical benefits are monitored for the purpose of cost management, which results in the ability to limit the access to health care benefits and coverages. The health care system in the United States is an emerging system that is constantly being transformed. Our current health care system today is very different from what was established in the past years. These changes are a reflection of what the patient's want, which was to move from an indemnity plan to a managed health care system. There are various reasons for the changes within the system, but primarily due to economic realities. The cost of healthcare is constantly increasing and has grown faster than any other economic sector. Population growth, increased pharmaceutical necessity and health cost increases are just a few key factors that are the driving force of such rapid growth. HMO, Health Maintenance Organizations, are defined as "a prepaid health maintenance organization that delivers care to its members via designated physicians and requiring members to to join plans for a certain amount of time, i.e.,. yearly". HMO's contracts directly with independent medical offices as well as private physicians. These contracts may consists...
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...TURKU SCHOOL OF ECONOMICS 11 Comparison of internationalization process of Finnish firms Similarities and differences Submitted by: Sarada P Sahu Student Number - 601502 Table of Contents Introduction 3 Internationalization process of the Raisio group 3 Internationalization process for Jaakko Poyry Group 5 Internationalization process for Kone elevators 7 Comparison in the internationalization process of firms 8 Similarities 8 I. External environmental conditions: 8 II. Leadership and top management: 8 Differences 9 I. Strategy for Internationalization 9 II. Outlook of the company 11 III. Organizational and business structure: 12 Conclusion 13 Introduction The study of the Internationalization process for Finnish firms has been quite interesting in terms of the variety of the methods used by the companies to do so and in the nature of the learning that can be gained from the same. While studying about processes and the tactics being used by the companies’ one also has to pay importance to the external environment in terms of the economy, government and social and cultural factors that play a very important part in the decision making during the internationalization process. The major factors that have led to the internationalization process in Finnish firms can be classified into five major categories as mentioned. The first factor is the competence development in individuals and exploitation of the critical events that occur in the world...
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...Mawuena K. Raven University of Maryland University College Abstract There is no doubt that organization since the 1990s are viewing information technology (IT) as an integral part of their strategy for the future. It is not seen only, like in the past, as a simple tool to communicate and decrease production costs, but there is a total recognition on the role it plays and continues to play in business performance and strategic planning. A situation that is necessitating a similar makeover and transformation of IT departments are structured and run. It is how the Chief Information Officer (CIO) came about, as a direct result of this shift. There is not a single and universal way of defining the CIO and his or her job description and responsibilities he or she might have within an organization depend on its structure, and how the organization is trying to achieve throughout the position. Nevertheless, and until recently organization hire CIOs as "simply department managers who ensure that all PC's can be turned on and that the processes work". But, because and like never before, businesses are relying on information technology to gain competitive advantage, the job and responsibilities of the CIO is evolving, making the position that can help transform the entire organization objective by innovating and sustaining its core competencies and knowledge that will guarantee this competitive advantage. This paper will succinctly...
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...| CHANGE MANAGEMENT | CIP Project | | Submitted to : Mr. Adil Hassan | Submitted by: Raunika Rawat PGDMHR IMI, New Delhi | | | TABLE OF CONTENTS S. No. | Topic | Page No. | 1. | Defining Change Management | 3 | 2. | A brief history of Change Management | 3 | 3. | Why do Change Management? | 4 | 4. | Challenges for Change Management | 5 | 5. | ADKAR Model | 7 | 6. | Kotter’s 8 step change model | 8 | 7. | Lewin’s 3 stage model of change | 8 | 8. | The change curve | 9 | 9. | Framework for managing change | 11 | 10. | Transition and Transformation Activities | 17 | 11. | Project structure Delivery Side model | 18 | 12. | Pros and Cons of Change Management | 19 | 13. | Conclusion | 21 | ACKNOWLEDGEMENT I would like to use this opportunity to express my gratitude to everyone who supported me throughout the course of this CIP project. I am thankful for their aspiring guidance, invaluably constructive criticism and advice during the project work. I am sincerely grateful to them for sharing their truthful and illuminating views on a number of issues related to the project. I express my warm thanks to Mr. Adil Hassan for his support and guidance at Mercer. I would also like to thank my project external guide Ms. Mamta Mohapatra and Ms. Soni Aggarwal from International Management Institute and all the people who provided me with the facilities being required and conductive conditions...
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...Leaders know that to successfully run their companies they need to have a clear strategy that meets the challenges facing their organization and capitalizes on the strengths that they possess. However, even the best strategy will ultimately fail without the right people in place to execute it. Thus, the true challenge for any leader is a human capital challenge. But what exactly is human capital and how does it relate to an organization’s chances for successfully executing its strategy? In short, human capital is the sum of knowledge, abilities, skills, values, personality, ideas, motivation, behaviors and experiences owned and offered by the people within an organization. All things being equal, the better the quality of an organization’s human capital the more successful it will be. The importance of human capital to an organization’s success is even more pronounced today due to a number of crucial trends. These include: * Demographic changes – an aging workforce along with increasing diversity is forcing organizations to fight a “war for talent” * Increased focus on growth – after cutting costs to improve the bottom line there is a renewed focus on growing the top line * Knowledge, innovation, adaptability and collaboration as key drivers of success – to grow the top line, leaders have recognized that the primary sources of success are things that reside within their people * Increased importance of intangible assets, such as brand, reputation, leadership...
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...INTRODUCTION Change is defined as pervasive influence, where all aspects are subject to continual change of one form or another (Mullins, 2005 , p.909). Also, change is an inescapable part of both social and organizational life. The abstract of organizational change is in regard to organization change, as opposed to smaller changes such as adding a new person, update a program. Instance of organizationwide change may include a change in mission, restructuring operations, new technologies, mergers, collaborations, and rightsizing. Change in organizational scheme is an attempt to alter the organization`s alignment with its environment. The Nature and Causes of Resistance to change Employees have to learn something new therefore they resist to change. In many reasons there is not a divide with the advantage of the new process, but rather a fear of the unknown future and about their ability to adapt to it. Forces of Change The general environment is parted in to different dimensions: External forces for change originate outside the organization. First of all, these forces have global effects, they might reason an organization to question the essence of what business it is in and the process by which products and services are produced. There are external forces for change is discussed below: The workforce is more diverse and there is a business responsibility to effectively manage diversity. Thus, organizations need to effectively manage diversity if they are to receive maximum contribution...
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...1. Based on the case and the paper "Creating Corporate Advantage" characterize the previous corporate strategy of Newell (before 2001) in terms of: Corporate Resources ; Businesses; Functions of Corporate Office Before Daniel Ferguson became Newell´s CEO, as an old-line manufacturer of brass curtain rods, the company´s main effort was in offering curtain rods through a big array of channels. In the absence of a defined composition of strategy with a specific target and as to build a corporate advantage, Ferguson recognized that there many elements within the company could be aligned with one another. He foresaw the market trend and announced Newell´s consolidation in the retail business. Based on “build on what we do best”, Newell started to focus on manufacturing and distributing sized merchandise lines to the volume merchandiser. Over the next three decades, through the acquisition of businesses that fit its strategy, Newell acquired 75 different sized companies. What made Newell´s strategy so special? To answer this question, there are three elements that contributed positively to the success of Newell’s corporate strategy: corporate resources, businesses and functions of Corporate Office. Starting with the nature of the resources owned by Newell, which include its assets, skills and capabilities, we could not say whether it is specific or general; Newell is responsible for owning a large diversified portfolio with different business units. This outstanding portfolio included...
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...Organizational Theory ” talks about forces of light and darkness. The forces of darkness have been represented by the “Mechanical school of organizational theory” with characteristics like Centralized authority, Clear lines of authority, Specialization and expertise, Marked division of labor, Rules and regulations, Clear separation of staff and line. And forces of light represented as “Human relations school”. and enumerates their characteristics as: Delegation of authority, Employee autonomy, Trust and openness, Concerns with the whole person and Interpersonal dynamics. Now this describes the difference between the organizational perspective of 20th century and 21st century, Forces of darkness represents the “Organization as Rationale Systems” and Forces of Light represents “Organizations as Open systems”. These two concepts of organizational theory has been under rigorous research by Theorists during 20th century. And finally Kurt Lewin's work in the 1940s and 1950s made people realize that organizational structures and processes influence worker behavior and motivation. Again in the last two decades, there has been a paradigm shift in Organizational sciences, especially in management theory and practice. And this paradigm...
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...PROJECT MANAGEMENT INTRODUCTION Project Management is the leading a project team and ensuring that a project is completed on schedule, within budget, and meets its goals. (Bagranoff et al.2002). Trevor L. Young (1999), Defines project managements as the dynamic process utilizing the appropriate resources of the organization in a controlled and structured manner, employed to achieve a change clearly defined with specific objectives identified as strategic needs. The process is always associated with some specific characteristics: 1. Objective oriented - Without these you have no outcomes 2. Change oriented – Creating something you need but do not have 3. Multi-disciplined – Needs a wide range of skills to achieve success 4. Opportunistic – You must seek to take shortcuts and bypass old norms 5. Performance oriented – Setting appropriate standards and quality of outputs 6. Control oriented – Carefully designed controls to maintain the schedule 7. Questions tradition – Avoid getting trapped by the old ways of doing things On the surface, it seems a waste of time to teach accountants the essentials of project management. Could it be that project management is an essential skill set to contemporary accountant? Is it possible that accountants who acquire such knowledge are increasing the value of their intellectual capital? The answer to these questions is definite yes. The very nature of work in accounting is project-centric and accountants who...
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