Types of Organizational Structures Functional If you’ve had a job, you likely worked in a functional organizational structure. The functional structure is based on an organization being divided up into smaller groups with specific tasks or roles. For example, a company could have a group working in information technology, another in marketing and another in finance. Each department has a manager or director who answers to an executive a level up in the hierarchy who may oversee multiple departments. One such example is a director of marketing who supervises the marketing department and answers to a vice president who is in charge of the marketing, finance and IT divisions. An advantage of this structure is employees are grouped by skill set and function, allowing them to focus their collective energies on executing their roles as a department. One of the challenges this structure presents is a lack of inter-departmental communication, with most issues and discussions takin
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Own the Future: Insights from Recent Research into Strategizing for the Future This article discusses the ten qualities needed for companies to stay ahead of the competition and win the race for the market in the next decade . With so much of rapid change and accelerating trends, it is important for companies to be, the biggest and the best or else they run the risk of getting left behind and becoming also ran companies. Adaptable The winners of tomorrow will be those companies that are best at identifying and anticipating market shifts and managing complex and multi-company systems. The need for shorter cycles and faster reaction time is greater as the pace of change is rapid and only those companies that can adapt to it will succeed. Global It is a fact that everybody is competing with everyone from everywhere. This means that the future markets for growth in Asia would take many business leaders out of their comfort zones. Hence, what works in Munich might not w
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Business Policy - Definition and Features Business Policy defines the scope or spheres within which decisions can be taken by the subordinates in an organization. It permits the lower level management to deal with the problems and issues without consulting top level management every time for decisions. Business policies are the guidelines developed by an organization to govern its actions. They define the limits within which decisions must be made. Business policy also deals with acquisition of resources with which organizational goals can be achieved. Business policy is the study of the roles and responsibilities of top level management, the significant issues affecting organizational success and the decisions affecting organization in long-run. Features of Business Policy An effective business policy must have following features Specific- Policy should be specific/definite. If it is uncertain, then the implementation will become
what is business ethic?
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What is Business Ethics? The concept has come to mean various things to various people, but generally it's coming to know what it right or wrong in the workplace and doing what's right -- this is in regard to effects of products/services and in relationships with stakeholders. Wallace and Pekel explain that attention to business ethics is critical during times of fundamental change -- times much like those faced now by businesses, both nonprofit or for-profit. In times of fundamental change, values that were previously taken for granted are now strongly questioned. Many of these values are no longer followed. Consequently, there is no clear moral compass to guide leaders through complex dilemmas about what is right or wrong. Attention to ethics in the workplace sensitizes leaders and staff to how they should act. Perhaps most important, attention to ethics in the workplaces helps ensure that when leaders and managers are struggling in times of crises and confusion, they reta