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...
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-...
what is business ethic?
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...
Importance of Vision and Mission Statements Strategic Management Process - Meaning, Steps and Components
Importance of Vision and Mission Statements One of the first things that any observer of management thought and practice asks is whether a particular organization has a vision and mission statement. In addition, one of the first things that one learns in a business school is the importance of vision and mission statements. This article is intended to elucidate on the reasons why vision and mission statements are important and the benefits that such statements provide to the organizations . It has been found in studies that organizations that have lucid, coherent, and meaningful vision and mission statements return more than double the numbers in shareholder benefits when compared to the organizations that do not have vision and mission statements. Indeed, the importance of vision and mission statements is such that it is the first thing that is discussed in management textbooks on strategy. Some of the benefits of having a vision and miss...
Strategy Implementation - Meaning and Steps in Implementing a Strategy
Strategy Implementation - Meaning and Steps in Implementing a Strategy Strategy implementation is the translation of chosen strategy into organizational action so as to achieve strategic goals and objectives . Strategy implementation is also defined as the manner in which an organization should develop, utilize, and amalgamate organizational structure, control systems, and culture to follow strategies that lead to competitive advantage and a better performance. Organizational structure allocates special value developing tasks and roles to the employees and states how these tasks and roles can be correlated so as maximize efficiency, quality, and customer satisfaction-the pillars of competitive advantage. But, organizational structure is not sufficient in itself to motivate the employees. An organizational control system is also required. This control system equips managers with motivational incentives for employees as well as feedback on employees and organizational performance...
Strategy Review, Evaluation and Control
Human Resource Factors Marketing Finance /Accounting R&D Management Information Systems
SMART What is SMART SMART is an analytical technique for designing objectives in management and planning. SMART is an acronym from the initial letter of the English names of the objective attributes: Specific, Measurable, Achievable/Acceptable, Realistic/Relevant, Time specific/Trackable. SMART is an analytical technique for designing objectives in management and planning . SMART is an acronym from the initial letter of the English names of the objective attributes: S - Specific M - Measurable A - Achievable/Acceptable R - Realistic/Relevant T - Time Specific/Trackable Use of the SMART method in practic e : SMART method is used for the design of objectives (especially specific objectives ). In their design it must be maintained the SMART condition for each objectives and their metrics . It means th...