Managers must understand their own competitive advantage (what they do better than the competition) to adopt the appropriate competitive strategy to gain market share and remain profitable. The more we looked into the issue, the more convinced we became that one of the biggest obstacles to the use of data as an effective management tool is the lack of sharing among agencies. Describe competitive strategies such as low cost, differentiation, and internal competition and the role of the external competitive landscape in developing them. ISBN 978-953-51-0747-7, PDF ISBN 978-953-51-5131-9, Published 2012-09-12 Companies also compete internally, either developing naturally competitive products or battling for funding based upon unit success. Toyota makes both the Corolla and the Lexus, thereby targeting both ordinary automobile drivers and those in the luxury-car consumer bracket. These form the central system of international exchange, allowing businesses to create meaningful relationships worldwide with minimal time investment and costs. Branding, on the other hand, aims to convince the consumer that a higher price point is worth paying based upon the company’s name, reputation, or other distinguishing characteristic. Therefore, the most difficult decisions in corporate governance—those at the ethical level—must be made through the more complex assessment of societal, corporate, and personal values. Managers should be aware of the value in research, development, and forecasting future technological innovations to keep ahead of the competition. Globalization is the international integration of intercultural ideas, perspectives, products/services, culture, and technology. Diversity poses various challenges in communication, from differences in language to differences in culture. This evolved into a societal change that embraces diversity as both valuable and ethical. When working in dangerous conditions, employees are entitled to protective gear and training. Five issues facing business management today, Be Our Guest: A Hotel, Hospitality & Meeting Guide, LSU Football 2020 Commemorative Championship Edition, Franciscan Missionaries of Our Lady University | FranU. Issues such as employee disputes, gossip, jealousy and poor time management can be frustrating for managers. Combining these points, the globalized society presents enormous opportunity for businesses. Varying perspectives and strategies in technology management abound, all revolving around a few simple needs being filled to move the business towards a competitive advantage. In the United States, workers are imbued with very specific rights regarding the risks they take, the hours they work, the breaks they deserve, and the benefits they are provided. Economic factors are metrics which measure and assess the health of a given economic region or environment. Benefit Shortfall. Change at the Helm. For managers, understanding the external competitive landscape is a critical factor in assessing company strategies and benchmarking appropriately to ensure the competitiveness of the firm. 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In general terms, globalization is the international integration of intercultural ideas, perspectives, products/services, culture, and technology. The concept of operation management introduces the relationship between the operational planning processes and operational basic elements within the organization. Globalization is a hot topic in the business world today, garnering enormous attention as imports and exports continue to rise with companies expanding across the global marketplace. Managing technology is an intrinsic part of managing a business, and effectively balancing resources to optimize efficiency is an important operational objective for all managers. Different cultural norms offer an interesting study in diversity management. Economist Milton Friedman makes an insightful observation when he states “…the only entities who can have responsibilities are individuals…A business cannot have responsibilities.” Though this sounds like common sense, it is a fact often overlooked that the only parties capable of acting ethically are those in charge. That’s why many managers tend to avoid them. The reason behind the prioritization of technology management is that new, disruptive technology constantly threatens to result in higher efficiency of competitors. Risk Management - Current Issues and Challenges. Stemming from various legislative initiatives in the 1960s, the concept of equality and a fair distribution of opportunity became a domestic focus in the United States. However, when the stakes are high, avoidance is a terrible tactic. Because it covers so many aspects of the sports industry, many ethical issues arise. Understanding this legal landscape is important for businesses that want to avoid legal pitfalls and remain within the confines of established regulations. The complexities and responsibilities of running a business and managing employees is the first priority for managers, as it holds the highest repercussions, both personal and fiscal, for all parties involved. The speed of modern globalization is often attributed to technological developments in communication and transportation, tasking managers with appropriately leveraging these technologies internally. Though this is only a simplified and small analysis of a complicated issue, it succinctly describes how corporate management saw each echelon of leadership ignore the core responsibility of ensuring ethical standards in lieu of capital gains. On the other hand, effectively managed technology affords businesses the opportunity to outpace the competition (see figure below). Tishta Bachoo, Accounting Professor at Curtin University in Australia, explains that companies w… In panel C, Company I’s product has both higher value and lower cost (this is the rarest situation). As a result, to ask the question, “What does this practice mean for the people in the area in which we operate?” is crucial in ensuring adherence to a community-first action plan. Managers must understand how to achieve internal efficiency by applying new technology to operational processes. Ethnic diversity map: This map illustrates the level of diversity worldwide. Issue management in a project begins with a plan that defines activities and business rules to manage and control issues that arise d… Nursing management has changed over time as healthcare practices and regulations have evolved. These companies were hurt by “disruptive innovations” such as the MP3 player and Netflix. This evolving outlook on a diverse workplace has ultimately resulted in the recognition and implementation of diversity management and intercultural understandings within organizations, creating stronger and more ethical business practices. This can result in a business that creates and promotes a particular culture over other minority cultures, usually unintentionally as a result of numbers. Groupthink is a threat of which managers must be aware, particularly in meetings where dominant opinions steal most of the spotlight. Ethics is at the core of corporate governance, and management must reflect accountability for their actions on a global community scale. Multinational companies cumulatively employ nearly half of the world’s population, creating a need for managers with a strong international awareness. As global economics now supersede domestic economics for many businesses, companies must consider a number of opportunities and threats when expanding into new regions or identifying optimal areas for production, sales, or corporate headquarters. The current issues, developments or challenges that Malaysia is Facing Pages: 7 (2020 words) Current Trends in Human Resource Management Pages: 5 (1408 words) Senior Management Executive Management Or Management Team Computer Science Essay Pages: 29 (8570 words) Contemporary Issues of Management Accounting Pages: 2 (306 words) Differentiation is a competitive tactic wherein companies approach certain niche needs within an industry to capture a segment of the market share. There are five steps to managing a public relations issue: 1. Differentiation is an alternative strategy to low cost in which companies fill a specific need that is not being filled or generate a brand image that increases their value-added proposition. The American College of Healthcare Executives’ (ACHE), annual survey of top issues confronting hospitals, ranked financial challenges as their greatest concern in 2015. The more difficult challenge is the intangibles in communication that arise not from literal words but from cultural expectations. A business unit begins to realize that a project isn't going to be commercially … First and foremost in corporate governance is the strict adherence to business ethics on a professional level. Politics play a role in business, as there is a balance between free markets and systems of control. As innovation continues to demand a central role in businesses, research and development will continue to be critical to a healthy organization. Low-cost suppliers find ways to optimize their production and distribution to offer consumers the lowest possible price on one bottle of water. Technology also presents a number of threats, as CD-player manufacturers and Blockbuster Video can attest. Assess the evolution of globalization in the business world and the challenges this has created. Disruptive technology: This graph underscores the concept that technology advancement is both a constant opportunity and a constant threat. Managers must be not only aware of diversity in the workplace but also open-minded and empathetic to perspectives other than their own. For example, Dasani brand water costs more than generic store brand water, despite being essentially the same product. Consumers and governments both penalize companies that adversely affect the environment. The Mystery Remains CORPORATE GOVERNANCE MGM 4136 CURRENT ISSUES IN MANAGEMENT JULY 2015. The ability to manage diversity, as well as refine actions to communicate accurately and intentionally, are valuable and necessary aspects of effective management. The need being filled is sustenance: people need to eat. In panel B, both companies’ products have the same value, but Company I’s product has lower cost. Legal issues such as affirmative action, patent infringements (a recent example being Apple vs. Samsung), antitrust laws (see Microsoft), health regulations, and safety regulations can all significantly affect a company that does not act responsibly. Managers must know their business’s strengths and integrate them into the appropriate strategy to remain competitive. From a managerial perspective, competition generally falls into the external environment, though it can also take shape in the internal environment through rivalry between strategic business units (SBUs). This opportunity, if not properly utilized, becomes a threat as the competition grows more effective at leveraging diversity to create synergy. PESTEL Analysis Diagram: This chart illustrates the PESTEL factors an organization faces. Areas like sub-Saharan Africa tend to be more heterogenous than, for instance, states in Europe. Managers are the responsible parties in ensuring these are delivered to the employees in an equitable and legal way. Managers across the board must be aware of the importance of these technological developments, as well as the operational challenges in researching and implementing them. When working long shifts, employees are entitled to breaks. This allows for a higher standard of living across the globe through higher efficiency, lower costs, better quality, and a more innovative and dynamic workforce. Second ranked was patient safety and quality, with government mandates as third (ACHE, 2016). At their core, these regulations approach the fundamental dissonance alluded to above: profit-maximizing behavior as it contrasts with non-economic concerns. The 2008 financial collapse is a wonderful yet terrifying example of exactly what can go wrong and why corporate governance and ethics is of such importance to both a business and the society in which it operates. Following this, upper management deemed it fit to package these risky securities into bundles and sell them as safe investments (though they were in fact risky derivatives), in order to capture yet more value. CTRL + SPACE for auto-complete. Business itself cannot be ethical: only the managers and corporate strategists can implement ethics within the framework of the business strategy. That is not to say that management has not responded; it has, in two ways: 1. Globalization101.org defines globalization as: a process of interaction and integration among the people, companies, and governments of different nations. Hot topics: key issues affecting management & leadership in the modern workplace On the surface, internal competition involves either direct product substitutes or funding competition (among different business units). Continue reading this story and get ACCESS to all our content from any device with a subscription now. Employees need to know what the stakes are, what the game is and how it’s played. In some cases, that’s not a bad strategy—i.e., develop more tolerance, acceptance, etc. The potential to uncover new competitive advantages through internal development, The capacity to forecast up-and-coming technologies to construct an investment road map that always keeps the competition a technological step behind. Globalization is an influential modern topic that highlights the growing interdependence between different countries worldwide, necessitating managers to appropriately incorporate this trend within their strategies. Low-cost strategies are when companies sell a product or service at the lowest possible price point to stay competitive. Linguistic differences, while certainly a challenge, are tangible and straightforward. The opportunity cost of efficiency is associated with quality, which generally sees higher price points. There are four key issues that all project managers must resolve when managing projects, issues focused on ensuring project success, preventing project failures, enhancing project team competencies, and cultivating effective project managers. In such a situation, companies compete directly. Managers must also be particularly aware of the current criticisms of a highly global society, particularly as it pertains to ethical and environmental considerations. The most substantial threat these communicative barriers and homogeneous tendencies create could loosely be defined as groupthink. This trend affords the food industry opportunities to create products that meet this social desire; as a result, candy manufacturers may want want to consider diversification. Though this is only a simplified and small analysis of a complicated issue, it succinctly describes how corporate management saw each echelon of leadership ignore the core responsibility of ensuring ethical standards in lieu of capital gains. Management has become more specific with the formation of different disciplines. At times, workers or supervisors may act dishonestly in order to meet their work targets. Write CSS OR LESS and hit save. Keeping pace with technology and adapting accordingly are important strategies to sidestep threats and embrace opportunities. 5 Current Challenges To Operations Management blog header 5 Current Challenges To Operations Management. Intercultural marketplaces allow for differing demographics, larger market potential, a more diverse customer base (and therefore more diverse product offering) and a highly valuable human resource potential. Majorities in businesses creating a homogeneous culture is also a substantial threat, as company culture is a direct product of the participants (employees). 3. About this journal. As a result, managers should carefully consider how to best localize products to retain cultural identity in the regions they operate. The simplest perspective on competition is in industries where products are homogeneous (or very alike). In panel A, both companies’ products have the same cost, but Company I’s product has higher value. All human beings, but it seems business leaders in particular, find great discomfort in uncertainty. The ease of modern globalization is often attributed to rapid technological developments in transportation and communication. The social movement of living “green” is another example of this kind of macro-environmental opportunity or potential threat. Explain the inherent value diversity generates in the competitive landscape and the challenges globalization presents. Different perspectives are where the highest value can be captured in diverse environments. When a customer sees the sports drink and chooses it over the cola, the cola has lost a sale to an internal competitor. This global culture is often criticized for taking the place of previously established domestic cultures (and motivating consumerism). No “grand theories” like those we have discussed previously in this module have emerged to address these new challenges. Daily Report Staff - … Yes, confrontations—those messy people issues—are probably the single most troubling challenge of the manager job for many people. Corporate ethics and shareholder desires for profitability are not always aligned, and it is the responsibility of executive management to ensure ethics supersede profitability. Overlooking these customs sends unintentional messages that can do irreversible damage. Banks eliminated certain rules and regulations (though the government did as well), allowing employees to sell mortgages that were unlikely to be repaid. Managers should also be aware of the best way to approach global demographics from a business to consumer perspective, taking an international product or service and localizing it successfully. Majority cultures have a tendency to create a homogeneous environment, possibly limiting the potential diverse opinions can provide. Businesses should create strategic business units focused solely upon managing a company’s technological strategy. Being mindful of the potential opportunities in a global economy, along with knowledge of how to localize and sidestep the negatives in an international marketplace, can capture large value for effective managers. The organization must place an international focus on product design, development, and QA to ensure its broad relevance while also localizing marketing to tailor its appeal to individual markets. Management is at fault for … Current Trends and Issues in Operations Management Introduction Operation management is a wide discipline which deals with the management of organization functions effectively. An example of internal competition is PepsiCo. Low-cost suppliers often benefit largely from economies of scale. This is often difficult for a new mid-level manager who has never quite understood herself. This has led to the existence of many multinational enterprises (MNEs), who argue that survival in the newly globalized economy requires sourcing of raw materials, services, production, and labor. This is important for two reasons: Developing new technologies in-house is particularly relevant to industries on the cutting edge (e.g., semiconductors, green energy initiatives, TVs, etc. In the 1960s, the U.S. begin identifying trends in workplace diversity and addressed them with legislation. Recognize the opportunities and threats inherent in the technological landscape from a business perspective, and how to manage these. Politics play a role in business, as there is a balance between free markets and systems of control. With these points in mind, managers must thoroughly understand the products they are pitching and which strategy will help them avoid going toe-to-toe with other businesses with whom they cannot compete. by Kettering University Online 17 July 2018. Building an environment of ethical transparency is a challenge that managers face. For example, in the United States, consumers are becoming more health-conscious. Every day … Change is an invariable fixture of the universe. Current Issues Confronting Hospital Managers. A global economy is, in many ways, enforcing a global culture. Leading up to the mortgage-backed security fallout of 2008, banks and investors began to prioritize profitability over ethics. Adroit management must also work actively against groupthink, empowering everyone not only to speak but to be brave enough to go against the majority opinion. Globalization has resulted in enormous cross-cultural relationships, along with high percentages of domestic diversity. For example, in China it is quite important to understand the concept of guanxi (face), particularly as it pertains to paying respect to guests or superiors. This journal self-study emphasizes clinical decision-making in swallowing and dysphagia management. Learning new languages or translating materials is a reasonably effective approach to addressing these difficulties. Management is tasked with ensuring these resources are available to employees and properly leveraged to optimize the geographic reach of a business’s operations. From a managerial perspective, the global workplace implies an enormous amount of diversity management. Part of every sport manager's job is to make … Management is at fault for this oversight; it was a failure in corporate governance. Managers must understand a company’s competitive advantage and build a strategy that takes into account the competitive landscape. Click to become an INSIDER for about $1 a week. Appropriately funding research initiatives that not only keep track of new innovation but actively seek out strategic solutions creatively offers companies the best chance of survival in the global marketplace. GET THE APP. Sports management is a term that encompasses professional sports, collegiate sports, recreational sports, and health and fitness. Technology management is crucial in offsetting the risks of new technology while acquiring the operational benefits it provides. What you want to avoid is a form of collective project amnesia where issues come up and never get resolved. Estimates of the world labor pool in 2005 noted that multinational companies employed a stunning 3 billion workers cumulatively, which is nearly half of the entire world population. We don’t yet have the answers to most of these questions. The impact of business upon the environment is a growing concern, and companies must consider both the social and political segments of PESTEL in conjunction with environmental factors. Managers must be responsible because businesses as a whole cannot, and this responsibility towards integrity lies at the heart of management. BTM can therefore be divided into four elements: While managers are focused upon these four aspects of BTM, they must also keep future growth and technology scaling in mind. Five issues facing business management today. Cost vs. quality: Companies generally achieve either a cost or a quality advantage (very rarely, both). This chart illustrates the process of moving from an international product to a localized product step by step, making note of the element of production that can be universally applied compared to those that need a localized touch. Few jobs, or even careers, are for life now with the average time spent in a job … Environmental concerns are of large importance as well, as the constant energy utilization required for this interchange pollutes the environment and uses high quantities of valuable energy-creating resources. Quality is therefore a strong antithesis to the low-cost strategy. When working over 40 hours a week, hourly employees are entitled to overtime pay. Therefore, staying competitive requires the creation of an effectively diverse workplace. Issues in Management: Articles from SAGE Business Researcher offers a new collection of timely readings that delve into the latest issues and controversies in management, such as the changing nature of work, the gig economy, and team management in a digital age. Managing employees responsibly and putting their well-being first is an important step in this process, as is considering the wider implications of opening a new factory that pollutes or selling a highly unhealthy food product. Corporate governance and ethics become more difficult with the indirect implications of particular practices, making it important to assess the way in which certain operations may adversely affect the community at large. The last factor in PESTEL concerns legal elements, which can also be tied to the political framework. Get exclusive content only available to INSIDERS. Current Issue - Journal of Entrepreneurship and Organization Management displays the articles that are accepted and meant for publication during that month. Heath defines the issues management function in the following way: “Issues management is a process for establishing a platform of fact, value, and policy to guide organizational performance while deciding on the content of messages used to communicate with target publics.” Heath (1997), p. 45. So you know that there are big mistakes that can be made. Management Yum Brands’ CEO Orders Fast-Food Growth To Go Yum Brands’ David Gibbs discusses a post-pandemic future with multiple drive-through lanes and less dine-in business. Effective communication is so hard be… Recognizing the potential technologies available to optimize internal efficiency, or to avoid letting a product or service become technologically obsolete, is a large challenge for management. PESTEL stands for the political, economic, social, technological, environmental, and legal influences a businesses encounters as it pursues its objectives. Managers now focus on specific aspects of organizational management: operations management, financial management, marketing management, human resourc… On the other end of the bargain, managers are tasked with localizing products and services effectively in a way that minimizes the adverse cultural and environmental effects caused by this rapid global expansion to maintain an ethical operation. Managers are the primary decision makers, and therefore must hold themselves accountable for the way in which a business operates and affects stakeholders, shareholders, employees, and the community at large. Finally, there is the potential to compete externally based upon quality. 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