An evaluation of the key factors needed to gain the commitment of internal and external stakeholders when communicating vision Since stakeholders are the individuals and groups who can affect and are affected by the strategy outcomes; and who have enforceable claims on the firm 's performance, their support to the business firm, together with their expectations from it, are important part of success of strategic management processes of the organisation. It therefore rests upon the organisation to honour their support and to make a significant effort in fulfilling their needs and expectations. External stakeholders constitute customers, suppliers, unions, mass media, bankers, creditors, and local communities while internal stakeholders constitute
Strategic HR takes a more proactive stand and understands the organizations’ business plans well, and formulates HR plans such that they are in alignment to the organizations’ business plans. For HR to be effective and to have a business critical impact, the focus should be on strategic HR. Strategic HRM is concerned with the relationship between human resource management and strategic management in the firm. Strategic HRM refers to the overall direction the organization wishes to pursue in order to achieve its goals through people. The key characteristic of strategic HRM is that it is integrated.
Strategic management is essential for companies to manage their business strategy and analysing the macro environment is a critical component. Two common but very useful tools to examine a company’s environment are PESTLE and SWOT. A PESTLE analysis is a framework used for identifying and analysing external factors in an organisation’s macro environment (Johnson et al, 2011) and is a mnemonic for Political, Economic, Socio-cultural, Technological, Legal and Environmental factors. A SWOT is a situational analysis used to examine the internal and external factors that may impact the strategic plans of an organization and is a mnemonic for Strengths, weaknesses, opportunities and Threats. Opportunities and threats are used to examine the external environment and strengths and weaknesses the internal environment.
Operations management is a very important aspect of any business in the marketplace because it determines the quality of products and services of a business. The fact that, the operations management as a branch of management is concerned with designing and controlling the process of production means that, the outcome of a product or service in an organization is a result of the strategic or lack of strategic operations decisions. Organization must engage innovative operations management strategies that aim at cutting costs and increasing the quality of products and services in a business. Operations management as a form of management is characterized with effectiveness and efficiency, whereby, when management fails to make strategic decisions
It is very important to focus on the way data is entered, stored and managed. Data categories such as master data and transactional data are essential for the smooth operation of a firm. Master data represent business elements that are common in more than one transactional application. Master data describe people such as customers, employees, vendors, products such as name of the item, color, size, flavor, weight, volume, brand and location such as store, depot, delivery location, sales territories. The quality of the data must focus on the accuracy and reliability.
0.0 Introduction Economic monopoly caused by market access restrictions, mainly for the exclusive access to market opportunities, once the economic monopoly, the opportunity to enter this the market by new investment is difficulty. The principal of economic monopolies are not share the opportunity to enter the market with others, but also do not share new market opportunities with other undertakings. 1.0 Monopoly in the context of Economics Monopoly is a market structure where only one firm only exists in it to producing a specific goods and services to consumer. They are referred to as the monopolist. They control the whole market share, as they do not have any competition and has ability to control the production and pricing.
It doesn’t have emotions, feelings, reproduction, thinking power, intelligence, and sense like human beings. They even don't have the criterion of a life. There is no any biological mechanism inside a machine. Its functions are completely depended upon the manufacturing of human beings. They only work as per the programming and data are fed into their mechanical CPU.
SWOT In this section, it going to be presented a whole picture of the company through the analysis of the strengths, weaknesses, threats and opportunities of Oakley. SWOT analysis is a useful tool that allows managers to better understand the insights obtained from both the internal and external analysis. Strengths and weaknesses represent the internal part of the company, so what can be directly change via direct management, while opportunities and threats represent the external elements not controlled by the company. • Strengths Regarding the strengths of Oakley, it is important to highlight the fact that Oakley enjoys of a really strong brand image, which is built thanks to the consistency and coherence of their brands attitudes, values and campaigns, furthermore the reputation of Oakley among its customers is also really high due to the brand loyalty which is based on the confidence that customers have towards Oakley’s technology. It is also relevant to comment that the vertical integration model of the company allows Oakley to have larger margins as well as monitor and control all the steps of the value chain.
2.0 Congruence Model of Effectiveness According to the Congruence Model of Effectiveness, an organization can be most effective when there is a state of congruence or compatibility between various elements of the organization. The various elements can be classified into internal context, external environment and patterns of employee behaviour. Effectiveness arises when the organization emphasizes on the alignment of internal context of the organization with the external environment. The emphasis is related to how employees act and interact with the external marketplace in which the organization lives and competes. To achieve alignment between Nokia and its external environment, Nokia must respond to external environmental changes by aligning its organizational purpose, strategy, business model and organizational design with the changes as a result of customer, employee, and investor expectations; social or cultural forces, technological changes, labour market
It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Internal auditing helps an enterprise in several ways. As stated by Angelova and Koleva (2000), it helps in a more efficient decision-making and gives reasonable assurance to the management regarding its operations. Additionally, it also assists the management with an effective discharge of responsibilities, helps give advice, information and recommendation, contributes to performance improvement, and assists the management with the achievement of its objectives and goals. According to them, internal audit has an important role in managing the risks of an enterprise.