Hence to successfully compete, survive and flourish, an enterprise has to pursue an expansion strategy. There are following advantages and requirements for adopting the same: • It is adopted to gain a significant growth as compared to incremental growth envisaged in stability strategies. • It is also adopted to increase the rate of growth of sales, profits and shares by entering new markets, acquiring new resources, developing new technologies and creating new managerial capabilities. • It also provides a blueprint to the business eneterprise to achieve their long term growth objectives. • It allows the companies to maintain their competitive edge even in advanced stages of product and market
The core purpose represents the organization’s fundamental reason for existing. A valid core purpose reflects the importance people attach to the company’s work—it taps their idealistic motivations—and gets at the deeper reasons for an organization’s existence beyond just making money. 3.Visionary goals The visionary goals are the lofty objectives that the company 's management decides to pursue. This vision describes some milestone that the company will reach in the future and may require a decade or more to achieve. In contrast to the core ideology that the company discovers, visionary goals are selected.
Q1) Today’s organizations have to deal with dynamic and uncertain environments. In order to be successful, organizations must be strategically aware. They must understand how changes in their competitive environment are unfolding. They should actively look for opportunities to exploit their strategic abilities, adapt and seek improvements in every area of the business, building on awareness and understanding of current strategies and successes. Organization must be able to act quickly in response to opportunities and barriers.
According to Keininham & Aksoy(2009), success of any enterprises in long term is heavily depend on the quality and loyalty of its employee. Loyal employees are assets to an enterprise, the key for its success is their retention; for one, their loyalty can attract customers for enterprise. Given their significance, employers need to find out how to identify and keep loyal employees. The truth that an employee who has been working in an enterprise for many years does not mean that he or she is loyal to the enterprise. For example, he or she may lack of skills to get a better job or he or she just think this job is enough for live but no motivation to improve.
Thus, employees remain focused regarding the organisational direction and do not stray from their roles and responsibilities. For example, before starting a new project, a manager presents the goals and organisational benefits of the project to his/her team members. Leadership Leads to Effective Planning: Leaders provided a structured approach to generate a plan of action to achieve organisational goals. Planning helps employees to identify, contribute to, and understand their roles in achieving defined objectives. For example, when a new project starts , a manager defines the role of each team
Setting the Corporate Objectives: Once the firm develops its mission, defines its business and scans its environment and internal capabilities, it is ready to set its corporate objectives. The main task here is to decide the extent of growth, the firm wants to achieve. The firm examines its present level of performance, its achievable level of performance. The objectives are set in a measurable and time-bound manner. After setting the objectives with maximum clarity, the firm must also prescribe their hierarchy /priorities.
Introduction:- Corporate social responsibility means seriously considering the impact of a company’s actions on the society. – Bauer The obligation of decision makers to take actions which protect and improve the welfare of the society as a whole along with their interests. – Davis and Bomstrom Corporate Social Responsibility is a concept that integrates a company 's social concerns with their business operations. It aims to create trust between various stakeholders and eventually attain of sustainable development. Community service and ethical way of functioning only helps to gain more business and increase the adherence of the code of conduct.
Motivating cultural behavior within an organization builds up binding within the employees of an organization, which automatically makes them put in their efforts in a boosted up manner. This forms teamwork within the organization, which is a massive positive element to beachieved by any firm within the industry. Moreover, good culture within an organization will also ensure that relations within the employees are strengthened, which will automatically increase productivity of each of these employees. Delegates endeavor their level best to perform better than their related workers and win affirmation and vitality about the supervisors.Moreover, good and constructiveorganizational culture will also raise the reputation of the organization within the industry, which will help the management to build a brand value of the firm. Therefore, it can be quiet reasonablycommented that the organizational culture of an organization plays a huge role of significancein successachieving within the industry(Dunkerley, 2012).
Introduction In any organisation, a good leadership is important to motivate their subordinates, bring the organisation forward and achieve its goals. A good leader has a clear vision and passion to influence their followers. Job satisfaction and organisational commitment are important factors in determining organizational efficiency. Robbins & Judge (2013) defined leadership as the ability to influence a group toward the achievement of a vision or set of goals and to perform at their highest capability (Rad and Yarmohammadian, 2006). Fuziah & Mohd Izham (2011) stated transformational leadership is effective in sustaining schools as learning organisations.
• What is the influence of leadership and strategy on corporate culture? • Why is corporate culture so important in strategy? THEORETICAL FRAMEWORK The theoretical model showed in the study views organizations as sets of critical resources that empower firms to compete (Barney, 1991). In this framework, performance variances across companies can be attributed to variations in their capabilities, skills and resources, the latter of which importantly includes organizational culture. If an organization’s resources are rare, valuable, difficult to replicate and non-substitutable, they provide the basis for sustainable competitive advantage.