Contemporary Management Issues in the 21st Century

This essay discusses the challenges faced by business organizations in the 21st century and how managers use entrepreneurial theories and contingency plans to overcome them. It covers the significance of contingency plans, the use of innovation models, and the impact of globalization on business operations. The essay also highlights the importance of leadership and professional services in improving organizational effectiveness. Subject: Management, Course Code: NA, College/University: NA

Contemporary
Management
Issues in the 21st
Century

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................2
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................6

INTRODUCTION
It is not an easy task to regulate the operational activities of a business organization in the
market. The organization has to face a lot of challenges and issues which are managed by the top
level management of the organization with the help of various Research and strategic Tools and
techniques. This essay present the challenges with the prospective of entrepreneurship with the
help of examples which may bring out from the reading of an article provided "Causation and
Effectuation: Towards a theoretical shift from Economic Inevitability to Entrepreneurial
Contingency". This report deals with theories of entrepreneurship through which managers
enable effective working of business operations in the organization. In addition to this it also
covers the significance of contingency plans.
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MAIN BODY
Due to the several factors of market such as complexity, uncertainty and many more, it
becomes very difficult to operate business operations in the current market. From the given
article, sum of considering elements are recruitment of hiring decisions pricing decision scope of
operations and firm value. It become more difficult to define the business strategies a for a
business manager because of the presence of a high market uncertainties and complexities. It has
been found at the challenges of business organization are different from business to business and
it depend on the nature and size of Organization operating in the corporate market (Song, 2019) .
Any decision in the business organization has been taken only after evaluating the varieties of
market factor which include consumer behavior. Business environment is consider as an
important market factor because all the operations of the business organization has been
regulated under it. In order to enhancing the business activities and filtering the process of
business as per the required standards of the corporate firm, risk management plays an important
role.
Each and every business organization have a number of innovation models which they
use for effective working of the organization. The use of these models in the business
organisation provides a better guidance to them which also leads to the development of effective
standard of working at workplace. The term Blue Ocean strategy refers to chasing along with
low cost to open up market space and thus creating new demand in the given market place.
Exploiting existing demand, completing in uncertain markets, making the value cost trade off
and beating competition are considered as the focus point of the given strategy. For instance
taking deliberations of retail store in UK i.e. Tesco, manager performed activity of innovation by
inventing self checkout tills in there stores. This innovation result in the the better customer
relationship as they are providing better advantage as compared to their competitors and
providing excellent innovative Store services to their customers (Bigliardi and Galati, 2018). The
given example support the statement: Nike is multinational brand of clothes best in US perform
innovation in "Nike Flywire Support System". Nike has followed this innovation with several
products such as Hyperdunk basketball shoes, Lunarlite form cushioning and many more.
In the given article of Saravathy, an experiment has been included; Curry in a Hurry and
U-Haul organization. There are lots of business issues and challenges which are faced by the
business organization and management do various evaluations and then make an effective
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management strategy is a to solve each business challenge or issue. Cost reduction techniques
are also included in search strategies. If such a strategic techniques are not followed in the
correct manner it might result in the decrease in productivity of the organization. Management
took initiatives to work on the business issues and challenges which are being identified in the
operational business market.
It is analyzed that the management of new developing Ventures perform their business
operation server with the motive of completing all the operations with more efficiency which
result in increasing the productivity of organization. According to the given article, globalization
is found as the most challenging factor as it is creating a lot of problems which include number
of competitors which result in the delay in the policies of company in the international market
(Withers and et. al., 2018). For the purpose of upcoming from these challenges of Management
or authority of organization require more knowledge. Hence the first traditional model describes
the role which leads to the increase in the market area engaged in the company factors.
Several of business organization Undertaker various effective entrepreneurial theories
and models. In order to influence the potential growth and enable the organization to defend
effective business working under several of uncertain and various competitive market situations,
these theories have been used (Jena, 2020). This theory leads to the effective working of the the
business organisation while introducing some innovation in their operational work. It also leads
to the focus on the status of the firm and performance of firm. By the use of such models and
theories of Management, business firm takes the consideration of external and internal factors
which affect the operational working of the business organization. On the other hand it helps the
business manager to take the consideration of such factors and developing the effective business
strategy at workplace. It can be said that this model make sure the effective working of business
firm can create the better understanding of its market situation. Along with this it also plays and
Vital role in developing the capability is of firm in the terms of handling competition. Leadership
has its own importance at workplace as it provide opportunities to the management to focus on
the decided number of opportunities (Macke and et. al., 2018). For new developing venture,
effectiveness of a business organization is directly leads to the the quality performance of
operational working. For the purpose of improving quality of working, professional services in
the business organization have in a engaged. It can be considered as the key element for the
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purpose of maximizing the organizational effectiveness along with the market area to engage the
effective and appropriate approaches.
By adopting various entrepreneurship theories and innovation challenges, managers are able
to identifying the potential visions of firm. It also leads to the development of effective working
environment in the business organization. This theory implies a good impact on the working
process of the organization. After identifying the clear vision of the business organizations
managers are able to implement the correct strategy is a for the purpose of reaching to the goals
and objectives of the organization (Rossignoli, Ricciardi and Bonomi, 2018). By applying this
technique managers are able to understand the key requirements of the business market and then
initiate the effective efforts towards the objective of organization. Through this, the true value of
business organization can be drives.
Contingency plans are defined as the plans and strategies which are adopted by the business
organization for the purpose of reducing the impact of risk factors to our organization. These
management plans are related to the improvement in the productivity of the organization in the
given market place (Zeng, 2018). It also protect the organization by various uncertainty is of
market. Such plans are also leads to the development of potential of the corporate business which
enable the organization working under various competitive factors of market and prove their
product as the best product while working with the barriers number of stakeholders.
CONCLUSION
It has been concluded from the above essay a data business managers and leaders both are
important for a business organization as they perform the function of developing the business
policies and strategies which leads to the defining of True values of the effective business
organization. It has been also analyzed that while performing the business operations at
workplace, business organization face several of issues and challenges. By developing the
effective entrepreneurial theories and models, managers of organization deal with the concern
issues and challenges. In order to reducing the risk and functioning in an effective manner in the
business market, role of contingency plans has been considered.
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