Factors Influencing Modern Management

This assignment delves into the factors shaping contemporary management. It examines the influence of globalization, technological advancements, and various business, social, and ethical theories on organizational structures and practices. The analysis includes a case study of Morrison's organization and explores essential leadership qualities in today's dynamic business environment.

CONTEMPORARY STRATEGIC ISSUES
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Table of contents
Introduction......................................................................................................................................3
Comprehensive understanding of the prevalent issues influencing management and managerial
role...................................................................................................................................................3
Intellectual ability gained through multimedia and literature resource...........................................4
Utilisation of business, social and ethical theories in a company....................................................5
Chief leadership traits and business management aspects...............................................................6
Conclusion.......................................................................................................................................7
References:......................................................................................................................................8
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Introduction
The system of management and the way it works is always changing and evolving to adjust itself
with the ever-changing trend of the present business world. Many issues are present which
influences an organisation to take major decisions accordingly. The presented essay is thus an
elaborate discussion regarding the existing strategic issues which are adapted by various
organisations in order to improve and develop the way it is system works. In this essay, various
important social, ethical and business theories are discussed and explored in order to understand
better how these theories can be applied practically within the realm of an organisation in order
to develop its existing system of operation. Ideas from various multimedia and literature
resources are also taken and explored to get an overall understanding of the utility of those ideas
within the context of an organisation. Key leadership traits and management features and how
they are important to better an organisation are also explained. The significance of a manager's
responsibility regarding the identification of the issues is also discussed in the essay.
Comprehensive understanding of the prevalent issues influencing
management and managerial role
In the world of 21st century, various issues have emerged which influences and affects the
functioning system of management. With the advent of globalisation, the barriers among
different nations are gradually melting, paving way for a greater path of interconnection. Aided
by improved and advanced technology, the new trend of globalisation has made a great impact
on worldwide business. The supremacy of the Western countries does not exist any longer as the
developing nations are now entering in the field of global business making their presence felt.
As a result, the management of established organisations is trying to find innovative ways to
maintain their superior position. One of the chief factors which are responsible for bringing in
the wind of change is technology (Baylis and Gray, 2015, p.78).The way technology has
changed and impacted the existing management system of the organisations is noteworthy. Most
of the business in today's world is done with the help of wired market. From arranging
promotional events, marketing to attracting customers, fulfilling customer demands to answer
their complaints, feedbacks everything can be done via social media, websites and email. The
advanced technology has also enabled organisations to carry out their functions effectively. In
the competitive world, sustainability has gained an important factor forcing the management
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system to change its existing working strategy. Management sections of different organisations
are thinking of innovative methods and measures to adapt to the changing society. In order to run
a business successfully it is necessary to know the requirements, demands of customers, herein
lays the importance of knowing human psychology. One of the chief roles of the management
section of an organisation is to have a proper customer research. Knowing the requirements,
needs, demands, and wishes of consumers is a challenging task as they keep changing with time.
Hence, a conducting a psychological study is gradually gaining importance in order to be well
aware of the changing taste of consumers (David and David, 2016, p.56).
Various responsibilities are present which must be carried out efficiently by the manager. With
the emergence of globalisation, the present market situation has also changed to a considerable
extent, new companies rising giving tough competitions to the established organisations. One of
the chief roles of the manager is to be efficient in communication to maintain a healthy
relationship with its competitors. Along with this, he must employ his negotiating skill to know
what strategies the fellow competitors are adapting.
Intellectual ability gained through multimedia and literature resource
It is a known fact that gaining knowledge from different sources regarding a certain matter
always helps to acquire intellectual ability. Two major sources from where potential knowledge
can be gathered to develop and improve the working management of an organisation are the
sources of literature and multimedia (Bromiley et al. 2015, p.266). Various organisations are
employing the tool of knowledge management, however, few have realised its true potential. A
common notion regarding this is that it helps a management to identify, develop and utilise its
intelligent assets accordingly. A management section can improve much if it can properly utilise
its acquired knowledge. This knowledge helps to be well aware of how an organisation is
working, both on the external and internal level. Knowing the current market trend, how the
other organisations are attracting the attention of customers, the methods which can be modified
and implemented by the management in order to strengthen and expand the business of its
organisations, all these data can be collected. Apart from this, knowing the internal functions, the
possible shortcomings of the organisations and how those can be resolved are also very much
important to make the base of the organisation strong and firm (Chan et al. 2016, p.890).
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In the present world of multimedia, the world of marketing and management has become much
easier to manage and control. One can gain and utilise so much knowledge from this sector. With
this world of multimedia, an organisation has much scope for improvement and development.
Various promotions and advertisements can be done with the medium of television, social
networking sites. Apart from this, platforms of various online social media sites can also be
effectively employed to conduct market research, to know the present fashion or trend.
Attracting customer attention, knowing their demands and varied requirements and even how to
manage all these activities can be known with the help of multimedia. Employing this source a
management can also assess the present situation of the global market and can take required
measures to turn the market situation to its favour. Taking help from this source, the
management can also create and build new innovative ideas that will help the organisation to
thrive and maintain its stability in the competitive market (Alonso et al. 2015, p.170).
Utilisation of business, social and ethical theories in a company
Various social, ethical, business theories can also be used in a company in order to develop and
improve the organisation. This can be clearly exemplified taking the example of Morrison's
organisation. One example of the social theory which can be employed is the contractual theory
of government. This theory states that it is mandatory for people of a society to pay taxes to the
government and to serve in the military and this they must do willingly. However, in return, the
government must listen and fulfil the demands of the people. As per the theory, the government
is given the power to safeguard the rights and properties of its people. This theory can be
effectively applied by the management of Morrisons. Connecting with the customers and
providing their required products is the main objective of the organisations which can only be
done if proper cooperation and dedication to work exist within the employees of the
organisation. However, in return for the dedicated labour of the employees, it is the
responsibility of the organisation to see that its employees are satisfied to work under the
organisation (Ferrell and Fraedrich, 2015, p.548).
Ethical theory is a major factor which needs to be considered by the Morrisons organisations. At
present, it is the fourth biggest chain of supermarket exists in the UK. The organisation of
Morrisons holds a respected reputation not only among its customers but also among its
employees. However, the organisation can improve more if it practices certain ethical theories
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which include the theory of Egoism (fulfilment of self-needs), Deontology (responsibility), Care
Ethics (empathy, vulnerability and relationship) and Utilitarianism (consideration for
everyone's pleasure and pain). There are many theories which are quite useful, however, these
four theories are considered crucial in order to better the system of the organisation. It is true that
an organisation must see whether it is able to complete its objective and achieve success in the
prevalent market, however, it also has certain responsibilities both towards its customers as well
as its employees (Magelssen et al. 2016, p.27). The organisation must fulfil the requirements and
demands of its customers; along with this the organisation must also create a convenient
atmosphere for its employees so that they give their best output which in turn will help the
organisation to thrive. The theory of care of ethics, on the other hand, means that the
organisation cannot take any measure that will hurt the religious, moral sentiments and feelings
of both the customers as well as its employees.
One of the best business theories which can be applied by the Morrisons is Systems Theory. This
theory suggests a manager acknowledge and understand how a system of organisation works and
the different working situation of every worker and hence takes his decisions accordingly that
will suit with the condition of every employee. This theory has a broader perspective which can
be quite effective in developing the working system of the organisation (Chell et al. 2016,
p.671).
Chief leadership traits and business management aspects
An efficient manager must possess the traits of a good leader in order to improve the
management system of a business. Crafting new ideas and making various plans is one of the
chief tasks of a manager, however, he must also have the potential to encourage and lead his
employees to achieve success. The manager must also know the art of negotiation which is one
of the chief responsibilities that must be properly executed (Northouse, 2015, p.48). While the
company is taking decisions regarding suppliers, competitors or making contracts, it is the duty
of the manager to negotiate with various suppliers, contractors, employees as well as
competitors. Apart from these functions, the manager must also know how to be a positive
figurehead whom the consumers, employees and other stakeholders will follow willingly. Most
of the important decisions, functions, and actions fall on the shoulders of the manager hence he
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must how to communicate effectively with people, because without the tool of communication, it
is impossible to handle the managerial tasks (DuBrin, 2015, p.934).
The management section of an organisation holds more than one responsibility. It is the section
which handles and adapts to the changes in internal as well as the external environment of an
organisation. Hence, the responsibility of the manager is bound to be greater than the other
sections (Demirtas and Akdogan, 2015, p.60).
Conclusion
In today's world of business management, various organisations are seeking new innovative
ways and methods in order to maintain and expand their business worldwide. A comprehensive
discussion has been conducted regarding the current factors which the present management
system. Factors like globalisation, technology are changing the current map of the existing
management system. Organisations have become more dynamic, establishing communications
have never been this much easier, which in turn is influencing the overall market situation.
Various businesses, social and ethical theories are also discussed and explored in terms of its
practicability, taking the example of Morrison's organisation. Last but not the least, the chief
factors of leadership is also discussed.
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References:
Alonso, D.A., Mamagkakis, S., Poucet, C., Peón-Quirós, M., Bartzas, A., Catthoor, F. and
Soudris, D., 2015. Dynamic memory management optimization for multimedia applications. In
Dynamic Memory Management for Embedded Systems (pp. 167-192). Springer International
Publishing.
Baylis, J. and Gray, C.S., (2015). Strategy in the contemporary world: an introduction to
strategic studies. Oxford University Press.
Bromiley, P., McShane, M., Nair, A. and Rustambekov, E., 2015. Enterprise risk management:
Review, critique, and research directions. Long range planning, 48(4), pp.265-276.
Chan, T.K., Cheung, C.M. and Lee, Z.W., 2016. The state of online impulse-buying research: A
literature analysis. Information & Management.
Chell, E., Spence, L.J., Perrini, F. and Harris, J.D., 2016. Social entrepreneurship and business
ethics: does social equal ethical?. Journal of Business Ethics, 133(4), pp.619-625.
David, F. and David, F.R., 2016. Strategic Management: A Competitive Advantage Approach,
Concepts and Cases.
Demirtas, O. and Akdogan, A.A., 2015. The effect of ethical leadership behavior on ethical
climate, turnover intention, and affective commitment. Journal of Business Ethics, 130(1),
pp.59-67.
DuBrin, A.J., 2015. Leadership: Research findings, practice, and skills. Nelson Education.
Ferrell, O.C. and Fraedrich, J., 2015. Business ethics: Ethical decision making & cases. Nelson
Education.
Magelssen, M., Pedersen, R. and Førde, R., (2016). Four roles of ethical theory in clinical ethics
consultation. The American Journal of Bioethics, 16(9), pp.26-33.
Northouse, P.G., 2015. Leadership: Theory and practice. Sage publications.
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