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Strategic Development - Assignment

   

Added on  2020-10-05

12 Pages3297 Words496 Views
Leadership ManagementEnvironmental ScienceEconomicsPolitical Science
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StrategicDevelopment ofOrganisations in theAge of Uncertainty
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TABLE OF CONTENTSINTRODUCTION:..........................................................................................................................1LITERATURE REVIEW:...............................................................................................................1CONCLUSION :..............................................................................................................................7REFERENCES :..............................................................................................................................8
Strategic Development - Assignment_2

INTRODUCTION:Liberalisation, privatisation and globalisation has created a single platform for business toexpand their operations worldwide. It has enabled them to take advantage of LPG to generatemore profits. But on the other hand, business operations are highly affected due to change to this.It is because of increase in competition in different market (Black and Devercelli, 2017) Thus,in order to remain survive for long run various strategies are being developed. In recent time,uncertainty in market condition is a major challenge faced by business. This has forced them tofocus on decision making so that it can survive for long term. It has transformed the way oftaking decisions and developing strategies. Also, emphasises is made going in strategic wayrather than for long term. Now, short term goals are achieved that will lead to attaining overallmission and vision. LITERATURE REVIEW:Uncertainty in market condition is a common factor that is affecting business. Along withthis, various external factors has also affected growth and development of business. This is thereason why business are focusing on changing their procedure and process regularly in order todeal with those situations effectively (Voß and Kemp, 2015) An effective planning is done toallocate resources. Apart from this, tools and equipments are used in analysing the marketconditions such as surveys, etc. with this it has been easy for managers to develop plans andstrategies. Also, a great impact can be seen in use of technology by organisation. It has boostedtheir growth. They are able to develop products and maintain quality of services. There is need tofollow strategic development plan so that organisation ability is not harmed by change inexternal factor. Also, stakeholders and top management must focus on priorities rather than goalsand objectives. It will help in smooth flow of business operations. Moreover, it will be easy toexpand in those current market so that competitive advantage can be strengthen. According to Camisón and Villar-López, 2014 differences in social, political andeconomic environments business are affected by areas of uncertainty. These areas includeindustrial democracy, government regulation, technological change, etc. also, it has covered bothprivate and public sectors as well. As per view of Hickman and Silva, 2018 the sectors includesfinancial, service, etc. Thus, business is not able to deal with them. It has lead to increase in cost
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due to failure of strategies. Moreover, manager has to deal with difficult situations. Due to thisbusiness operations are affected, thus resulting in product quality and services. As elucidated byAras and Crowther, 2016 the success of business is dependent on its strategic development. Thegoals and objectives are transformed and now they depend on market condition. Also, managerhas been able to understand those conditions in proper manner. This has enabled in effectivedecision making as well as strategic planning. According to Avgerou and Walsham, 2017change in business planning has created a positive impact on its growth and development.Strategies are developed on the basis of market condition. It has helped in moving business inright direction. By developing specific goals, business is able to maintain pace in their growth. Ithas enabled them to expand in different markets. In the opinion of Cusumano, Kahl and Suarez, 2015 strategic planning has allowedorganisations to focus on change in external factor rather than customers taste. This is the reasonwhy companies are easily able to cope up with change. In recent time, there has been severaluncertain changes in economy. This is due to developments in technology and other factors. It issaid by Hurlbert and Gupta, 2015 that change in external factors in due to LPG. Many businessare emerging in new markets. It has lead to change in economy of that market. Along with this,change in political, conditions, fluctuations in currency rate, etc. are some major factors that hasautomatically led to strategic development. Some research is done in this field. It has alsoconcluded that organisations are not limited to one area. In order to earn more profits they areexpanding significantly. Fraj, Matute and Melero, 2015 said that constant change in strategieshas forced business to improve overall functions. They are able to compete in the market. Inaddition to this, changing of strategies has reduced the chances of impact. It has made significantmodification in implementation of strategy as well. Manager analyse the overall pros and cons ofstrategy and then implement it. According to Black and Devercelli, 2017 in decision making process employees are alsoallowed to participate. Other than this, stakeholders are highly involved in developing strategies.They provide useful data and information about the market and by analysing it strategies aredeveloped. In the view of Voß and Kemp, 2015 this strategic change has enabled organisationin minimising the impact of change in external factor. Organisation first use find out its
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