BO1BSRE301 Group Case Studies Assignment Sample
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Managing Family Businesses in Small Communities:
Reference List:
Young, M. and Cater III, J.J., 2016. COMMUNITY INVOLVEMENT AND THE HOMETOWN EFFECT: A FACTOR IN FAMILY BUSINESS EXPANSION PATTERNS. Business Studies Journal, 8(2).
Campbell, J.M. and Park, J., 2017. Extending the resource-based view: Effects of strategic orientation toward community on small business performance. Journal of Retailing and Consumer Services, 34, pp.302-308.
Crandall, J., 2017. Community Ownership of Essential Businesses in Small Nebraska Towns.
Salamon, S., 2014. Prairie Patrimony: Family, farming, and community in the Midwest. UNC Press Books.
A family business demands hard work especially in small communities as the resource is quite limited, although it is quite fruitful. Similar to their larger counterparts, marketing also plays a crucial role in small family business as well. The strategy also plays a vital role in the smaller family business is most often set up with limited financial support. Some of the best strategies for a small family business to expand are as follows:
- Utilization of social media: one of the biggest factors which accelerate the downfall of smaller business is that they are unable to come up with the marketing plan which is under their budget. Therefore, in these situations, using the platforms provided by social media can be quite rewarding. Correct using of social media not reduces the budget required for promotion or marketing but also gathers a large number of customers within a very short period of time. Not only this, social media will allow the business to directly interact with their customers allowing the owner of the business to have a better perception of their customers (Young et al. 2016, p. 02).
- Experimenting with innovative ideas: some of the owners of the family business are not comfortable with uncertainty. Therefore, they are only left with only a few traditional marketing strategies. Hence, when these strategies fail to deliver expected results, their motivation begins to drop. Experimenting with new yet innovative ideas might be the only solution.
It is always fruitful to implement calculated risks which in the long will help the owner of their family business expand their organization (Crandall et al. 2016, p.04).
- Understanding the customers: running a small enterprise within a small community might prevent the smaller organization to gather resources, however, it is very beneficial to gather insights into the requirements of the customers. This is because, number of people residing at a community is fairly smaller in number, the process of gathering requirements of the customers is easier when compared to a large organization who deals with national or even international customers. A great tool for this purpose is customer feedback (Campbell et al. 2016, p. 306).
The contribution of a small family business in a small community:
A small family business is very common yet contributes vastly to the national economy. It is estimated that over 50% workforce of a country is mainly hired by a small family business. As the smaller business expands, its contribution to the community and in the national economy rises. The main driving factor behind the popularity of small business is that it mainly requires a very limited amount of capital and infrastructure to set up.
It is a very common sight to see that a family business is run by a single individual. Also, the concept of owning boss is quite tempting to some of the individual as well. A unique character of a small family business is that it is a combination of traditional business values with family value. All of this is done by remaining a small part of a small community. Perhaps the biggest reason for the success of these smaller family businesses is the support it gets from its family members and from the community. (Salamon et al. 2014, p.22).
ORGANIZATIONAL CULTURE AND STRATEGY:
Reference List:
Lee, Y. and Kramer, A., 2016. National Culture, Organizational Culture, and Purposeful Diversity and Inclusion Strategy. In Academy of Management Proceedings (Vol. 2016, No. 1, p. 11858). Briarcliff Manor, NY 10510: Academy of Management.
Alvesson, M. and Sveningsson, S., 2015. Changing organizational culture: Cultural change work in progress. Routledge.
Cascio, W., 2018. Managing human resources. McGraw-Hill Education.
Belias, D. and Koustelios, A., 2014. The impact of leadership and change management strategy on organizational culture. European Scientific Journal, ESJ, 10(7).
Organization culture:
The term organization culture is defined as a shared value and hypothesis which govern every employee working in a particular organization. Organizational cultures have a deep impact on the employees and their overall productivity for the company. The employees are directed to follow this culture in order to maintain a healthy working atmosphere at the work premises (Lee et al. 2018, p.11858).
Impact of organization culture:
A hierarchical culture where workers are viewed as an indispensable piece of the development procedure of the association encourages representative responsibility towards the association. They adjust their objectives and targets to those of the association and feel in charge of the general prosperity of the association.
As their endeavors are thus valued by the administration and appropriately compensated, they have monstrous employment fulfillment. In such authoritative societies, the workers are focused on accomplishing their objectives and in this manner positively affect the general execution of the association (Alvesson et al. 2015, p.28).
In associations where supervisors are not facilitators but rather taskmasters, employees live with dread and doubt and work is only a troubling errand. Since they are not associated with the general hierarchical objectives, they don’t comprehend the ramifications of their assignments and thus may not be focused on accomplishing them.
An association where there is no participation between various offices winds up having representatives working in storehouses or working towards undermining the endeavors of alternate offices which is negative to the general wellbeing of the association. The performance of the employee is also somewhat related to organizational culture.
Hence, to sustain personal interest, it is the duty of the higher management of every organization to mitigate all the negative factors which act as a barrier for the employees to give their full potential for the overall growth of the company. An organization needs to foster a positive vibe at the work premises which in the long run will be beneficial for the company itself.
Organizational Strategy:
Organizational strategy is defined as the summation of activities in order to opt for long-term goals. A strategic plan needs a year to complete the impact of implemented strategy is revealed only after a year.
Importance of Organizational strategy:
Needless to state that, a good operational strategy holds a great importance for every organization. Some of the most important ones are as follows:
- A good operational strategy will allow the company to gather maximum resource with minimum expense. Also, a good operational strategy will allow the company to utilize these resources to their full potential (Belias et al. 2014, p.04).
- In order to make a significant amount of progress towards a long-term goal, an operational strategy is inevitable. A good operational strategy will highlight all the possible barriers and various ways to mitigate these problems in order to make a smooth progression.
- Participation is a focal need of any authoritative system. On the off chance that the objective was something that could be refined by a solitary individual, there would be no requirement for an association, and participation would be superfluous. An association, by definition, needs collaboration, and fruitful participation needs a system to unite people in the best and proficient way that is available.
NEW PERSPECTIVES ON STRATEGIC MANAGEMENT PROCESS:
Reference List:
McKiernan, P. ed., 2017. Historical Evolution of Strategic Management, Volumes I and II (Vol. 1). Taylor & Francis.
Wack, P., 2017. Shooting the rapids. Historical Evolution of Strategic Management, Volumes I and II, 1, p.121.
Grant, R.M., 2016. Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.
Evolution of strategic management:
The term strategic management was first used in the year of 1950. The primary objective of this term was to highlight major industrial issues such as allocation of resources, rivalry in the market, enhancing profit and many more. Strategic management was formally known as management of objectives or MBO. MBO was more of the process which highlights the main objectives of an organization which is mutually agreed by the owner and the employees.
MBO states that if the goal of an organization is not clear to employees or to the higher management, it is never possible to either progress towards the goal neither measuring the progress. Strategic management is more of an advanced version of MBO which was officially established at the 60’s decade. As time went by, strategic management stated to deal with other issues such as overall size, growth and portfolio theory.
This time, the goal of strategic management was to enhance the performance and productivity of the industries. This allows the organization to discover a close link between profit and strategy. Since then, strategic management has been an integral part of many modern organizations (McKiernan et al. 2017, p. 10).
The 1980s approach methodology based on a considerable lot of the thoughts and speculations of the past five decades. The Harvard School was the research organization which included crafted by numerous driving journalists on the system at the time. The underlying yield was SWOT which inspected inner and outer factors and constructed ideas from modern financial aspects yet an overwhelming model in the field of the methodology was the aggressive powers approach created by Porter.
This approach, established in the structure-direct execution acknowledged perspective of a modern association and SWOT investigation, underlines the moves a firm can make to make solid position against focused powers. The aggressive powers approach sees the pith of focused system plan as ‘relating an organization to its condition (Wack et al. 2015, p.121).
Benefits of strategic management:
Strategic management has numerous benefits. For example, if an organization wishes to launch a new product or is investing in a new market, a good strategic management will allow the organization to highlight all the possible threats involved in it. The benefits of strategic management are broadly classified into following categories:
- Financial benefits: according to a number of studies, all the organizations which are utilizing strategic management in their system are more successful and have earned a significantly higher amount of profit than those organizations which have not utilized strategic management. This is due to the fact that during a financial planning, a company with strategic management will have a better plan to cope with all the problems associated with it that might appear in the future. It is estimated that more than 100,000 organizations fail to sustain their position in the market every year as they have not utilized strategic management properly in their system (Grant et al. 2016, p.11).
- Non-financial benefits: along with financial benefits, strategic management can be used to boost up all the non-financial factors which contribute significantly to the growth of the company. A good strategic management will allow an organization to be more aware of some of the most critical external factors such as rivalries, requirements about customers and many more.
Culture-driven governance: Why influencing behavior is an essential Governance strategy:
Reference List:
Heilmayr, R. and Lambin, E.F., 2016. Impacts of nonstate, market-driven governance on Chilean forests. Proceedings of the National Academy of Sciences, 113(11), pp.2910-2915.
Kidambi, P., 2016. The making of an Indian metropolis: Colonial governance and public culture in Bombay, 1890-1920. Routledge.
Kim, S. and Yoon, G., 2015. An Innovation-Driven Culture in Local Government: Do Senior Manager’s Transformational Leadership and the Climate for Creativity Matter?. Public Personnel Management, 44(2), pp.147-168.
In the course of the most recent quite a long while, the outside condition in which open organizations work has turned out to be progressively mind-boggling for organizations and investors alike. The expanded administrative weights forced on open organizations as of late have added to the expenses and multifaceted nature of administering and dealing with an enterprise’s business and bring new difficulties from operational, administrative and consistency points of view.
Furthermore, numerous U.S. open organizations have a worldwide profile; they connect with financial specialists, providers, clients and government controllers around the globe and do as such in a period in which moment correspondence is the standard.
Further, in the current past, Congress has surrendered strict adherence to the basic rule of materiality, a focal principle of the revelation prerequisites of the government securities laws. Rather, Congress has looked to utilize the securities laws to address issues that are unimportant to investors’ venture or voting choices.
For instance, Congress has required open organizations to unveil data identifying with strife minerals and installments to remote governments for asset extraction and mine wellbeing, data that might be significant in a social setting, however, has little importance to material data that an investor would need to settle on a speculation choice (Heilmayr et al. 2015, p.2914).
The present condition has likewise been molded by basic changes in investor engagement, which has turned into a focal and basic theme for open organizations and their sheets, supervisors, and speculators in the mid 21st century.
Open organizations have attempted uncommon levels of proactive engagement with their real investors lately. Numerous institutional speculators have likewise expanded their engagement endeavors, committing critical assets to administration issues, organization exceed, the improvement of voting approaches and the investigation of the proposition on the tallies of their portfolio organizations.
Furthermore, general levels of investor activism stay at record highs, forcing noteworthy weights on focused organizations and their sheets (Kidambi et al. 2016, p.44).
Further, a large number of the present investors and not just those ordinarily saw as activists have higher desires identifying with engagement with the board and administration than investors of years past. These speculators look for a more prominent voice in the organization’s vital decision making, capital allotment and general corporate social obligation, territories that customarily were the sole domain of the board and administration.
Additionally, some investor drove crusades to change corporate techniques (through turn-offs, for instance) or capital allotment methodologies (through offer repurchase programs) propose that sometimes, at any rate, investor contribution on these issues has been heard in the meeting room. A few analysts see this ascent in investor strengthening as suitable, contending that investors are definitive proprietors of the organization.
Others question, in any case, regardless of whether activists’ objectives are excessively centered on here and now employments of corporate capital, for example, share repurchases or exceptional profits. Capital assignment techniques concentrating on here and now esteem might be completely fitting for an investor, paying little heed to the length of its speculation skyline. The board, be that as it may, has an altogether different part while thinking about the fitting utilization of capital for the organization and the majority of its investors.
In particular, the board should always weigh both long hauls and short¬ term employment of capital (for instance, natural or inorganic reinvestment, comes back to investors, and so forth.) and afterward decide the suitable assignment of that capital with regards to the organization’s business system and the objective of long-haul esteem creation (Kim et al. 2016, p.160).
International human resource management strategies of Chinese multinationals operating abroad:
Reference List:
Deresky, H., 2017. International management: Managing across borders and cultures. Pearson Education India.
Meyer, K.E., and Xin, K.R., 2017. Managing talent in emerging economy multinationals: Integrating strategic management and human resource management. The International Journal of Human Resource Management, pp.1-29.
Fan, D., Xia, J., Zhang, M.M., Zhu, C.J., and Li, Z., 2016. The paths of managing international human resources of emerging market multinationals: Reconciling strategic goal and control means. Human Resource Management Review, 26(4), pp.298-310.
Hybrid approach and Chinese HRM:
When compared to the western counterparts, the Chinese multinationals do not prefer to transfer their policies. The Chinese multinationals prefer to scrutinize their capabilities to other international organizations. As compared to western counterparts, R&D department of Chinese companies is not up to the mark.
According to some of the experts, Chinese multinationals also lacks overall international experience and management skills. The Chinese multinationals have a tendency to invest in Western Europe in order to get access to different brands and acquire technological skills. Some of the experts suggest that the Chinese multinationals follow the principle of no country of origin.
Therefore, in order to acquire superior international management skills, they need to exploit this advantage to its full potential. As the Chinese follow a limited integration approach the primary aim of Chinese multinationals is to retain local talents and reduce brain drain. This policy prevents the problem of employee turnover to a great extent. According to a recent study, the human resource management emphasizes on light touch approach (Deresky et al. 2017, p.44).
HRM in State-owned and privately owned companies:
The state-owned private companies have a distinct advantage over the private ones as they are mainly derived from political developments which started in the previous centuries. Before the 70’s decade, there was no official diversity in the ownership of companies. All the organization in the country was state owned. It was not until the year 1994, some of the organization in the country was declared to be private.
The primary aim of this decision was to accelerate the economic growth of the country. The state-owned enterprises till now enjoy all the benefits from the state as they are deeply related to the government. The HRM practices in private and state-owned are quite different as well. The state-owned Chinese multinationals are more prone to interference from the government while the private sectors are given the freedom of making their own choices.
The hierarchy in the state-owned Chinese multinationals is quite complex when compared to their private counterparts. The state-owned Chinese multinationals have inherited all the functions related to social welfare and have also retained the traditional management which was planned in the 1970’s. The state-owned Chinese multinationals are backed up by three main pillars named as rice-bowl, iron chair, and iron wage.
These state-owned Chinese multinationals offer the chance lifetime employment to their workers providing with a better financial security. The privately owned Chinese multinationals are allowed to travel abroad in order to invest in foreign lands which has a more open economy. This was another motive to invest in the private sectors. For example, Lenovo which happens to be their one of the largest telecommunication company was motivated to enhance their technological skills and international networks and recognition.
As stated before, the primary idea to distinguish between private and state-owned company is to enhance the productivity of Chinese multinationals along with maintaining traditional Chinese values (Meyer et al. 2017, p.120).
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