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Latest Trends and New Tools Being Used in Strategic Management
73-85Views:627In today’s rapidly changing world, there is an increased need for excellent strategic planning. A firm’s survival may indeed hinge on the firm’s planning process being exemplary. Various aspects of the strategic planning process are under review today as organizations wrestle to compete more effectively in an ever-changing world. This paper reveals and describes five new trends or tools being utilized today by firms to more effectively engage in strategic planning. Specifically, the new trends and tools to be discussed in this paper are as follows: increased need to follow a strategic planning model; increased need to develop quality vision and mission statements; a new improved method for incorporating SWOT analysis into practice. Utilizing two matrices one internal and one external to provide a less biased way to access the current strategy fit with conditions facing the firm. Explain the use of a decision matrix commonly called the QSPM (Quantitative Strategic Planning Matrix) for assessing the relative attractiveness of various strategies being considered for implementation. The purpose of this paper is to familiarize readers with basic new tools and techniques being used by organizations to effectively develop an improved strategic plan for the firm.
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Do Talent Management Practices Affect Organizational Culture?
495-506Views:427The purpose of this paper is to enhance the readers' understanding of the domain of talent management and organisational culture and how talent management becomes one of the important strategic tools to improve the work environment, specifically as a tool for enhancing the organizational culture. The paper also attempts to probe and aid readers in understanding to what extent talent management affects the organizational culture. This paper is based on secondary research and articles in the areas of talent management, organizational culture and the relationship between them. The author has reviewed the existing body of work on these topics to arrive at the analysis of the relationship between talent management and organizational culture. As well as measuring its impact on the whole organization by reviewing the existing literature.
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Performance Management Innovation is a Medium-Sized Enterprises of Light Industry/
1-9Views:185To achieve the strategic objectives of the management of a company, has to monitor and coordinate continuously the tasks of the employees, they have to do to reach the targets. In this action, sometimes the management of the company has to make corrections in the work and motivations of the employees. This article presents a case study carried out on a medium-sized companies working on the light industry field. It presents a new motivation system for the employees to increase up those products, for those who are at the bottom of the producing rankings of the company, moreover to develop their performance to reach the average level. Here has to be mentioned that, the employees at the bottom of the performance rankings producing under the average levelobligates totally the same amount of circulating and standing capita of the company, lead to the intervention of the management. The norm based requirements within the framework of the production system were completed to provide the more efficient working of the employees, besides strengthen their skills and their loyalties to their colleagues. As a result of the innovation of the performance management the product of the employees standing at he bottom of the rankings increased up considerably. It has manifested formerly in the decrease of the pointing error fixed to the personal monthly norm, moreover it showed the catching up of the employees standing at the bottom of the ranking to the middle. The case that the employees at the bottom get closer to the others in the middle of the ranking helped to contribute to achieve the strategic objectives of the management through reducing the average cost of the producing, since increasing the budget of the producing activities.
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Strategic Role of HR in Hungary and Slovakia, Based on the International Cranet Research (2015-2016)
478-489Views:293Western-European management trends have been spread including modern approaches to human resource management over the past decades in the countries of Central and Eastern Europe. The point of the new HR conception is the strategic partner role, which is underpinned by the appreciation of human resources. There was a rapid change in the management methods of the organizations due to the socio-economic changes in the examined countries. However, in many places the personnel departments were simply renamed, and their HR staff are still concentrating on their traditional activities. These activities are important and should be fulfilled today as well, but to play an influential role in the design and maintenance of organizational competitiveness HR should have a new, strategic attitude. The study examines HR's strategic role based on the empirical international Cranet research in Hungary and in Slovakia.
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Evolution, Place and Role of Controlling in a Business Organisation
466-477Views:945The development of controlling can be traced back to the beginning of 20th century. Thus it has one century of continuous scientific development. Controlling has been applied in fields such as finance, manufactureproduction, and trade sales. In financial accounting different activities have been formed for planning and accounting costs and performance. These activities were integrated by management accounting, which serves the ever growing information needs of the management. In addition to the operational functioning of growing and diversification companies controlling covers even the strategic level. The primary focus of controlling activity at 21st-century businesses is to improve organisational performance. Previously there were differences between the German and Anglo-Saxon trends. According to the German trend controlling is a set of instruments that provides the required information needed for management decision-making and based on it planning, monitoring, and controlling activities could be achieved. Furthermore, the German trend considers that a particular department is responsible for controlling activities. Conversely, according to the Anglo-Saxon conception controlling is considered as a part of management and managers are responsible for efficient allocation of resources, the so-called „management control”, carrying out planning and controlling tasks at the same time. Some differences can be recognised between the two conceptions about where is controlling placed in companies within the organisational framework. However, it can be stated as a fact, that management and controlling are inseparably linked, and the aim of both fields is to increase the performance of a company.
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Talent Management in International Practice Through the Example of Europe and China
454-464Views:248The reason behind is that they have their own principles, strategic goals and industrial environment that they have to manage on daily bases. The current labour and talent shortage across Europe forces local companies to supply their demand of manpower from foreign countries – encouraged by the ’four freedoms’ of the EU. In consequence of the globalisation, we have to keep in mind that running a talent management system has its challenges. For instance, employees with different cultural background might have unconventional needs. Due to the cultural, demographical and economical differencies, we must know the structure of our labour force to use the most beneficial tools to induct, motivate or retain our human resource. The aim of this research is to analyze Europe’s and China’s talent management systems to reveal similarities and differencies between them and pick the most notable ones. From the point of comparison, analysing China would be important for European countries to discover further possibilities, as nowadays China has one of the most dynamically developing economy with enormous population behind. The primary result of the research is that deficiency of talent is irrespective of the size of the population and it causes difficulty in both European and Chinese fields, therefore it proves to be a real and general challenge needing attention at organizational level. Furthermore, identifying regional patterns considering peculiarities, the framework of talent management systems can be defined and be found summarised in the article.
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The significance of analysing potential conflicts in the sales-marketing integration
41-59Views:105Our research aims to identify the critical interfaces between sales and marketing that need to be improved in order to ensure productive cooperation. The relationship between the two departments is full of conflicts and interdependencies. The improvement of communication is of strategical importance, as it is key to staying competitive in the market. The effectiveness and quality of the sales-marketing cooperation is a key factor that is negatively affected by personal and organisational factors as well as a lack of information and conflicts. In addition to the key factors of managing the sales-marketing interfaces, we have also identified the actions that can promote their improvement, including strategic and organisational roles and responsibilities. Our empirical research results show that regular information exchange, more common and interdisciplinary meetings, and a clearly communicated and implemented corporate vision have a positive effect on the coordination and integration of the sales and marketing departments. Consequently, management is reponsible for establishing a corporate vision, i.e. a comprehensive management culture that is clearly communicated across the board in order to increase the employees’ sense of belonging. Of all elements of management culture, the most important factors are coordination and the establishment of a common strategic sysyem. All in all, corporate profit, which is of key importance to the employer, is largely dependent on the successful integration of the sales and marketing departments, which can be achieved through the implementation of the above factors.
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Business Strategy in the Model of Linear Activity Analysis of Production
1-14Views:162It was analyzed how the methodology of linear activity analysis of production model supports the implementation of different business strategies at a company level. Aspects of analysis are focusing on openness for markets, lean management and environmental protection strategies. The study reveals that the linear activity analysis of production – mainly due to its efficient process optimization problem solving ability – is capable supporting lean management decisions and implementing additional objectives in business strategies. Such objectives can be sustaining specific production patterns for further development or following strategies for limiting market competition. It will be shown how to quantify the costs of strategic objectives in linear activity analyzing model.
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Practical Application of Methods in Strategy-Based Analyzes
59-72Views:429Increasing environmental volatility is a growing challenge for companies and businesses. The speed of economic events is changing, and the risk of uncertainty is increasing, requiring business to take a new approach to strategic planning. In the design and forming of their strategy, both the factors of the external and internal environment and the analysis of their competitors can be based on well-chosen methods. We consider the review of these methods, their application in planning and educational practice. The aim of our work, in which we present the methods that underpin the strategy applied in both domestic and international practice. The analysis of the external environment illustrates the construction and applicability of an external factor analysis matrix based on traditional PEST analysis and the Porter's five-factor model. In the case of internal factor analysis matrix, we focus on the approach of method choice, and on the applicable methods, the importance of the resource-based approach, the analysis of key factors and the Porter value chain analysis matrix. The third pillar of the analysis that underpins the strategy is the matrix-based assessment of competitors. The applicability of the methods depends on the form of the enterprise, the field of activity and the nature of its activities, which is complicated by the emergence of new economic spheres (e.g.: sharing) and transformed power relations.
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Examining Organisational Culture with OCAI among Technical Management BSc Students of the University of Debrecen
1-8Views:306Based on the OCAI model, our study analyses and compares two things (1) the corporate culture of the University of Debrecen Faculty of Engineering as it is perceived by its engineering management students; and (2) the culture they think would be ideal. According to the respondents the existing culture is closer to the clan type and further from the market type compared to the average. Their ideal culture is closer to the clan, adhocracy and further from the market (compared to the average). The perceived current and the ideal culture are significantly different only in the adhocracy type. From the 20 items of the OCAI questionnaire 7 were significantly different from the average in the case of the perceived culture and 13 in the case of the ideal culture. Differences between ideal and present cultures are statistically supported only in the following dimensions: dominant characteristics (clan is currently stronger, adhocracy is weaker), corporate leadership (market is currently stronger), strategic emphasis (hierarchy is currently stronger).
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Investigation of SCOR Model in Connection with Performance and Warehouses
227-239Views:131Business leaders can use several strategic tools to improve the organization, depending on what they consider to be important. The Supply Chain Operational Reference Model (SCOR) is one of these. Its importance is to link business processes, performance metrics, best practices, and technology together and to create a unified structure. It promotes communication between the stakeholders of the supply chain and improves supply chain management and the efficiency of the related supply chain improvement activities. The aim of this study is to find out how the SCOR model appears in the international literature related to warehousing and performance. What methods and tools do authors use to investigate their research questions and hypotheses? Description statistics and category selection were used to present the results of the study. The number of SCOR model researches related to warehouse performance measurments are very rare, it is rather used to describe different processes. In the future, it would be worthwhile to extend the SCOR model analyzes to further fields, especially to warehouse performance measurements.
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Sports Civic Organizations-Subsidies and the Subsidy Exposure
341-347Views:128When we discuss the topic of civic organizations, especially sports profile civic organizations we need to note and comment that issue how these organizational forms are able and capable to accept subsidies. The related data of the Central Statistical Office (KSH) highlight the phenomenon that incomes of the classic civic organizations are mainly composed of state or private source donations. Although there is a really and pretty predictable subsidy system in the field of civic sphere currently, from one hand the distribution of the single subsidy forms considerably vary, on the other hand it result in the considerable amount of available financial resources. The fact whether subsidy forms and subsidy incomes have relationship with the addition alvariables of the organizational operation, such as subsidies provided, employment relationship, and expenditures may acquire special attention at the management of organizational operation together with the planned strategic interventions in the field of the civic sphere.
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Environmental Challenges – Strategic Responses
26-39Views:196The paper serves the purpose of understanding better how businesses and enterprises may handle the changes happening in their environment using the tools of management. Radical changes are happening in the environment of businesses, primarily as a result of the massive and forceful appearance of new opportunities and constraints brought by the technological development. Some of the businesses participates actively in the creation of changes. For other businesses the main issue is the way they may handle the changes. How may businesses and enterprises adapt to the new environmental characteristic is the main issue under scrutiny in this paper.
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Corporate Social Responsibility Scenario in Jordan: Transformation Context
1-10Views:254Corporate social responsibility (CSR) is not an alien concept in Jordan; although it has been seen so far as a philanthropic activity in keeping with Jordanian traditions. Jordan is an old state, politically stable and it is now in transformation from the point of CSR view, since more and more Jordanian stakeholders are becoming aware of the CSR concept and some firms in Jordan are working their way towards strategizing CR efforts. However, business still not fully grasps CSR practices and still considers CSR as part of philanthropy framework rather than lifting it to an upper level and taking it as a strategic approach to sustainability. Unfortunately, CSR in Jordan faces impeding obstacles: economic challenges, lack of government’s incentives, skill-set, weak transparency and disclosure, and finally management and governance. This study attempts to present the picture of the transformation of CSR in Jordan and discuss its main steps of evolution, moreover, it aims to analyze the challenges and future prospects of CSR on a national level. Regarding the applied research method, the paper’s data sources are of secondary research and I have used desk research to illustrate most important points and findings on the topic.
