Market-Oriented Approaches to Firms

In today’s highly competitive market, the continuous changes that are occurring in the social, politic and economic environment create serious challenges in the corporate world. Corporations cannot afford to do business as usual if they want to remain in the game and be successful. In order to achieve their goals and objectives, they need to evolve, adapt, learn and apply different new strategies that will help them secure long-run success and performance. Among those strategies, we are going to discuss ten of them and their advantages in connection with corporation’s goals and objectives.

Businesses continually adapt to a changing environment to maintain their market position (Appelbaum, Habashy, Malo, & Shafiq, 2012; Biedenbacha & Soumlderholma, 2008). Change is inevitable considering the current rate of technological advancement and the growth in global competition (Appelbaum et al., 2012; Armenakis & Harris, 2009; By, 2007). Increasing competition and the need for strategic flexibility and globalization is affecting almost every organization today, regardless of size, market, focus, and so on (Jaros, 2010).

Management plays a vital role for small companies, large corporations, and any other business type. They help assist in making sure that a task is completed in the correct manner that benefits the company in many matters to include legal. Most who think about management today, assume they have a lot of responsibility, to include the ability to lead with great leadership skills acquired through schooling and knowledge. Fortunately for these leaders, these management skillsets were not just acquired overnight, they were developed and tested over a long period of time through trial and error before being taught at an accredited institution or published for others to utilize. Therefore, there have been many theories and milestones that have developed through time, which have assisted in shaping management into how it functions today.

Staying relevant in the face of new realities requires a commitment to change, both adaptive and transformative. When leaders cannot learn quickly to adapt to new challenges, they are likely to face their organization’s destruction. Adaptive change, transformation, and learnings are essential to remain relevant. Adaptive change requires a leader not just to sharpen processes and skills, but also to challenge beliefs and ways of thinking and to do things differently from how it was done in the past. This is accomplished through strategy development, a look at the current reality and the desired outcome and the gap in between the two.

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Majority of the organizations today are challenged by issues that test the strength and the ability of the organization; challenges that require strategic ways of thinking and effective leadership skill sets. In our present age of strategic dynamic change, it is critical that the managers and the leaders of organizations understand the source, cause of the evolving issues and develops the appropriate skills and strategies for dealing with them. Meeting these challenges require the management and leaders of the organization to develop strategic plans with focus on the vision, mission and value of the organization, develop and maintain a dynamic workforce,

A second driver for strategy innovation lies at the firm level. An interesting feature of today’s business environment is that while some companies are pursuing innovative strategies that are redefining their

Myriads of global scale organizations are successful due to the ability of leaders to make proper strategic decisions and also implement them. Therefore, the ability of executives to make relevant and strategic decisions not only places the company at a competitive

Nowadays, organizations are shifting from industrial to informational. Sustained competitive advantage is realized through teamwork, flexible structures and global perspectives.

Nowadays, organizations are shifting from industrial to informational. Sustained competitive advantage is realized through teamwork, flexible structures and global perspectives.

Many people have their fingerprints on what is known as management today. Just as everything else it started from ground zero with a lot of trial and error. Over the years brilliant people such as Adam Smith and countless others have etched into history that best way to “manage,” whether on a small or large scale. The wake of these people is still being seen today in upcoming companies such as Zappos, who brings fresh and new twists to management as a whole. Management has evolved over the years and will continue to as people and procedures do as well.

Companies try to align their products and services according to market conditions and segmentation. The two approaches which are used by most of the companies are either market oriented or product oriented. It can be added here that market approach is more focused for how the products should be introduced to the market. It’s about how the products and services are being portrayed and advertised in order to attract the consumers. Product-orientation, on the other hand, is focused on methods through which products are bettered for the consumers. The system and research which can be utilized to help improve the product are used in the process. Both the approaches are significant in their own unique way. It’s important to understand the significance of market segmentation and hence, extensive research is required. Since the market has gotten competitive, range and preference is also observed. For product-orientation, technological and safety factors are some important elements used (Osarenkhoe, 2008). This is done to help consumers enjoy the products in a way that’s not offered before. That, by introducing new features or technology in the products.

The business environment is continuously evolving with the integration of new management trends developed to create opportunity and respond to various challenges. However, with the unpredictability of the business environment which is driven mainly by globalization and technology, innovation turned out to be increasingly critical to success. It means that innovation and strategy are converging to help in productivity. Innovation has the potential to change the agents within an organization to become better entrepreneurs to meet various challenges. Strategic thinking is crucial in creating a coherent, integrative and unifying framework for making decisions particular regarding the direction in which an organization goes and the resources it plans to utilize (Goldsmith, 2009).

It can be argued that the success of any business is dependent on the effectiveness of management. It is expected that managers will make good decisions and will exploit the business’ strengths to gain future opportunities while correcting internal weaknesses in order to protect the business from both internal and external threats. Below is a presentation of the management style of

When we look at a big and profitable company, we often wonder what its secret of success is. According to many business experts, a successful company always needs a strong management team that can manage and lead it through obstacles and challenges in the fierce competition. Management is a vital part of an organization. It helps the