Management Essay Samples
[...] All the strategy models or business models are created to help companies gain competitive advantage and become the leader in their competing areas. On one hand, strategy must have continuity. It can't be constantly reinvented. Strategy is about the basic value you are trying to deliver to customers, and about which customers you are trying to serve. That's why continuity needs to be strongest.
On the other hand, in order to respond effectively to a changing environment, it is necessary that the organization to be good at continuously improving to better position itself within the industry and the competition. Although in most cases this will require some change to the products or services that the organization markets, innovation, for example, can also be achieved by changing distribution systems, financial arrangements, processes used in the creation of products or services, or human resources management. [...]
[...] An important if not essential part of a learning organization is its ability to create new knowledge and to use it to capitalize on new opportunities open to the organization. This requires questioning the current status quo and how things are done, which allows employees to bring new ideas into the organization. Managers should also be willing to encourage individuals and teams to continuously improve work processes and try new ideas. Obviously a system should be in place to reward innovative ideas that work.
In a highly competitive environment, employees are encouraged to take calculated risks, to deal with uncertainty, and to innovate. Such an environment requires a shared leadership style in a nonhierarchical organization. Managers are seen as coaches, not controllers; level or rank is not as important as the ability of the individual to contribute to the organization's performance. Leaders need the skills to facilitate change. Leaders should also be able to provide useful feedback to employees and teams to help them identify problems and opportunities. Leadership in an organization means involving employees in decision-making. Leaders should also be willing to accept criticism without being overly defensive and to learn from it. [...]
[...] It is time for customer relationship management (CRM), and banks are making the investments necessary to implement this customer-centric vision. From a strategic standpoint, CRM mobilizes resources around customer relationships rather than product groups and fosters activities that maximize the value of lifetime relationships. From an operational standpoint, CRM links business processes across the supply chain from back-office functions through all customer contact channels ("touch points"), enabling continuity and consistency across a customer relationship.
From an analytical standpoint, CRM provides a host of resources that enable banks to fully understand customer segments, assess and maximize lifetime value of each customer, model "what-if" scenarios, predict customer behaviors, and design and track effective marketing campaigns. [...]