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Important Trends Within Strategic Management

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Question:

Discuss about the Important Trends within Strategic Management.

 

Answer:

Introduction

Today's business environment is experiencing rapid changes than ever before. Small startups are springing up catapulted by innovation and creativity causing disruption in the way businesses are conducted. More people are keen on entrepreneurship. In Jordan, it is estimated that there are 100 000 Small and medium enterprises. These are set to grow as unemployment spurs entrepreneurship among the youth especially in the 20-34 age bracket (Barkawi 2015). There is the issue of security and globalization. Why are companies more concerned about cyber security? These are some of the issues discussed at length in this paper.

Globalization

The business environment has become more interconnected courtesy of the changing operating environment by the businesses. For this reason, many companies are opting to operate outside their home countries. Even small businesses are harnessing the open business opportunities presented outside their home countries. Globalization has become a trend as businesses tend to improve product quality, escape market rivalry at home, test new products, diversify their products, enjoy economies of scale, and as a strategy to increase sales and ultimately revenue (Woolley 2013).

Changing Trends in Information Technology

According to Barnat (2014), the use of information technology is a major move by companies that want to excel in business today. A while ago, use of social media in companies was seen as a luxury. Today social marketing is growing at an unprecedented rate as companies try to capture the Generation Y and the millennial generation.

Changing Economic Trends

The economic conditions in many countries are changing abruptly. In Europe and North America, many countries and states respectively were affected by the global economic crisis. Countries like Greece have not yet recovered. This has seen the purchasing parity of citizens reduce. Subsequently, companies have to make tough decisions on how to package their products to stay profitable. Meanwhile, investments in the Middle East, Asia, and Africa are seen as the next frontier for business growth (Youngs 2014).

Innovation

Small companies are coming up with innovations that are challenging the market status quo and causing disruption in the market. A company like Uber, for instance, stated its operations as a passenger transportation entity but has transformed the taxi businesses in many countries (Barkawi 2015).

New Leadership Styles

While in the not so recent past organizations had traditional structures that were working quite adequately for them, this is no longer the case. Organizations have had to reorganize their leadership to be responsive to both internal and external customers. Many businesses in emerging markets employ flat structures or matrix organization structures where the concern is on performance and rapid response to customers (Grant and Jordan 2015).

Outsourcing of Work

In order to remain competitive and cut the cost of production, companies are finding it easy to outsource labor and capitalize on core competencies. This is also evident from many companies which are employing Just in Time mechanisms to reduce the cost of production and distribution (Meehan 2016).

Security

There is growing concern that online hacking and data theft continue to jeopardize business operations. The threat of terrorism is also affecting business prospect (Barnat 2014).

Changing Workforce

The millennial generation is anticipated to bring new organization cultures different from the ones of baby boomers, generation X or Y. In this regard, many companies may be caught unaware (Grant and Jordan 2015).

 

How Managers and Organizations should Respond to the Trends

Change Management

One way managers can respond to the trends in strategic management is by embracing change. Companies that are embracing change and instituting change management are more likely to remain viable in the long term than those not adapting to change. Case in point is a company like Nokia which failed to adapt to customer tastes and preferences and lost the market to newer companies (Woolley 2013).

Market Intelligence

To be always on par with changing demands in the market, companies need to employ market intelligence services to be able to anticipate and respond to changes- abrupt or otherwise, in the market (Barnat 2014).

Preparing for Workforce Succession

The millennial generation has been termed to be completely different from other generations. Companies ignoring this group are finding the hard way that their future is tied to this generation. Managers need to prepare for workforce succession to accommodate this generation (Meehan 2016).

Investment in Cyber Security

Theft of data as well as finances has been witnessed as a result of the growing threat of cybercrime. Moreover, companies are losing important data to competitors hence losing their edge in the market. To prevent this they need to invest in securing their networks (Woolley 2013).

Product Diversification

Consumer taste is changing rapidly and products in the market now are becoming obsolete in shorter time span than before. To counter the threat of losing business companies can consider diversifying their product portfolio (Grant and Jordan 2015).

Seeking New Markets/Globalization

As companies from western countries seek markets in the Middle East, the Far East, and Asia, so should companies in these recipient nations. This will ensure that shocks in one market do not run the business completely down (Youngs 2014).

Innovation Centers

Companies and managers need to have innovation centers for their next products in their life cycle as innovation is the key to success in today's competitive markets. Innovation will also be a source of competitive advantage (Barkawi 2015).

Conclusion

As evidenced by the report, companies today are facing numerous changes in the operating environment. These range from leadership styles, economic fluctuations in the market, new generation of customers and workforce, increasing market rivalry to mention a few. The managers in these companies need to embrace change, invest in information technology, and create innovative centers among other moves to ensure the viability of their businesses.

 

References

Barkawi, W. (2015). The Dynamic New Trends Of Entrepreneurship. [online] Entrepreneur. Available at: https://www.entrepreneur.com/article/247319 [Accessed 12 May 2017].

Barnat, R. (2014). Strategic Management : Recent Trends. [online] Introduction-to-management. Available at: https://www.introduction-to-management.24xls.com/en133 [Accessed 12 May 2017].

Grant, R. and Jordan, J. (2015). Foundations of strategy. 1st ed. Hoboken, N.J.: Wiley, pp.30-78.

Meehan, M. (2016). The Top Trends Shaping Business For 2017. [online] Forbes.com. Available at: https://www.forbes.com/sites/marymeehan/2016/12/15/the-top-trends-shaping-business-for-2017/#326e45276a8a [Accessed 13 May 2017].

Woolley, D. (2013). 10 Trends in strategic marketing management. [online] CMO. Available at: https://www.cmo.com.au/blog/art-science/2013/04/22/10-trends-strategic-marketing-management/ [Accessed 13 May 2017].

Youngs, R. (2014). Europe in the New Middle East. 1st ed. New York: Oxford University Press, p.90.

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