Strategic Management Challenges Globalization
Strategic Management and Challenges of Globalization
"Innovation's Holy Grail"?
The article observes that sustainability and affordability are concepts with superior implications on company's premium pricing strategies. The elements therein influence innovation's drivers with fewer executives knowing the best ways of coping with certain shifts. Firms make various offerings available to many people through selling cheap and well-developed services and products on fewer resources (Prahalad & Mashelkar, 2010). Firms respond to such challenges by establishing strategies that permit the creation of more products using fewer resources and selling cheaper prices. The search for extensive manufacturing costs, as well as fresh talent sources, increase the pressure on globalization that leads to complex supply chains, cross-border interdependencies, and knowledge chains.
The article supports the notion of Gandhian innovation that goes against traditional categories relating to products, process, and pricing. The focus is on changing business dynamics, synthesizing technologies, and creating new ones. I learned that Indian companies in the IT sector succeeded by adopting the strategies to foster innovation (Prahalad & Mashelkar, 2010). Ideally, new processes make services and products accessible to various consumers wherever they may be. Learning to achieve more using less is a benefit to the innovator's dream. CEOs and other senior leaders should develop deeper commitment towards inclusive growth. The approach forces them to address the unnerved customers within rural areas and those without access to telephones. The invention targets the urban poor who lack emergency services. The focus on inclusion addresses challenges with executives for purposes of pushing price performance that enhance affordability and increase in scales of lower costs. Companies focus on manufacturing efficiency, net present value, operating margins, time to profit, profits, control and ownership, known markets, and intellectual-property-based profits. Innovators often track cash flow, return on capital employed, access and influence, capital intensity, innovation efficiency, and costs by concentrating on new markets.The article queries the types of companies have different approaches and thinking to win the new global innovation age. Firms across the world can follow suit of striving to achieve inclusive growth, establishing a clear vision, setting stretch targets, exercising entrepreneurial creativity, and focusing on people above profits and shareholder wealth (Prahalad & Mashelkar, 2010).
2b. The "Innovation's_holy_grail" cases and ideas are applicable to Kemira as a company.
Various ideas borrowed the "innovation Holy Grail" can be applied a Kemira. In Ghana, 60 -- 70% recycled input materials are used in local, flexible, and fast byproduct streams. The results of innovative actions from Kemira and the complex social world have an inherent prediction. Kemira and competitor business organizations operate within predictable and established institutional environments that succeed through evaluated, achievable, and quantifiable economic objectives (Kemira Plc. 2014). The usual balance includes multiple objectives for the economic and social fronts. In the end, negative and positive outcomes in terms of innovation are hardly predicted or evaluated. The productive social innovation is relied on the elements of trial and error as well as organizational learning. It is evident that Bharti Airtel succeeded in India by addressing language, physical and cultural barriers. I believe that Kemira can do the same in Ghana for it to succeed in its innovative prospects (Prahalad & Mashelkar, 2010).
In France, 48% of Kemira's sites have participated in local community initiatives. Social sector organizations like Kemira tackle challenges of financial incapacitation through operations in hostile institutional environments. Irrespective of high error rates coupled with minimal positive impacts, the long-term innovation offers an experimentation of the essential prerequisites to the continuous levels of social innovation (Kemira Plc. 2014). The focus on the impact and outcomes of social innovation implies that organizational social innovation side remains trivial in enacting the right things. Impatience of achieving fast progress is fueled by the critical success factors for the drive of innovation among organizations. However, the perspective bears serious flaws. Many factors in Kemira and other organizations are identified as direct or indirect influences on innovation characteristics and dynamics (Kemira Plc. 2014).
Productive Innovation is dependent on the contextual and organizational factors. Further, single negative factors including shortsighted leaders and cultures that are hostile to change prevent innovation. The organization harbors many negative ideas as seen from its staff. This occurs jointly with the inability to act or learn from the failures. Other important ideas that Kemira can adopt include being committed to serving the unserved, accept and resolve challenges that may arise, set goals that will make them entrepreneurial, and setting clear visions. The fact that little value is developed, there are collective cynicism that lower the chances of future ideas being enacted through sufficient support, commitment, and motivation (Grant,...
Importance of Ethics
Ethics within workplaces involve values and principles used in governing organizational activities and decisions. In organizations, the codes of ethics involve sets of principles guiding staff in implementing programs, decisions, and policies on behalf of the business. Ethical philosophy of any organization includes usage of business activities in influencing reputation, the bottom line and productivity of the firm (Haberberg & Rieple, 2008). Ethics that organizational leaders use in managing employees have impacts effect on loyalty and morale of workers.
The code of ethics implemented by leadership utilizes determination of discipline procedures as well as acceptable behavior among workers in the organization. While leaders engage in high ethical standards, it is important for them to encourage stakeholders in an organization to address related issues (Hitt, Ireland & Hoskisson, 2012). Ethical leadership enhances the reputation of the company based on community and financial market. Solid ethics and integrity reputation in a community improves the business of a given company.
In an organization, ethical behavior depicted by workers assures that all workers complete their work with utmost honesty and integrity. The employees using ethics direct their behavior for focus on employee policies as well as rules in the strife towards meeting goals of the organization. Ethical workers meet quality standards in their individual works while enhancing the reputation of company's products and service quality (Witcher & Chau, 2010).
Employees and leaders adhere to the code of ethics through a creation of ethical organizational culture. Leadership of businesses creates ethical culture through exhibiting various forms of behavior that is desirable to see among employees. Organizations reinforce their ethical behavior through rewarding employees who display the integrity and values coinciding with the firm's code of ethics (Hill & Jones, 2012). There is a disciplining policy on those making wrong choices. Healthy and positive corporate culture permits the improvement of morale among workers in all organizations. This increases employee retention and productivity through delivering on financial benefits in an organization. Higher productivity levels enhance efficiency of the company through an increment of employee retention and reduction of costs involved in replacing employees.
2b. Importance of Corporate Social Responsibility
The hands in the picture indicate an individual from the corporate world. It is critical for firms to avail products and services that satisfy customers while ensuring that such businesses are not harmful to environments that they operate. The case of organizations achieving success requires that businesses build on CSR practices. Therefore, the picture illustrates CSR policy as an establishment of self-regulatory mechanisms that businesses ensure and monitor active compliance with the law's spirit, international norms, and ethical standards. CSR embraces corporate actions responsibility as well as encouraging positive impacts to the environment, as well as stakeholders of employees, consumers, communities, and investors.
The individual stretches forward as if to show concern for the world. The standards in CSR motivate firms into focusing beyond issues of legal compliance and recognizing compliance with the law as a fundamental duty in the organization. The picture shows a part of the overall social responsibility. Installation of trustworthy and transparent measures increases the consumers' preference on company issues based on products and services. It is important to improve the allocation of resources and an increased likelihood of well-determined decisions. Further, corporate social responsibility involves corporate self-regulation through integrated business models (Thompson & Martin, 2010).
The world needs care from the manufacturing firms. Even as supporters of CSR claim that firm that practice the approach have the special focus on developing profitability, there is minimal likelihood of exploiting communities and workers. Critics add that CSR imposes external values regarding local communities against unpredictable outcomes (Hill & Jones, 2012). Firms are under pressure to act ethically. The picture impacts pressure derived from customers, governments, consumers, the public, and associations. The picture was developed to provide guidance regarding international CSR standards. The focus also includes the intention of organizations for private and public sectors (Hitt, Ireland & Hoskisson, 2012).
The world in the picture is relatively clean. Improved governmental enforcement and regulation instead of voluntary measures create alternatives to CSR while moving resource allocation and decision-making across public and private bodies. On the other hand, critics add that effectiveness of CSR requires voluntary and mandatory social responsibility concepts regulated under government interference of plans and preferences.
2c. importance of Sustainability
Sustainability calls for different improvements in terms of material, energy, and resource efficiency. The adequacy in reductions limits exposure to toxic substances and significant opportunities to achieve…
