Managers Benefit How Todays Managers Benefit How

¶ … Managers Benefit How Todays Managers Benefit How can managers of today's organizations benefit from an understanding of the different philosophies and observations that have been made regarding management over the years? Over the last several years, management decisions have been increasingly brought to the forefront. Part of the reason for this, is because there have been a number of different high profile scandals involving the kinds of choices that were made. A good example of this can be seen by looking at Enron.

Where, managers knowingly engaged in a variety risky projects that cost them tens of billions of dollars in losses. To hide them, they would create special purpose entities that were off the books. In the course of time, this led to the eventual accounting scandal and downfall of the company. This is significant, because it is illustrating how these types of actions of created an environment that allowed these kinds of decisions to occur.

(Seabury, 2009) As a result, executives need to understand the most appropriate strategies and observations in the field of decision making. This will improve their ability to effectively respond to a number of different situations. While at the same time, it is creating an atmosphere where there must be a set of ethical guidelines that everyone can follow. To achieve these objectives requires: understanding the various philosophies and insights from some of the top managers over the years.

Once this occurs, it will offer how an organization specific ideas, as to how it can be able to apply these basic principles to their own business. Over the course of time, there a have been a number of different philosophies that have been applied to wide variety of firms.

A few of the most notable include: finding creative ways to motivate employees, always be willing to seek out new ways to improve your underlying products / services, address the needs of customers and evaluating the impact of your activities on the bottom line. As far as seeking out ways to motivate employees, the most successful organizations will provide them with different forms of compensation that are competitive. While at the same time, they are trying to include them as part of their basic strategy.

As, a corporation will listen to their ideas about: how to improve the products and services that are being provided to customers. In addition to, understanding what issues are most important to staff members. Over the course of time, this basic philosophy will help a company to be able to know how to respond to changes in the market. This is because employees are at the forefront for observing what transformations are occurring.

While being able to create compensation packages, that will give the staff a sense of satisfaction; which allows an entity to be able to retain key talent. These different elements are significant, because they are highlighting how executives can be able to understand these different philosophies. Once this occurs, it will have a positive impact on a firm's ability to increase productivity and effectively address the needs of customers. This will create favorable perceptions about the company and what they have to offer.

Therefore, this will help the managers of today's organizations to be able to understand how to retain key talent and utilize this to consistently increase productivity. (Bruce, 2006, pp. 9 -- 17) (Allsion, 2011, pp. 15 -- 39) Always be willing to improve your products and services is when you are focused on finding areas that will help to give your business an edge over the competition. This is when managers must be aware of transformations that are taking place in the markets and then provide products / services that will address these shifts (before anyone else).

To do this, you must be focused on the kinds of products that are currently available. Then, look at different avenues for being able to create new products or improve upon the ones that are currently being provided by your organization. (Allsion, 2011, pp. 15 -- 39) At the same time, it is imperative that you are aware of the price in relation to competitors. Where, you want to ensure that any new products or improvements to the existing one are within the competitions range.

Next, you want to focus on how you can expand the kind support for what you have to offer. This means ensuring that customers have the ability to have any kind of issue quickly resolved. These different elements are important, because if this kind of approach can be taken it will allow a firm to be able to keep with changes that are taking place in markets. This will help them to maintain their competitive edge and quickly adapt to any kind possible transformations.

As a result, understanding this basic principal will allow the managers of today to quickly be able to adjust to any kind of changes and keep up with continuous levels of innovation. (Allsion, 2011, pp. 15 -- 39) Addressing the needs of customers is when you are focused on how your business can be able to meet the basic demands of consumers. This is important, because most organizations will often ignore what their customers want.

At which point, they will become frustrated with the underlying product and will begin purchasing what they are looking for from a competitor. This is when a business, will have a sharp decline in their market share and sales. As, they have no idea how this occurred, much less what steps need to be taken to mitigate these effects. A good example of this can be seen with GM during the late 1990's and early 2000's.

At the time, they assumed that oil prices would remain low and that consumers would continue to demand vehicles that were not fuel efficient. However, once this price of oil began to increase dramatically is when a shift occurred in demand. The problem was that GM assumed that customers would continue to buy these cars. This is when, they would see a sharp decrease in demand and they had no way of being able to adapt to these transformations.

At which point, the company began to experience a loss of market share and sales. Over the course of time, this approach forced GM into bankruptcy, as this is based on their inability to adapt to changes that were occurring in consumer demand. For today's executives, they need to always remember that they only way their organization will be able to survive are to: understand the needs of customer and continually address them.

If this kind of mindset and focus can occur, it will ensure that their organization is constantly keeping up with transformations in the marketplace. (Salmon, 2010, pp. 242- 300) Evaluating the results of your activities on the bottom line is when you are focusing on how various efforts are affecting your earnings. The way that this is accomplished is by looking at how different actions taken by the company are helping to improve or decrease the profit margins. Where, managers want to make sure.