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¶ … Long-Term Success
Six key developmental tasks (Flamholtz & Randle 2012: 11-18)
Identify a market and create a niche
Regardless of whether the market niche is small or large, it is essential for an emergent organization to define the needs of the customer base to distinguish the new product from its competitors. Getting to know the target customer (and the target customer's price point) is an essential component of this stage.
Develop products and services
Defining market needs is only the first step: an appropriate product or service that the likely consumer will desire and can actually use must also be created.
Engage in resource management
As well as producing suitable products and services, the firm must be able to engage in cost-effective production techniques and deploy the resources used in production to their maximum capabilities. This also includes effective use and management of human as well as material resources.
Develop operational systems
Organizations must have standardized operating procedures so they can run seamlessly without constant interference and have enough regular oversight to ensure appropriate quality control.
Develop management systems
All firms must have plans for organizational development. The organization must be future-thinking and also have an overall...
Actions by management, not slogans create the culture.
Q2. Discuss the keys to success in developing Stage I and Stage II organizations
A Stage I company is still in the pre-functional stage of organizational development. There is often a lack of specialization in terms of the organization's capabilities such as marketing and advertising (Flamholtz & Randle 2012: 211). A good example of a successful organization still at this stage is the popular Internet website BuzzFeed. A relatively new company, the BuzzFeed staff writes the majority of the content while performing other capabilities such as editing and content management for the organization.
A Stage II company has more revenue than a Stage I company and is accruing more income (up to $10 million annually) and has a more refined and specific functional structure (Flamholtz & Randle 2012: 211). Regional restaurant chains which have yet to make it nationally like Texas Subs might fit…
References
Flamholtz, E. & Randle, Y. (2012). Growing pains: Transitioning from entrepreneurship to a professionally managed firm. New York: Wiley & Sons.
Reh, J. (2014). Professional vs. entrepreneurial management. About.com. Retrieved from:
http://management.about.com/od/planning/a/EntreVsProMgt00.htm
Texas Subs. (2014). INC. Retrieved from: http://www.inc.com/profile/texas-subs
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