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Business process Management on impact of the business
Abstract
This paper aims at examining strategic technology Management. In order to enhance high competitive technology, individuals need to be adaptable and resourceful. In order for technology to be competitive and maintains its position in the market place, companies require to manage the existing product more closely. In the current world, firms compete with other firms thus increasing the concern broader perspective in their innovative efforts, increasing productivity, innovative technology and improve their efficiency on their new products of development programs. To enhance competition, firms should develop capabilities that help in strengthening their product along with management activities. There is a need of many firms examining their products development in additional to its management efforts from perception of the firm (Barrile, et al pp 10).
Introduction
There is a need to understand technological side of the firm along with market side. Top management of the organization need to bear in mind that product development as well as management is an on going process start through carrying out research that eventually lead to examining productizes opportunities among clients. New Products need to be developed in the firm. This development is a combination effort that put together input from functional operations within the firm. There is a tendency of managing unstructured new products programs in some firms that encourages corporation from consumers that may have an interest in the product development. In some cases the new product may not be a vital issue especially in the high technology firms for what seem to be vital is productivity (Goodman, et al pp 11).
Various firms prefer to organize product development along with management activities into highly structures that is reviewed and controlled separately by technical and marketing staffs. The process is managed through respective management team. The role of cross functional team is to evaluate all aspects that enhance to growth of new product to its market performance in the long term. The Cross functional teams are formed to introduce new technology through building the essential organizational structures in order to develop leadership for these structures that may lead to the formation of supplementary. With rapid information technology that is diverse globally, firms require to consider variety options that enhance on product development and its management effectiveness. With this emphasize, firms are investigating on ways that result to rapidly transformation of the technological environment. Technological experts are encouraged to be aware of marketing strategies. Specialists in some firms are qualified in putting into considering their proficiency in technology skills. The marketing human resources is capable of conducting market researches in indicating the strategic options that a firm require to take, the product that is important in introducing in the market and the level of technology required. On the other hand, the staff of technical technology is not capable of building up the product since it is the work of top management to help in resolving the differences found in marketing specialist together with technical staff (Jeston, et al pp 11).
Firms working in high competitive globally
These Firms require the balance in the competencies of technology and marketing. To ensure this, Top management of a firm should develop an effective communication and support it with the best functioning information system. A successful communication requires to be opened between marketing side of the firms and technical side of it. This imply that, scientists, laboratory technicians and engineers among others, must communicate with sales and marketing individuals, Marketing Managers and marketing specialist especially for product development process. The two parties require to operate together so as to utilize internal and external information (Gooderl, et al pp 29).The close cooperation of the two parties lead to more productivity and creativity. The ability of utilizing information tends to enhance the communication process between the two parties leading to ideas of the new product. For instance, when scientists work together with engineers in laboratories require coming up with the new product ideas that can be effective in their firm. In ensuring this, they should be able to introduce the ideas to the financial field, marketing fields as well as manufacturing managers who later assist in marketing the product. Before these ideas are implemented, the business specialist should examine these ideas from the market point of view. In spite of the sources of improvement or its opportunity in the market place, both sides of the firms require to be aware of the product and the importance it has on the society. However, if the product is introduced in the market place through technological innovation this is refer to as pushing marketing. On the other hand, the product that started in the market and later established in the market is considered to be pull marketing.
Due to high competition globally, organizations need to have long term development strategies. These strategies are directed by top management through form policies and procedures. In some firms, product development units are usually organized and planned.
Planning
The main purpose of planning is to identify the objective that is desired to be accomplished and what actions should be taken in achieving the goal. Planning is important in that, it ensures the future achievement of the project. Studies have shown that, it is vital to plan before undertaking any project and put into thoughtfulness globalization. The external and internal impacts of globalization need to be considered (Jeston , pp67).This knowledge involves how the product would appeal to global market and yet not be affected by global competition. There are four functions of management that would be used together to contribute to this success of the organization.
Increase use of Teams
A team is a group individual that work together to achieve a common objective for each member has different capability in performing a task. Many firms use teams more frequently to accomplish work in higher level than that of individual employees. Other types of managerial position of organization uses team leaders refereed to as project manager who facilitate the other times and enhances accomplishment of the goal.
Outsourcing
These takes place when firms’ contracts with other firms to perform work that it would have performed alone thus reducing costs, enhancing healthy competition among the two companies and promoting efficiency. Following these, Costs can be reduced often because work can be performed in other countries where resources and labor are not expensive. Additionally, having support from other companies can result to more attention to the company core competencies.
Capital risk management
It is vital to safeguard the organization capital as a going concern. This will contribute to benefits of various stake holders which eventually help in management of risk of capital. Impact of not having a well structured capital is that, there will be increasing cost of capital that will affect the operation of the organization. In order to avoid this, strategies of ensuring that net bet along with gearing ratio should be well monitored. According to Jeston (pp 50), the organization gearing ratio attribute to rise in capital because of high operating profit. Besides increasing the number of fleers that the company has, it is important to maintain good capital structure
Strategy Implementation
Strategy implementation requires an organization to establish their objectives, motivating employees, device policies and distributing resources so that formulated strategies are executed. Strategy implementation include developing strategy helpful culture, creating effective firm structure, redirecting marketing exercise, utilizing and developing informational system, preparation of budgets and linking the employees compensation for the firm performance which is often called the action stage of strategic management. For its success it requires personal discipline, sacrifice and commitment. The process does not end when the firm besides what strategies to pursue. There must be a translation of thoughts of strategic action.
The marketing revolution
Different studies have shown that, the key obligation for business accomplishment is high technical quality. If the firm produces a product that would work well to consumers as well as being durable there would not be difficulty in selling at a profit (Gooderl, pp70). This was refereed to as the production orientation that would result to products been sold without effort. This contributes to the growing numbers of prosperous and people of middle class that capitalism created. Due to the unexploited demand that was caused in 1950s by the Second World War, it was obvious that products could not sell easily as they could have been. The solution was therefore to concentrate on selling. The sales era along with guiding philosophy in the business of the past is currently refereed to as sales orientation.
Different studies were done which argued that, the sales orientation had things that were important in the business management (Gooderl, pp56). They claimed that, rather than producing products that would be sold to the customer, firms would start with what the customer wanted thus producing it for them. Therefore, the customers were the driving force behind strategic decisions in the business. Marketing orientation for a long period of time has been repackaged and reformulated under various names that include customer orientation, customer focus, marketing philosophy, customer driven, , customer intimacy in additional to focus on market products.
Conclusion
Having carefully analyzed the impact that, it is evident to noting that, to enhance growth and competition, firms should develop capabilities that help in strengthening their product along with management activities. There is a need of many firms examining their products development in additional to its management efforts from perception of the firm. For the reason of high competition globally, business require to have long term development strategies which are directed by top management through form policies and procedures. In some firms, product development units are usually organized and planned. The main objective in planning is to discover the objective that is required and what actions are used in achieving the goal. Planning is important in that, it ensures the future achievement of the project. Team’s involvement in business is vital in that it ensures success of the firm. In additional, having support from other companies can result to more attention to the company core competencies.
References
Barrile S, Cameron T. Business management: corporate management, people and change. Sydney: Macmillian Publishers. 2007. Print
Goodman S, Ladzani W, Bates B. Business management: fresh perspectives. Durban: Pearson Publishers. 2005. Print
Jeston J, Nelis J. Business process management: practical guidelines to successful implementations. London: Butterworth publisher.2005. Print
Gooderl J, Carlos W. Small business management: an entrepreneurial emphasis. New York: Cengage learning Publishers.2006.Print
Bruce M, Bernard M. Dynamic modeling for business management. New York. Springer Publisher.2005.Print
Mc Graw H. Resumes for Business Management Careers. New York. McGraw-Hill Publisher.2006.Print
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