Management Theory Assignment Strategies For 21st Century Businesses
Question
Task: How can a management theory assignment influence business operations and performance?
Answer
Introduction
The present management theory assignment will focus on how management strategies influence businesses operations. The smooth operation of any business requires a suitable management theory to be used. Several management theories are linked to business management, but the most appropriate in the 21st century is the systems management theory (Mahadevan, 2010). It is important to understand that effective management theory assignment preparation requires the involvement of all business stakeholders. The system management theory involves all stakeholders' participation linked to a business and involves their contributions towards improving the businesses performance and operation. With globalisation, mass media and competition among organisations for market positions, it has become essential for each business to adopt alternative business management strategies to ensure the company addresses consumer needs and its own and stakeholder needs. Gone are the days when businesses made solo decisions, and today they require stakeholder involvement to ensure they achieve optimum performance. It has resulted in many companies looking up to system management theory assignment and project approach. It allows businesses to communicate with its staff and stakeholders and make universal decisions that consider each stakeholder's needs. Companies that maintain an Authoritarian management style have long been the preferred mode of managing organisations. Still, during the past two decades, there has been a change and prefer other managerial techniques and theories simply because they offer more flexibility which is a requirement among consumers and stakeholders.
Definition of a system management theory Assignment/ Project
The system management theory involves evaluating and understanding different stakeholders linked to a business, and their contributions towards the businesses functionality. As the number of business start-up increases, the need to acknowledge open management systems and the roles played by each of the stakeholder’s has become a necessity (Kishor, 2011). That makes stakeholders an essential aspect of collecting data and information to help the business understand stakeholder needs and expectations based on which accurate management theory assignment can be prepared. Below are some vital contribution made by stakeholders towards business operations.
Management
To achieve optimum management theory assignment and project planning, the management of each organisation is tasked with managing the overall operation and setting business objectives and goals the business intends to achieve. It allows the administration to set goals, announce achievements and set targets for each stakeholder based on which future developments can be planned.
Customers
Customers and consumers are the core of every organisation as they purchase the products and services, allowing them to remanufacture and supply more products for supply. The customer plays a vital role in completing the eCommerce cycle. Still, at the same time, the customer also plays an immense role in sharing information and data which can be used to help further develop and improve a product. The management theory assignment/ project involve customers directly towards product and service development. It is essential for the business to determine improvement areas, and further product innovation plans can be developed. The customer also helps provide crucial insights linked to existing product flows which may require further improvement, thus satisfy the customer’s needs.
Suppliers
Suppliers are another vital stakeholder that shares essential information relating to the raw materials and supplies that can be used to develop an accurate management theory assignment. Each business is heavily dependent on raw materials to produce their products or services. It makes it necessary for the companies to consult and communicate with the suppliers regarding different aspects they encounter daily, allowing them to understand their supply chain. Maintaining open communication channels with the suppliers helps with raw materials data collection, which can help the business prepare for future changes that may be experienced.
Staff
Every organisation requires staff to conduct their daily operations, but it’s essential to understand that organisations staff contributes more towards an organisation that only perform their assigned duties. Staff members tend to contact and interact with customers, and other stakeholders, therefore gain an in-depth understanding linked to stakeholder needs. The information is essential towards preparing an accurate management theory assignment as it involves the use of feedback, data and information collection to make accurate decisions. Over time staff members tend to collect various forms of information and data from stakeholders that can be ordered to secure necessary information towards enhancing their operation. It makes it essential for each company to encourage staff to share their insights and knowledge linked to the business operation, products & services, and stakeholder needs to help gain a broader perspective on improvement areas.
Traditional management systems
Historically most businesses followed closed management system approaches which saw the corporations dictate all terms to the workforce, suppliers and even consumers. The management theory assignment and projects are only possible when a company dominated the market, and no competitors were available. With more businesses in every industry, competition has resulted in making every business turn to open management systems. The traditional management systems were heavily dependent on market monopoly which resulted in many businesses adopting authoritarian management systems which resulted in them management dictating product and services specifications and the human resource policies which led to restricting two-way communication. Lack of proper communication among stakeholders has been identified as a significant hurdle among businesses development. It limits the information and data acquired by the business, leading to the limited information that can be used to help the company make informed decisions linked to future development and progress. Stakeholders are also changing their attitude towards work and employment and prefer organisations that acknowledge their contributions towards the job.
Factors influencing system management theory success
The open system management theory has become a powerful tool in the business world, and professionals look for an organisation which empower the workforce and acknowledge their contribution. In this management theory assignment, the strategy has been identified as the most acceptable among businesses today simply because they involve organisations, staff, and stakeholders, including suppliers and consumers towards development. It is very important because all stakeholders will contribute their knowledge associated with the businesses product and service. It makes their involvement in development necessary if the business intends on making any progress. It is essential to understand that the open system management theory does not mean each stakeholder's contributions are approved. It offers the individuals an opportunity to securely share their inputs which are then evaluated and discussed before a final decision is taken. Despite some points being rejected or placed on hold, it allows the business to secure important feedback and information from the stakeholders, which can improve the business operations.
Other aspects considered in this management theory assignment.
Besides development, the businesses also require to consider other aspects such as consumer, supplier and workforce needs. Traditionally closed management systems ignored this aspect, which seriously affected business operations as competitors began offering products and services. Each stakeholder must be involved in the decision-making process since they all contribute towards development and improvement differently. It also allows the consumer, suppliers and workforce to realise that the organisation recognises their contribution towards progress, growth and expansion. Product and service development based on customer expectation, raw material availability and pricing, manufacturing processes and improvement are aspects a business or organisation can gain essential insights on by adopting the open system management theory. Information and data collection and analysis has become a crucial part of business operations. Today, they are making it essential for the businesses to involve each stakeholder on most management theory assignments as it assists with data collection. Data is classified as a critical resource for many companies, and stakeholder involvement dramatically increases data collected by businesses to help improve development.
Ways system management theory assignment encourages contribution.
It’s also the open management system's responsibility to demonstrate their appreciation to each of the stakeholders in other ways involving them in the decision-making process. Today, the available management system business will organise personal training and entertainment programs for their staff, suppliers and customers to build a closer relationship. It helps improve customer retention and reduces employer turnover rates for the business. High employee turnover rates have been identified to result in increased running and management costs for any business due to the reduced efficiency and increased training costs associated with training new employees.
Conclusion
Considering the above points mentioned in this management theory assignment, most businesses today embrace the open system management theory to promote their market position, performance, and reduce manufacturing costs. Stakeholders play an essential role in each company, making it necessary for the businesses to involve each stakeholder and collect their insights, which play an immense role in the businesses' long-term development and help the company retain a competitive market position.
Bibliography
Kishor, V., (2011) Inter-Organizational Information Systems and Business Management: Theories for Researchers: Theories for Researchers. Hershey: IGI Global.
Mahadevan, B. (2010). Operations Management: Theory and Practice. 2nd ed. s.l.: Pearson Education India.
