Currently international management at PM Company consists of one person. What specific management principles and practices should PM company begin to put in place that will assist the company as their international expansion plans move forward and their international business begins to grow? Post your answer to the discussion board.
Organizations are created by the human beings for an objective. Business organizations are founded to create wealth, to satisfy the stakeholders of the business and to achieve its mission and vision. There are many factors behind the success of the business. By success we mean achieving all these things. Let us discuss each of the factors one by one:
1. Sound Business Plan and Resource based view
Sound Planning is the first step of the success of the business. It will act as a guidance and road map for the organization.
"A business plan is a summary of how a business owner, manager, or entrepreneur intends to organize an entrepreneurial endeavor and implement activities necessary and sufficient for the venture to succeed. It is a written explanation of the company's business model."
Business plan will include Road map of the following:
? Determine where the company needs to go
? Forewarn of possible roadblocks along the way
? Formulate responses to contingencies
? Keep the business on track to reach its planned goals
? Include functional plans or sub plans
Business Plan will be based on the Strategy of the organization. Strategic management is the process of specifying an organization's objectives, developing policies and plans to achieve these objectives, and allocating resources so as to implement the plans. It is the highest level of managerial activity, usually performed by the company's Chief Executive Officer (CEO) and executive team.
It provides overall direction to the whole enterprise. An organization's strategy must be appropriate for its resources, circumstances, and objectives. The process involves matching the companies' strategic advantages to the business environment the organization faces. One objective of an overall corporate strategy is to put the organization into a position to carry out its mission effectively and efficiently. A good corporate strategy should integrate an organization's goals, policies, and action sequences (tactics) into a cohesive whole. Building on Porter's notion of competitive advantage, the resource based view of strategy argues that the resources and capabilities of an organization can be a source of competitive advantage if they processes certain characteristics of being rare, durable and difficult to imitate, flexible and durable. For example Honda has core competence of the developing engines.
The concept of leadership is continually shifting and evolving. It depends on the organization and the ...
Sound Planning is advised.