Issues On Innovation And Technology Influence Both External

Issues On Innovation And Technology Influence Both External And Int

1. Issues on innovation and technology influence both external and internal environmental scanning. How should a corporation scan the external environment for new technological development? 2. Suppose you are the owner of a small business, who is currently facing a serious problem (any problem). (a) How could you make a decision to resolve this problem? Explain your decision-making process to resolve this problem. (b) How would you transfer of power and wealth in a family business if you have a plan to retire in the future? 3. What are major strategic issues of the Not-for-Profit Organizations? Are Not-for-Profit organizations less efficient than profit-making organizations? Why or Why not? 4. There are five major leadership theories including trait theories, behavioral theories, power and influence theories, contingency theories, and integration theories. Explain them shortly. 5. There have been arguments on strategic leadership by corporate executives and top management team. (a) What are those arguments? (b) There have been external and internal constraints on corporate executives. What are they, and how do they affect the leader's behavior? 6. The Strategic Management consists of three phases. The first phase is the evaluation of the current status, and the second phase is the strategic planning. What are the fundamental differences between the first and the second phases? 7. The Strategic Management consists of three phases. The second phase is the strategic planning, and the third phase is the strategy implementation. What are the fundamental differences between the second and the third phases? 8. In evaluation and control in strategic management, (a) explain primary measures of corporate performance; and (b) explain the importance of control and coordination in the process of strategic management. 9. How would you apply the tree phases of corporate strategic management for your personal career management in the long-run. Please assume that you are almost thirty years old, and your remaining life is sixty years. 10. What are the differences and similarities of the roles between the Board of Directors and the Chief Executive Officer in the corporation?

Paper For Above instruction

In the rapidly evolving landscape of modern business, issues related to innovation and technology are pivotal in shaping organizational success. External and internal environmental scanning plays a crucial role for corporations aiming to capitalize on technological advancements. External scanning involves systematically monitoring market trends, technological developments, competitive movements, and regulatory changes. Companies often utilize tools like PESTEL analysis (political, economic, social, technological, environmental, legal) and horizon scanning to identify emerging technologies that could influence their industry (Aguilar, 1967; Rohrbeck & Schwarz, 2013). Internal scanning examines organizational capabilities, resources, and current technological readiness to adapt and implement innovations effectively (Johnson, Scholes, & Whittington, 2008). Together, these approaches facilitate informed decision-making about adopting new technologies and maintaining competitive advantage.

For small business owners facing significant challenges, effective decision-making is vital. A common approach involves a structured decision-making process, starting with problem identification, followed by gathering relevant information, generating alternatives, evaluating options, and choosing the most suitable solution (Simon, 1960). For example, if a small retailer faces declining sales, the owner might analyze customer preferences, assess competitors, and explore new marketing strategies before implementing a plan. Employing tools like SWOT analysis (strengths, weaknesses, opportunities, threats) and decision trees can enhance clarity and effectiveness (Keeney & Raiffa, 1976). Additionally, involving stakeholders and considering ethical implications ensures sustainable decisions.

Transfer of power and wealth within family businesses is critical, especially in planning for future retirement. Succession planning involves preparing the next generation of leaders, ensuring they have the skills and values aligned with the business mission (Miller & Le Breton-Miller, 2006). This often entails formalized training, gradual transfer of responsibilities, and legal arrangements like wills and trusts to facilitate wealth transfer smoothly. Transparent communication, establishing governance structures, and involving key family members and advisors help mitigate conflicts and promote continuity (Gersick, Davis, McCollom Hampton, & Lansberg, 1997). An effective succession plan aligns personal aspirations with business needs, securing the firm’s longevity.

Major strategic issues confronting Not-for-Profit Organizations (NPOs) include funding stability, mission drift, stakeholder engagement, and compliance with regulations (Anheier & Salamon, 2006). Unlike profit-driven entities, NPOs focus on social impact rather than financial gain, which influences their strategic priorities. Unlike profit-making organizations, NPOs are often constrained by limited resources, reliance on grants and donations, and increased scrutiny from regulators and the public. While this can challenge operational efficiency, NPOs can attain high effectiveness through strong mission focus and community engagement (Light, 2008). Therefore, efficiency should not solely be measured by profit but by social outcomes created.

Leadership theories provide frameworks for understanding how leaders influence organizations. Trait theories suggest innate qualities like intelligence and personality traits define effective leaders (Stogdill, 1948). Behavioral theories focus on specific actions and behaviors, such as initiating structure or consideration (Lewin, Lippitt, & White, 1939). Power and influence theories examine how leaders use their authority and social influence to motivate followers (French & Raven, 1959). Contingency theories posit that effective leadership depends on situational factors, emphasizing alignment with environmental conditions (Fiedler, 1964). Finally, integration theories combine components from different models to provide comprehensive leadership perspectives (Yukl, 2013).

Debates around strategic leadership often revolve around the roles and decision-making authority of corporate executives and top management teams (TMTs). Some argue that CEO-led leadership ensures clear strategic direction, while others advocate for a team-based approach fostering diverse input (Hambrick & Mason, 1984). External and internal constraints influence leaders significantly. External constraints include market forces, regulatory policies, and technological changes, which limit strategic options (Bourne, 2010). Internal constraints involve organizational culture, resource limitations, and resistance to change, affecting leaders’ behavior by necessitating adaptability and stakeholder management (Huy, 2001). Recognizing these constraints helps leaders navigate complexities effectively.

Strategic management is a cyclical process comprising three main phases. The first phase, evaluation, involves assessing the current organizational status through analyses like SWOT and competitive positioning. The second phase, strategic planning, entails developing goals and crafting strategies aligned with organizational strengths and opportunities. The primary difference is that evaluation focuses on understanding where the organization stands, whereas planning involves setting future directions (Thompson & Strickland, 2003). It sets the foundation for informed strategizing.

The third phase, strategy implementation, translates plans into actions. This involves resource allocation, organizational changes, and performance management to ensure strategic objectives are achieved (Hitt, Ireland, & Hoskisson, 2017). The fundamental difference from planning is that implementation emphasizes execution and operationalization, requiring leadership, communication, and control mechanisms. Strategic planning provides the roadmap, while implementation is about navigating the journey successfully.

Evaluation and control are essential components of strategic management. Primary measures of corporate performance include financial metrics such as return on investment (ROI), market share, and profit margins, alongside non-financial indicators like customer satisfaction, innovation rate, and employee engagement (Kaplan & Norton, 1992). Effective control and coordination ensure that strategic activities align with goals, enabling organizations to adjust swiftly to environmental changes (Anthony & Govindarajan, 2007). These processes foster accountability, optimize resource use, and sustain strategic momentum.

Applying the strategic management phases to personal career planning involves introspection, goal setting, strategic development, and continuous adaptation over the long term. Starting at nearly thirty years old with a 60-year horizon, an individual can evaluate current skills, experiences, and career trajectory to identify strengths and gaps. Setting long-term objectives, such as leadership positions, specialized expertise, or entrepreneurial ventures, provides direction. Developing strategic plans includes acquiring new skills, building networks, and seeking opportunities aligned with personal values. Regular reviews and flexibility enable adjustment to industry changes and personal aspirations, ensuring sustained growth and fulfillment over the next six decades.

The roles of the Board of Directors and the Chief Executive Officer (CEO) are both vital but distinct within corporate governance. The Board oversees organizational strategy, monitors performance, and safeguards stakeholders’ interests (Zietlow & Zietlow, 1994). It provides oversight, approves major policies, and appoints or removes the CEO. Conversely, the CEO manages daily operations, implements organizational policies, and leads strategic initiatives (Finkelstein & Hambrick, 1996). Both roles require collaboration, but the Board maintains a supervisory role, while the CEO holds executive authority. Their partnership ensures effective governance and organizational success.

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