Description
Strategic management in a new global scenario
Demand change for consumer goods is caused mainly by changes in disposable income and lifestyles. Demand changes are also influenced by competition and marketing strategies of firms. There is also an intense concern and compulsion for Corporate Values and Social Responsibility due to socio economic impacts caused by rapid industrial growth, competition, and Government intervention in the contemporary business world. Thus, the old concept of business which rested on profit maximization later shifted to customer satisfaction and his long-term welfare. The business philosophy has gone further to embrace the “Three Ps”, People, Planet and profits. Thus, opportunities, innovations, and competition have to be managed within this new framework.
Tasks
- Critically analyze how globalization and international trade caused an increasing influence on business ethics and social responsibility in the contemporary business world.
- Strategic capability, competitive advantage, and superior customer services are considered as the three strategic pillars of sustainable growth of a business organization. What are the critical impacts of demand changes on the said three elements?
- Constant changes are a part of business organizations. Changes can also create new opportunities or threats. However, changes are often resisted by those who are affected by changes. How would you manage a change while ensuring support and participation of all concerned?
- Changes are successfully implemented by leaders who have a long-term vision and skills in managing people. What are the qualities of leaders who are likely to make effective changes in Sri Lanka where there exists a multi-cultural society?
