Strategic-and operational management
Strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's top management on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization operates.
Strategic management provides overall direction to an enterprise and involves specifying the organization's objectives, developing policies and plans to achieve those objectives, and then allocating resources to implement the plans.
Michael Porter identifies three principles underlying strategy:
- creating a "unique and valuable [market] position"
- making trade-offs by choosing "what not to do"
- creating "fit" by aligning company activities with one another to support the chosen strategy
Corporate strategy involves answering a key question from a portfolio perspective: "What business should we be in?" Business strategy involves answering the question: "How shall we compete in this business?
Management theory and practice often make a distinction between strategic management and operational management, with operational management concerned primarily with improving efficiency and controlling costs within the boundaries set by the organization's strategy.
Do you want to found a company abroad?
Companies can choose from several different types of market entry. This can entail the founding of a company or a subsidiary, or else it can mean entering into a joint venture. The selection of the legal format of the company is essential, as are the conditions that required this selection. Questions regarding whether or not a local presence is needed, or whether a company requires local representatives or shareholders, are regularly included in these deliberations.
- Support of your company throughout the entire founding process
- Consultation on selecting a company format
- Support during negotiations and contract design
- Simplifying registration and approval procedures
- Assistance regarding visa and labour law questions
You think you’re ready to expand your small business because your loyal customer base is asking for more locations. That’s great news.
Companies increasingly feel the need to expand their reach into new markets — both domestically and internationally — from a very early age.
One direct result of this expansion is that companies can be forced to manage multiple locations and oversee employees in distant offices.
When choosing the best location for business, typically first step is to target the right community. Will be practical to study, analyze the community targeted in a location.
Human recources management
Human resource management (HRM or HR) is the strategic approach to the effective management of organization workers so that they help the business gain a competitive advantage, Commonly referred to as the HR Department, it is designed to maximize employee performance in service of an employer's strategic objectives.HR is primarily concerned with the management of people within organizations, focusing on policies and on systems. HR departments are responsible for overseeing employee-benefits design, employee recruitment, training and development, performance appraisal, and rewarding (e.g., managing pay and benefit systems).
Human resources overall purpose is to ensure that the organization is able to achieve success through people. HR professionals manage the human capital of an organization and focus on implementing policies and processes. They can specialise in recruiting, training, employee-relations or benefits. Recruiting specialists find and hire top talent. Training and development professionals ensure that employees are trained and have continuous development. New hiring not only entails a high cost but also increases the risk of a newcomer not being able to replace the person who worked in a position before. HR departments strive to offer benefits that will appeal to workers, thus reducing the risk of losing corporate knowledge.
Via IT management all of the information technology resources of a firm are managed in accordance with its needs and priorities. These resources may include tangible investments like computer hardware, software, data, networks and data centre facilities, as well as the staff who are hired to maintain them.
Managing this responsibility within a company entails many of the basic management functions, like budgeting, staffing, change management, and organizing and controlling, along with other aspects that are unique to technology, like software design, network planning, tech support etc.
Purchase-channels (Procurement ) management is a concept that is familiar to just about anyone who has worked in the business environment. Every business has to look outside itself at some point for goods or services that are required to continue operating. Some business have ongoing purchasing requirements that make up a large part of their daily operations, while others only need to procure specific items on a periodic basis. However, when a project is being conducted, the need for procurement management and managing supplier relationships is very often a major element of the overall process.
Procurement management is the process of ensure that everything required from outside the organization is in place when it is needed so the project can proceed successfully. Failing to plan the procurement schedule or process is one of the most-costly mistakes that can be made because the entire project can be brought to a halt if products or materials aren’t available when needed. Successful projects required detailed scheduling and excellent timing to maximize efficiency. The project manager will need to oversee the procurement planning process to ensure that a purchasing failure isn’t responsible for harming the project as a whole.
Sales-channels managementThe term Channel Management is widely used in sales marketing parlance. It is defined as a process where the company develops various marketing techniques as well as sales strategies to reach the widest possible customer base. The channels are nothing but ways or outlets to market and sell products. The ultimate aim of any organization is to develop a better relationship between the customer and the product.
Logistics management is a supply chain management component that is used to meet customer demands through the planning, control and implementation of the effective movement and storage of related information, goods and services from origin to destination. Logistics management helps companies reduce expenses and enhance customer service.
The logistics management process begins with raw material accumulation to the final stage of delivering goods to the destination.
By adhering to customer needs and industry standards, logistics management facilitates process strategy, planning and implementation.
Arrive consistently at optimal pricing decisions. Effective Pricing Management helps you integrate and apply critical pricing information and perspectives.
Pricing Management is the process of integrating all perspectives and information necessary to consistently arrive at optimal pricing decisions. Strong price management capabilities result in effective management of financial risk and revenue. The process entails:
- Balancing company growth, share, and profit objectives
- Gathering and managing information databases within systems
- Defining roles and responsibilities with respect to pricing
- Navigating the organizational politics of different functional interests, and
- Managing various pricing-related workflows
The settlement of the price, in which agreement is reached
Even though you know your business inside and out, you are not seeing it from your customers’ point of view. It’s easy to get caught up in the day-to-day business activity, especially if you have a great relationship with some of your customers. To create a successful pricing strategy, retain customer relationships and capture new markets, it’s important to step outside the everyday way of doing business. An outsource team can help get you that perspective by taking a fresh look at your products or services, your supply chain, operations, promotions and delivery and provide valuable insight by looking at the big picture. The purpose of strategic pricing is to set your prices for profitability by capturing more value, not necessarily by making more sales. By looking at your current programs, the right outsource team can see what’s working and what isn't. Whether it’s cost-driven, customer-driven or share-driven pricing, outsourcing specialists have experience with a variety of flawed pricing principles and techniques to help you achieve profitable results.Pricing specialists can help you determine the trends in your industry, how you hold up in terms of market share, profit and position against your competitors and whether you are comfortable with this position. Knowing where you stand in the marketplace can help determine a realistic value for your product or service and identify areas to significantly improve the financial performance of your business.
Marketing & PR management
Marketing generally covers promotional, direct marketing and advertising which seeks to return direct sales; whereas PR is focused on reputation management through generating positive media coverage and stakeholder communication.
Marketing aims to reach current and potential customers, whereas public relations is all about maintaining positive relationships with anyone who has an interest in the organisation or brand. This covers a broader audience across customers and media, to employees and shareholders.
Marketing is based on thinking about the business in terms of customer needs and their satisfaction. Marketing differs from selling because (in the words of Harvard Business School's retired professor of marketing Theodore C. Levitt) "Selling concerns itself with the tricks and techniques of getting people to exchange their cash for your product. It is not concerned with the values that the exchange is all about. And it does not, as marketing invariable does, view the entire business process as consisting of a tightly integrated effort to discover, create, arouse and satisfy customer needs." In other words, marketing has less to do with getting customers to pay for your product as it does developing a demand for that product and fulfilling the customer's needs.
Public relations (PR) is the practice of managing the spread of information between an individual or an organization (such as a business, government agency, or a nonprofit organization) and the public. Public relations may include an organization or individual gaining exposure to their audiences using topics of public interest and news items that do not require direct payment. This differentiates it from advertising as a form of marketing communications. Public relations is the idea of creating coverage for clients for free, rather than marketing or advertising. But now advertising is also a part of greater PR Activities. An example of good public relations would be generating an article featuring a client, rather than paying for the client to be advertised next to the article. The aim of public relations is to inform the public, prospective customers, investors, partners, employees, and other stakeholders and ultimately persuade them to maintain a positive or favorable view about the organization, its leadership, products, or political decisions. Public relations professionals typically work for PR and marketing firms, businesses and companies, government, and public officials as PIOs and nongovernmental organizations, and nonprofit organizations. Jobs central to public relations include account coordinator, account executive, account supervisor, and media relations manager.
Public relations specialists establish and maintain relationships with an organisation's target audience, the media, relevant trade media, and other opinion leaders. Common responsibilities include designing communications campaigns, writing news releases and other content for news, working with the press, arranging interviews for company spokespeople, writing speeches for company leaders, acting as an organisation's spokesperson, preparing clients for press conferences, media interviews and speeches, writing website and social media content, managing company reputation (crisis management), managing internal communications, and marketing activities like brand awareness and event management. Success in the field of public relations requires a deep understanding of the interests and concerns of each of the company's many stakeholders. The public relations professional must know how to effectively address those concerns using the most powerful tool of the public relations trade, which is publicity.