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Key Topics
Requirement
Management Theory and Practice Assignment
Solution
Introduction
It has been observed that the organizations undergo various changes in the organization in order to attain a sustainable competitive advantage and also maximize the profitability by offering high-quality goods and services to the clients. Further, the theoretical concepts have a great impact on the practices of strategic management of an organization. The organization i.e. Carnegie Technology is in the news over the past few years. Furthermore, the organization put together the brightest and the best in order to challenge the creation of real and status quo, the products of communication which generates revenue which further takes the advantage of fundamental movements in the technology of communication in the ecosystem. Further, the application of theoretical concepts are being discussed to the strategic management practices along with its critical evaluation, and the suggestions are made accordingly.
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Application of Theoretical Concepts to the Practices of Management
In this section, the application of theoretical concepts to the management practices of Carnegie Technology will be discussed (Hill et al., 2014).
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Industry attractiveness
The industry attractiveness highly impacts the performance of the organizations to a great extent. Further, the industry attractiveness forced the Carnegie Technology in order to perform the efficient and the effective scanning of the environment. This helps the organization to understand the various strategies and the recent trends of other organizations in order to compete with them. Also, the industry attractiveness helps the organizations to understand the policies of the functionality, and as a result, it impacts the operations and the activities of the organization to a great extent. Therefore, Carnegie Technology has founded 20 years ago but still the organization has not taken the complete advantage from the market attractiveness. -
Resource based view
It has been observed that the resource-based view of an organization, the strategies are being defined as contingent in order to have the effective and efficient human resource for the implementation. Further, the resource-based view helps the organization to identify the requirement of resources and the capabilities which are required by the personnel in order to fulfill the vision and mission of the organization. Moreover, this theoretical concept helps the organization to identify the core competencies which further helps in performing operations accordingly. -
Competitive advantage
It has been observed that the competitive advantage only takes place when the company develops or acquires the various attributes which further enables the organization to outperform. Furthermore, the attributes include natural resources, highly skilled and the trained personnel, etc. Moreover, the competitive advantage is being defined as the important determinant of the performance and helps in achieving the sustainable competitive edge for a longer period of time. The competitive advantage is being defined as the foundation of an organization (Morris et al., 2015). Also, it enables the organization to lead the market with its potential.
Critical Evaluation of Theoretical Concepts and Influence on Practices of Management
Carnegie Technology is in the news because of the strategic management practices. The organization mainly deals with the communication technology and offer services to the clients. The organization was founded 20 years ago. Further, it has been observed that the organization has used the theoretical concepts to some extent only as it is not able to attain the sustainable competitive edge in the market and it has to undergo various changes in the functions and the operations of the organization very often. Furthermore, it has been observed that the Carnegie Technology has done the environmental scanning appropriately while entering the market of a country but as the technology is becoming more advanced, the organization is using traditional concepts and strategies in order to offer services to the clients. Furthermore, the organization has clearly identified its core competencies, but the company is not able to utilize the resources adequately as the resources get wasted while implementing new strategies ("Carnegie Technologies ," 2017). Also, the organization exactly knows that what kind of personnel they want in order to fulfill their vision and mission and further leads to maximization of profitability.
Moreover, Carnegie Technology is not able to develop and acquire the various attributes of strategic management to a great extent, and as a result, the organization is not able to achieve the sustainable competitive advantage. Earlier, the organization was performing effectively and effectively but as the time is passing the traditional concept and the strategies of the organization are fading away. Therefore, it has been observed from the various researches that the theoretical concepts have a great influence on the strategic management practices of the organization. But, it has influenced the management practices of Carnegie Technology in the initial days only. Also, it is very important for the organization to improve their strategic management practices in order to attain the sustainable competitive edge.
Recommendations to Encourage the Strategic Management
It has been observed that Carnegie Technology was performing operations by depending on the planning cycles but still the organization is not able to improve the strategic management practices. So, the organization should use the performance system of strategic management in order to monitor and measure the progress of activities and the strategies (D'Ortenzio, C. 2012). Further, this will help the organization to identify the issues at the time of its occurrence only.
The organization should focus in order to bring the right people as this will help in improving the resource-based view and the various problems which are related to resources like wastage of resources, etc. will get resolved and the organization will be able to achieve the sustainable competitive edge.
The organization should focus on customer loyalty as this will help the organization to retain the customers for a longer period of time and will further help in maximizing profitability by achieving the competitive advantage.
Conclusion
The Carnegie Technology had great strategies earlier, and it is very important for the organization to realize the importance of theoretical concepts as it plays a great role in performing strategic management practices. Further, the organization should consider the suggestions which are given in the report in order to attain the competitive advantage along with the maximization of profitability.
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Carnegie Technologies. (2017). Retrieved 6 January 2017, from https://www.carnegietechnologies.com
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D'Ortenzio, C. (2012). Understanding Change And Change Management Processes: A Case Study. University of Canberra.
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Hill, C. W., Jones, G. R., & Schilling, M. A. (2014). Strategic management: theory: an integrated approach. Cengage Learning.
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Morris, M., Schindehutte, M., Richardson, J., & Allen, J. (2015). Is the business model a useful strategic concept? Conceptual, theoretical, and empirical insights. Journal of Small Business Strategy, 17(1), 27-50.
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