David answered on Nov 25 2019
Research proposal: Impact of Management Strategy and Electronic Communication on Business Performance
Table of Contents
4Management strategy and its implications on business performance
5Factors influencing management strategy
6Electronic communication and its implications on business performance
8Research design and methodology
In present scenario, formulation of proper business strategies and adopting effective communication tool is crucial for managing business operations and activities. There is vital impact of business strategy and electronic communication on smooth functioning and operations of business. At the forefront level, management strategy helps in defining action plans, allocating necessary resources, managing functional units, aligning business activities with emerging changes, etc. It can be said as business firm moves in vague direction in the absence of proper strategies and action plans whereas formulation of strategies and action plans provides direction to the business firm and defines manner of attaining goals and objectives. In the same token, electronic communication is considered as an advanced tool of communication allowing business to connect in easier and convenient manner. This transition of communication process from paper to electronic medium helped in replacing hassles or difficulties arising in traditional communication. It provides an easier and quicker way to communicate and performing assigned tasks timely with no delay causing due to information gap.
The project objective is to, ‘explore and outline the implications of management strategy and electronic communication on business performance’.
The scope of the present research study is quite wide as it seeks to discuss the concept of management strategy and electronic communication in detailed terms. Presently, business firms are paying high attention on formulating effective business strategies in light of environment conditions and adoption of new technologies. There is significant impact of the formulated strategies and new technologies on the attainment of defined goals and purposes. In this regard, present research study will identify factors influencing formulation of management strategies and adoption of new technology such as electronic communication on overall business performance.
Management strategy and its implications on business performance
Porter (2008) defined management strategy as the formulation of decisions and action plans by top authorities of business firm in light of availability of resources and assessment of internal and external environment. The management strategy is considered as roadmap providing overall direction to the business firm for developing policies and plans in order to achieve defined objectives. The author argued that management strategy is not static in nature; it requires constant monitoring and evaluation of environmental conditions for initiating second round of planning, formulation and execution of strategies (Porter, 2008).
At the outset, business firm is considered as a big entity with huge investments in resources such as men, money and material for achieving defined goals. In this regard, management strategies become a necessary factor for achieving defined goals in rational expected time through aligning internal resources and external environment. At corporate level, management strategy prepares organisation for future opportunities, risk and emerging market trends for achieving defined aims optimally.
According to Proctor (2013), management strategy and its implications on business performance is a wide subject area requires thorough research and study. Evidently, management strategy is believed as a mechanism for identifying environmental trends, allocating time and resources, consolidating functions, adjusting and aligning internal environment, monitoring consequences and results at regular intervals. Management strategy is a fundamental aspect for handling environmental contingencies, either internally or externally, and paving path of growth and development. In actuality, management strategy is the essence of decision making, pursuing opportunities, directing action plans, counter-acting threats and converting it into opportunities, predicting market trends, employee motivation, cutting costs and improving overall performance (Proctor, 2013).
Factors influencing management strategy
Rezvani, Dehkordi and Shamsollahi (2012) stated that there are certain factors influencing formation and implementation of management strategy and so as the overall business performance. As per the author, management strategy is a detailed process involves analyses, coordination and formulation of decisions and actions plans for achieving improved performance. In this regard, there are certain factors influencing this process categorised as internal and external to the business organisation. Some such factors include changes in management structure, structural transformations, competition, socio-economic factors, laws and technology, etc...