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Understand how to measure and enhance organizational performance with these detailed notes. Covering performance metrics, management strategies, and continuous improvement methods, this guide is essential for assessing and boosting comp...
Table of Contents
THE IMPORTANCE OF CREATIVE THINKING AND PROBLEM-SOLVING TECHNIQUES TO IDENTIFY STRATEGIES
TO IMPROVE THE OVERALL PERFORMANCE OF THE BUSINESS ........................................................................3
Possible steps to following during a problem-solving process: ................................................................... 3
THE IMPORTANCE OF CREATIVE THINKING AND PROBLEM-SOLVING TECHNIQUES TO IDENTIFY STRATEGIES TO IMPROVE THE OVERALL
PERFORMANCE OF THE BUSINESS ........................................................................................................................... 4
PROS AND CONS CHART: .......................................................................................................................... 4
DECISION TREE: ............................................................................................................................................ 4
VALUE CHAIN ANALYSIS: ............................................................................................................................... 4
PESTLE: ........................................................................................................................................................ 5
SWOT ANALYSIS: .......................................................................................................................................... 5
THE DELPHI TECHNIQUE: .............................................................................................................................. 5
RESOURCE- BASED APPROACH: ..................................................................................................................... 6
BALANCE SCORECARD: ................................................................................................................................. 6
THE IMPORTANCE OF CREATIVE THINKING AND PROBLEM-SOLVING TECHNIQUES TO IDENTIFY STRATEGIES
TO IMPROVE THE OVERALL PERFORMANCE OF THE BUSINESS ........................................................................7
GENERIC STRATEGIES.................................................................................................................................... 8
LOW COST STRATEGY:.............................................................................................................................. 8
FOCUS (NICHE MARKET): ......................................................................................................................... 8
DIFFERENTIATION: ................................................................................................................................... 8
CORPORATE STRATEGIES .............................................................................................................................. 8
CORPORATE COMBINATION STRATEGY: .................................................................................................. 8
DECLINE/DEFENSIVE STRATEGY: .............................................................................................................. 9
GROWTH STRATEGY: .................................................................................................................................... 9
INTEGRATION STRATEGIES (IN THE DISTRIBUTION CHANNEL) ...................................................................... 10
FORWARD INTEGRATION: ...................................................................................................................... 10
BACKWARD INTEGRATION: .................................................................................................................... 10
HORIZONTAL INTEGRATION: .................................................................................................................. 10
OTHER STRATEGIES TO IMPROVE THE OVERALL PERFORMANCE OF THE BUSINESS ....................................... 11
REVISE BUSINESS MISSION AND OBJECTIVES: ........................................................................................ 11
ALLOCATE RESOURCES DIFFERENTLY: .................................................................................................... 11
TOTAL QUALITY MANAGEMENT (TQM) AND TOTAL CUSTOMER SATISFACTION: ................................... 11
BENCHMARKING: ................................................................................................................................... 12
FINANCIAL RATIOS: ................................................................................................................................ 12
PERFORMANCE APPRAISALS (360°) AND SELF-EVALUATION: ................................................................. 12
CONTINUOUS SKILLS DEVELOPMENT: .................................................................................................... 12
TEAMWORK: .......................................................................................................................................... 13
, CHAPTER 2
OVERALL ORGANISATIONAL PERFORMANCE
It is important to revise business environments before considering the problems in
the business environment and the strategies which may be implemented to
eliminate/reduce the impact of problems on the business.
Micro Environment
Market Environment
Macro Environment
The Micro Environment: includes the 8 business functions-
Purchasing department
Production department
Financial function
Human resources/human capital function
Marketing department
Public relations
Administrative function
General management
In the Market Environment: Porter’s 6 forces were used to look at the market
environment and the influence of various role players-
Level of rivalry/power of competitors
Threat of new entrants
Threat of substitute products
Power of buyers
Power of suppliers
Threat of complementary products
With the Macro Environment: external business influences were identified using the
PESTLE analysis-
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