Leadership And Benefits MBO and TQM Samples †MyAssignmenthelp.com

Questions: 1.Discuss leadership or staffing skills a Board of Directors should be looking for when hiring a senior management person to implement a major strategic plan? 2.Describe the benefits MBO and TQM can bring to a new strategic plan? 3.Evaluate the part corporate culture can play when contemplating implementing a new strategy in a firm. Describe briefly the corporate culture in your strategic audit firm (Cathay pacific airways)? 4.Discuss the three types of controls that firms can use to evaluate a strategy. Explain examples of each of these controls? 5.Describe various measurements of corporate performance? 5.Describe a specific strategic incentive management method you would use you are your strategic audit firm (Cathay Pacific airways)? Answers: 1. Board of directors must focus on the leadership attributes while hiring a senior management. A good seniormanagement can maintain the stability in the organization. Those attributes includes: Problem solving skills - Good leaders always possesses creative solution to the organizational problems. They must be capable of taking instant decision regarding investment in technology, raw materials, production report and other crucial matters (Durand, Grant Madsen, 2017). Sharing responsibilities - They must support team works and sharing of tasks. When there is sharing of responsibilities, the work gets better and faster. Achieving targets- Working in teams helps in achieving desired targets. Senior manager monitors the entire functions of the organization. Therefore, with strong leadership qualities senior manager can motivate the employees to achieve certain set targets. Rallying others- The employees of the organization cannot predict the future effects of the company. Therefore, manager should create clear vision and mission statement in order to understand the overall performance of themanagement (Ethiraj, Gambardella Helfat, 2017). Risk taking- With smart and strong leadership skills, manger must be a risk taker. The more the risk the more is the profit. An organisation achieves maximum profit when the company takes risk. 2.Benefits of Management by Objective Good managing- Main aim of the organization is to create good managements system. A goodmanagement system creates efficiency at work and more production. Clarifying roles and responsibilities - Proper assigning of roles and responsibilities according to the desired skills and talents creates better working condition for both the employees and the organization (Gans Ryall, 2017). Commitment- Certain commitments made by the board of directors for the betterment of the company. Therefore, the management promises to achieve those commitments within the set targets in order to create profit. Developing controls in regulations It ensure proper code of controlling the workings of the employees and the organization. Benefits of Total Quality Management Competitive position- With the use of good strategy management, it creates more business opportunities not only domestically but globally as well. Growth in business creates more competition in the market. High production- Customer based products creates more supply and demand for the product. When demand and supply rises, it creates market equilibrium, thereby creates more production of goods and services (Rees Smith, 2017). Reduce cost and create better management- Low cost of production and reasonable rates on products attracts large buyers and suppliers in the market. Increases customer satisfaction and loyalty- When seller meets the adequate requirements of the customers, and when customers are satisfied with the services they get, it creates more loyalty for the product and the services. Improves business performances- Constant focus on the management of improving the weakness and mistakes creates efficiency in the performances. Improvement in performances leads to increase in profits. Encourages employee motivation- Employee motivation plays a dominate role in making business profits. When employees are motivated they tend to do their work with more dedication and passion. This leads to faster growth in business output. Increases job security- Strategic management creates job security. Enhanced shareholder value- By increasing organizational profit it will automatically increase shareholder value. Encourage for innovation There must be more investment in modern technology and encouragement for the innovative ideas that creates more production and customers. 3. Corporate culture can play a very decisive role while embracing a change in the organisation. Flexibility is a key to change. Organisations with flexible culture find change as a potential option for their competitiveness. Such organisations have adaptability nature in them, which encourage those to switch with different potential options (Hill, Jones Schilling, 2014). Cathay Pacific Airways has always believed in change to enhance its competitiveness. It has considered business change to meet the rising demands in the market and to enhance the efficiency of the company in providing a high standard for customer service. A continuous development of many in house facilities such as accounting engineering system explains the positivity of the company for change (Young, 2012). 4. Strategic control helps the firm to evaluate the business performances at the time of crisis. Three types of strategy control are Premise control, implementation control and strategic surveillance that a firm uses for the evaluation purpose. Premise control includes monitoring of certain planning and predictions (Wheelen Hunger, 2017). Every strategy of the firm based on certain planning. Therefore, it identifies whether the plan is valid or not like planning a particular goal. Implementation control evaluates the plan and project of the firm. It monitors the organization thrusts in order to achieve the predetermined goal. Suppose an international grocery company decided to maintain the records on quality and price rates on various products. Using these records, it will evaluate the organization performance with other countries (Williams, Chen Agarwal, 2017). Strategic surveillance monitors the external and internal environment of the organization. Example of strategic surveilla nce is trade conferences. 5. There are various measurements of corporate performance listed below: Stakeholders measures- It includes perspective of customers, employees and other stakeholders of the organization. Customer perspectives include evaluation on the loyal customers. Customers create profit by paying for premium charges. They create new customers due to which it leads in the growth of the business (Gamble Thompson, 2014). Balanced scores measures- It measures the internal and external communication and monitors the organizational functions against strategic targets. Few innovative companies are using balanced scorecard to analyze the organisational performances. Research findings- Research finding includes the overall assessment and findings of the balanced scored measures and stakeholders perspective. It provides the merits and demerits of the organization, thereby helps in improving the organizational performances (Chatterjee, 2017). 6. A specific strategic incentive management method can be good bonus schemes for extra work and overtime of the Cathay Pacific airways (Meyer Xin, 2017). This will create more passion and dedication towards the work. It also creates employees motivation. Creating this type of strategy will lead to positive impact on Cathay Pacify airways (Bettis et al., 2016). When employees are motivated they tend to do their work with more passion and interest. This creates efficiency at work place. With the help of strategic audit firm, the report provides the strength and weakness of the Cathay Pacific airways. Auditing of the firm will help the management to understand the overall function of the Cathay Pacific airways in a detailed structured way. References Bettis, R. A., Ethiraj, S., Gambardella, A., Helfat, C., Mitchell, W. (2016). Creating repeatable cumulative knowledge in strategic management.Strategic Management Journal,37(2), 257-261. Chatterjee, J. (2017). Strategy, human capital investments, business?domain capabilities, and performance: a study in the global software services industry.Strategic Management Journal,38(3), 588-608. Durand, R., Grant, R. M., Madsen, T. L. (2017). The expanding domain of strategic management research and the quest for integration.Strategic Management Journal,38(1), 4-16. Ethiraj, S. K., Gambardella, A., Helfat, C. E. (2017). Reviews of strategic management research.Strategic Management Journal,38(1), 3-3. Gamble, J. E., Thompson Jr, A. A. (2014).Essentials of strategic management. Irwin Mcgraw-Hill. Gans, J., Ryall, M. D. (2017). Value capture theory: A strategic management review.Strategic Management Journal,38(1), 17-41. Hill, C. W., Jones, G. R., Schilling, M. A. (2014).Strategic management: theory: an integrated approach. Cengage Learning. Meyer, K. E., Xin, K. R. (2017). Managing talent in emerging economy multinationals: Integrating strategic management and human resource management.The International Journal of Human Resource Management, 1-29. Rees, G., Smith, P. (Eds.). (2017).Strategic human resource management: An international perspective. Sage. Slack, N. (2015).Operations strategy. John Wiley Sons, Ltd. Wheelen, T. L., Hunger, J. D. (2017).Strategic management and business policy. pearson. Williams, C., Chen, P. L., Agarwal, R. (2017). Rookies and seasoned recruits: How experience in different levels, firms, and industries shapes strategic renewal in top management.Strategic Management Journal,38(7), 1391-1415. Young, G. (2012).Beyond Lion Rock: The Story of Cathay Pacific Airways. Faber Faber.