Management Theory & Practice Essay Example | Topics and Well Written Essays - 2000 words

Management Theory & Practice - Essay Example Organizations as well as managers are often confronted with highly dynamic and multifaceted operating environments. These challenges may include a range of factors such as sudden change in technologies, making the existing ones obsolete; or the launch of new innovative product ideas; or the change in customer’s tastes and preferences on account of change in the external global environment. While on one hand, organizations and managers, congregate with the markets in which they operate, to deal with such revolutionary transformations, there is on the other hand, an increasing sense of realization which indicates the need for adoption of a holistic approach for marketing of their products in order to cope with the market demand. All this combined with the universal capability to imitate both hard as well as soft innovations within the rapidly shrink time frame, places the ability of effectively adapting to the changing market demands, at the top of the â€Å"must have core comp etencies list†. The 21st century internet age which is ably sustained by a well integrated business infrastructure for marketing of their products, complete with state of the art technologies and an effective supply chain network, change is here to stay. This new â€Å"e-world† in the electronic age, is highly fragile which has no place for preset plans, or predefined change management techniques, and wherein age old conventions and set rules are continuously being challenged and threatened. It is hence imperative for organizations to adapt themselves to the dynamic external environment in order to sustain their competitive positioning in the industry and retain their hold on the markets as well as their consumers. Although almost all organizations have a proactive approach towards change, with detailed and precise mission and vision statements and future goals that determine their prospective aims, these organizations often react on the basis of the