As a leader and figurehead of the company, he created restructuring plans and methods for ST Engineering to ride on new technology, innovation and capabilities for growth thus transforming it into a capability-driven enterprise that propelled the group to be the crème de la crème in its industry. His discernment for establishing globalisation as a key strategy to bring about sustainable growth proved to be very beneficial for the company as it allowed the group to penetrate into new markets to forge greater alliances and partnerships that leveraged on the external competitive strengths and capabilities. Setting his sights on globalization as a key strategy for sustainable growth, Mr Tan Pheng Hock acted as a great monitor, entrepreneur and liaison to sieve out a wide variety of internal and external information of ST Engineering and its environment. For example, he managed to build external relationships and partnership for the company. Internally, he seeks information for the company by being an avid listener to all his colleagues, competitors and by extension – the customers, because he believes that constant feedback and listening could help the company learn and prosper on a strengthening trajectory for the company. Therefore, by setting …show more content…
Hayek had an exceptional talent of listening and easing the tensions of people around him. For example, each time after he signed a contract, Mr Hayek would invariably ask his clients to drink a glass of port to celebrate, even if it is in the morning. He would also make it a point to forge greater relationships with his counterparts and clients by making himself available seven days a week, 24 hours a day. He paid careful attention to what was shared and said by his clients because he understood the importance of keeping in touch and having all the information at his fingertips. (Article
Hayek, F.A. Individualism and Economic Order. The University of Chicago Press. Chicago and London. 1948.
Keynes and Hayek each approach the economy from a different perspective. In Keynes’ estimation, it is all about the flow of money. The economy is improving when money is moving, and thus, stability is achieved as much as is possible. Consequently, spending, and more specifically government spending, is the key to unlock the door blocking economic growth. By contrast, Hayek contends that money is not everything. What the money is used for, whether it be saved, invested, loaned, or spent, also plays an important role in the progression of the economy. Growth comes from saving and investing not consumption and spending. The stability of the economy, according to Hayek, is brought about by the forces of supply and demand.
General Motors is knocking on the door to world class business performance. Ohmae’s five stages of global operation support General Motors aspirations. From stage one to stage five there are significant differences to becoming a global organization. For instance, stage one, states that a company supports arm’s length customer export activity by a domestic company that links up with local and distributors to function. This stage represents the entry level global corporation. General Motors is at stage 4 of Ohmae’s five stages of becoming a global corporation, because it has exemplified the following traits: Systems and tools used globally not just at headquarters, R&D, Engineering and other business operations have a global focus, and all support functions are applied globally. (MFGO 601, WK. #2 Lecture Notes) An example of Ohmae’s, stage ...
1. How did Philips become the most successful company in its business during an era when scores of electrical engineering companies were being formed? What impediments and disabilities did Philips' strategic and organizational capabilities bring with them?
Sharp’s business philosophy is to use its innovative technology “to contribute to the culture, benefits and welfare of people throughout the world” (Noda 25). Sharp is constantly trying to position itself as a leader in innovation as further supported by its business creed, which states to “constantly be aware of the need to innovate and improve” (Noda 25). However, this focus on innovation and creativity has not always been consistent with how the company has been operated. The history of the company is replete with periods of both innovation and imitation.
It is important in today’s changing economy that business leaders are not afraid to make necessary changes to succeed. When Jack Welch became CEO of General Electric in 1981, it was a lethargic business, satisfied with its output and entangled in bureaucracy. He understood the competition that overseas markets presented and the need for a new global strategic plan. He was able to envision the true potential of his resources and implemented drastic changes such as the Stretch, Work-Out, and Number One, Number Two business concepts (which will be discussed later) to achieve his goals.
GE is an American national conglomerate corporation started in Schenectady, Newyork with its headquarters in the Fairfield, Connecticut, United States. The company has got 11 operating units which are to be considered as main from technology to services. They had their vision as “we bring good things to life” and there mission is “passionate, curious, resourceful, accountable, teamwork, committed, open, energizing, always with unyielding integrity”. To bring these big ideas that is there vision and mission to life requires not only a strong culture, but also a clear strategy.GE strategy has 4 points in which it clearly indicates their strategy:
To outline the opposing approaches, the author alludes to the debate that never occurred between the two Nobel prize winners of economics of 1974, Friedrich Hayek and Gunnar Myrdal. Hayek
Jack Welch was considered to be a man of his vision. He believed in his vision for GE and he passed that belief down throughout the company. He passion for his vision changed the culture and structure of GE. In this paper we will analyze how Jack Welch developed his strategic plan, how he used his personal, political and positional power to shape GE. We will also look at how Jack Welch organized, built and planned his teams in keeping with his vision. In the end will look at how this all affected the culture of GE.
Every business environment is characterized by a myriad of opportunities and challenges that it must address appropriately to meet its business objectives. In this light, managers and C.E.Os must exercise their managerial duties by clearly giving the direction and range of activities that the firm seeks to undertake both in the short term and in the long term. These activities must be able to bring in positive results in terms of satisfying the needs of the market and the stakeholders. To do this, they re-allocate resources in the best way possible so that growth is experienced throughout the firm’s life. All this entails business strategizing (Tutor2u, 2011).
Global expansion has developed a tactical imperative for nearly all large organizations and multinational corporation (MNC) managers have a great deal on their hands in developing, monitoring and changing these strategies. Becoming international is an important factor in assisting organizations in becoming globally competitive. Globalization has become a prevalent spectacle over the past two decades. This is the case and it is not a surprise at this day and age to discover world brands in distant locations throughout of the globe. As indicated by Booton (2011), “Peoria, Ill.-based Caterpillar plans to export partially assembled mini excavator base units to a facility in Europe for final assembly, which it says will improve delivery times to its customers across the pond” (para. 5). Caterpillar has made this decision to support mining across the globe and to support mining in remote locations in China. Why would they have this type of strategy? To gather a full explanation, this paper will describe the regional and international strategic planning initiatives of an MNC.
High Tech Engineering (HTE) is a small family owned company that fifty years old and manufactures small components for the aircraft industry. The founder and president found his successor Harold Barelli who envisioned that the company could become renowned through improving its technology and implementing advanced management approaches within the organization. He went on a campaign to make the employees aware of his vision and plastered it everywhere around the company. Over three years he began to implement several major changes in an effort to make progress toward his vision, but it had the opposite effect. An environment of instability was created around the organization because these changes were crafted by Harold and a “select few of his senior managers” therefore causing the perception that his vision came from the top down. This led to confusion due to an imbalance of responsibilities and employee engagement. The situation was worsened by the employee’s perception of Harold
Globalization is part of modern business. Managers are constantly urged to resolve the challenges and opportunities that exist in a round-the-clock, boundary-less competitive world. Since we live in this world of extremely high competition it is easy for managers to only focus on the most immediate elements of globalization, while losing sight of long term developments. Management has changed because of globalization.
Edward T. Hall thoroughly examines the many situations and their influences that we face every day in our lives in “The Silent Language”. He clearly explains how these influences have strong impact on our development, our relationships in todays’ global economy. Hall mentions how the American business people were inexperienced and unfamiliar with the rest of people of other countries. The author strongly feels that one should cross the cultural gap between two participating countries in order to achieve the success in a global economy. The author tries to describe five aspects that are responsible for disastrous results that lead to any country to fail in international business if a firm is not aware about it. They are:
Strategic Leadership The only thing harder than being a strategic leader is trying to define the entire scope of strategic leadership a broad, difficult. concept. The symposia are a lot of fun. We cannot always define it or describe it in every detail.