Strategic Management

All posts in the Strategic Management category

Summer Break and the Reality of Abundance

Published June 7, 2016 by Mayrbear's Lair

summer-break

A Mindful Moment

This week we are launching a new Mindful Moment summer break series. We begin by taking a closer look at the reality of abundance. World renown author and alternative medicine pioneer, Dr. Deepak Chopra postulates, that in order to experience the reality of abundance in our lives, we can begin by taking time to witness examples of abundance within and all around us. He suggests that by creating a list and referring to it throughout our day, that within no time, we will start to see the myriad of riches the universe presents in every moment, and begin to experience true abundance consciousness (Chopra, 2014).

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That’s it for now. In the meantime, for today’s summer break mindful moment exercise, let’s remember to observe the abundance that surrounds us.

Until next time …

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“Abundance is a state of mind in which you believe you are intrinsically creative. You recognize that the universe is abundant, and that you are an expression of the universe.”
Dr. David Simon

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Lippincott Room at Princeton University Press

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References:

Chopra, D. D. (2014). The reality of abundance. Retrieved June 4, 2016, from choprameditationcenter: https://chopracentermeditation.com/experience/index/3

Summer Break

Published May 31, 2016 by Mayrbear's Lair

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We are on summer break and will return with new posts in the fall. Until then … keep working on your organizational and leadership skills!

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Laughter is an instant vacation. – Milton Berle

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grad and dad gifts

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New Technologies and Social changes

Published May 24, 2016 by Mayrbear's Lair

o-GLOBALIZATION-facebook

This week my research work centers on how new technologies and material changes transform businesses’ expectations and the kind of changes they stimulate. For instance, in today’s economy, globalization helped changed the markets and business environment dramatically in how organizations operate. New countries, governments, leadership, and markets emerged which helped create a global economy that stimulates both opportunities as well as conflict. The dismantlement of the Berlin Wall for example, which once again unified East and West Germany, was one example of a social change that transformed the region. In addition, the European Union’s goal was to create a cohesive economic culture. This also helped change the face of global markets which helped entrepreneurs sprout in places like the Balkans, Russia, and Siberia. These social changes helped shift the face of the former Soviet Union.

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Information technology in the meantime, helped redefine traditional business models by altering work performance, production costs, and how information is used and managed. The methodologies of how organizations collect, store, manipulate, utilize and transmit information helped lower costs while increasing the value and quality of services and products. Information technology is after all, the heart of e-commerce strategies and organizations (Cummings & Worley, 2008).

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As a result, managerial innovation responded to globalization and information technology by accelerating their impact on institutions. New networks, strategic alliances and virtual corporations, for instance, provide new ways of manufacturing goods and delivering services. Companies and individuals that implement new initiatives, are in a better position to address preliminary conditions, including initial ideas, investments and control systems. In his book, The Origin and Evolution of New Businesses, Amar Bhide (2000) purports that the following differences in conditions can affect:

  1. The nature of opportunities pursued;
  2. The degree to which dependence relies on former analysis and planning rather than adapting to unforeseen situations;
  3. The strategies to secure customers, employees, credit, supplies and other inputs; and
  4. The factors that differentiate the successful initiatives from the unsuccessful ones (p. 196)

Most individuals, however, eager to start a new enterprise, typically face inadequate conditions due to  reasons like, the lack of innovative ideas, experience and/or credentials for that matter. Plus, they tend to experience significant capital constraints. On Thursday, we will conclude our research on the role new technical systems play to assist in stimulating commerce and how it affects global and social change.

Well, that’s it for today! Until next time … keep building your leadership and management skills!

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You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.

Buckminster Fuller

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Accelerated Learning Ebooks Aug 2015 3

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References:

Bhide, A. (2000). The origin and evolution of new businesses (p. 196). New York, NY: Oxford University Press.

Cummings, T., & Worley, C. (2008). Organizational development and change (9th ed.). Mason, OH: South-Western Cengage Learning.

 

THEMED MESSAGES

Published May 19, 2016 by Mayrbear's Lair

Marketing Message

A marketer’s goal is to get a powerful message out to their target audience.  Kennedy (2011) suggests the best ads are built with the most persuasive, compelling, intriguing, fascinating message possible. To construct a super powered marketing message advertisers must assess everything and everyone they are up against that are presenting similar messages because their intent is to deliver a message that outmaneuvers all others and puts them in a category of uniqueness (Kennedy, 2011).  The strategy that helps marketers achieve these outcomes is doing their homework to come up with a unique selling proposition (USP) justifying their message against the competition. Incorporating a USP into the message theme of an advertising campaign will help the brand stand out above the others and is more likely to remain a fixture in the memories of consumers.

The person draws attention of clients

Before marketers can start to build a tactical business case for content marketing they have to begin with the concept of innovation.  Baack and Clow (2012) explain that message themes are developed into a campaign to transmit key ideas in marketing strategies. The use of recurring themes helps make the brand stand out more and is more effective at remaining in consumer memories. The message can incorporate different kinds of strategies that target (a) cognitive, (b) affective, or (c) conative responses to make their ads more appealing (Baack & Clow, 2012). For example, back in the 1990s, the Taster’s Choice Coffee Company created a series of ads that became both popular and memorable (Commercial, 1991). The ad conveyed a simple recurring theme in their message that conveyed that life seemed much better sharing a cup of Taster’s Choice coffee with someone special.

gold-blend-couple

The recurring theme that communicated their message was constructed in the form of a series of short dramatic scenes like a mini soap opera. Each time the couple would appear in different circumstances while viewers watched their relationship develop. The action was centered around the theme of a man a woman sharing a cup of coffee. Each time viewers tuned in to a new ad, they would witness the unique circumstances which brought them together, eager to see how the relationship progressed. This advertising strategy was innovative at the time and the ad campaign became a phenomenon in the history of television commercials. The strategy was met with great success because the target audience was focused on people hooked to popular soap opera style shows then, like Dallas and All My Children. Consumers anxiously anticipated the next commercial to find out the plot development between the couple featured in the ads. Not only did sales boom, the Taster’s Choice brand became a part of pop culture during that time as millions of viewers eagerly awaited each new episode to watch the couple’s blossoming relationship unfold. It was considered one of the most effective marketing campaigns on television at that era because of the emotional chord it struck with viewers. The soap opera message theme that delivered their message in that campaign was the bait that kept luring viewers, putting Taster’s Choice in the memories of many for a long time. I still remember them!

Well, that’s a wrap for this week! Thanks for tuning in! Until next time … keep working on your management skills!

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There is probably a perverse pride in my administration … that we were going to do the right thing, even if short-term it was unpopular. And I think anybody who’s occupied this office has to remember that success is determined by an intersection in policy and politics and that you can’t be neglecting of marketing and P.R. and public opinion.

Barack Obama

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References:

Baack, D., & Clow, K. (2012). Integrated advertising, promotion, and marketing communications (Fifth ed.). Upper Saddle River, NY: Pearson Education, Inc.

1991 Taster’s Choice Coffee Commercial (1991). [Motion Picture]. USA.

Kennedy, D. (2011). The ultimate marketing plan: Target your audience (Fourth ed.). Avon, MA, USA: Amazon Digital Services, Inc.

Creating an Entrepreneurial Climate

Published April 19, 2016 by Mayrbear's Lair

think-entrepreneur

This week we analyze the development of an entrepreneurial arena with focus on culture, climate, and environment as integral components of the process.  We will examine elements that assist to create an effective entrepreneurial environment and determine whether those factors support a viable venture.  We will also take into consideration, the climate entrepreneurs establish and the position new innovations and technologies play to encourage the development of an entrepreneurial atmosphere.  In addition, we will look at the strategies, as well as the structure, and the policies that support entrepreneurial ventures and their strategic alliances. We will also critically assess how these components affect the organizational experience, and look at how without thorough planning and the establishment of a solid support system, entrepreneurs face many challenges that can encourage them to give up and quit. Our research work will also reveal how the most successful entrepreneurs: (a) assess their strengths and weaknesses; (b) embrace an arena that supports trial and error; and (c) exhibit an ability to make adjustments and learn from any miscalculations and reveal why this setting will most likely enable entrepreneurs to thrive in their venture.

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We are in the midst of a global entrepreneurial revolution in every nation, industry and market.  According to Morris, et al. (2011) startups are at an all-time high with new products and services also at record levels in most industries (Morris, Kuratko, & Covin, 2011).  In the meantime many of these new startups fail as quickly as they emerge.  In order for a venture to have the best chance of survival experts concur that an analysis of the culture, climate and environment of an entrepreneurial organization is required in creating a successful establishment.

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Environment

To create a successful entrepreneurial environment an individual needs to identify opportunities and generate new growth (Hisrich & Kearney, 2012).  An analysis of the following components can help ascertain whether a venture is worth considering: (a) the technology incorporated; (b) the ability to nurture new ideas; (c) the establishment of systems and strategies to cope with failure; (d) the determination, accessibility and availability of resources; and (e) the channels available that support management.  For example, challenges from high unemployment rates, can spark new ideas for innovative employment solutions. A joblessness condition may present an opportunity for someone with an entrepreneurial spirit and experience in administration to step in and provide specialty services specifically targeted to support corporate executives and businesses. To create a constructive entrepreneurial environment, however, the individual is encouraged to conduct a critical organizational assessment to help foster solutions and harness support, which includes their having access to additional resources. In the meantime, armed with a positive attitude, entrepreneurs will continue to grow because of their ability to embrace an openness which incorporates new innovative ideas with technologies that encourage creativity in addition to their support from cohesive plans and strategies.

Well, that’s it for this time! On Thursday we will conclude this discussion. Until then … keep working on your leadership skills!

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The most important decision we make is whether we believe we live in a friendly or hostile universe.

Albert Einstein

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References:

Hisrich, R., & Kearney, C. (2012). Corporate entrepreneurship: How to create a thriving entrepreneurial spirit throughout your company. New York, NY: McGraw-Hill Publishing.

Morris, M., Kuratko, D., & Covin, J. (2011). Corporate entrepreneurship and innovation (3rd ed.). Mason, OH: South-Western College Publishing.

 

The Branson Philosophy

Published April 14, 2016 by Mayrbear's Lair

richard-branson

Sir Richard Branson is an exemplary illustration of an entrepreneur and an esteemed business leader. He is also a humanitarian that is proactive in politics. His innovative and groundbreaking ventures demonstrate a fearless maverick style that supports risk taking. His many successful achievements include founding the Virgin Group Company with branches that extend into the media; airlines and rail; wine and mobile phone services; and a trustee of several charities including the Virgin Healthcare Foundation and Virgin Unite. In December of 1999, The Queen of England honored him with a knighthood for his services to entrepreneurship. Not afraid of adventure or failure, this internationally renowned explorer has been involved in numerous world record breaking attempts, including the first hot-air balloon to cross the Atlantic. Consistent with his lively ambitious and expansionist attitude, Sir Richard’s latest enterprise is Virgin Galactic, a space tourism company that will take passengers into suborbital space (Entrepreneur, adventurer and businessman Richard Branson challenges financial profesionals to have a ‘planetary point of view’, 2006).

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Virgin Galactic

Branson is also one of the most respected entrepreneurs in the world. His philosophy, “Oh, screw it, let’s do it” (Branson, 2011, p. 14), drives his ambitious spirit as the locomotive to his success. He recommends four simple principles that can help us achieve higher levels of success:

  1.  Live in the moment – In the world of business, quick decisive actions can have big pay offs.
  2.  Have fun – Chances for success is much greater when you do what you love and are joyful doing it.
  3. Give back – Show good stewardship and help others even if it is minimal and do so with gratitude and appreciation.
  4. Never give up – The word defeat is anathema in any endeavor (What I learned about entrepreneurship from Richard Branson, 2011).

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The Branson Centre

He also opened the Branson Centre, a facility in the Caribbean committed to developing entrepreneurship. The Centre offers a mentorship program to help budding entrepreneurs with networking and exposure, and also assists with the coaching and financing aspects of their needs. Jamaicans lacked technical support, adhered to a complicated tax structure, and were in need of additional capital. The Centre offers an arena that helped them launch new entrepreneurial businesses to stimulate job creation and provide opportunities for the locals in the region as well as improve their communities and fuel their economy (Branson Centre, 2011).

seascape-caribbean

To sum up, Branson’s humanitarian endeavors and his concerns for environmental impact are inspirational leadership qualities in an entrepreneur. For example, another one of his companies is called Seascape Caribbean. It is focused on the restoration of the coral reefs in the coastal region and another, Leanne Talbot of Island Cycle, is dedicated to recycling waste into usable products (Branson Centre, 2011). Sir Richard’s innovative ideas and contributions help enable economic freedom for the employers of the future that support the creation of new jobs. In conclusion, as the founder of many successful business ventures that continue to create opportunities with environmental consciousness, Sir Richard Branson still remains relevant as one of the most commendable visionary entrepreneurs and humanitarians of the modern era.

Well that’s it for this week … until next time … keep honing your management skills!

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“We think so often that we are helpless, but we’re not. We always have the power of our minds… Claim and consciously use your power.” ― Louise L. Hay

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For more information on Media Magic’s digital publications, or to purchase any of our Business Life audio book titles, please visit amazon.com’s new feature called “Author Central” to view:

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References

Entrepreneur, adventurer and businessman Richard Branson challenges financial profesionals to have a ‘planetary point of view’. (2006, October 15). Retrieved February 14, 2013, from ProQuest: http://search.proquest.com.proxy-library.ashford.edu/docview/447141732?accountid=32521

Branson Centre. (2011, September 13). Retrieved February 14, 2013, from ProQuest Central: http://search.proquest.com.proxy-library.ashford.edu/docview/888611281?accountid=32521

What I learned about entrepreneurship from Richard Branson. (2011, November 22). Retrieved February 14, 2013, from ProQuest Central: http://search.proquest.com.proxy-library.ashford.edu/docview/1030937503?accountid=32521

Branson, R. (2011). Losing my virginity: How I survived, had fun, and made a fortune doing business my way (Updated ed., p. 14). London, UK: Crown Publishing Group.

Entrepreneurship

Published April 12, 2016 by Mayrbear's Lair

richard-branson

When you hear the term entrepreneur, an image emerges of someone who organizes and operates a business which involves taking certain risks. One of the most successful examples of entrepreneurs in the modern age is Sir Richard Branson. As a charismatic visionary, he makes running a business seem effortless and fun. Furthermore, he displays a disciplined work ethic that is focus-driven, illustrates his adventurous spirit, and demonstrates his passion and devotion to the business process that is unwavering. Although he takes many risks that can fail, Sir Richard is recognized as one of the highest achievers in the world of entrepreneurs.

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To be a successful entrepreneur in today’s marketplace requires more than just luck and diligence. It requires an ability to create something of value in a demanding environment of high uncertainty and risk which necessitates flexibility and the capability of learning from failure. In addition, an entrepreneur brings to the arena a host of components that include resources, labor, and other various skills and materials. The most renowned entrepreneurs, like Sir Richard, Oprah Winfrey and Bill Gates, are driven by an internal force with an inherent need to make a difference in the world while escaping the confinements of bureaucracy (Ries, 2011).

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In his book, The Lean Startup, Eric Ries (2011) defines entrepreneurship as the process of creating something new of value by devoting time and effort in the venture.  Entrepreneurs pursue their business endeavors with passion and enthusiasm. This drives the engine that attracts success and monetary rewards. He outlines the following four behavioral characteristics that identify the entrepreneurial spirit: 1) creating a vision; 2) organizing and steering economic structures and social networks; 3) combining resources in innovative ways; and 4) accelerating with the acceptance of uncertainty, setbacks, and failure (Ries, 2011).

In our next post we conclude our discussion and take a close look at the successful formula Branson incorporates to reach his goals .

Until then … keep working on your leadership skills!

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A completely integrated person is one who has learned to meet everything as it comes along and makes the best of it!

Ernest Holmes, Science of the Mind

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For more information on Media Magic’s digital publications, or to purchase any of our Business Life audio book titles, please visit amazon.com’s new feature called “Author Central” to view:

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Resources:

Ries, E. (2011). The lean startup: How today’s entrepreneurs use continuous innovation to create radically successful businesses. New York, NY: Random House, Inc.