KEY MANAGEMENT ISSUES

There are following key Management issues since 1970 to 2000 are explained below:

Improved Strategic Thinking

1. Ask Strategic Questions

If you want to improve your strategic thinking skills, one of the simplest things you can do is ask
more strategic questions. Doing so allows you to exercise your planning skills, become adept at
spotting opportunities, and develop a more strategic mindset you can leverage throughout your
career.

2. Observe and Reflect

In addition to asking strategic questions, you need to answer and address them skillfully. One of
the most effective ways of accomplishing this is to observe and reflect on your current situation,
ensuring any strategy you conceive is grounded in facts.

3. Consider Opposing Ideas

Once you’ve landed on a strategy that can help your organization reach its goals, question your
assumptions, and put your hypothesis through rigorous testing. By doing so, you can ensure
you’re not overlooking another possibility.

4. Embrace Formal Training

If you need to quickly ramp up your strategy skills—to address a pressing need your
organization is facing, position yourself for a new role, or finally launch your own business—
formal training might be your best option.

Establishing a Vision/mission & goals

A mission statement communicates the organization’s reason for being, and how it aims to
serve its key stakeholders. Customers, employees, and investors are the stakeholders most often
emphasized, but other stakeholders like government or communities.
A vision statement, in contrast, is a future-oriented declaration of the organization’s purpose
and aspirations. In many ways, you can say that the mission statement lays out the organization’s
“purpose for being,” and the vision statement then says, “Based on that purpose, this is what we
want.

Goals gives you long-term vision and short-term motivation. It focuses your acquisition of
knowledge, and helps you to organize your time and your resources so that you can make the
most of your life become.

Devising Optimum Structures

The optimal structure of a firm is the best mix of debt and equity financing that maximizes a
company's market value while minimizing its cost of capital. However, too much debt increases
the financial risk to shareholders and the return on equity that they require.

Applying New Technology

Technological applications are the various ways a technology can be used in commercially

useful products. Nanotechnology has technological applications that range from making wrinkle-
free Dockers, to designing an elevator that connects the Earth to the moon.

Managing Change

Managing organizational change is the process of planning and implementing

change in organizations in such a way as to minimize employee resistance and cost to
the organization while simultaneously maximizing the effectiveness of the change effort.

Finding a Competitive Advantage

Competitive advantage refers to the attributes that allow a company to produce cheaper or better
quality products than its competitors. As a business owner, you want to identify what your
company's competitive advantage is. To find a lasting competitive advantage, look for something
that your competitors cannot easily replicate or imitate. Competitive advantages can be found
almost anywhere. Some restaurants thrive because of their location.

Creating a Climate of Excellence

To create a climate for achievement, managers must recognize that all employees want
recognition. Employees perform more effectively when they understand the goals of the
organization, know what is expected of them, and are part of a system that includes feedback and
reinforcement.

Developing and Empowering Employees

A key principle of employee empowerment is providing employees the means for making

important decisions and helping ensure those decisions are correct. Employee
development is defined as a process where the employee with the support of his/her employer
undergoes various training programs to enhance his/her skills and acquire new knowledge and
skills.

Developing Culture

An organization's culture defines the proper way to behave within the organization.

This culture consists of shared beliefs and values established by leaders and then communicated
and reinforced through various methods, ultimately shaping employee perceptions, behaviors and
understanding.

Balancing Global

Companies with strong global cultures bring the best teams together, sustain high morale and
keep employees focused on the company's purpose and mission. ... As a result, they empower
their work forces to come up with the best solutions for the enterprise as a whole as well as for
diverse local markets.

Managing the External Environment

An external environment is composed of all the outside factors or influences that impact the
operation of business. The business must act or react to keep up its flow of operations. 

Learning Organization & Knowledge Management

 Organizational Learning: the process of creating, using, and sharing knowledge within a

corporation or comparable enterprise. 
Knowledge Management: the process of capturing, distributing, and effectively
using knowledge.