Strategies in Today’s Business World

Strategies  in Today’s Business World

An organization has the responsibility to build upon levels of philanthropic, ethical, legal, and economic responsibility. The premise is that the basis of each of these foundational elements needs to be established first, followed by the incremental building and improvement of each. For instance, philanthropy cannot be the main priority until a certain level of economic stability and growth is seen. In the past, corporate social responsibility (CSR) was seen as philanthropy. However, in today’s business world, CSR has been accepted. CSR has become part of the corporate policies, values, and practices that look beyond narrow-defined business and economic goals of the company (Godiwalla, 2012). Some of the challenges facing Saudi Arabia organizations are the CSR initiatives that prevent them from global presence. In Saudi Arabia, CSR is in its infancy; therefore, Islamic and cultural values can play a vital role in leveraging strategic philanthropy in Saudi Arabia (Harrison & Berman, 2016).
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There are those who believe that strategic management must start with a strong moral, ethical, and socially responsible core. Special demands arise for companies deploying an internationalization strategy. Multinational enterprises (MNEs) deal with implementing business ethics and social responsibility strategies in different parts of the world (Godiwalla, 2012). The basic premise is that the MNE must address the establishment of a common global social responsibility policy and, at the same time, tailor the policy and program to each country’s culture and social expectations. Leading organizations into the future are exhilarating, terrifying, and stimulating, and it is startling when we realize the infinite number of opportunities and threats that not only exist now but also may exist in the future. Global competition is assured for the foreseeable future just as the trend toward social responsibility is evident (Rae, 2013). 

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Strategy Implementation and the Importance of Innovations

To implement effective innovation means that companies must be flexible and creative, and, for that to occur, the firm’s environment must be conducive to stimulating and developing new ideas. Interaction among various operatives such as information technology specialists and business units is essential. One of the greatest challenges for leaders is to be able to assess, diagnose, and plan for organizational change in an innovation-heavy environment. Recall the necessity to align systems and processes to manage change and realize strategy (Ning, 2012). Strategy with relation to innovation is challenging, therefore, the culture of the organization plays an important role in the quest for successful implementation. The demands on structure, processes, reward systems, and people are particularly important in innovative organizations. Sustaining competitive advantage requires innovation and continuous improvement (Grant & Jordan, 2015).

References

Godiwalla, Y. H. (2012). Business ethics and social responsibility strategies for foreign subsidiaries. Journal of Diversity Management, 7(1), 1-10.

Grant, R. M., & Jordan J. (2015). Foundations of strategy [PowerPoint slides]. Hoboken, NJ: John Wiley & Sons.

Harrison, J. S., & Berman, S. L. (2016). Corporate social performance and economic cycles. Journal of Business Ethics, 138(2), 279-294. doi:10.1007/s10551-015-2646-9

Ning, H. (2012). How to maintain sustainable competitive advantages: a Case study on the evolution of organizational strategic management. International Journal of Business Administration, 3(5), 45-51.

Rae, S. (2013). Business. Ministry. Life. Retrieved from; http://crowell.biola.edu/blog/2013/feb/13/why-ethics-classes-rae/