Crucial element of organizational success

13 במרץ 2024 | מאת: | מאמרים בקטגוריה לימודים

Strategic management is a crucial element of organizational success, encompassing various components such as performance measurement, customer equity, and market orientation. One key aspect is the use of metrics to assess and steer strategic decisions (Rust et al., 2004). Metrics are essential for evaluating performance, aligning with organizational objectives, and boosting competitiveness (Klimaitienė et al., 2020). Performance measurement systems like the Balanced Scorecard assist in appraising organizational performance and aligning activities with strategic goals (Verhoef & Leeflang, 2009). Customer equity is a significant factor in strategic opportunities for firms, underscoring the importance of enhancing drivers of customer equity to guide strategic decisions (Payne & Frow, 2005). Furthermore, market orientation and innovation are key factors influencing the strategic impact of the marketing department within an organization (Gunasekaran et al., 2001). Understanding the impact of marketing strategies and customer-based brand equity can offer a competitive edge and inform management decisions (Tong & Hawley, 2009). In the realm of supply chain management, performance measures and metrics are vital for evaluating partnership effectiveness and improving supply chain performance (Zu et al., 2008). The evolving theory of quality management, such as Six Sigma, emphasizes the significance of customer relationships and quality information in strategic decision-making (Mehralian et al., 2018). Additionally, knowledge creation processes and intellectual capital are crucial for organizational performance, with the Balanced Scorecard serving as a strategic management model for evaluating and managing strategies (Cooper et al., 2001). In conclusion, strategic management entails a comprehensive approach to decision-making, incorporating various metrics, performance measurement systems, and customer-centric strategies to drive organizational success. By aligning performance metrics with strategic objectives, organizations can enhance their competitiveness, strengthen customer relationships, and foster innovation in today's dynamic business landscape. References: Cooper, R., Edgett, S., & Kleinschmidt, E. (2001). Portfolio management for new product development: results of an industry practices study. R and D Management, 31(4), 361-380. Gunasekaran, A., Patel, C., & Tırtıroğlu, E. (2001). Performance measures and metrics in a supply chain environment. International Journal of Operations & Production Management, 21(1/2), 71-87. Klimaitienė, R., Derengovska, E., & Rudžionienė, K. (2020). Untitled. Public Security and Public Order. Mehralian, G., Nazari, J., & Ghasemzadeh, P. (2018). The effects of knowledge creation process on organizational performance using the bsc approach: the mediating role of intellectual capital. Journal of Knowledge Management, 22(4), 802-823. Payne, A. and Frow, P. (2005). A strategic framework for customer relationship management. Journal of Marketing, 69(4), 167-176. Rust, R., Lemon, K., & Zeithaml, V. (2004). Return on marketing: using customer equity to focus marketing strategy. Journal of Marketing, 68(1), 109-127. Tong, X. and Hawley, J. (2009). Measuring customer‐based brand equity: empirical evidence from the sportswear market in china. Journal of Product & Brand Management, 18(4), 262-271. Verhoef, P. and Leeflang, P. (2009). Understanding the marketing department's influence within the firm. Journal of Marketing, 73(2), 14-37. Zu, X., Fredendall, L., & Douglas, T. (2008). The evolving theory of quality management: the role of six sigma. Journal of Operations Management, 26(5), 630-650.

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