The importance of sustainability and shared values ​​in the company’s business and strategy

Question

Key questions to understand business and business strategy

A discussion of the importance of these issues to understanding business and company strategy.

How sustainability considerations and shared values ​​impact strategy.

Answer

From the readings, I identified three main questions. The first problem is decision making. One of the main responsibilities of leaders in an organization is to make tough and strategic decisions (Courtney, Lovallo & Clarke, 2013). Decision making problems are the lack of information to make informed decisions and the various biases affecting the perception of decision makers. Another problem that emerges from the readings is the increasing competition in every industry. For this reason, it is necessary to apply blue ocean theory in business strategy and create a market without competition (Mauborgne & Kim, 2005). The key to creating this type of market space lies in the invention and innovation that creates new concepts and products for the market. Another issue that emerges from the readings is the idea of ​​synergy and the difficulties organizations face in achieving it. Most organizations operate across multiple departments and agencies and therefore need to create a collaborative approach and maintain a good channel of communication, which can be facilitated by practicing synergy (Goold & Campbell, 1998). It helps managers manage different units and thus helps companies run smoothly. These questions are important for understanding business and business strategy.

Decision making is an integral part of any business and leaders and managers are tasked with making the most difficult decisions. Removing biases and gathering comprehensive information ensures that leaders can make the best decisions and create the best strategy. Today, every industry is overloaded with suppliers and thus creating unique products and strategies is necessary to secure a customer base. Blue Ocean theory holds that creating a market without competition is necessary to maintain a competitive advantage. Leading companies become market leaders by offering consumers something that others cannot (Mauborgne & Kim, 2005). For example, Apple, the leader in smartphones, offers dedicated servers and security systems to attract premium customers. Synergy is necessary in every business as it ensures that the organization functions as a complete unit and that there is collaboration and communication flow between all the agencies.

The concepts of sustainability and shared values ​​have an impact on corporate strategy. When doing business, organizations sometimes ignore social, economic and environmental welfare aspects in order to gain more profit (Kramer and Pfitzer, 2016). Recent theories encourage consideration of sustainable business practices. To remain sustainable, companies must develop strategies that ensure sustainable growth, diversity and inclusion, equity and equity within the organization. Leaders must also consider aspects such as responsible use of resources and protecting the environment through green packaging and reducing carbon and water emissions. Shared values ​​ensure that the corporate world pursues common goals based on values ​​that protect the earth. Internationalization and mergers and acquisitions continue to find sustainable application and shared values ​​to ensure smooth operations, as these companies have unique business strategies based on the company’s vision (Crane et al., 2014). From the course, we will learn how to develop a strategy. The course will help me develop decision making skills in a short time and understand the macro and micro environment that can affect the business. Due to globalization, international acquisitions, mergers and expansions have become commonplace for most companies, and therefore managers and leaders must develop strategies that are applicable to the context. foreign scene (Camillus, 2008).

Throughout the course, we’ll also learn the concepts of sustainability and shared values, blue ocean strategy, creating synergies, and the steps that can lead to disaster for an organization. These lessons will help me understand the considerations that executives and managers should have before strategizing for competitive advantage. From this course, I hope I can gain management skills and understanding. Managers need to consider many aspects when running a business, and this course provides insight into the pitfalls of the journey. I hope to be able to use this knowledge and understanding in my future career. I also hope this course will enhance my current understanding of global strategies for managers. The course provides recent work and research on business-related issues, giving us the opportunity to understand the global context. My expectations also include better understanding and acquiring the necessary skills to be a good manager of a multinational company or to run my own business in the future.

References

Camillus, J. C. (2008). Strategy as a wicked problem. Harvard business review, 86(5), 98.

Courtney, H., Lovallo, D., & Clarke, C. (2013). Deciding how to decide. Harvard Business Review, 91(11), 62-70.

Crane, A., Palazzo, G., Spence, L. J., & Matten, D. (2014). Contesting the value of “creating shared value”. California management review, 56(2), 130-153.

Goold, M., & Campbell, A. (1998). Desperately seeking synergy. Harvard Business Review, 76(5), 131-143.

Kramer, M. R., & Pfitzer, M. W. (2016). The ecosystem of shared value. Harvard Business Review, 94(10), 80-89.

Mauborgne, R., & Kim, W. C. (2005). Blue Ocean Strategy. Harvard Business School Publishing Corporation. Boston, Massachusetts.