Socio Economic Systems Strategic Developmentâ€MyAssignmenthelp.com

Question: Discuss about the Socio Economic Systems Strategic Development. Answer: In the video, authors discussed the concept of strategy. One of the key learnings from the video is that strategy is something that is applied at organizational level. In an organizational setting, the tactics or activities used by the business units are not strategy. Author argued that strategy is something that is practiced at the organizational level. It is important that strategy should follow a top down approach. For organizations, the senior leaders and managers should develop the strategy and the same should be communicated to different stakeholders in the organization. It can be said that strategic development and implementation depends upon the skills of leaders. Therefore, it is important that organizations should look for leaders that have the vision in place (Levina Pyrkova, 2015). For myself, it took me a while to understand how to balance both being a manager and a leader. Initially, I was strictly a manager attempting to follow process and procedures, rules and regula tions. I didnt pay much attention to the staff personal needs or professional development. However, when I did finally develop the ability to do so, I earned my teams trust and buy-in which allowed my team and I become more effective. I had been pretty good already at understanding, metrics, numbers, processes and procedures of strategy. But I believe I lacked the understanding of intricacies of strategy and this video has helped me to expand my horizons and get an holistic learning. There are multiple applications of the key learning from the video. The key learning that strategy is applied at the organizational level and not at the business unit level could be useful for the organizations that are large and have multiple business units. Lets take the example of Volkswagen group. The company Volkswagen group is a global group with various business units like Audi, Skoda etc. It is critical that the strategy of Volkswagen group should be something that drives the operation of all the business units. For various business units of VW group, controlling and leading involve directing the workforce into the desired set of goals as well as ensuring quality, efficiency and reliability are in check. It is important that the firms should make expansion decision on the basis of various pros and cons. The pros and cons could vary based on the internal capabilities of firms and the external environment. For example, VW may find it easy to enter the Indian market as they have deep pockets. However, a small firm may not find it easy to enter the Indian market due to high competition and high rate of corruption. Business Model Innovation The present video emphasises on the important connection of innovation with the business model. In modern era, the advance technology improves the interaction between the nations for trade and export business. In Australia, the globalization is success because it provides dynamic trade flow between countries, new innovative techniques, rapid growth and multiple investments. In the video, author highlighted that innovation must be an important part of the business idea. According to the author leaders in the world of business have important role of not only comprehending the systems approaches, but also demonstrate adaptability in their management capabilities (Gallen, 2013). I have seen this phenomenon happen to more than one of my small business clients over the years. I recall two businesses in particular that I represented that were service industry businesses. The managers were extremely proactive in seeking constituent feedback. Unfortunately, the managers gathered so much feedb ack the information was crippling and focus was lost. This situation brings to mind the Presbyterian motto of "everything in moderation."It is critical that organizations should not leave innovation behind when they expand themselves or when they change their business models.I agree that with author and have a similar understanding of the Open Systems Theory based on business model innovation.Author makes implies that complexity through the various areas of environments. Moreover, author, discusses the involvement within the indifferent areas or sectors of the general environment (government sector, natural sector, sociocultural sector, general economic conditions and technology sector). Lets apply the learning from the above video to Dominos Pizza. The company, Dominos Pizza is a know organization. The company is known for its focus on innovation products. Recently, the company has expanded in different parts of the world like India, Pakistan, etc. It is important that Dominos must continue to use innovation as a part of its business model. For example, in the event that a customer is unable to afford a certain product or procedure due to an unfortunate obstacle, it is not wise to sell the object (or pursue the procedure) since this would result in acquiring personal deficit. What policies/ boundaries could we outline in order to maximize whole-heartedness and authenticity, while maintaining personal growth and company success? It is suggested that Dominos Pizza should use innovation to develop and to launch new products. The new products should be launched as per the local taste and preferences of the countries. For example, the food menu should be different in Ind ian market and the food menu should be different in the Australian market (Spieth, Schneckenberg Matzler, 2016). Another area of business model where innovation could be used is supply chain management. It is recommended that the company must use innovation starting from upstream system to downstream system of supply chain management. References Levina, E.Y., Pyrkova, G.K., Zakirova, C.S., Semikova, O.R., Nabiullina, K.R., Ishmuradova, I.I. and Yakovlev, S.A., 2015. Socio-Economic Systems Strategic Development Managing.Journal of Sustainable Development,8(6), p.76. Forbes Media LLC. (2016). The World's Most Innovative Companies. Forbes.com. Retrieved 26 April 2017, from https://www.forbes.com/innovative-companies/list/ Gallen. (2013). Business Model Innovation. YouTube. Retrieved 26 April 2017, from https://www.youtube.com/watch?v=B4ZSGQW0UMI Kryscynski, D. (2015). What is Strategy?. YouTube. Retrieved 26 April 2017, from https://www.youtube.com/watch?v=TD7WSLeQtVw Spieth, P., Schneckenberg, D. and Matzler, K., 2016. Exploring the linkage between business model () innovation and the strategy of the firm.RD Management,46(3), pp.403-413.