MUHAMAD NUR FITRI BIN RUSLI 2020859452 FARISHA NERINA BINTI SAHAR 2020476434 NORHAFIEQA ALIESYA BINTI HAMZAH 2020601608 SAIDATUL ALIA BINTI SHARUDIN 2020878104 NURUL ASHIKIN BINTI ZULKIFLE 2020866646
GROUP:
PEH2257A
PREPARED FOR:
MADAM SITI NUR FATHINI BT MUHSAIN
INTRODUCTION Management challenge is a team-based leadership development simulation that helps people leaders enhance their management abilities through real-world employee interactions and coaching. The links and exchanges between cultures, individuals, and organizations all around the world are referred to as the "global environment." Today's global environment is a complex web of interconnected networks due to global trends such as international business. These networks are dynamic and always changing. The principles of strategic planning, ethical standards, diversity management, technology utilization, and crisis management are crucial in navigating global market complexities, maintaining ethical standards, and responding effectively to crises.
1. BUILDING COMPETITIVE ADVANTAGE
One of the fundamentals used by multinational corporations to create and preserve a
competitive advantage is strategic planning (Blake & Mouton,1982). Undertaking thorough worldwide market research is an essential step in identifying new trends and consumer patterns. This makes it possible for businesses to successfully modify their goods or services to satisfy a wide range of consumer needs. Furthermore, it is crucial to utilize a SWOT analysis on an international level (Sammut-Bonnici & Galea, 2015). Through the process of evaluating strengths, weaknesses, opportunities, and threats, firms can develop strong strategies that are in line with the complexities of the global market. Case studies that demonstrate effective applications of SWOT analysis in international strategy might offer useful advice to companies looking to gain a competitive advantage.
The integration of invention and technology is a further fundamental idea (Nirje B,1994). Companies recognize the importance of technology for global success, leading to strategic integration and industry leadership. Cultivating a culture of innovation and adaptability is crucial for quick adaptation to changing global marketplaces, and analyzing successful businesses can provide valuable lessons. Developing sustainable techniques is the third principle (Verkerk &Nijhof,2005). Social and environmental responsibilities greatly enhance competitive advantage in a global setting. Businesses that embrace sustainable methods appeal to a growing global consumer base that is environmentally concerned while also conforming to modern ethical standards (Watson & Kelly,1997). A practical illustration of how such practices can result in a competitive advantage in the global market can be found by looking at case studies of companies that have successfully integrated sustainability into their worldwide strategies.
2. MAINTAINING ETHICAL AND SOCIALLY RESPONSIBLE STANDARDS
For firms hoping to build credibility and trust with their stakeholders, upholding moral and socially conscious norms is essential (Maclagan, 2008). Any unethical or socially irresponsible behavior can swiftly destroy an organization's reputation and erode customer loyalty in a world where information spreads quickly via social media and other communication channels (Chowdhury, 2019). Organizations that uphold high ethical standards show that they are committed to doing the right thing, which draws and retains investors, clients, and talented employees who share similar values (Kennedy et al., 2011). Integrity in management ensures honesty, openness, and equity in businesses. Compliance with ethical standards fosters trust, cooperation, innovation, and loyalty, leading to long-term sustainability, profitability, and increased sales and repeat business.
Organizations should integrate ethical standards into management processes, develop a
code of conduct, and regularly educate personnel on these standards. Internal procedures like ethics hotlines and whistle-blower protection programs promote reporting of unethical behavior (Aven et al., 2014). Periodic audits and evaluations should be carried out to assess the performance of these standards while discovering areas for improvement (Helmold, 2020). This is in tune with the idea of responsibility, which emphasizes the significance of accountability and guaranteeing that individuals and organizations meet their responsibilities and duties.
In a nutshell, maintaining ethical and socially responsible standards serves as a moral
obligation and an insightful business-oriented decision. Organizations that comply to these standards can achieve a profitable and sustainable future and simultaneously establishing trust and strengthening their reputation. Integrating these principles into management techniques assures that ethical and socially responsible decisions are taken. Organizations that adhere to the ideas of integrity, sustainability, and responsibility can have positive effects on society while also certifying their long-term success. 3. MANAGING A DIVERSE WORKFORCE.
Managing a varied workforce in a global setting requires a set of guiding principles to
handle specific problems. Cultural competency is essential, and managers must develop an awareness of and respect for diverse cultures. This includes overcoming communication gaps and cultivating an inclusive culture that accepts different communication styles, attitudes, and expectations (Farnsworth, 2020). In a global workplace, individuals frequently come from various cultural origins, each with their own set of values, communication practices, and work styles. Managers must put effort in learning and valuing cultural diversity in order to build an inclusive atmosphere. This entails actively working to bridge communication and work practice gaps, rather than simply noticing them.
Another essential element is inclusive leadership, which emphasises the need of leaders actively advocate for diversity, equity, and inclusion, as well as supporting and engaging personnel from all backgrounds, overcoming prejudices, and creating a workplace in which everyone feels appreciated (Kuknor, 2022). Leaders should be leaders who stand for these principles, addressing prejudices inside the organisation and ensuring that every employee, regardless of background, has a feeling of belonging (Brown, 2019). This demands a commitment to developing policies and procedures that actively encourage diversity and inclusion at all levels, from recruiting and talent development to day-to-day workplace interactions.
Moreover, maintaining effective communication is critical to successful management in a
varied global environment. Language barrier and various communication styles can cause misunderstandings and impede collaboration (Srivastava, Sinha and Shukla (2023). Establishing open and inclusive communication channels, encouraging active listening, and cultivating a culture that values varied opinions are all critical components of this idea. Furthermore, given that one size does not fit all, adaptable policies that cater to the different demands and preferences of a global workforce are necessary (Pitt-Catsouphes and Matz-Costa (2008). This includes flexible work hours, remote work opportunities, and inclusive benefits that are relevant across cultural and regional circumstances. To sum up, addressing these challenges involve continuous improvement, adaptability, and a dedication to providing an atmosphere in which every person feels appreciated and can offer their unique insights. By proactively addressing these challenges, organisations may build a workplace in which every person feels valued and involved, therefore contributing to innovation and overall organisational success in a globalised world.
4. UTILIZING NEW TECHNOLOGIES
Technological advancements in robotics, information, telecommunications, and telematics
are gradually being introduced to maintain management's competitiveness in the global economic environment, offering new opportunities for organizational procedures and working conditions (Llorens et al., n.d.). Effective management in global companies relies on utilizing new technologies like blockchain, IoT, and artificial intelligence to overcome obstacles and promote success. These innovations promote cooperation and decision- making among diverse individuals, but management must overcome obstacles to fully utilize them.(Holmes et al., n.d.)
Language and cultural differences are major hindrances to the widespread adoption and application of new technologies. There are various problems associated with working in or with a technical development team, most of which stem from the dynamic nature of technology. When new technology seems to be added to your routine every quarter, it can be very stressful. This serves as a reminder of the reasons for implementing new technology and its benefits.(Lekara Bayo, n.d.) A robust technological infrastructure is crucial for real-time crisis tracking, trend identification, and informed decision-making in international teams to build trust and foster effective communication.
necessitating investment in infrastructure development and innovative solutions for talent management and global workforce collaboration.(Singh, 2021). Real-world case studies reveal the challenges and opportunities of utilizing new technologies in a global environment. Successful companies demonstrate adaptive management practices and innovative solutions. Effective management of new technologies, fostering cross-cultural collaboration, and addressing systemic challenges, is crucial for sustained growth and competitiveness in the digital age.(Llorens et al., n.d.) 5. PRACTICING GLOBAL CRISIS MANAGEMENT
Crises in a globalized world are often characterized by their unpredictability,
interconnectedness, and rapid escalation (Coombs, 2015). The COVID-19 pandemic, for instance, highlighted the domino effect of a single event disrupting supply chains, travel, and entire economies across continents. This heightened unpredictability demands a shift from traditional top-down crisis management models to agile, adaptive approaches that can respond effectively to diverse and evolving scenarios.
Global crisis management involves proactive planning for potential scenarios, considering regional variations and cultural nuances, to enable faster, more informed responses in real-world situations. (Clarke, 2019). Culturally intelligent communication is essential to emphasizing transparent, empathetic, and tailored communication with diverse stakeholders across languages, cultural contexts, and information channels. It can minimize confusion, panic, and reputational damage during a crisis (Gannon & Baron, 2016). Global leadership and collaboration are crucial which requiring strong leaders who can inspire confidence, make quick decisions, and foster collaboration across geographical boundaries and organizational silos (Drabek & Fink, 1998). Building trust and fostering effective communication among international teams requires leveraging technology and data for real-time crisis tracking, trend identification, and informed decision-making, requiring a robust technological infrastructure. (Gupta & Seetharaman, 2020).
CONCLUSION
Modern organizations face challenges in the global environment, requiring a multifaceted
approach to management. Building competitive advantage through strategic planning, innovation, and sustainability is crucial, while upholding ethical and socially responsible standards is essential. Managing a diverse workforce requires cultural competency, inclusive leadership, and effective communication. Embracing new technologies requires overcoming language and cultural barriers. Global crisis management requires agile, adaptive approaches considering regional variations and cultural nuances. Continuous improvement, adaptability, and fostering an inclusive culture are essential for long-term success and competitiveness. REFERENCES
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