Management Strategy And Policy Essay

ASOS is an international fashion retailer, which offers an extensive line of products, varying from high street to

Operating Excellence: this is concerned with the ongoing delivery of superior performance and quality across the business processes.

Directors, Managers and even Supervisors take it upon themselves to compare their products, performances or processes externally with their competitors or even internally with similar activities and then this allows identification of weaknesses and inefficiencies.

- Helps to identify opportunities in the market place. - Minimize the risk of doing business. - Uncovers and identifies potential problems. - Create benchmarks and helps track progress. - Evaluating the success of the business.

The information gained from such a comparison allows firms to determine how well they perform in comparison with the “best” and, in turn, develop new and better strategies to work towards making improvements or adopting certain best practices. Benchmarking is usually an ongoing process in which companies continuously seek the improvement of their practices. (Debitoor, 2017)

Best Practices Benchmarking is an effective device to increase aggressive understanding and gives "confirm based" perspectives of execution all product and organization lifecycles. All in all, it is the utilization of what is found out in benchmarking that conveys the checked and amazing outcomes so regularly noted. We supplement the traditional metrics-focused approach with an investigation of why and how practices deliver extraordinary outcomes. Numerous industry pioneers and organizations utilize benchmarking tool to recognize the holes in the process to enhance and upgrade execution. We should start with internal benchmarking. In its most straightforward simplest form, inside benchmarking

The methods that the organization will take to achieve the required results both now and in the future

Benchmarking can be a successful tool to determine root causes and potential solutions to a problem. Benchmarking allows for an organization to compare themselves to others in the same field and gauge what works and hasn’t work for others. (Suttle, n.d.) One tool that can

This is often used to used to help gain a perceptive and information that help an organization with practices and measures that make it more competitive with companies in the same field. By accessing information, we can use one company against another to create a completive atmosphere where the both business can expand. Knowing your competition, what they offer, their prices etc., can help you stand out and hopefully give you a leg up when dealing with patients in healthcare. What makes a patient prefer them to you? What technology do they have that maybe you lack? What can you learn from them and then improve upon? These are questions that help an organization grow and learn from one

According to the course text, it is critical for organizations to focus on best practices to maintain a competitive advantage to cover the various aspects of operational leadership, product advancement, and customer relationships (Ferrell & Hartline, 2014).

* What organizational structure, management processes, and philosophy will foster superior performance from the company’s business units?

With all three aforementioned entities understanding "what you do and why" (pg 29), can assist in the development of performance management initiatives which include a measurable to adequately define the service and evaluate as necessary and be accountable for the decisions rendered. The transparency in same will allow for the breakdown of silo type behaviours and assist in the elimination of duplication of services (pg.26).

Lastly, benchmarking is a competitive business strategy where organizations compare their business processes and practices with other organizations that may simply do it better. Through benchmarking, organizations can determine how other businesses achieve high performance levels and how they can experience competitive advantages pertaining to customer service and the quality of their processes (Meybodi, 2013). Organizations have several different options when it comes to benchmarking, as they can compare business processes with competitors in their industry, successful organizations in other industries, and their own internal departments. Typically, businesses will benchmark other organization’s performance metrics that pertain to quality, time and cost (Meybodi, 2013). Organizations want to study the moves and decisions from the businesses that set the highest standards in the world. For example, organizations in the tech industry and start-up businesses aspiring to build dominant empires should benchmark the practices of Apple or Microsoft. Both of these companies have dominated the tech industry for the last few decades and have set the standard for being the absolute best.

The strategic management process is sometimes improperly perceived as a unidirectional flow of objectives, strategies and decision parameters from management to the employees. In fact, the process should be highly interactive since it is designed to stimulate input from creative, skilled and knowledgeable people working at every level of the business.

Essentially, this is what we are speaking about when we refer to organizational performance and achievement of successful outcomes. (James, 2017)