MAN7137 Strategic Management and Leadership complete file

docx

School

S.S. Jain Subodh College *

*We aren’t endorsed by this school

Course

Subject

Management

Date

Nov 24, 2024

Type

docx

Pages

Uploaded by DukeBoarMaster608

MAN7137 Strategic Management and Leadership (Individual report) Student Name: Student ID: Date: Word Count: 1500 1

Table of Contents Introduction ........................................................................................................................................... 3 Analysis of contemporary theories to formulate approaches and considerations for maintaining effective strategic management and leadership styles .......................................................................... 3 Significance of ethics, sustainability, and corporate social responsibility (CSR) ..................................... 5 Issues for leadership and stakeholders to shape strategic management and leadership ...................... 6 Conclusion ............................................................................................................................................. 7 References ............................................................................................................................................. 8 2

Introduction Strategic management and leadership are essential for the success of any organization, whether it is a small business or a large multinational corporation. Strategic management helps an organization set goals and objectives that are aligned with its mission and vision. A good leader sets the level for the organization and inspires the team to work towards achieving those goals. Once the goals are set, the next step is to plan the actions required to achieve those goals. A leader who can guide the team to make well-thought-out plans, and to adapt the changing circumstances, is a valuable asset to the organization. Effective strategic management ensures that resources are allocated most efficiently and effectively as possible (Tucci & Roy, 2022). Leaders who can identify the critical resources needed and allocate them accordingly can keep the organization moving forward. This assignment is based on H&M, a multinational company that offers fast fashion to its consumers. It is one of the most loved brands by people in the clothing industry. The major change which the firm is planning to undertake during this year is the closure of 200 stores and the opening of 100 stores in growing sectors (IN, 2023). This will help H&M to attract more potential firms and will also help to grow more. Furthermore, the study will also examine the importance of CSR and ethics. Analysis of contemporary theories to formulate approaches and considerations for maintaining effective strategic management and leadership styles  Participative leadership style: According to Ismail (2021), participative leadership is a style of leadership where the leader involves team members in the decision-making process. In this style, the leader is seen as a facilitator and works to build consensus among team members. The participative leader encourages open communication, feedback, and collaboration among team members. The participative leadership style is often referred to as a democratic style, as it gives team members a voice in the decision-making process. This approach fosters a sense of ownership and accountability among team members, which can lead to increased job satisfaction and motivation. This style of leadership can be adopted by H&M while making changes.  Charismatic leadership style: As per Miller (2022), charismatic leadership is a leadership style in which the leader is highly persuasive, enthusiastic, and inspiring to their followers. This type of leader often has a compelling vision for the future and 3

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

can motivate others to work towards achieving that vision. Charismatic leaders have magnetic personalities and are often described as having a “charisma” or a “presence” that makes them stand out. Charismatic leaders use their charisma and communication skills to influence and inspire their followers. They can create a sense of excitement and energy around their vision and can get others to believe in that vision as well. They are often seen as powerful and transformational and can create a strong emotional connection with their followers. This type of leader will help the firm while changing.  Collaborative leadership style: Collaborative leadership is a leadership style in which the leader works closely with team members to achieve a common goal. This style emphasizes collaboration, teamwork, and shared decision-making. The leader in a collaborative leadership style serves as a facilitator and encourages open communication and active participation among team members. In the views of Goman (2022), in a collaborative leadership style, the leader emphasizes the importance of everyone's ideas and contributions and ensures that each team member's skills and strengths are utilized to their fullest potential. The leader encourages team members to share their ideas and to work together to find solutions to problems.  Complexity leadership style: Complexity leadership is a leadership style that emphasizes adaptability and flexibility in response to complex and rapidly changing environments. As per the views of Baltaci & Balci (2019), this style is particularly relevant in organizations that operate in dynamic and unpredictable settings, such as the technology sector or healthcare industry. Complexity leadership is based on the understanding that organizations are complex adaptive systems, and that the interactions between different components of the organization are what create emergent outcomes. A complexity leader, therefore, focuses on creating an environment in which all members of the organization are empowered to contribute their unique skills and perspectives to the overall mission and goals of the organization. In the interest of handling the transition, worldwide configuration, and strategy renovation, it has been realized that H&M must preserve its leader behavior and business strategy. To better serve its customers, H&M should regularly assess and understands their needs and expectations. As a result, they can run their company well in any environment. 4

Significance of ethics, sustainability, and corporate social responsibility (CSR) CSR, ethics, and sustainability provide the organization with significant benefits. The company must make money while still upholding its social responsibility to society. The company should provide goods and services that meet the demands and preferences of its customers while keeping the cost reasonable. In the H&M setting, it's indeed crucial for the company to conduct trade morally, uphold ecology, and satisfy CSR. Business ethics: Business ethics are the principles and values that guide the behavior and decision-making processes of individuals and organizations in the business world (CFI, 2023). The importance of business ethics cannot be overstated, as it affects all aspects of business operations and the relationship between the business and its stakeholders. Businesses that act with integrity and adhere to ethical standards build trust with their stakeholders, including customers, employees, investors, and the community. This, in turn, leads to a positive reputation, which can help attract and retain customers and investors. Unethical behavior can lead to legal, financial, and reputational risks for businesses. Adhering to ethical principles and values can help mitigate these risks by ensuring that business practices are legal and socially responsible. Therefore, it becomes necessary for the firm to work ethically. Business sustainability: In the views of IBM, (2022), business sustainability refers to the practice of operating a business in a way that minimizes its negative impact on the environment, society, and economy while maximizing its positive impact. Businesses have a significant impact on the environment through their use of natural resources and their generation of waste and pollution. Adopting sustainable practices can help minimize this impact and protect the environment for future generations. Sustainability will help H&M to reduce costs and increase efficiency by using resources more efficiently, reducing waste, and adopting sustainable business models. In addition, customers are increasingly looking for sustainable products and services, so businesses that adopt sustainable practices may be more attractive to consumers. 5

Corporate social responsibility (CSR): As stated by Reckmann (2023), corporate social responsibility (CSR) refers to the responsibility that a business has to operate in a way that benefits society and the environment, in addition to its primary objective of generating profit. By engaging in CSR activities, H&M can have a positive impact on society by supporting social causes, promoting ethical practices, and giving back to the community. Consumers are increasingly aware of the social and environmental impact of the products and services they use and are more likely to support companies that demonstrate social responsibility. By engaging in CSR activities, H&M can enhance its brand reputation and attract more customers. CSR can provide a competitive advantage for the firm, particularly in industries where social and environmental concerns are important to consumers. By demonstrating a commitment to sustainability and social responsibility, H&M can differentiate itself from competitors and attract socially conscious customers. Issues for leadership and stakeholders to shape strategic management and leadership  Culture issues: A company's culture conveys its goals through its guiding ideals and beliefs, and it guides behavior through the assumptions and norms that are widely shared among its employees (Coating, 2022). The inappropriate organizational culture may impact management and leadership approaches in the company. As a result, the firm can have trouble developing worldwide plans. Because that H&M is a global company, they must incorporate flexible work environments that reflect the current culture. It's also going to assist in developing broad strategies that may be modified as needed.  Rigid individuals: Every employee in the company collaborates to achieve organizational goals. Yet, not every employee needs to be adaptable to collaborate with others and function in various settings. There will be those people in the company who are strict and like to constantly operate identically. Because of this, each worker at H&M receives training and growth to assist them to advance their careers and work creatively. Also, qualified staff would aid the business in developing a successful worldwide strategy. 6

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Conclusion In conclusion, it's been established that a business may employ a variety of management theories to motivate its employees to function in a globalized world. To increase a positive reputation in the globalized economy, the company must also operate morally and retain sustainability. The company must satisfy its corporate social obligations to keep shareholders and grow its clientele. The research further mentions several factors that H&M should take into account whilst also developing its worldwide plans. 7

References Baltaci, A. and Balci, A. (2019) Complexity leadership: A theoretical perspective. , International Journal of Educational Leadership and Management . Hipatia Press. Claramunt, 4, Local 2 08030, Barcelona, Spain. Tel: +34-93-302-1226: e-mail: info@hipatiapress.com; Web site: http://www.hipatiapress.com. Available at: https://eric.ed.gov/?id=EJ1126739 (Accessed: March 27, 2023). CFI (2023) Business ethics , Corporate Finance Institute . Available at: https://corporatefinanceinstitute.com/resources/esg/business-ethics/ (Accessed: March 27, 2023). Coating (2022) Culture and strategic leadership , Coatings World . Available at: https://www.coatingsworld.com/issues/2010-02/view_business-corner/culture-and-strategic- leadership/#:~:text=The%20virtue%20of%20these%20shared,values%20facilitates %20cooperation%20among%20managers. (Accessed: March 27, 2023). Goman, C.K. (2022) Six crucial behaviors of collaborative leaders , Forbes . Forbes Magazine. Available at: https://www.forbes.com/sites/carolkinseygoman/2017/07/11/six- crucial-behaviors-of-collaborative-leaders/?sh=7fe051ec8cbe (Accessed: March 27, 2023). IBM (2022) What is sustainability in business? , IBM . Available at: https://www.ibm.com/in- en/topics/business-sustainability#:~:text=Sustainability%20in%20business%20refers%20to %20a%20company's%20strategy%20to%20reduce,and%20governance%20(ESG) %20metrics. (Accessed: March 27, 2023). IN, F.N. (2023) H&M Group busy on multiple projects in 2023 as investment grows 40% , FashionNetwork.com . Available at: https://in.fashionnetwork.com/news/H-m-group-busy-on- multiple-projects-in-2023-as-investment-grows-40-,1481184.html#:~:text=200%20closures %2C%20100%20openings%20planned%20in%202023&text=In%20total%2C%20the %20group%20is%20planning%20100%20store%20openings%20in%202023.&text=As %20well%20as%20being%20busy,175%20in%20Russia%20and%20Belarus. (Accessed: March 27, 2023). 8

Ismail, K. (2021) Participative leadership: What is it and does it work? , reworked.co . Simpler Media Group, Inc. Available at: https://www.reworked.co/leadership/what-is- participative-leadership/ (Accessed: March 27, 2023). Miller, H.L. (2022) What is charismatic leadership? , Leaders.com . Available at: https://leaders.com/articles/leadership/charismatic-leadership/ (Accessed: March 27, 2023). Reckmann, N. (2023) Corporate Social Responsibility , Business News Daily . Available at: https://www.businessnewsdaily.com/4679-corporate-social-responsibility.html (Accessed: March 27, 2023). Tucci, L. and Roy, M. (2022) What is Strategic Management, and why is it important? , CIO . TechTarget. Available at: https://www.techtarget.com/searchcio/definition/strategic- management#:~:text=A%20strategic%20management%20process%20helps,the %20organization%20and%20its%20employees. (Accessed: March 27, 2023). 9

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

MAN7137 Strategic Management and Leadership complete file

Related Documents