developing internal communication strategy.
Key term and why you are interested in it
The selected key term for discussion is “Market Dynamism.” The interest in this term is based on the importance that it has for managers of global organizations. By researching the term and gaining a better knowledge of how like the global market operates and functions leaders are able to guide the companies through difficult phases. This paper will expound on the definition provided by Dr. Satterlee and will highlight the multiple areas management must be able to understand and utilize in the global market.
Explanation of the Key Term
Dr. Satterlee’s explained the market dynamism as “the rate of change of customer preferences, market segments and demand patterns” (Satterlee, 2014). Market dynamism along with technological advances creates the larger concept of “environmental turbulence”. By gaining understanding of the technological advances and customer preferences managers can lead the global entities successfully.
Major article summary
To further the research of market dynamism students must examine multiple topics that are closely related to the topic. For this research the article that furthered the understanding of the key concept was one that addressed the issue of practical leadership and how leaders can understand the concepts required to address the key topic. Transformational leadership and managers” ambidexterity: Mediating role of environmental dynamism explains the importance that manager and leaders have during the times of turbulence. Their study concludes that through “transformational leadership (positively) influences on managers ambidexterity and this relationship will be stronger in a more dynamic environment”(Purvee, A & Enkhtuvshin, D. 2014).
The chosen article discusses the importance for managers to be able to monitor and adjust during times of environmental turbulence of which market dynamism creates. When leadership is transformational it affects how the employees react and when transformational leaders possess “stronger knowledge competencies”(Satterlee, 2014) they are able to guide and mentor their employees to impact the global market.
Other articles that were considered during research of the term evaluated the importance of customer social responsibility and customer preference (Tingchi, Anthony Wong, Rongwei & Tseng 2014). In other articles the authors addressed the relation that customers changing demands and organizations ability to provide products and platform for the product to operate successfully (Thomas, 2014). Another article also addressed the relation between management and performance; this article viewed the relationship from the environmental turbulence view and how it affects the business performance (Pratono & Mahmood, 2014). There is plenty of other scholarly work that addresses the importance of how management reacts to the environmental turbulence and the market dynamism that exist.
Pratono, A. H., & Mahmood, R. (2014). The moderating effect of environmental turbulence in the relationship between entrepreneurial management and firm performance. Universal Journal of Management, 2(7), 285-292.
Purvee, A., & Enkhtuvshin, D. (2014). Transformational leadership and managers” ambidexterity: Mediating role of environmental dynamism. International Journal of Innovation, Management and Technology, 5(6), 434-437. doi:http://dx.doi.org/10.7763/IJIMT.2014.V5.554
Satterlee, B. (2014). Cross border commerce: With biblical worldview application. (2nd ed.). Raleigh, NC: Synergistics International, Inc. ISBN: 9781934748121
Shi, L. H., & Wu, F. (2011, September). Dealing with market dynamism: the role of reconfiguration in global account management. Management International Review, 51(5), 635+. Retrieved from http://dx.doi.org.ezproxy.liberty.edu:2048/10.1007/s11575-011-0090-3
Thomas, E. F. (2014). Platform-based product design and environmental turbulence. European Journal of Innovation Management, 17(1), 107-124. doi:http://dx.doi.org/10.1108/EJIM-06-2013-0055
Tingchi Liu, M., Anthony Wong, I., Rongwei, C., & Tseng, T.-H. (2014). Do perceived CSR initiatives enhance customer preference and loyalty in casinos?. International Journal of Contemporary Hospitality Management, 26(7), 1024–1045. doi:10.1108/ijchm-05-2013-0222
Liberty University Online
KEY TERM and WHY I AM INTERESTED IN IT
In review of the text book reading, I’ve chosen the key term “global manager” due to an academic curiosity. Prior to reviewing it, I had only heard of the term in textbook context. After reviewing the term more deeply, I’ve come to realize that global managers are a vital asset to any organization. Their wealth of knowledge concerning multicultural dynamics can be invaluable for the success of relations amongst nations worldwide.
EXPLANATION OF THE KEY TERM
According to the textbook, global managers “tend to possess experiential knowledge specific to some cultures, speak one language but can adjust to different cultures other than their own” (Satterlee, pg.214, 2014). Ironically, there isn’t a clear definition of “global managers” but the type of character they should possess is widely discussed in the business arena. One article depicts the character of global managers by the “nature of the work they do, typically within an organization with global operations. This includes their capability to manage amid the complexity of business that is conducted across divergent cultures.” (Lexicon, n.d)
MAJOR ARTICLE SUMMARY
The chosen article is titled Minding the Cultural Gaps between Different Countries- A Real Challenge for the International Managers. It is this writer’s opinion that the selected article compliments the textbook reading by expounding on the complex nature of global managers and how even a manager’s “leadership style can vary amongst other countries” (Capatîna, & Schin, 2013). The article also highlights different variable and environments that global managers have to face, which align with what the textbooks says concerning the commitment, motivation and risk. The article also suggests that successful managers are more able to juggle the demands of culture changes and adapting to differences.
DISCUSSION This week’s reading discussed global market entry and managing global operations. With an ever-changing global market, organizations have to be able to have the right type of mangers in place to help navigate the global landscape.
Relation to Key Term. Each of the articles reflect broader dimensions of global managers and the skills and characteristics they must possess in order to be successful. Related Research. The additional articles connect to the infrastructure, technology, communication, and diversity issues that managers have to engage with regularly.
developing internal communication strategy.