Effective managers in diverse situations have a highly developed degree of cultural competence that empowers them to use careful observation skills to determine what gestures, phrases, customs and values would be most appropriate in a given circumstance. Managers must understand a company’s competitive advantage and build a strategy that takes into account the competitive landscape. There are four key issues that all project managers must resolve when managing projects, issues focused on ensuring project success, preventing project failures, enhancing project team competencies, and cultivating effective project managers. Different cultural norms offer an interesting study in diversity management. Describe competitive strategies such as low cost, differentiation, and internal competition and the role of the external competitive landscape in developing them. Corporate governance and ethics become more difficult with the indirect implications of particular practices, making it important to assess the way in which certain operations may adversely affect the community at large. Finally, there is the potential to compete externally based upon quality. In panel C, Company I’s product has both higher value and lower cost (this is the rarest situation). You have to connect on an individual level and inspire people to move from “I” to “we.” And you have to build trust by ensuring your verbal communication and your non-verbal actions reinforce each other. From a general standpoint, business technology management focuses on understanding how technology fits into an organization ‘s processes and structure. In the United States, workers are imbued with very specific rights regarding the risks they take, the hours they work, the breaks they deserve, and the benefits they are provided. The ability to manage diversity, as well as refine actions to communicate accurately and intentionally, are valuable and necessary aspects of effective management. Edited by: Nerija Banaitiene. Branding, on the other hand, aims to convince the consumer that a higher price point is worth paying based upon the company’s name, reputation, or other distinguishing characteristic. Globalization101.org defines globalization as: a process of interaction and integration among the people, companies, and governments of different nations. Change is an invariable fixture of the universe. That is not to say that management has not responded; it has, in two ways: 1. Issues such as employee disputes, gossip, jealousy and poor time management can be frustrating for managers. Managers must understand their own competitive advantage (what they do better than the competition) to adopt the appropriate competitive strategy to gain market share and remain profitable. Discover our cutting-edge journal today! Low-cost suppliers find ways to optimize their production and distribution to offer consumers the lowest possible price on one bottle of water. 1. Management has become more specific with the formation of different disciplines. The potential to uncover new competitive advantages through internal development, The capacity to forecast up-and-coming technologies to construct an investment road map that always keeps the competition a technological step behind. Businesses also compete internally, an intrinsically complex issue. Different cultures not only speak different languages but adhere to different values, draw different assumptions, and define different actions as appropriate or inappropriate. Quality is therefore a strong antithesis to the low-cost strategy. Encompassing a macro-environmental perspective, these factors can be effectively summarized with the acronym PESTEL. 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