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LG Electronics

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Analysis of Three Generic Strategies

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Introduction

In the present scenario, change has become very essential for the success of organization. Changes at frequent intervals improve the overall productivity of businesses and also make them more competent. At the time of implementing changes, there are various tools and techniques which can be used by organizations (Kaplan, 2005). The present study is based on LG electronics which is a multinational electronics company having its headquarter in South Korea. This report depicts seven key considerations which need to be considered at the time of implementing changes in LG. In addition to this, it also highlights three generic strategies that can be used while making changes or transformation in the organization.

Executing change: Seven key considerations

Seven key considerations developed by McKinsey can be used to execute required changes in LG electronics. Furthermore, it can be stated that these considerations consist of some hard and soft elements which will support the brand in implementing change and getting the best possible outcome of the same. The main objective of these considerations is to increase efficiency of businesses and make change successful (Armenakis and Harris, 2009). Structure, strategy, skills, staff, style, shared values and systems are the seven key components. It can also be stated that these elements are further divided into hard and soft elements. Strategy, structure and system fall in the category of hard components as their identification is very easy. On the other side of this, skills, staff, shared values and style are soft elements and are difficult to manage.

At the time of implementing changes, LG electronics is required to focus on its overall strategy. This means that an effective plan needs to be developed in order to execute changes. Furthermore, it can also be argued that rather than focusing on short term objectives, LG electronics should develop its strategy by looking at long term perspective. Along with this, organization needs to align other considerations with its strategy in order to make it more effective. Another element which needs to be considered by LG electronics is structure which depicts the entire organizational chart along with the information that who will report to whom. While executive change, LG electronics is required to develop an effective structure. This will result in the division of authorities and responsibilities among all its workers during the process of change (Higgins, 2005). The brand can also make changes in its overall structure if it is not suitable in order to execute change. On the other side of this, LG electronics needs to identify its main systems which are running the entire businesses along with their control. At the time of making changes, LG electronics needs to take care of the fact that all its systems do not get negatively affected by all those changes. In addition to this, managers of the organization are required to focus more on its system at the time of carrying out changes. It can be argued that skills of people within LG electronics will play a crucial role in making and managing changes. This means that all its employees should be capable enough to resists or adapt the transformation. Further, organization needs to focus on increasing overall skills and knowledge for employees regarding change management (Ovidijus Jurevicius, 2013). Another key consideration is related staff that is people within the organization. LG electronics needs to take care of the fact that at the time of executing change, effective change agents are available.

Furthermore, these are the people which initiate and take responsibilities to implement change and make it successful. For this purpose, LG electronics can carry out activities such as hiring and selection of new employees.

Along with this, business entity can also provide training and development sessions to existing workers in order to make them capable of resisting the change. LG electronics also requires to focus on the style which it is using during the process of transformation. Furthermore, it can be stated that top level management of LG electronics needs to use participative style of leadership while carrying out changes. According to this style, employees will be encouraged to present their views and opinions regarding how changes can be implemented and managed in the best possible manner. Benefit of using participative style is that it will create satisfaction among employees of LG electronics. Along with this, it will also help workers to get solve their issues and problems.

Other than this, it can be stated that, shared values is also an important consideration which needs to be taken care of. It consists of all values, norms and standards that determines how people in organization are expected to behave (Carter, 2008). At the time of executing change, LG electronics needs to develop appropriate values for its employees. Furthermore, those values should enhance the overall motivation level and morale of people in the organization.

It can be stated that the above stated seven consideration are very easy to understand and implement during the process of change. One of the most important things which is required to be taken care by LG electronics is that all considerations should be aligned with each other in appropriate manner. This will result in creating satisfaction among employees and getting the best possible outcomes of the change. It can be also stated that failure in changes is a great loss to organizations and can also affect their entire productivity. During the process of change, management must take care of all is workers as they are very important assets of organization. Communicating objectives and benefits of change is more suitable in getting corporation from employees rather than forcing the same to workers.

Executing change three generic strategies

In order to execute changes in effective way there are three different kinds of approach or strategies which can be used by LG electronics. This includes programmatic, dysfunctional and emergent change approach. The organization can use any of these approaches to implement changes and improve effectiveness (Roberto and Levesque, 2005). Furthermore, all the strategies has their own set of advantages and disadvantage which needs to be taken care of by LG electronics.

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Programmatic change

Programmatic change can also be termed as 'thinking first' change. Programmatic change means to adopt changes in the programs, projects, and taking initiatives that are not the part of the bigger strategies and plan projects. These are the short-lived changes as they are unclean for achievement of the broader goals. Within time period of one month, these programmatic changes become fade. It will help LG Electronics to have well structured and systematic solutions for their problems. These changes are mission oriented and formed or came in action over the changes occur in plan and objectives. With merits, this process also contains demerits. It gives out one solution for all problems (Hughes, 2011). As different areas and departments have different problems, then how can one solution can be implemented to all problem? Every Problem arrived have other solution but this change brings a single solution which may cause bring even more issues or problem in the organization (Russ, 2008). There are employees who can easily adopt the change but there are employees who doesn't find it easy to adopt the change. In solving issue as fast as possible LG Electronics lack the focus on the behavior of the employees cause due to changes brought in the organization. This change would affect adversely on revenue generation too. Nature of these changes are rigid therefore they cannot provide flexible solution to every problem of LG Electronics. Leaving demerits behind if LG Electronics wants to bring programmatic chance then they can carry out it by following ways:

It is the structured and systematic formulation of the organizational management. It focuses on the feedback of the consumer and brings the effective changes in quality of services and goods by improving them (Doppelt, 2009). This is activity which can be implemented in any organizational sector therefore LG Electronics can also implement it for better results. Total Quality Management goes under a process which is four step process. First step is the planning mode where problem is identified, relevant information is collected and root cause of the problem is obtained. Then is the second stage of doing mode some solution are taken out and then implemented them to solve the problems also measures are taken out to ensures the effectiveness of the solutions (Werkman, 2009). Third step is the checking phase where before and after data is compared and then result is being confirmed. In the last and final fourth stage results are documented and then information about change in process is spread to others. This stage provide recommendation about the identification of problem (Fernandez and Rainey, 2006). Through TQM implementation LG Electronics can assess their current reality.

Management by Objectives is a model of management by which LG Electronics will clearly identify the objective which can help in improvement of their own performance. Employees and management both should be aware and also agreed upon the objectives defined. Through MBO, LG Electronics can assess the actual or the real performance of their employees. As every employee is aware and agreed by goals decided then they should be willing to complete their responsibilities accordingly (Diefenbach, 2007). By this they will show better results and also increment in LG Electronics working.

Discontinuous change

In order to cope up with the environmental changes its is essential for organization to focus on different strategies that would assists in managing the change effectively and efficiently. Change within the organization can be of two form that is continuous and discontinuous change. Continuous change is defined as prolonged change without any sort of disruption (Armenakis and Harris, 2009). On the other hand, discontinuous change is defined as sudden change within the organization that threatens or modify the power structure of the organization. In the advanced era it is essential for LG Electronic company to implement different changes within their operations so that they can easily manage their operation and activities of the organization. The changes within external environment are consider as discontinuous form of change as it results in drastic change or sudden change among the traditional authority as well as structure of within LG electronic so that they can easily manage and resists the change.

Furthermore, the concept of discontinuous change is not new this results in leading the whole transformation of the organization that would support them to sustain in the electronic market among their competitors. However, in order to manage the discontinuous change within the LG electronic manager of the organization need to focus on innovation and creativity that would assist in resisting the sudden and unwanted change within the cited firm (Russ, 2008). In addition to this, discontinuous change is also shaped by different environmental forces that is change in the technology, existence of competitive rivalries, rise or decline of industries or economies etc. that results in changing the internal environment of LG electronic. However, the concept of discontinuous change generally focuses on the experimental approach as environmental changes that affect the organization are uncertain in nature. In addition to this, the ultimate goal of managing discontinuous change within the LG electronic is make significant improvement and amendment within the organization so that they can manufacture quality electronic products for the customers accordant with the changing requirement of customers (Werkman, 2009).

Furthermore, advantage of discontinuous change to the LG electronic company is that it result in modifying and altering the whole operations and structure of the organization that further result in taking effective decision for the company. Despite of certain advantage there are also some disadvantage also that is discontinuous change result in investing huge financial resource within the organization so that they can easily manage the sudden change in the organization (Lines, 2005). In addition to this, discontinuous change also act as beneficial approach for LG electronic as it results in changing the internal scenario of the organization that is they must ensure proper team within the cited firm so that they can innovate the new ideas and services within the organization. Thus, further assists the company in manufacturing and producing quality and technological advanced electronic products to the customers. Therefore, it can be stated that before adopting this strategy , the organization needs to take all its advantages and disadvantage into consideration. Furthermore, training sessions should be provided at regular intervals so that the employees can become capable enough to handle sudden changes.

Emergent changes

It can be defined as the process where management of LG electronics needs to believe the fact that changes are continuous and open ended part of the entire organization. Furthermore, it can be also stated by using the strategy of emergent change businesses such as LG electronics can seek for experiments and innovations. By using this strategy, the organization as well as its employees wont have any kind of difficulty in adapting changes at frequent intervals. However, it can be argued that this strategy focuses on changes at different level or multi level of an organization. At the time of using this strategy, the manager of LG electronics needs to ensure the fact that effective culture is developed and maintained within the organization. This will support in getting the best possible outcomes of the transformation process (Lines, 2005). The strategy of emergent change sometimes can be messy and completely ineffective. This will result in wastage of time and resources of the entire LG electronics. It can be also argued that emergent changes can happen due to the unexpected or unconscious decision taken by the manager of LG electronics. Other than this, the organization need to implement changes due to modifications in external business environment. Furthermore, it can be also stated that such situations will examine maturity and adaptability level of LG electronics. The business environment under which the organization operates keep on changes at regular intervals (Harmon, 2014). On the basis of those modifications, LG electronics needs to make changes on the basis of same. Therefore, it can be stated that emergent change is more of a challenging task for LG electronics as compared to the other strategies which can be used to execute changes. At the time of developing change strategies, the manager of LG electronic should take care of the fact that  need and requirement of business are taken into consideration.

CONCLUSION

From the above study, it can be concluded that seven key consideration plays very important role in executing change in LG electronics. At the time of carrying out the process of change, the organization needs to ensure the fact that all its considerations has been integrated with each other in appropriate manner. Changes in LG electronics can be made successful only when structure, strategy, skills, staff, style, shared values and systems are aligned in effective way. Other than this, it can be also concluded that there are three generic strategies which can be used by LG electronics to execute changes. In addition to this, management of LG electronics needs to focus specially on its employees while carrying out change.

REFERENCES

  • Armenakis, A.A. and Harris, S.G., 2009. Reflections: Our journey in organizational change research and practice. Journal of Change Management. 9(2). pp.127-142.
  • Carter, E., 2008. Successful change requires more than change management. The Journal for Quality and participation. 31(1). pp.20.
  • Diefenbach, T., 2007. The managerialistic ideology of organisational change management. Journal of Organizational Change Management. 20(1). pp.126-144.
  • Doppelt, B., 2009. Leading Change Toward Sustainability-: A Change-Management Guide for Business, Government and Civil Society. Greenleaf Publishing.
  • Fernandez, S. and Rainey, H.G., 2006. Managing successful organizational change in the public sector. Public administration review. 66(2). pp.168-176.
  • Harmon, P., 2014. Business process change. Morgan Kaufmann.
  • Higgins, J.M., 2005. The eight ‘S’s of successful strategy execution. Journal of Change Management. 5(1). pp.3-13.
  • Hughes, M., 2011. Do 70 per cent of all organizational change initiatives really fail?. Journal of Change Management. 11(4). pp.451-464.
  • Kaplan, R.S., 2005. How the balanced scorecard complements the McKinsey 7-S model. Strategy & Leadership. 33(3). pp.41-46.
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