business strategy for 21st century

7/27/2019 Business Strategy for 21st Century

1/24

2012-2013

AdityaTHIRD YEAR BANKING & INSURANC

BUSINESS STRATEGY FOR 21ST CENTURYTURNAROUND MANAGEMENT


2/24

2

PROJECT ON

BUSINESS STRATEGY FOR 21ST CENTURY

BACHELOR OF COMMERCE

BANKING & INSURANCE

SEMESTER VIth

(2012-2013)

SUBMITTED BY

GUIDED BY


3/24

3

ACKNOWLEDGEMENT

During The Perseverance Of This Project, I Was Supported By Different

People, Whose Names If Not Mentioned Would Be Inconsiderate On My Part.

I would like to Extend My Sincere Gratitude and Appreciation to Prof.

SANJEEV PRASAD Who Initiated Me into the Study of "BUSINESS

STRATEGY FOR 21ST CENTURY"

It Has Indeed Been A Great Experience Working Under Him During The

Course Of The Project For His Invaluable Advice And Guidance Provided

Through Out This Project.


4/24

4

DECLARATION

Date:-__________

Signature of the student

Place:-__________


5/24

5

INDEXSR. NO. TOPIC PG.NO

1 INTRODUCTION 6

2 21ST CENTURY STRATEGY 10

3 PROBLEMS IN BUSINESS STRATEGY 11

4 CHALLENGES IN 21ST CENTURY 15

5

Marketing Strategies for the 21st Century 16

CONCLUSION BIBLIOGRAPHY


6/24

6

INTRODUCTION

Business (or Strategic) management is the art, science, and craft of formulating,

implementing and evaluating cross-functional decisions that will enable anorganization to achieve its long-term objectives. It is the process of specifying the

organization's mission, vision and objectives, developing policies and plans, often

in terms of projects and programs, which are designed to achieve these objectives,

and then allocating resources to implement the policies and plans, projects andprograms. Strategic management seeks to coordinate and integrate the activities of

the various functional areas of a business in order to achieve long-termorganizational objectives. A balanced scorecard is often used to evaluate the

overall performance of the business and its progress towards objectives.

Strategic management is the highest level of managerial activity. Strategies are

typically planned, crafted or guided by the Chief Executive Officer, approved or

authorized by the Board of directors, and then implemented under the supervision

of the organization's top management team or senior executives. Strategic

management provides overall direction to the enterprise and is closely related tothe field of Organization Studies. In the field of business administration it is useful

to talk about "strategic alignment" between the organization and its environment or"strategic consistency". According to Arieu (2007), "there is strategic consistency

when the actions of an organization are consistent with the expectations ofmanagement, and these in turn are with the market and the context."
http://commons.wikimedia.org/wiki/File:Business_Strategy_Cover.pnghttp://commons.wikimedia.org/wiki/File:Business_Strategy_Cover.png


7/24

7

The Power of Purpose

In the 20th century, business success was often defined in terms of profit andgrowth. Ironically, such a limited definition in the 21st century can constrain

potential profit and growth and worse yet, endanger a company's ability to stay inbusiness.

Unboundary -- which often works with companies in the midst of change --believes that society expects more of business today, that firms with true loyaltyand support are those who pursue purpose as well as profit.

Unboundary says this new world demands a new business standard for success.They call it significance. By that unboundary means significant to society as a

whole. In other words, companies must consider creating and maintaining ameaningful relationship with everyone effected by the company's operations, notjust shareholders.

"We've seen the power of companies when they pursue a well understood purpose.Our aim is to use our talents for the greatest good, on behalf of our clients and

everyone whose interests and lives they touch. "

If the quote above sounds to you remarkably similar to something you might hearfrom civil society, then you have picked up on a key point. Unboundary's new

focus on significance rejects last century's for-profit/non-profit dichotomy. It

suggests that good business in the 21st century will be business that is good for

humanity.


8/24

8

Constant, Conscious Evolution

Tod Martin is the CEO of unboundary. He's led the company for 12 of its 24 years,always with the aim of pushing the edge of design, strategy and communications.

Martin says unboundary chose to stay small and resist being put in a niche.

Somewhere along the way, probably in 1997 or '98 , we were this mustard seed-sized company [16 people] which had had a pretty amazing impact -- on the

turnaround at IBM, helping [ Roberto] Goizuetta quadruple the market value ofCoca-Cola -- so some fairly significant things. And lots of people were attracted to

our work, so opportunity was ripe and yet we were trying to figure out... what is it

that we've created and how do we make sure we don't lose it. And I think it was agreat moment of reflection, conscious introspection, but also a recognition that itwasn't about trying to stay what we were.

It was about trying to know what was valuable about what we were and how would

we evolve with that... And that's an important part of the operational storyinternally here -- that we can and should constantly, consciously evolve.


9/24

9

The Path to Purpose & Significance

Martin gave me an insight into how unboundary found its current business

approach. Here are some of the key points: Where Businesses Get Stuck -- Umair Haque, who blogs on the Harvard

Business Magazine, wrote: "Most companies have only ever conceived of

themselves as being in business." This may sound self-evident, but Martinsays it's very important.

"They've never really thought of themselves as citizens. They have

citizenship programs, and corporate social responsibility and philanthropybut ... most companies never deliver on what really counts -- making people,

communities and societies tangibly better off. This is where businesses getstuck ."

Declaration of Purpose -- "There is a need... to be declarative about what itis you're trying to create -- a sense of purpose," says Martin:

"There is probably no greater example than the Constitution of the UnitedStates of America which is actually a document created out of a certain bit

of anarchy. The Constitutional Congress was actually an illegal meeting,done in a backroom. Ratification was a fairly crazy part of the life of the

country where you had Federalist against anti-Federalist ... This whole senseis that purpose doesn't necessarily come about in a completely orderly

fashion, that someone has to ... push for something more and defend why itmight be good."

The Great Re-Think --"We believe there is a great re-think going on in the world, that people are

questioning lots of things and that the questioning is driven by technology...People once thought [they had] isolated or individual opinions. They're now

discovering that actually lots of people think like them and it's driving aconversation about capitalism, education, health care, transportation, energy,

right down the line. And in that context, there are a lot of companies who are

beginning to say we have a conventional way of doing things, but we either

see that things are changing or we believe that there's a better way of doingit."


10/24

10

21st Century Strategy

Man cannot discover new oceans unless he has the courage to lose sight of theshore wrote the French author Andre Gide. In very much the same way, we cant

manage strategy in the 21st century without discarding the comfortable dogmas ofthe 20th century.

Much of our strategic doctrine comes from an industrial age in which products

were fairly uniform and success was highly contingent on the ability to movearound men and materiel efficiently.

Thats still important, but not a source of sustainable competitive

advantage. Today,we dont produce products as much as we design themand that

calls for a strategic shift. To embrace the future, we must, in a very conscious

way, let go of the past and move from a planning mentality to one that integratesskills and information in an emergent context.

The Origins of Corporate Strategy

The corporation is a relatively new thing. Formally, the first one was British EastIndia Company, but the notion didnt really take hold until Cornelius Vanderbilt

and the railroad barons. It probably reached its apex with Alfred Sloan andGeneral Motors. Companies were split into divisions, each with their own

leadership. Orders flowed downwards and your rank determined yourresponsibility.

This type of organization made sense given the organizational objectives at the

time. As Ronald Coase noted in his 1937 paper, The Nature of the Firm, the reasonfirms came to exist was to minimize informational and transaction costs. In otherwords, they were originally conceived to create efficiency rather than value.

It was in this context that strategic planning took hold. The idea was that seniorexecutives would form concrete objectives and form plans that would achieve

them. Guidelines, approved techniques and checklists would be created along with

budgets and auditing procedures in order to ensure that strategies wereimplemented faithfully.
http://www.digitaltonto.com/2011/the-future-by-design/http://www.digitaltonto.com/2011/the-future-by-design/http://www.digitaltonto.com/2011/the-future-by-design/http://en.wikipedia.org/wiki/British_East_India_Companyhttp://en.wikipedia.org/wiki/British_East_India_Companyhttp://en.wikipedia.org/wiki/British_East_India_Companyhttp://en.wikipedia.org/wiki/Cornelius_Vanderbilthttp://en.wikipedia.org/wiki/Alfred_Sloanhttp://en.wikipedia.org/wiki/Coasehttp://www.scribd.com/doc/8555359/The-Nature-of-the-Firmhttp://www.digitaltonto.com/2010/creating-efficiency-vs-creating-value/http://en.wikipedia.org/wiki/Strategic_planninghttp://en.wikipedia.org/wiki/Strategic_planninghttp://www.digitaltonto.com/2010/creating-efficiency-vs-creating-value/http://www.scribd.com/doc/8555359/The-Nature-of-the-Firmhttp://en.wikipedia.org/wiki/Coasehttp://en.wikipedia.org/wiki/Alfred_Sloanhttp://en.wikipedia.org/wiki/Cornelius_Vanderbilthttp://en.wikipedia.org/wiki/British_East_India_Companyhttp://en.wikipedia.org/wiki/British_East_India_Companyhttp://www.digitaltonto.com/2011/the-future-by-design/


11/24

1

PROBLEMS IN BUSINESS STRATEGY

The Fall of Strategic Planning

As Henry Mintzberg describes in his now classic management text, The Rise andFall of Strategic Planning, although strategic planning came to be widely

considered best practice at most corporations, by the 80s the seams started toshow,

Planning consumed more and more management time and effort while it became

increasingly removed from the day-to-day practicalities of running the business.Problems not anticipated by the plan were treated as if they didnt exist, while

opportunities not anticipated by the plan were ignored.

Worse, planners tended to focus on sexy strategies like mergers and acquisitionsthat they could control and execute, rather than the increasingly abstract (to them)details of operating the core business.

Things came to a head when Jack Welch took the helm of General Electric andlargely dismantled the strategic planning process. That was like the Pope giving up

the sacraments. As he said at the time,the books got thicker, the printing got moresophisticated, the covers got harder and the drawing got better, but none of that

improved how the company performed.

From Atoms to Bits

In addition to the innate problems with planning, a fundamental shift in the

business environment has taken place.

We are no longer in an industrial age, but an informational one. We are less

concerned with moving atoms from place to place than we are focused on the

velocity of ideas. Efficiency has been devalued in favor of value creation, which

emerges when the right ideas combine to solve important problems.

There is very little evidence that companies like Google or Facebook are more

efficient than their rivals. Apple, a much older company, has evolved an

advantage in manufacturing efficiency, but that has manifested itself in highermargins, not lower prices. Further, their products are considered premium notbecause they are considered more powerful, but better designed.
http://en.wikipedia.org/wiki/Mintzberghttp://www.amazon.com/gp/product/0137818246/ref=as_li_ss_tl?ie=UTF8&tag=digitont-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=0137818246http://www.amazon.com/gp/product/0137818246/ref=as_li_ss_tl?ie=UTF8&tag=digitont-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=0137818246http://en.wikipedia.org/wiki/Jack_Welchhttp://en.wikipedia.org/wiki/Jack_Welchhttp://www.amazon.com/gp/product/0137818246/ref=as_li_ss_tl?ie=UTF8&tag=digitont-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=0137818246http://www.amazon.com/gp/product/0137818246/ref=as_li_ss_tl?ie=UTF8&tag=digitont-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=0137818246http://en.wikipedia.org/wiki/Mintzberg


12/24

12

The trend toward design will only become more pronounced in coming years as

new technologies like additive manufacturing and programmable matter comeonline. When we can economically print out objects that a design specifies

(additive manufacturing) and reprogram objects to form new shapes and functions(programmable matter) efficiency loses its meaning.

Design then, is rapidly becoming the product itself and design is dependent on

ideas, not atoms. Ideas, of course, cant be controlled, but must be enabled.

Emergent Strategy

Clearly, if the planning approach ran into problems in the slow moving industrial

ecconomy, its flaws are exacerbated in the hyperkinetic digital age. Mintzbergsummarizes the problem in this graphic.

While decision making power rests with senior management, most of theinformation lies much lower down. Therefore, while we must plan for the future,

we must also do so with the understanding that our our strategy will be, at least inpart, flawed either because it was based on incomplete information to start with orbecause facts simply changed on the ground.
http://en.wikipedia.org/wiki/Additive_manufacturinghttp://en.wikipedia.org/wiki/Programmable_matterhttp://www.gophoto.it/view.php?i=http://www.digitaltonto.com/wp-content/uploads/2012/01/Emergent-Strategy-e1327200279915.jpghttp://en.wikipedia.org/wiki/Programmable_matterhttp://en.wikipedia.org/wiki/Additive_manufacturinghttp://www.gophoto.it/view.php?i=http://www.digitaltonto.com/wp-content/uploads/2012/01/Emergent-Strategy-e1327200279915.jpg


13/24

1

The result is an emergent strategic process that looks like this:

Probably one of the best examples of successful emergent strategy is Andy

Grovesfateful decision to pull Intel out of the memory chips business and bet thecompany on microprocessors.

Although many still see this as the work of a lone genius, Grove himself describesthe situation much differently in his book, Only the Paranoid Survive. In actuality,

most of his factory managers had already shifted production long before Grovemade the final decision. His bold move had less to do with strategic thinking than

it than it did with effective listening.

Additive Strategy

So what to do? Should we just fire all the managers? As Gary Hamel wrote in thisHBR article, some companies are actually going that route, but that is far from auniversal solution. What we need is a more realistic view of what strategy is andwhat management can achieve.

First, managers need to come to terms with the fact that control, in a world wherevalue is created by ideas, has become an illusion. The lunatics run the
http://www.i-capitaladvisors.com/2010/10/13/innovation-as-emergent-strategy/http://en.wikipedia.org/wiki/Andrew_Grovehttp://en.wikipedia.org/wiki/Andrew_Grovehttp://en.wikipedia.org/wiki/Andrew_Grovehttp://www.amazon.com/gp/product/0385482582/ref=as_li_ss_tl?ie=UTF8&tag=digitont-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=0385482582http://www.garyhamel.com/http://hbr.org/2011/12/first-lets-fire-all-the-managers/ar/1http://www.digitaltonto.com/2011/why-the-lunatics-really-do-run-the-asylum/http://www.gophoto.it/view.php?i=http://www.digitaltonto.com/wp-content/uploads/2012/01/figure-6-1-emergent-strategy.jpghttp://www.gophoto.it/view.php?i=http://www.digitaltonto.com/wp-content/uploads/2012/01/figure-6-1-emergent-strategy.jpghttp://www.digitaltonto.com/2011/why-the-lunatics-really-do-run-the-asylum/http://hbr.org/2011/12/first-lets-fire-all-the-managers/ar/1http://www.garyhamel.com/http://www.amazon.com/gp/product/0385482582/ref=as_li_ss_tl?ie=UTF8&tag=digitont-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=0385482582http://en.wikipedia.org/wiki/Andrew_Grovehttp://en.wikipedia.org/wiki/Andrew_Grovehttp://www.i-capitaladvisors.com/2010/10/13/innovation-as-emergent-strategy/http://www.gophoto.it/view.php?i=http://www.digitaltonto.com/wp-content/uploads/2012/01/figure-6-1-emergent-strategy.jpg


14/24

14

asylum. Senior managements function has largely become one of imbuing the

organization with the autonomy, mastery and purpose that is essential to any highperforming organization.

Second, we need to face the fact that no one can own strategy anymore. The

world has grown too complicated. Insight requires not only intelligence andexpertise, but synthesizing information from disparate domains. Strategy has

become, in effect, additive, where objectives must be met by a network ofoperational layers that need to inform one another.

The core skill of strategic management must therefore be managing the interfaces

between varied groups of highly skilled knowledge workers. The strategist, then,must evolve from a master who gives the orders to a facilitator who makes theprocess work.
http://www.digitaltonto.com/2011/why-the-lunatics-really-do-run-the-asylum/http://www.digitaltonto.com/2012/the-philosophy-of-motivation/http://en.wikipedia.org/wiki/Knowledge_workerhttp://en.wikipedia.org/wiki/Knowledge_workerhttp://www.digitaltonto.com/2012/the-philosophy-of-motivation/http://www.digitaltonto.com/2011/why-the-lunatics-really-do-run-the-asylum/


15/24

1

Challenges for the 21st Century

The global marketplace has developed because of factors such as explosive growth

in world GDP, rapid expansion in merchandise trade, cost cutting andimprovement of product quality by firms seeking competitive advantage, and a

revolution in communication technology.

The rise of great global corporations has also been influenced by the growth of

large pools of liquid funds and more efficient capital markets to deploy them

quickly; and improved financial, logistics, and business management techniques.Both corporations and governments have their respective roles to play in order to

meet the global competitive challenges.

Organizations that want to maintain leadership in the economy and the

technologies that are going to emerge in the future need to give enoughconsideration to the social position of the knowledge professionals and their

values.

With e-business, the speed and quality of delivery can become competitive factorsfor an organization. Any organization that can organize delivery can operate in any

market without maintaining its physical presence there.

In the 21st century, the CEOs have to live up to the demands of better corporategovernance, and they need to adopt an approach toward information that will help

the organization exploit the enormous potential of information technology and

systems for creating and sustaining a competitive advantage


16/24


17/24

17

Patient feedback

Obtaining customer feedback can help guide marketing strategies. Orthotists and

prosthetists serve patients at an extremely vulnerable time in their lives, and getting

insight from patients can be helpful before a new marketing strategy isinstituted.

Basically, in this business and almost all businesses, we sell hope, and specifically

in our business, hope is something that we do real naturally, Lyons said. When Iam coming up with an idea for marketing, I like to get customer feedback. I am

constantly trying to track how patients found out about us, trying to get thefeedback, and I have everybody in the office watching for that.

Before implementing a marketing effort, such as handing out pens or other

giveaways, Lyons noted he tests the idea first by forming a focus group andseeking feedback from customers to find out if that really makes a difference inhow they learn about us. Lyons referred to this strategy as putting out bait.

Education and training

Participating at meetings and events sponsored by organizations that represent and

support O&P patients can be a valuable marketing tool. Warren R. Mays, CPO,president of Artisan Orthotic-Prosthetic Technologies Inc., said he has often

volunteered to speak about O&P services at meetings of organizations such as theMuscular Dystrophy Association or the American Cancer Society.

That is a way to get out and not only meet patients but also be recognized as anexpert in your field since you are the speaker, Mays said. That has been a verysuccessful marketing tool for us.

Providing training for physical therapists is also helps practitioners gainrecognition and ultimately increase referrals. Mays regularly offers a continuingeducation series of courses for physical therapists.

I am in front of them once every couple of months talking about thethings that are important to us and how to manage amputees and how to teach

amputees how to use their prosthesis. So again we become the go-to person onbehalf of the therapists, Mays said. When they have a problem or they see an

amputee who is not doing well with their prosthesis, a physical therapist will give

me a call and say, Hey, I remember you from those lectures. I have this patient


18/24

1

who is not doing well. Would you mind coming and taking a peek at them withme?

Jones noted that O&P practitioners at his company also provide training tophysical therapists. The training helps practitioners and physical therapists worktogether as a team so that patients can resume as normal a lifestyle as possible.

We like to provide training that gets them to the same point of view that we sharein different product usage, different innovations in technology and those things thatthey are not exposed to in their day-to-day hands-on operations, Jones said. We

like to educate them on those things so now we are working from the same vantage

point, the same perspective when we are giving patient care. With that kind ofteamwork, the patient is really going to benefit.

Similarly, Lyons said he volunteers his time and teaches at a local college in boththe nursing and physical therapy programs, which indirectly garners patientreferrals from students after they graduate and begin practicing.

I am a big advocate that you use the strengths that you already have. In other

words, if you spend all your time trying to become good in your weakness areas,then you become just that, good. If on the other hand, you build upon your

strengths, then you become excellent. That should be one of our goals, to becomeexcellent. For example, I really enjoy teaching and at times I get feedback that I do

a good job when doing that. To capitalize on this strength, I focus on putting aside

more time to teach in order to develop excellence at that task. To cover my weakareas, I try to enlist people who are experts in the areas that are weak for me.Lyons said.

Event-driven marketing is another strategy that can be used to advertise programsor events sponsored by O&P practices and geared to patients. For example, special

events or seminars to introduce patients to some of the newer and moretechnologically advanced prostheses can be marketed using serial advertising.

If we are having an event for people with above-knee amputations that introduces

them to the C-Leg or the microprocessor knee, we will take a different marketingstrategy. We will advertise on the radio for such an eventComing up in 20 days;register now but we do not typically keep an ongoing radio branding programrunning, Jones said.
http://www.healio.com/search?getfields=*&site=default_collection&requiredfields=projectID%3A17&client=default_frontend&output=xml_no_dtd&proxystylesheet=CME_frontend&filter=0&sort=date%3AD%3AS%3Ad1&cx=&q=advertising&client=default_frontend&output=xml_no_dtd&proxystylesheet=default_frontend&filter=0&sort=date&x=0&y=0&siteurl=www.oandpbusinessnews.com%252Fview.aspx%253Frid%253D81576http://www.healio.com/search?getfields=*&site=default_collection&requiredfields=projectID%3A17&client=default_frontend&output=xml_no_dtd&proxystylesheet=CME_frontend&filter=0&sort=date%3AD%3AS%3Ad1&cx=&q=advertising&client=default_frontend&output=xml_no_dtd&proxystylesheet=default_frontend&filter=0&sort=date&x=0&y=0&siteurl=www.oandpbusinessnews.com%252Fview.aspx%253Frid%253D81576


19/24

1

Print advertising

Another staple of marketing strategies is print advertising. Ongoing advertising in

local newspapers can help increase name recognition of a practice. Lyons said he

has been running different advertisements, just small little blurbs in weeklynewspapers for approximately 2 years to keep our name out there.

Newspapers also can serve as a conduit for human interest stories, relating

innovative techniques developed and used by an O&P practice.

We recently had a local newspaper come out and run a front page article in their

Sunday paper that really just told our story about something that one of our

practitioners had done pretty uniquely, Jones said. I contacted the newspaper

directly and said, Here is what our prosthetist has done recently and we think this

is pretty slick, and they agreed. They came right out and did an interview.

Marketing consultants

Seeking help from marketing consultants can be an option for O&P companies

when developing or implementing marketing plans and strategies. Elizabeth

Mansfield, president of Outsource Marketing Solutions, describes this as centralfab for marketing.

When I explain my services and I am talking to practitioners, I say it is likecentral fab for your marketing services because they understand central fab when it

comes to prosthetics and orthotics. They went to school, they do it and they knowhow to do it but sometimes they just get too busy so they have somebody else dothe fabrication, Mansfield said.

Marketing services provided by consultants can encompass a variety of strategiesand can be custom-fit to a practices needs. Depending on the type of services

needed, a practice can choose to work with a marketing consultant either locally orremotely. Mansfield noted the important thing is for any consultant to have an

understanding of the O&P industry as well as what goals a practice wants toachieve with its marketing plan.

Marketing is marketing, and you can use all of the same techniques for all

different kinds of businesses, from a bakery to a dog walking business to O&P,Mansfield said. But if you are using somebody who is just a general marketing

consultant, you really want to make sure that they understand what you are doing


20/24


21/24

2

Putting together a website is hard work, and the single biggest block for people is

compiling enough content to be able to hand it to a web developer so they cansuccessfully complete the site, Mansfield said. It is especially difficult with

prosthetics and orthotics; it is not like they can make up a whole bunch of stuff for

you. Even if you just have a minimal amount, it is so much better than havingnothing at all.

A dynamic website with regularly updated or changing information can serve to

draw in a large number of people that can include not only patients, familymembers and the general population but also health care providers. To make his

companys website more dynamic, Lyons regularly incorporates information and

stories from a monthly email newsletter. Features of the newsletter include a videostory and an ask the orthotist-prosthetist section, as well as a patient profile.

I try to put pertinent information in my newsletters, then I try to take that contentand pass it over to the website so that it is constantly changing, Lyons said.

Social networking media

Social networking media that are accessed online or from mobile devices such as

Smart phones and iPads also can be used as marketing tools by O&P companies.

Facebook, which was launched in February 2004, now boasts a global network

society of more than 500 million users. Twitteralso is a global networking societythat has become widely used since its introduction in 2006.

Both Facebook and Twitter are free sites that can easily be used by O&P practices

as valuable marketing tools, to attract both patients and customers, and also totrack competitors. Mansfield recommends that all businesses establish both

Facebook and Twitter business accounts so that nobody else takes your name,even if the accounts are not used regularly. However, because both Facebook and

Twitter accounts can be maintained at no cost and are easy to use and update, sheencourages practices to include both as part of their marketing plan.

You do not even need a regular website right this minute if you just want to go inthere and set up a business Facebook page for your company because you can do it

for free and you can do it within 2 minutes, Mansfield said. It is something thatis really useful and works very well with O&P because prosthetics and orthotics isso visual.
http://www.healio.com/search?getfields=*&site=default_collection&requiredfields=projectID%3A17&client=default_frontend&output=xml_no_dtd&proxystylesheet=CME_frontend&filter=0&sort=date%3AD%3AS%3Ad1&cx=&q=Social+networking&client=default_frontend&output=xml_no_dtd&proxystylesheet=default_frontend&filter=0&sort=date&x=0&y=0&siteurl=www.oandpbusinessnews.com%252Fview.aspx%253Frid%253D81576http://www.healio.com/search?getfields=*&site=default_collection&requiredfields=projectID%3A17&client=default_frontend&output=xml_no_dtd&proxystylesheet=CME_frontend&filter=0&sort=date%3AD%3AS%3Ad1&cx=&q=Facebook&client=default_frontend&output=xml_no_dtd&proxystylesheet=default_frontend&filter=0&sort=date&x=0&y=0&siteurl=www.oandpbusinessnews.com%252Fview.aspx%253Frid%253D81576http://www.healio.com/search?getfields=*&site=default_collection&requiredfields=projectID%3A17&client=default_frontend&output=xml_no_dtd&proxystylesheet=CME_frontend&filter=0&sort=date%3AD%3AS%3Ad1&cx=&q=Twitter&client=default_frontend&output=xml_no_dtd&proxystylesheet=default_frontend&filter=0&sort=date&x=0&y=0&siteurl=www.oandpbusinessnews.com%252Fview.aspx%253Frid%253D81576http://www.healio.com/search?getfields=*&site=default_collection&requiredfields=projectID%3A17&client=default_frontend&output=xml_no_dtd&proxystylesheet=CME_frontend&filter=0&sort=date%3AD%3AS%3Ad1&cx=&q=Twitter&client=default_frontend&output=xml_no_dtd&proxystylesheet=default_frontend&filter=0&sort=date&x=0&y=0&siteurl=www.oandpbusinessnews.com%252Fview.aspx%253Frid%253D81576http://www.healio.com/search?getfields=*&site=default_collection&requiredfields=projectID%3A17&client=default_frontend&output=xml_no_dtd&proxystylesheet=CME_frontend&filter=0&sort=date%3AD%3AS%3Ad1&cx=&q=Facebook&client=default_frontend&output=xml_no_dtd&proxystylesheet=default_frontend&filter=0&sort=date&x=0&y=0&siteurl=www.oandpbusinessnews.com%252Fview.aspx%253Frid%253D81576http://www.healio.com/search?getfields=*&site=default_collection&requiredfields=projectID%3A17&client=default_frontend&output=xml_no_dtd&proxystylesheet=CME_frontend&filter=0&sort=date%3AD%3AS%3Ad1&cx=&q=Social+networking&client=default_frontend&output=xml_no_dtd&proxystylesheet=default_frontend&filter=0&sort=date&x=0&y=0&siteurl=www.oandpbusinessnews.com%252Fview.aspx%253Frid%253D81576


22/24

22

She also recommends that practices assign employees who are personally familiar

with Facebook and Twitter to generate content rather than recruiting and paying anoutside person. Generally, employees who use these social networking sites are

already familiar with how the sites work, and as an added bonus, they enjoy usingthe sites.

It is a minimal amount of content that you have to generate, and so you really do

not need to pay somebody to generate that content for you because you have it

right there in your office, Mansfield said. Why would you want to pay somebodyto socially network for you when you can do that yourself?

In addition, having an employee maintain Facebook and Twitter accounts helpsensure that the content remains authentic and is pertinent to the practice.

It is a fabulous time to be a small business trying to market yourself and yourcompany because of all of these tools available to, Mansfield said. Everybodycan be global and have access to the same tools.Your employees have changed. They are not coming to work for a pay only any

more. They expect to be included in all conversations about their own future andwell being and the company they work for is in the midst of it. Social media

interaction has become part of our routine daily activities (for most of us withaccess to Internet either via PC or phone) and the way we test and refine our ideas

before turning them into action.

Board members cant expect to make and validate their decisions behind closed

doors and enjoy unquestioned buy-in and commitment from employees any more.

In order to fully commit, an employee must UNDERSTAND and BELIEVE inwhat he/she is doing before that. 21st century employees expect to be involved inthe pre-strategy-formulation forums where they can bring their own ideas into the

process. This is the only way to do true empowerment and create a sense ofMUTUAL ACCOUNTABILITY for a successful strategy execution between the

board and employees.


23/24

2

CONCLUSION

Business (or Strategic) management is the art, science, and craft of formulating,implementing and evaluating cross-functional decisions that will enable an

organization to achieve its long-term objectives.

It is the process of specifying the organization's mission, vision and objectives,developing policies and plans, often in terms of projects and programs, which are

designed to achieve these objectives, and then allocating resources to implementthe policies and plans, projects and programs.

Strategic management seeks to coordinate and integrate the activities of the various

functional areas of a business in order to achieve long-term organizationalobjectives. A balanced scorecard is often used to evaluate the overall performance

of the business and its progress towards objectives


24/24

business strategy for 21st century

Documents