Essay on BUSINESS STRATEGIES IN PERFORMANCE OF BUSINESS

Business strategies are considered as a step down to corporate strategies. The strategies which are more slightly specific and relates to the small issues of the business within the large scale organization. Functional strategies are the policies that are used to keep the business move in nature, which changes the business situation in the market to meet the daily requirements of the business. Keep in mind that to get success in the business is goals should be achieved by daily efforts. If the business is working with these strategies it is helpful for the business that it will get organizational effectiveness, which is compulsory to get the efficiency in the business (C. Heywood & Kenley, 2008).

The performance indicators in the business are most likely examined by the stakeholders of the business who are being influenced by the business strategies. To monitor a patient in the hospital is quite different from examining the performance of sports team member. There are always increasing chances that are used to set the metrics to set the priorities in the business analysis. However the performance indicators are matched with the research to measure the performance of the business. These performance indicators are used to measure the business performance from the years, which are considered as best indicators in history. The performance indicators are used in several regions that are used by the expertise of statistics. For instance, the UK league tables for educational purposes are being used in different departments to get the attention of the people. The marketing insight in different drivers for a business is implemented in 1986. At that time, AT&T was a large scale organization within the 3 lac employees in different business units that were being operated in different countries and compete approximately 67 markets. Almost 60 thousand customers were being served by the companies which are a large number in the market. The CEO of the company put together all the team from the business units to measure the satisfaction and business performance of the company and to fix the issues regarding the performance indicators (G. Altuntaş, Semerciöz, Mert, & Pehlivan, 2014).

Organizational effectiveness means that every element in the business is going on working effectively and produce maximum satisfaction to the business. Highly effective businesses are covers the five aspects of the business, such as leadership, decision making, people, work process and the culture of business. To get dynamics success, every business needs to implement effectiveness and efficiency in the business in the market (S. B. Banerjee, Iyer, & Kashyap, 2003).

Understanding the effectiveness of the business is to help in different business stages and helps the stakeholders in different stages. This provides that the procedures are used to assist investors, owners, and employees, which will enhance the strength of the company and highlights the ineffectiveness in the business. The response in the effectiveness of the business using a balanced scorecard. The best way to measure the qualitative and quantitative resources in the business markets are measured by the balanced scorecard. Businesses are most likely to adopt balanced scorecard in the holistic approach in business planning and decision making. The balanced scorecard is also used in performance management of the business which is beneficial in the different business issues in the business analysis. Instead of different ideas and techniques in the business are not difficult to understand the financial and non-financial performance of the business, which are still an issue that how it could be measured in the business (A. Möller & Schaltegger, 2005).

The balanced scorecard is developed in a more proper way to use the model called “Closed-Loop Management” which performs as key indicator in the statistical calculations in the analysis of the business. The incorporation in the business is mostly pinpoint many times, which shows the effectiveness of the accounting system of the business. For example, the business proposal in the Teece is working with the ideas of “dynamic capabilities” which stops the opportunities in the market in the methodology to measure the performance of business, which are dynamic. Moreover, Norton referred the system of the aspects which are used in the managerial accounting practice, which are most likely to ignore the evolution of business strategy (J. B. Butler, Henderson, & Raiborn, 2011).  

Performance is used to achieve the organization to set the goals. It covers the outcomes which are achieved in the contribution of individual or team in the achievement of strategic goals. The performance includes both terms as behavioral as well as economic performance of the business to meet the expected outcomes in the market, which are collaborated in the different sectors of the business to use the performance indicator, which covers the issues more comprehensive in nature. The organizational framework in the business environment is considered to perform the role of getting the aim of stakeholders and to use innovative technology in the business. The performance of the business is created to achieve the position of the dynamic in the business.

Performance appraisal is increasing the performance of the employees, which are helpful in decision making and to increase the efficiency of the business with valid reasons. The large organizations prefer to change the existing appraisal method instead of designing new one. This means that such changes are preserving the resistant change in the management of the business, which has identified to manage the appraisal in the employee motivation in the organization. In personnel decisions making the most significant concern of the organizations is compensation of the employees, which are helpful in employee motivation. The effective performance appraisal must be integrated with an important component of the organization’s needs (J. Kitching, Blackburn, Smallbone, & Dixon, 2009).

The above three discussed strategies of the development are required by the management to use the strategies in the business. In the business world the basic purpose of the management is to get the ultimate financial success with the implementation of the different business strategies. There are many processes in business which are adopted by the managers to get the ultimate success in the business. To get a high level of the efficiency of the business, it is responsibility of the managers to integrate the service of the employee’s motivation in the organization. It will be helpful in the corporate financial service in the organization to play a big role in the work of organization. Different scholars such as Kaplan and Norton have merged different measured in the performance in more advanced and innovate way to deal with the current requirement of the market. These strategies have been segregated in a way to exist in the capital market which is initiated in the integrated approach of the market to overcome the risk management and communication with the stakeholders. Therefore the framework of the business organization collaborates with the discipline, such as financial performance is measured in more holistic and comprehensive way to measure the performance. Performance is measured by the expertise with different tools from the past years which are discussed by the different professionals with confined monitoring. There may be different methods to measure the performance of the business, and six sigma is most likely to use in the business and companies. The six sigma approach was developed by Motorola and now being used by many companies around the globe. It is helpful to measure the performance of the business while using different strategies in the business (V. S. Lai & Wong, 2005).

REFERENCES of BUSINESS STRATEGIES IN PERFORMANCE OF BUSINESS

A. Möller & Schaltegger, S. (2005). The sustainability balanced scorecard as a framework for eco‐efficiency analysis. Journal of Industrial Ecology, 9(4), 73-83.

C. Heywood & Kenley, R. (2008). The sustainable competitive advantage model for corporate real estate. Journal of Corporate Real Estate, 10(2), 85-109.

G. Altuntaş, Semerciöz, F., Mert, A., & Pehlivan, Ç. (2014). Industry forces, competitive and functional strategies, and organizational performance: Evidence from restaurants in Istanbul, Turkey. Procedia-Social and Behavioral Sciences, 150, 300-309.

J. B. Butler, Henderson, S. C., & Raiborn, C. (2011). Sustainability and the balanced scorecard: Integrating green measures into business reporting. Management Accounting Quarterly, 12(2), 1.

J. Kitching, Blackburn, R., Smallbone, D., & Dixon, S. (2009). Business strategies and performance during difficult economic conditions.

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S. B. Banerjee,., Iyer, E. S., & Kashyap, R. K. (2003). Corporate environmentalism: Antecedents and influence of industry type. Journal of marketing, 67(2), 106-122.

V. S. Lai, & Wong, B. K. (2005). Business types, e-strategies, and performance. Communications of the ACM, 48(5), 80-85.