Week 5 questions Essay Example | Topics and Well Written Essays - 500 words

Week 5 questions - Essay Example ly defined roles and responsibilities, availability of required resources, and delegation of adequate authorities to facilitate faster and appropriate decision making, would lead to smoother communications amongst themselves, ultimately translating into realization of the organization’s corporate goals. External stakeholders include consumers, suppliers, competitors, creditors as well as the community at large. These groups form an inevitable part of organizational growth and hence satisfying their requirements is of utmost significance for any organization. The organizations, thus, should strive to establish long term strategic relationship / partnerships with the external stakeholders to gain maximum leverage from the same and to realize the ultimate organizational goals of growth and profitability. This could be achieved by providing high quality products / services to the customers, establishing solid long term relationships with the suppliers, offering a cost effective and niche product line, as well as good payment terms for the creditors. This would ensure a satisfied team of individuals which would help in sustaining and developing the overall organizational goals. Long term goals define the vision of the company, which may include the goals of becoming the largest manufacturer in the world, attaining a specified percentage of market shares, or becoming a global leader by creating a niche for its products / services. Long term goals help the organizations in creating a fixed route which they have to follow in order to realize their specified objectives. For instance, for a company, if the long term goal is to be a world leader of a particular product, in terms of customer service, technology as well as quality, the management thus has to devise ways to reach the ultimate objective such as improving cycle times by speeding up the process of product availability, as well as reducing or minimizing the production costs by use of best technological aids