- Research Feature
- Read Time: 26 min
Managing change does not mean dealing with chaos. In fact, continuous change is a predictable cycle with four phases, each requiring certain resources and a specific type of champion.
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Corporate strategy is supposed to be the means by which an organization achieves and sustains success. Yet, it rarely rises to that level, despite an abundance of corporate strategy theory and significant research from countless organizations over the past few decades.
Although the relevance of corporate philanthropy is widely accepted, few companies achieve significant, lasting societal impact because most lack a cohesive strategy. Effective philanthropy must be run no less professionally than the core business.
Too many managers have experienced this scenario: The chief executive announces a bold new corporate initiative aimed at generating dramatic performance improvements. The initiative calls for sweeping changes in the company’s processes, systems and culture. The launch proceeds with great fanfare and a substantial investment of the company’s resources.
In September 2004, Merck & Co. Inc. initiated the largest prescription drug withdrawal in history. After more than 80 million patients had taken Vioxx for arthritis pain since 1999, the company withdrew the drug because of an increased risk of heart attack and stroke.
Corporate social responsibility has become a vital part of the business conversation. Research points to five principles that underscore how collaboration provides the best combination of social and strategic payoffs.
A corporate sphere of influence is not just a platform for a company’s offensive or defensive initiatives. It is the basis upon which the company builds market power over rivals so it can maneuver freely without fear of retaliation.
Recent research holds lessons for any company doing business in China: In a land where Confucianism originated over 2,000 years ago yet still exerts a major ethical and philosophical impact on the prevailing culture, managers who actively offer employees clear goals and rewards can strengthen organizational loyalty.
Most management advice urges companies to undertake frequent and radical change in order to stay competitive. But, says the author, such advice is overprescribed, and those that continue to heed it risk initiative overload, organizational chaos and employee burnout.
Alert executives are learning to orchestrate the difficult transition from a product-innovation culture to a process-innovation culture that can transform successful startups into enduring industry leaders.
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