The paper "Management Concept in Contemporary Environment" is a perfect example of a case study on management. One sure way to make to have the organization compete favorably in the current business environment and create value for the company shareholders is to employ the most appropriate management approach which is focused and issue-based. This can be informed of the strategy that the business employs. In the current world of business, competition has come into play with the emergency of globalization. More than ever before, businesses are faced with both opportunities and challenges that must be exploited and managed.
Technology is also influencing the world market the same way (Schermerhorn et al 2011). This is because individuals can access information at any given time on a certain change and therefore engage a more suitable management approach in each and every situation. Further, with the existence of technology, the way businesses are interacting with the customers has changed and now numerous transactions can be done online without necessarily having the involved parties have any physical contact (Ackoff et al 2010). In addition, change in customer demands is also one other factor that is influencing the management styles in the contemporary business environment.
Many of those organizations that have failed to learn about these trends in the market, have had very time in realizing their goals and consequently decline in their level of performance or even collapse. One such company that has had the same experience in the recent past is Coles Retailer of Australia. Before the purchase of the company by Wesfarmers in 2007, the company was doing badly in terms of performance for over fifteen years.
However, once put under new management, the business has managed to recover and creating value for its shareholders. It’ s from this ground that this assessment is seeking to answer the relevance of management and its different concepts in the contemporary environment and this is in reference to Coles.
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