Management Practices of Leading Companies Paper Example

Paper Type:  Research paper
Pages:  7
Wordcount:  1778 Words
Date:  2022-12-04

1. Spotify Management Functions

Spotify is a Swedish media firm that provides music streaming service to digital users. A perusal of its financial data illustrates unprecedented growth in the years 2016 up to date. Heralded as a company with one of the largest streaming platform in the world, the management plans to launch a digital marketing strategy that will increase awareness as well as social media visits. The executive organ should lead the employees in the retention and growth of customers. Through the company's model, it seeks to transform the meaning of online music listening. Spotify identifies with technological innovation as it has the potential for the high valuations in the investment circles. As a digital broker, the company has strong ties with the United States financial market. The mix of technology and finance ensures investment in the latest invention in the industry.

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The reasons for the change

During the organization formative years, its mission was to link economic interests in the music industry. That business model failed to meet the intended objective, as it required constant remodeling. Intense competition in the market of digital music led the management to change its objectives and stimulate growth. While the company grows fast, it suffers financial imbalance. A subscription-based failed to reflect the expected profits. The free tier model failed to provide the expected revenue and for that reason, the firm lost investment opportunities for a decade. The move to broaden the product range was counterproductive as it erased the core competence in streaming music.

The success of the business model

The firm differentiates itself from competitors by linking artists together to create an intimate relationship. Spotify encompasses social sharing into their product. The growth of the company is a sign of its economic and cultural relevance. The management succeeded in controlling non-authorized forms of file sharing. Other companies in the music industry can use Spotify digital technology to transform their product distribution. The firm introduced users to free access to content rather the use of enhanced targeting of the online ads. The firm has a new way to organize music consumption, channeling it through curated playlists and changeable motivational messages. The company's strategy to create network efficacy is a way to add value to its product even as the size of the network grows. Spotify enables consumers to discover new music while acting independently. The company has the potential of building partnerships with other music labels and artists a move that will enable it to increase the songs in the library.

2. State-of-the-art management competencies

In the management principle of overseeing work, the approach has changed from controller to enabler. In the new management competencies, an effective manager is an enabler who helps people performs their best. Managers help people to achieve their needs, remove obstacles, and provide learning opportunities, offer feedback, coaching, and career guidance. A critical skill for the top-level managers is to create an exciting and demanding work environment and to inspire confidence in and support for the organization and its leadership.

In the management principle of accomplishing tasks, the approach changed from supervising workers to leading teams. Today's managers must rethink their strategy of directing workers in a way that will stimulate innovation in the workplace. Today's best managers are future facing in that they design the organization and culture for creativity, adapt and innovate rather than maintain the status quo.

In the management of relationships, the approach changes from conflict and competition to conversation and collaboration. Rather than working by keeping tabs, the manager employs an empowering leadership style. Teams handle a lot of work instead of individuals, so they require leadership skills. The management of relationships based on authentic conversations and collaboration is vital to ensure successful outcomes.

In the management principle of leading, the approach changes from autocratic to dispersed and empowering. Today's best companies disperse leadership throughout the organization and managers empower others to gain the benefit of their created networks.

In the management principle of designing, the approach changes from maintaining and stability to change mobilization. People in various locations work in scattered locations. Managers are able to coordinate the work of people that are not under their direct control.

An Example

At AES Corporation, employees work in teams of coal handlers that handle a variety of tasks such as acquisition, human resource, and public relations. The CEO believes that the best way to increase a firm intellectualism is to grant freedom and responsibility to its workers. Today's managers must provide team-building skills to their workers. The basic building block for enterprises is having teams of front-line workers that can work directly with the customers. It is paramount for the present-day managers to build cohesive teams in an environment of diversity and dispersed decision-making. Success today will depend on the strengths and quality of relationships. New ways of working and engagement stress collaboration and cooperation across functions and hierarchical levels. An environment of teamwork and a culture that promotes collaboration and mutual support will give workers a chance to think, learn, and grow.

3. The corporate culture of Ngai Tahu Holdings

The indigenous enterprise has traditional values that provide a distinctive foundation for its operation. Some of the principles enshrined by the Maori include relationships, caring for others, leadership, and compassion. The Maori incorporate the traditional values in contemporary business operations. Most of the individual entrepreneurs tend to incorporate traditional values in their way of working. The core objective of the company is to foster the financial position of the tribe through the building of economic assets.

Visible culture

The tribal corporate services the Ngai Tahu's customary rights to ensure that the treaty settlement benefits continue to grow for future generations. The Ngai Tahu is the legal identity, the authorized voice of the tribe, and has the jurisprudence of the members. In administration, the Office of the Te Runanga coordinates the operation of the firm and has a separate entity from the development corporation. Some of the key areas of investment include Ngai Tahu Seafood, Tourism, and property groups. The group maintains the assets at a sustainable level to ensure the long-term financial stability of the tribe. The holding company funds the development office. The purpose of the fund is to educate its members socially and culturally. The financial objective of the company is to operate with efficiency with the sole purpose of maximizing profit. The social and cultural goals entail educating its members so that to provide a new breed of cultural leaders. The Ngai Tahu other goal is to invest in their language and culture. The company works with dedication to expand human potential and build up other economic assets.

Invisible culture

The tribal group believes in Aoraki as the revered ancestor that represents creation and connection to the natural environment. With that realization, the tribal group lives in harmony with the landscape and discovers new ways to trade and use resources that include greenstone from rivers and food harvested from land and waterways. The corporation believes in respecting, fostering, and maintaining important relationships within the firm, employees, and the community. The organization believes in building leaders today and in the future, that will continue propagating the cultural ideals. The tribal enterprise explores opportunities that can create the next generation of tribal leaders who will bring with them a global perspective and future focus in their thinking. The businesses developed by the group must reflect their enshrined values embedding cultural aspects in their operations.

4. Vodafone New Zealand

Foundation support for the Treaty of Waitangi Vodafone Foundation asserts that the treaty is a foundational document for Aotearoa New Zealand. The company makes a commitment to honor the constitutional and conceptual Treaty framework. The framework permits the Foundation to express and celebrate the cultural diversity of Aotearoa, New Zealand. The company acknowledges the unique position of Maori and the need to enhance Maori contribution, participate in governance and operation of the organization.

Since the organized and the Waitangi emerge from the same location, the firm recognizes that the principles must guide and inform our practice. The honoring the policy is continual development of the Foundation in relation to Waitangi and outline the organizational framework for action.

The preamble of the Treaty depicts the economic development of business future that aligns with Maori philosophical idea of the good life. The Foundation has to examine its internal behavior to understand the role of self-determination in their work. The protection of Maori customs creates an obligation for the Foundation to enhance and support Maori well being. The Foundation has to familiarize with Maori customs, protocols, beliefs, and values.

Importance of the Treaty of Waitangi for New Zealand organizations

The Treaty is a principal document in New Zealand signed in 1840 by British Crown officials and Maori chiefs. The signing of the treaty was to confirm formal European settlement in New Zealand. The country celebrates the signing with a public holiday every year. The Treaty governs the relationship between Maori and the indigenous people. The document ensures the protection of rights of Maori and Pakeha. The Treaty is a dynamic, living model that keeps evolving. It responds to the aspiration of groups and organizations within the community sector. The engagement with the Treaty is a continuous work that evolves in response to the conditions. Community organizations can learn from the experience of others that have previously worked with the Treaty.

Organizations will have different drivers for engaging with the Treaty. One may desire to respond to the needs of Maori communities, enhance work effectiveness, and ensure they meet professional competencies. Understanding how the organization might benefit from engaging with the Treaty is critical to building support for an on-going commitment to the organization Treaty voyage.

5. Morningstar adaptive and innovative management practices

Some of the external influences that the company faced included rapid progress in digital technology and the change in customer behavior that continues to define the competitive landscape. Additionally, industrial regulators influence the offering of products and services in the financial sector. Combined, the factors imply that Morningstar requires formulating efficient solutions that will respond to the external influences. Currently, the global economy is strong than it has been especially in the advanced economies. Some of the digital technologies in the financial sector include the property market and value chain that heighten competition in the industry. The focus of artificial intelligence will continue to deepen product offering and increase collaboration with startups. The financial sector faces uncertain geopolitical developments that tend to increase the insurance risks.

Response to external influences

Morningstar will have to respond to the external influences by adopting high pace innovation. One way is to create an efficient and cost-beneficial way in the management o...

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Management Practices of Leading Companies Paper Example. (2022, Dec 04). Retrieved from https://proessays.net/essays/management-practices-of-leading-companies-paper-example

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