Examining How A Case Management Failed
Blockbuster is one of the companies that attested to change and failed; it is regarded as a prominent example of businesses that had failed but have gotten back to profit-generating ways. Lack of innovation is one of the major hindrances to the company’s progress. Blockbuster generated sufficient revenue in 2004, while Netflix struggled since it was a start-up (Lobato & Lotz, 2020). Six years later, blockbuster became bankrupt while Netflix embraced new technological forms and increased its revenue (Lobato & Lotz, 2020). It is among the best and has the highest worth in the video industry. Blockbuster was faced with a disruption that affected how the management recognized the change in the video rental market.
Blockbuster would have incorporated a clue from Netflix and embraced change in how customers preferred to watch their shows. For instance, streaming at home, I maintain a certain status quo instead of renting. Thus, doubling inventory and physical stores would be inappropriate, and blockbusters took time to adjust. Maintaining a competitive advantage requires innovation specific to the video renting industry. In the transforming marketer, it is vital to ensure that the business uses new and essential technology that customers can interact with to enhance their lifestyles. The lack of innovative leaders makes even the best companies in certain sectors flounder.
Alleviating Stakeholder Concerns
Individuals involved with decision-making that impact their job have a sense of their dedication and ownership. Moreover, involving a large group of teams cooperatively helps develop a common interest making the outcomes greater. Regarding strategic planning, the same motif applies to enhance better outcomes. In essence, high ownership and outcome are linked to significant stakeholder participation relating to the technique. Thus, many firms have involved strategies that enhance participation and commitment to strategic planning. During this, unions, staff, vendors, regulatory agencies, community members, supply chain partners, customers, and others who rely on the service should be included (Odor, 2018). They all have a unique viewpoint of how a company can thrive. During the early stages, insights and neutral opinions are necessary to understand the operational setting and vision for the organization’s future. Staff help recognize the weaknesses and strengths of an organization by perceiving the best success approach and involving firsthand data of what a task delivers.
The stakeholders might experience certain issues that may hinder efficient communication. First, aligning various stakeholders is one of the common issues. This is an issue since it slows down the decision-making process in a company. Secondly, each stakeholder has goals and expectations that might lead to competition (Odor, 2018). Some priorities can be role-based, departmental, or reflect differences in their professional backgrounds. Certain teams need more resources for their stakeholders. Communication is one of the most significant issues that can raise concerns among stakeholders. Finally, other shareholders might resist sharing information. Others might provide information at their convenience, which might delay certain procedures.
Communication is essential in solving various stakeholder concerns and enhancing productivity and cohesion. Creating a consistent and purposeful approach will improve engagement and make sharing data easier (Odor, 2018). The key shareholders should recognize the organizational objective and goal to ensure routine tasks are completed on time. The external shareholders should be aware of the reason for the existence of the company and the services they offer to vendors, customers, and the general market. On the contrary, internal stakeholders need to realize how they align their tasks to match the goals and description of an organization. Moreover, using all forms of communication, such as newsletters, emails, payroll inserts, meetings, and posters, will foster proper communication. Finally, results should be shared to ensure each works towards a specific strategic performance.
Aligning various shareholders, different ambitions, lack of sufficient resources, and poor communication are some concerns affecting stakeholders. Communication is one of the tools that can help in solving such concerns. This can be attained by creating a consistent and purposeful approach, and recognizing organizational objectives help maintain better communication. Moreover, the external and internal shareholders should understand their purpose in the organization. The organization should also share results for competency and transparency.
References
Lobato, R., & Lotz, A. D. (2020). Imagining global video: The challenge of Netflix. JCMS: Journal of Cinema and Media Studies, 59(3), 132-136. Web.
Odor, H. O. (2018). Organisational change and development. European Journal of Business and Management, 10(7), 58-66. Web.