Management

The following are the three key components Strategic management, Groupthink and social networks.

Strategic management, this is the creation and solicitation of the focal goals and ingenuities which are used by the top management of an organization on the behalf of its owners. It is consequently established on the assessment of internal and external settings which the organization competes with.

This concept provides directions to the business and it also involves the objectives of the organization, the policies of development and the plans which are designed in order to be able to achieve the required objectives (Freeman, 2010). There are multiple benefits of employing this concept and they include the following: financial benefits, and non-financial benefits. Companies which engage in strategic planning tend to avoid encountering losses hence improving their performance. Furthermore, they are also able to control their future thus planning in advance hence avoiding any obstacles that they may be likely to encounter in future. On the other hand, non-financial benefits are: the companies become aware of the possible threats that they are likely to encounter. The companies are also able to know their competitors thus putting the best measures of making sure they beat their competitors in place. Furthermore, they are also able to understand the changes that the business systems are likely to face hence avoiding them and hence being in the right line. Thus this concept will allow me to be able to avoid any obstacles which a business is likely to face.

Groupthink, this is a psychological phenomenon which mainly takes place in a group of people whereby the need for conformity in the results of the group in an illogical decision making outcome. This concept consequently allows the members of the group to be able to reduce conflict and thus reaching a consensus decision without actually doing critical evaluation. This concept reduces conflicts in the group thus making it easy for the group members to be able to work effectively without any problem (Griffin, 2012). Furthermore, it also increase the participation of the group members thus making it possible for the group to be able to gain ideas. The execution of a project will also be conducted within the shortest time possible through the participation of most people who will be able to lead to the execution of any task at a very short time. Since this concept allows each and every group member to be able to participate in the group discussion, this will really make the group work to be very easy as most of the members will be able to participate thus making group work to be successful. This concept will therefore create different opportunities which include executing tasks within the shortest time possible, thus making it easy for most tasks to be executed within the shortest time possible. The possible challenges likely to be encountered while using this concept is it can create confusion, thus leading to the lack of accountability. This could therefore lead to confusion thus reduction in the production of services in the group. Hence different tasks may not be executed effectively. The best way to overcome this challenges will therefore be to create friendship between the group members thus making the group members to work effectively.

This concept made it easy for us to be able to carry out different tasks very easily. Moreover, we were also able to identify the problems which the business was likely to encounter hence avoiding them (Griffin, 2012). On the other hand, we experienced different problems and this included misunderstandings between the group members which led to slow execution of tasks. Thus we need to agree with each other in order to be able to avoid any problems or otherwise misunderstandings in the group. What led to misunderstanding between the group members was conflicts between the group leaders thus making it hard for the group members to be able to conduct their activities freely.

Social networks, this is a social structure which is composed of social actors and this may include individuals or either organizations who have social interactions. This set of network therefore allows people to be able to communicate with other people through a set of methods or otherwise structures whole social units. It therefore makes it easy for people to communicate freely and conveniently. The expected outcomes of this concept was therefore to improve and increase the market of the goods thus making it easy for us to be able to reach many customers (Ryan, 2011). This concept provided us with social media marketing which really helped in the promotion of goods thus making it easy for us to be able to reach many customers. The challenges encountered included lack of proper knowledge of dealing with the social media, thus this consequently made it hard for us to be able to use the concept effectively. We are therefore going to learn on how to use the social media thus making it easy for us for to attract most customers. This concept was very easy to work with since most people are using it. Want went wrong was the way we were actually supposed to use the social media since it grows and keeps on changing from time to time. We have therefore resolved to continually learning how to work with the social media.

Reference

Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge: Cambridge University Press.

Griffin, R. W. (2012). Fundamentals of management. Mason, OH: South-Western Cengage Learning.

Ryan, P. K. (2011). Social networking. New York: Rosen Central.