Identifying Market Change

In the current globalized world, organizational change and the emergence of new economies are inevitable. Businesses organizations and companies may use SWOT analysis to identify market changes and opportunities (Namugenyi, Nimmagadda & Reiners, 2019). Through various SWOT analysis models, businesses identify the performance of their industrial operations, and can easily identify change from the optimum, or trend. A PESTLE analysis is also critical incorporation in SWOT models since managers can analyze environments and identify emerging markets that are exploitable with the business’s competence, resources, and capabilities.

Both techniques mentioned above require a roust organization model that enables the identification and exploitation of changing or emerging markets. The matrix organization and the team-based models are potential organization models that may foster a business’s ability to master change and fit into emerging markets. The matrix method is significant since it enables collaboration, enhances interdepartmental communication, and fosters the development of new skills (Fuertes et al., 2020). The team-based model enables individuals and teams across organizations or markets or industries to collaborate. Both methods are critical to adapting change and emergence markets since all stakeholders work towards a common goal while maximizing their creativity, knowledge, and skills in their roles. However, employees in a team-based report to one manager, while in a matrix, they may report to one or two from different departments. In contrast, traditional models such as hierarchical organization structure may not encourage adapting to change where the managers are conservative and rigid (Petermann, Schreyögg & Fürstenau, 2019). A horizontal model may take time to decide on marketing strategies; hence, they discourage swift identification and exploitation of new markets.

References

Fuertes, G., Alfaro, M., Vargas, M., Gutierrez, S., Ternero, R., & Sabattin, J. (2020). Conceptual Framework for the Strategic Management: A Literature Review—Descriptive. Journal Of Engineering, 2020, 1-21. doi: 10.1155/2020/6253013

Namugenyi, C., Nimmagadda, S., & Reiners, T. (2019). Design of a SWOT Analysis Model and its Evaluation in Diverse Digital Business Ecosystem Contexts. Procedia Computer Science, 159, 1145-1154. doi: 10.1016/j.procs.2019.09.283

Petermann, A., Schreyögg, G., & Fürstenau, D. (2019). Can hierarchy hold back the dynamics of self-reinforcing processes? A simulation study on path dependence in hierarchies. Business Research, 12(2), 637-669. doi: 10.1007/s40685-019-0083-9