IMPLICATION OF MANAGERS

Implications for managers

Implications for managers

Introduction

In MNCs today, the focus is on quality as a competitive tool replaced by a focus on innovation. Research exploring connections between quality management, innovation, and company performance suggests that quality is 'necessary but insufficient' in today's business environment. In short, the question facing managers, particularly those in emerging markets, is how to adapt their quality management practices to achieve innovation performance, in addition to quality performance. Organizations have long recognized the importance of quality. Prior to the industrial revolution, quality ensured through apprenticeship programs, skilled craftsman, and training and standards of professional guilds. Mass production systems led to a transition to relying on product inspection for quality assurance. Beginning in World War II, the quality sciences and profession grew rapidly. The 'quality movement' began with a focus on tools such as acceptance sampling procedures and Statistical Process Control (SPC); efforts centred primarily in the production (Triantis, 1995, p. 1134).

Role of managers in strategies implication

For managers, the question then becomes where and how to focus - quality or innovation? Of course, it is not an either/ or decision. If quality is a qualifying criterion for staying in business, managers must learn how to manage for quality and innovation simultaneously. However, are the two compatible? Are there trade-offs involved, i.e., if a firm focuses on strategies. Quality programs have emphasized stability and efficiency that is doing it right the first time. Further, quality programs typically focus on satisfying existing customers. Conversely, innovation requires flexibility and effectiveness, in other words, doing right things. Innovation focused on attracting new customers; innovative firms acknowledge the risk of paying too much attention to satisfying existing customers at the expense of neglecting to stay attuned to the changing business environment. For these reasons, some say that a quality-oriented culture in a firm may be counter-productive to fostering a culture focused on innovation. Further, a manager can choose between the right balance of the hard and soft factors, internal and external focus, and implementation in downstream activities (Bossink, 2002, pp. 195).

New Strategies

Whether there's much of a market for these strategies, remains to be seen. In recent months, emerging companies have introduced equity-only strategies. For those people who are cautious about volatility, in both an autonomous sense and versus funding ratios, a multiasset approach makes a lot of sense. Although consultants see sense in the theory of lowering volatility and providing downside protection, they say implementation is key. Consultants are wary of costs and sceptical that managers are trying to time markets in multiasset strategies. The theory behind these strategies is not new managers have run similar equity and multiasset approaches in other geographical areas for years. The desire by investors and consultants for greater exposure to fast-growing emerging markets tempered by investor wariness of risk has fuelled the recent boom in strategies, managers say.

Implications for managers Governments & Companies in Emerging Markets

The managers should implement strategies which can benefit the organization. Many authors recognized that quality data such as defect ...