Free «Factors Affecting Success in Business» Essay Sample

Factors Affecting Success in Business
  • Makridakis sought to review the various theories, which emerged since the 1960s, in guiding decision-making and contributing to competitive advantage in organizations. Makridakis observed how businesses, especially in the fashion industry, often succeed but for a short time compared to other organizations that maintain their position even after years of being in the business.
  • Makridakis’ goal was to determine what factors contribute to organizational success. Moreover, Makridakis’ sought to evaluate the different management theories and tools that contribute to organizational success.
  • Aside from management theories and tools, Makridakis also explored the various tools that organizations use to predict upcoming internal or external changes that could influence the success of organizations.
  • Based on Makridakis’ evaluation, management theories helped managers make decisions. However, their knowledge of upcoming changes and trends in the market contribute more in helping managers make difficult decisions that help organizations sustain their position in the corporate ladder.
  • Tools, which help managers predict changes, contribute to healthy performance of organizations because they make managers understand, which culture it should adopt in order to cope with external pressures.
  • Makridakis suggested that businesses would be able to predict changes in the external environment, if they utilize the existing computer and telecommunications tools in evaluating and monitoring the business environment.

The objective of Makridakis in the article is to evaluate how post-modern management theories help businesses achieve successes. While some management theories help depending on the business models and culture, Makridakis emphasized that theories will not help organizations in the long run. Considering the highly competitive business environment, Makridakis said that businesses would more likely succeed and stay in the business longer, if they are able to predict changes in the external business environment. Makridakis also said that it is necessary for businesses to understand the upcoming trends and changes, so they can prepare themselves for transition effectively and adopt those changes that could improve business cycle, effective value chain, and thus, increase profitability for the business. However, businesses cannot rely on people for predicting changes. For this reason, Makridakis said that business should use advanced communication and computing tools in order to make decisions. The article could help managers view the importance of research and leadership in transitioning organizations. The article by Makridakis implies that managers in the organization should be keen in finding ways for the organization to advance. Managers should not merely rely on theories that were established decades ago, but look for appropriate management opportunities considering the conditions of business today and in the future.

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The article by Makridakis is related to Christensen, Raynor, and Verlinden’s article because they similarly emphasize the importance of predicting the future as a means of helping organizations make difficult business decisions today. According to Christensen, Raynor, and Verlinden, business used to rely on the performance of products as determinants of the company’s success, and this is where they fail because they do not consider other factors in business decision-making, especially those that affect profitability. Christensen, Raynor, and Verlinden emphasize that businesses should look into other factors, such as the interest of consumers, and most importantly, competitive pressures that could make or break organizations. Adoption and evolution should be constant in the organization. Similarly, these are the ideas that Makridakis discussed in his article, such as that businesses may rely on management theories, but ultimately, they should also focus on determining future trends in the business using communication and computing tools, just as Christensen, Raynor, and Verlinden’s suggestion of using the Disruptive Technologies Model.

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