Topics: Strategic management, Management, Organization Pages: 4 (620 words) Published: September 24, 2014




The word “Organization” derived from the Greek word organon, itself derived from the better-known word ergon which means "organ". An organization (or organisation) is an entity, such as an institution or an association, that has a collective goal and is linked to an external environment.

In an environment of rapidly escalating competitive challenges, every company has to invest across the value chain to achieve world-class competitive capability in each of the businesses in its portfolio. These strategic interventions results in progressive transformation of traditional organizations into internationally competitive organization, where the focus is superior value for all stakeholders. Each business within portfolio is continuously engaged in upgrading competitive capability to effectively address growth challenges in the fast globalizing Indian market, and over time in the world markets. The vision of every company is now apparently is the creation of unique business models that foster international competitiveness of not only its business but also the entire value chain of which it is a part. This has made functioning of each organization much complex than the olden days.

Systematic and organized approach indispensable to meet the challenge of complexity. Every organization cannot do the same since it is costly and time consuming. All these leads to the emergence of a modern organization concept which relies on identifying and grouping the work to be performed, defining and delegating responsibility and authority , and at last establishing relationships for the purpose of enabling people to work most effectively together in accomplishing objectives. The success of a firm is determined by how far they are effective in these aspects. 1.2: OBJECTIVES OF THE STUDY

The objectives of the...
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