Table of Contents
Abstract
Marketing is probably the planet’s old concept as much as life on earth, now for a few years everything is being marketed-person, place, organization etc. Marketing is now much more than jingles and catchy phrases, the goal of marketing is to influence how consumers think and act. Knowing how potential customers respond to a new product or service is crucial in understanding consumer behaviour. In recent months, the Indian economy has gained considerable momentum and looks very promising and exciting in the coming years. Due to a variety of factors and technological impacts, the global environment has become highly volatile, Uncertain, Complex and Ambiguous.
This paper seeks to describe the rate of responsible leadership in a world of VUCA. This paper illustrates how responsible leadership aligns with VUCA’s critical success factors. This paper gives insights into VUCA world’s marketing strategies. This research paper tries to exchange ideas and update marketing information in the world of VUCA.
Key Words: Leadership, Marketing Governance, VUCA world.
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Objectives
- To give insight into how responsible leadership is connected with the key success factors in the VUCA world
- To discuss ideas and update marketing information in the world of VUCA.
Introduction
VUCA stemmed in the war in the US Army in the late 1990s, but it quickly spread to the business world because there are striking similarities and uncertainties. Marketing in today’s VUCA world is not resistant to interruption. In recent years, the way we represent to promote and interact with customers has changed dramatically.
- Volatility- It combines frequent, significant or rapid changes. Commodity prices can rise and decline in in a short period of time in volatile markets. Uncertainty is a volatile market’s component.
- Uncertainty- It is that situation where incidents and results are unpredictable.
Complexity involves problems, which can be influenced and hard to change.
Ambiguity is a lack of clarity and difficulty in understanding the situation and where will it eventually lead?
Based on these, few questions emerges…is it really hard to make up for the world of VUCA? Should all organizations take precautionary measures? It certainly uses critical clinical thinking to start addressing challenging situations and make well thought – out and structured decisions in a VUCA world.
Critical/Clinical Thinking
When we talk about critical/clinical thinking or illustrate it, we should start with these questions:
- How to think?
- What to think?
Below are a few critical VUCA dynamics
For Volatile Situation
The key to survival in a volatile situation is to separate facts from opinions. Volatility formulates thoughts and communications clarity.
For Uncertain Situation
Listening and understanding are absolutely vital. In such a situation, it is also necessary to be open to alternative points of view and to find a way to deal with disagreement
For Complex Situations
Facts from different sources must be gathered with reasoning and also weight the alternative options. It is also vital to weigh alternatives, to make decisions under pressure and to test solutions according to relevant criteria.
For Ambiguous Situations
In such circumstances, curiosity; raising and evaluating arguments; asking the right questions; resilience and agility in thinking and seeing the repercussions and implications are vital. Critical thinking is simply excellence in thinking processes that precedes excellence in our actions. VUCA comes from Army Wars College to describe the conditions of the cold war. The world around us is changing constantly and future decisions are being taken. We are in the digital world, developing countries and unsustainable environmental conditions.
With this VUCA perspective, the two most important things to look at are:
- Strategy
- Leadership
Strategy
Strategy is all companies ‘ main parameter. Strategy is of no use if the business landscape is not included. Strategy is the right mix of efficiency, innovation and control. In today’s, VUCA world people look for ethical factors as well to rate. It is necessary to keep to a company’s wellbeing required to sustain in the market and thrive the worst. In order to act in the VUCA world, we must complement the emerging and deliberate approach. The key profitable success and growth for managers throughout the organization is to develop a profound understanding of customers and investors.
When Honda entered the American Market, we can analyse their market strategy, they first entered the market with advance features (super club, inexpensive, light weight) this model’s initial failure was uncertain because the model was the number one model in its native. Honda later repositioned their bike with the the famous slogan ‘You meet the nicest people on a Honda’ and thereby became one of the market leaders. If the world is dynamic and volatile, everyone will find it. Companies must strike a balance between the protection strategy and the attack strategy in such an environment.
Technology and innovation have touched on all areas of business and we operate in a complex world that is changing rapidly. The digital world has helped to speed up business evaluation and also to disrupt basic business principles. Eg UBER (It should own taxis and the world’s largest accommodation provider should own real estate). Marketing in today’s VUCA world is not resistant to instability. Customers’ decision-making patterns have changed in recent years. Ultimately, successful marketing derives from the ability of a brand to be flexible, confident and courageous. Brands that promote these values thrive VUCA. The VUCA world strategies are indicated below.
Strategy is purposeful action “– Peter Drucker
- Build a solid foundation in volatile world
We talk about the business market so that we, as a marketer, must build a solid foundation in the VUCA world to overcome the uncertainty. It’s a way to express the positive impact in the world that you want to have. As the world changes, consumers must also have an insight into the changing needs on the basis of this philosophy.
- Think local and act global
A very common phrase used by multinationals is think global, act local. There is no global consumer in reality. Our mantra is to think locally, but to act globally. Any organization must understand the needs and wants of local consumers and customers.
- Draw outlines in an ambiguous world
We want to release the power of an evolutionary process, including experimenting with and testing many ideas and concepts, but if we do not create outlines and business structure, there is a chance that we will achieve high levels of creative entropy.
- Transparency
The outline of the business becomes clearer when the atmosphere of work is transparent. Free access to all types of relevant information within the organization helps to create a healthy work environment in contextualization and avoid rumours.
You have noticed a change in business tactics as a business leader or marketer to survive in these volatile world organisations. Marketer / leader must do other things. You have noticed a change in business tactics as a business leader or marketer to survive in these volatile world organisations. Marketer / leader must do other things. Our goal here is to provide you with a way forward and think about what to do and where to stand. Critical factors for success in this world depend on effective management and change management techniques. We focused here on aligning people, process and technology.
- Business Agility
- Strategies & workforce planning
- The pursuit of readiness
- Gathering and using data
- The learning organization
- Talent Management sustainability
Business Agility: The ability and direction of the organization and its talent must be agile. The ability to change direction and align business strategy with talent strategy.
Strategic workforce planning: It determines the needs of the organization and all key roles in order to take into account your ability to fulfil these roles. What talent does strategic workforce planning include? What it needs and what gaps in talent exist in the market must be taken into account by external forces.
The pursuit of readiness: In a VUCA world, organizational readiness is more an ideal than a concrete goal. Truth is, ‘you’re never ready, but if you stop trying to be ready, you’re dead.’
To get leaders ready to sleep in to critical business roles
- Obtain senior executive involvement
- Complete an accurate talent assessment
- Launch development planning
- Drive accelerated that targets future roles
The learning organization – It’s all about learning and growing as an organization, an effective selection practice or marketing strategy if it’s misaligned with the company’s direction. This concept refers to the commitments of the organization to develop people. Especially when it comes to leadership courses aimed at changing skills. The rapid decision-making and networking of innovation across borders are particularly suitable for the development of VUCA ready leaders. The learning organization must assume a broader meaning according to the VUCA context. It must be about how the organization learns to grow adapts and changes.
Gathering and using data – As a result, VUCA’s age has coincided with the increase in analytics, measurement must become an essential part of everything you do about talent. When you collect and use the right data, you effectively move beyond describing your state to predict your future needs and skills (foresight), i.e. if you need to meet the 15 percent growth rate target for the next 5 years in the immersion of trend markets. Data analysis can help you determine who your talent pool corresponds to your needs for growth.
Talent management sustainability – We hear about their talent management initiatives from many organizations. All these initiatives must be based on a strong business case and clear accountability for action and success. This initiative must be in line with both the business model and your other talent initiatives. They must be flexible and adaptable.
Leadership in VUCA world
The VUCA world is not just about critical thinking and uncertainty. It is about a new type of leadership driven by value and purpose. The role of business in society can be redefined by leaders. Below are a few steps to be taken to ensure that your organization and organizations meet the VUCA business environment requirements.
- Focus on vertical development
- Greater development ownership to the individual.
- Focus on collective rather than individual leadership.
- Much greater focus on innovation in leadership development methods
Finally, what is most important for a company is its value chain and the focus in this world. It should be on long – term relationships rather than short – term profits. MasterCard Company discovered that it would no longer be a credit card company, but a payment technology company.
Managing and Governing Change in the World of VUCA
Every successful company or organization in today’s dynamic world manages its cultural alignment and internal ability to work both efficiently and efficiently. The question now arises that organization can successfully build a culture that is always ready for change.
Each organization should establish a permanent structure for internal change management. It should provide employees with internal capabilities to manage change at various levels.
Factors considered as critical success factors in the world of VUCA are given below:
- Sound business principle
- A firm’s agility to respond speciality
- Strong collaborative network
- Innovation and ethical practices.
Every marketer should adapt key leadership challenges and change initiative in this volatile and uncertain world
Research Methodology
The methodology may include publication, research, surveys and present and historical collection of secondary data. My research is based on the collection of secondary data, secondary research involves the summary and synthesis of current research rather than primary research, in which data can be collected from company websites magazines and other sources.
Conclusion
The world of VUCA will continue and can have a faster impact on technology. For global players, the world is becoming a small market place. This research paper illustrated how responsible governance with critical success factors in the VUCA world needs to be agile. The leadership role must focus on anticipating the impacts of the VUCA world, and the new leadership must also be clear and market-oriented. This research paper provides insights into how responsible leaders can meet VUCA world’s prerequisites. The VUCA model recognises the organization’s internal and external conditions. This research paper explained how responsible governance is connected with key success factors in a VUCA world.
References
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