Strategic Approaches for Helping Organizations Thrive Amidst Energy Crisis
This coursework is worth 60% of the total marks for this module
INSTRUCTION: WRITE YOUR ANSWER IN REPORT FORM
ASSIGNMENT QUESTION:
Organisations across the world have been dealing with different form of challenges associated with business environment. Apart from the existing challenges, the ongoing war between Russia and Ukraine has created another type of problem facing organisations of all sizes. While every crisis is unique in terms of risks and opportunities, as a manager in your organisation, discuss strategic approach that can help your organisation to minimise the impact of rising cost of energy on items, reduce customers living cost and achieve business growth during and post energy crisis.
Students are expected to clearly draw on relevant organisational management concepts, practices and techniques to propose how their selected organization(s) can minimise the impact of energy on rising cost of products and achieve business growth despite the ongoing war between Russia and Ukraine war. For example, students can use ideas from the notion of resilience to discuss their propositions. Likewise, students can draw on the concept of strategic innovation or crisis management to discuss their propositions. Students are expected to define and explain how their selected concept(s) is conceptualised and provide an understanding of how organizations can manage the current impact of energy on customers, minimise the rising cost of running business and achieve business growth. Through wider reading, students should be able to identify the salient features which enable organizations to manage the likely negative impact of energy crisis on business environment. What is essential to do well in response to the question is to address (i) define and explain how their selected notion is conceptualized, and (ii) provide critical discussion of the features that makes organizations achieve business growth in the face of energy crisis. In the first instance, students can use case examples to illustrate their core points. In another context, students should engage with empirical case evidence and real-life examples that supports their points.
A good work will use case study or real-life examples to illustrate the underpinning points/arguments, draw on relevant organizational management theories/concepts, make clear arguments that are supported by empirical evidence, and make practical recommendations. Moreover, a good work will apply some of the concepts taught in the module to their arguments/points. Students will be rewarded for the integration of relevant and appropriately cited wider reading of academic literature, original case and real-life examples. A poor work will be generally descriptive, fail to address the question, present materials without contextual insights, present arguments without supporting evidences, lack critical evaluation of sources, and include appendices that have not been cited in the assignment body, poorly written, contain grammatical errors, spelling mistakes that could have been proofread and corrected before submission.
TIPs:
- 1. Make sure you understand the question before you start writing. Ask your seminar tutors.
- 2. Make use of specific organization as a case study to illustrate your points.
- 3. How many references do I need? At least 15 academic references.
- 4. Do I need appendices? Only include appendices if they are relevant and have been cited in your work.
- 5. Should I include theory? Why not. This is an academic assignment and you are required to use theory/ theories
- 6. How does this relate to the assignment? Think about how the topics taught in the module can be applied in practice.
- 7. Not more than 10% over the word count.
ASSIGNMENT STRUCTURE:
You should present your assignment in report format, including an executive summary, a content page and a correctly presented reference list, and be 1250 words (excluding title page, executive summary, references, and appendices) in total. State the word count on the front page of your assignment. Text should be fully justified, in double line spacing, with a decimal numbering system used for headings and sub-headings. Please submit one file, named with module assignment title CORP2544 and your student number.
The following structure and headings are recommended, amongst others:
1. Introduction, Context and Objectives
2. Literature Review/
3. Findings/Discussion/Implications
4. Conclusion/Recommendations
5. References
6. Appendices
Strategic Approaches for Helping Organizations Thrive Amidst Energy Crisis
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Strategic Approaches for Helping Organizations Thrive Amidst Energy Crisis
Introduction
In light of the ongoing war between Russia and Ukraine, which has significantly impacted the cost and availability of energy, organizations around the world are grappling with how to minimize the effect on their operations. This paper will explore various strategic approaches that can help organizations minimize the impact of rising energy costs on products and services, reduce customer living costs, and achieve business growth despite the crisis. Drawing on relevant organizational management concepts, such as resilience, strategic innovation, and crisis management, this paper will propose solutions to help organizations navigate this challenging time. By examining case studies and real-life examples, this paper will highlight key features and strategies that organizations can adopt to survive and thrive in the face of the energy crisis.
Literature Review
Given the ongoing war between Russia and Ukraine, organizations must develop strategic approaches that will minimize the potential negative impact on their businesses. This section will draw on relevant academic literature to explore potential strategies and solutions.
Overview of the Energy Crisis
The recent energy crisis has had various good and bad effects worldwide. For example, the rising costs of energy have had a significant effect on the cost of goods produced by businesses. Businesses are either paying more for their electricity bills or energy resources, including raw materials and other materials that require energy-intensive processes to convert into finished products (Liadze, et al., 2022). The result is that the already-high cost of goods and services is getting even higher due to the crisis, creating a difficult environment in which to remain competitive (Jagtap, et al., 2022). The rising costs experienced by these businesses are then passed onto consumers or absorbed into the business, resulting in lower profit margins.
Nevertheless, the energy crisis has also presented some opportunities. Businesses, especially those that operate in the renewable energy sector, have seen a surge in profits due to the increased demand and accessibility of their services (Prohorovs, 2022). Additionally, those that are less energy-intensive have seen a decrease in their costs due to lower demand and cheaper fuel prices (Malyarenko, and Wolff, 2018). However, even though the crisis presents several opportunities, it is important to come up with several strategies for minimizing the negative impacts since they outdo the opportunities.
Strategies for Minimizing Effects
Despite the opportunities presented by the energy crisis, businesses must remain organized and come up with strategies to minimize the negative effects. Developing a concrete strategy as a manager in an organization can ensure that the business can reduce its costs, keep prices low for its customers, and remain competitive in the presence of more expensive competitors. After analyzing several sources, the following strategies can help an organization thrive amidst these tough economic times.
1 Cost Reduction
Perhaps, one of the most important strategies for minimizing the effects of the energy crisis is the reduction of costs. This could include all types of costs, from raw materials, which may require more energy-intensive processes to convert into products, to electricity costs, which may have risen in recent months (Carlisle, et al., 2017). Additionally, businesses can look into technological innovations that lead to cost reductions (Stulberg, 2017). This could include investing in energy-efficient products and technologies, policies, or equipment that can reduce energy consumption and ultimately reduce costs.
2 Investment in Renewable Energy
As the crisis has highlighted the need for renewable energy sources, businesses must consider investing in renewable energy sources if they have not already done so (Taghizadeh-Hesary, et al., 2020). This could include installing a solar panel system or wind turbine to generate electricity, investing in renewable biomass, or even looking into ways to recapture or reutilize lost energy from one's products and operations (Nerlinger, & Utz, 2022). Doing so not only reduces costs and strives for more efficient production but also allows businesses to be seen as more environmentally responsible.
3 Improved Efficiency
To minimize the effects of the energy crisis, businesses also need to ensure that their energy consumption is as efficient as possible. This goes beyond just reducing costs but also includes improving operational processes so that energy is not unnecessarily wasted. One way to do this is to review operational and manufacturing processes and identify possible areas for improvement, such as switching to more fuel-efficient vehicles or using less energy-intensive machinery (Schwertner, 2017). Additionally, businesses can explore methods of capturing and reusing lost energy and investing in more efficient technologies.
4 Proactive Communication
As aforementioned, customers are now facing the same ...