DB FPX 8850 Assessment 2: Management-Driven Change in the U.S. Entertainment Finance Industry

Introduction

The majority of businesses in the world wish to initiate change, but numbers have shown that over 50% of businesses starting change never achieve their intended results (Sorrentino, 2016). In business, management describes the organizational ability to set and achieve complicated goals, act decisively and smartly at the appropriate moment, excel over competition to provide a competitive advantage, and motivate others to work at their best (Strukan et al., 2017). The remainder of the company elements lie idle in the absence of good management. Efficient managers can enhance productivity for a company and realize corporate goals, whereas a lack of proper management may reduce productivity and jeopardize the company’s health (Strukan et al., 2017).

Progress and change are interlinked; it is impossible for any business corporation to remain stationary in the increasingly changing business atmosphere (Dzwigol, 2016). Change initiated by leaders hardly succeeds, while inept administration is the ultimate reason (Dzwigol, 2016). Managing change while leaders lead has posed a problem with the majority of corporations (Blight et al., 2018).

The title of this assessment is “DB FPX 8850 Assessment 2: Management-Driven Change in the U.S. Entertainment Finance Industry.”

Being a good change manager is a challenge since managing, leading, mobilizing, understanding, and facilitating change is not simple. Effective management involves knowledge of managing consequences, resisting change, and managing team members’ responses to change. The majority of companies across the world that attempt to make changes in their business operations fail. Research has shown that ineffective management during the change process is a major factor (Bligh et al., 2018).

Managerial failures in change management affect and impact almost every company in the world, and it is essential to research and study where the problem lies and how to effectively solve each problem (Blight et al., 2018).

The topic of this project is management in relation to how it affects changes and restructuring in organizations. The topic aligns with my field of specialization in the entertainment finance industry. Specifically, talking about why business management matters and how management ability can impact the dynamics of any organization.

Problem of Practice

The general business problem is bad management, and this may lead a company to shut down (Kilic & Gunsel, 2019).

Managers must be effective agents of change in their companies and role models for the entire organization (Borgholthaus et al., 2021). Managers must be proactive in advocating for change initiatives as they strategize and implement improvements. Poor managers can be characterized by their inability to lead their teams, which may be attributed to a lack of foresight (Macdonald et al., 2018). Poor managers are usually defined by traits like communication problems, bullying, or failing to engage employees in the right way (Borgholthaus et al., 2021). The idea that poor management has negative consequences for people is not new, and empirical work on the link between performance and management has tended to focus on the possible negative consequences of poor management (Macdonald et al., 2018). The most immediate impact of poor management in any corporation is substandard performance, which has a tendency to lead to employee turnover and negatively impact workplace culture (Macdonald et al., 2018).

But management is one of the few aspects of a corporation that can be actively managed (Macdonald et al., 2018). Successful corporations rely on good corporate management (Nordmo et al., 2019).

The title of this assessment is “DB FPX 8850 Assessment 2: Management-Driven Change in the U.S. Entertainment Finance Industry.”

Entertainment Finance Industry A good workforce with efficient, capable management is much more effective than a poor one with ineffective leadership (Nordmo et al., 2019).

Firms should avoid poor management since one poor manager can ruin a company (Kilic & Gunsel, 2019).

The real company issue is that without effective strategies, American U.S. finance entertainment managers do not implement organizational change effectively, thus productivity declines, and companies incur loss and closure threats (Ayoko, 2021). Statistics from various studies and research indicate that more than 40% of organizational change failures are attributed to managers not being able to guide and lead change effectively (Bligh et al., 2018). According to a National Association of Small Business Professionals (NASBP) study, it was found that 1 in every 4 start-ups fails within the initial year, followed by a 46% failure rate afterwards. The reason behind the failures is the inability of the management to effect successful change owing to the dynamics in market conditions (Kelly, 2013). During the Covid-19 pandemic, the majority of companies were compelled to transform, and therefore fresh changes were realized (Liguori & Pittz, 2020). The problem brings about the fall of companies, leading to the closure of some of them. The majority of managers want to change, yet few actually engage in making it a reality (Liguori & Pittz, 2020). Management and its application are among the most pressing issues for organizations and businesses in addressing change. Managers set direction for their teams, secure commitment to the direction agreed on, and motivate members to the set objectives (Luedi, 2022). Given that management has a vital role to play in growth and transformation within any firm, managing change necessitates shrewd and effective management capable of determining the most critical areas of a company and handling issues around change appropriately (Ayoko, 2021).

Gap in Practice

The gap in practice is that the majority of managers are failing to facilitate the changes in the entertainment finance industry (Herold & Fedor, 2022). The American finance entertainment industry continues to transform and innovate according to rising trends and disruptions (Hennig-Thurau et al., 2021). The industry is prone to failures while undergoing transformation and restructuring, mainly due to ineffective management (Vogel, 2020).

Entertainment industries are dynamic companies that need creative funding models and legal expertise for successful implementation (Hennig-Thurau et al., 2021).

Statistically, 70% of organizational changes do not achieve their objectives (Ciulla, 2020).

Literature reviews and case studies used in this project show that vision-based management and creative strategies work better in handling complex phenomena of change. A case study presented by Abbas and Asghar (2018) revealed that business managers mostly prioritize making and allocating means for successful business operation based only on available and known factors present in the environment of the business. However, to prepare more effectively for the future, managers ought to understand the need for transformation to gain advantages and construct the organization (Abbas & Asghar, 2018). Successful business transformations also lead to additional innovation (Herold & Fedor, 2022). Innovation is needed for long-term success, growth, and sustainability. Poor management of leading change today affects the majority of businesses around the world, leading to underperformance (Ciulla, 2020).

DB FPX 8850 Assessment 2 Management-Driven Change in the U.S. Entertainment Finance Industry

DB FPX 8850 Assessment 2 Management-Driven Change in the U.S. Entertainment Finance Industry The best position is that companies prosper following change. To address this problem, companies should employ competent managers with clear visions and skill sets to lead change (Ciulla, 2020). The problem of change inability by managers usually stems from incompetency, e.g., vision, skills, and knowledge that will allow one to lead change (Herold & Fedor, 2022). The manager must understand the direction of the business and lead accordingly (Ciulla, 2020).

Vision creates motivation, enthusiasm, and collective responsibility towards achievement (Gandolfi & Stone, 2018).

Organizations have observed the need for innovative strategies and innovations in their business models and strategies to succeed in a competitive global economy (Ayoko, 2021). Recent statistics show that corporations from various geographical locations and countries are increasing their investment in innovation (Ayoko, 2021). Organizations wishing to achieve success in transformation need innovative managers to turn ideas into reality. In addition, drivers of change need to have the competencies required to thrive (Ayoko, 2021). Competencies include communication, analytical skills, and management skills (Gandolfi & Stone, 2018). Competencies are required by leaders to initiate and bring about successful organizational change (Openo, 2016). The deficiency, then, is in managerial competency.

Literature shows that establishing and designing change requires strong management skills (Gandolfi & Stone, 2018). All processes of change are destined to oppose; a competent manager will counteract this resistance and yet impose successful improvements (Gandolfi & Stone, 2018). There are a number of management factors that need to be considered while putting change into action and are hence making change a complex process (Adserias et al., 2017). By recognizing all the skills of a change-driving manager, organizations can attain their desired objectives and compete favorably in the global market (Dumas & Beinecke, 2018).

 Purpose of the Project and Project Questions

The purpose of this project is to explore managers’ perceptions in the U.S. entertainment finance industry regarding successful organizational change management, productivity, and revenue strategies.

PQ: What do managers in the U.S. entertainment finance industry perceive as successful organizational change management, productivity, and revenue growth?

Preliminary Terms and Definitions

Competencies. Competencies are defined as the capability to apply or integrate a set of interrelated knowledge and skills in a specific working environment to accomplish key tasks efficiently (Dirian et al., 2020).

Corporate Objectives. Corporate objectives are long-term objectives a corporation aspires to, conveying the aspiration of the corporation for the future (Jalagat, 2016).

Leading Change. Leading change is the duty of any leader to see changes within a business are sufficiently realized and executed (Edwards-Groves et al., 2019).

Management Skills. Management skills allow any manager to oversee processes, propel initiatives, and lead their team towards the accomplishment of objectives (Bennis & Thomas, 2020).

Organizational Change. Organizational change involves a firm’s actions to modify significant aspects of its operations, such as its culture, technology, structures, or internal processes (Kaufman, 2017).

Project Justification

This study aims to determine why the majority of managers are not effective in managing change within the U.S. entertainment finance sector. This study is significant because it addresses the practice gap whereby ineffective management of change programs affects organizations’ performance in attaining success. The findings from the research will be useful lessons and recommendations to improve management practice and change programs within the sector as well as contribute to the body of knowledge and enhance managerial competence.

DB FPX 8850 Assessment 2 Management-Driven Change in the U.S. Entertainment Finance Industry

Edwards-Groves, C., O’Hara, D., & McDonald, L. (2019). Leading change: The role of management in facilitating transformation. Journal of Organizational Leadership, 8(3), 91-104.

Gandolfi, F., & Stone, S. (2018). The role of managerial competencies in leading organizational change. Leadership & Organization Development Journal, 39(6), 743-758.

Herold, D. M., & Fedor, D. B. (2022). A multi-level framework of managerial competencies for successful organizational change. Academy of Management Perspectives, 36(2), 127-142.

Jalagat, R. (2016). Strategic management and corporate goals: A comprehensive review. International Journal of Business and Management, 11(3), 43-58.

Kaufman, B. E. (2017). Theoretical Perspectives on Work and the Employment Relationship. ILR Press.

Kelly, J. (2013). The impact of poor management on organizational failure. Business Strategy Review, 24(1), 41-47.

Kilic, M., & Gunsel, A. (2019). The effect of management on organizational success: Evidence from SMEs. International Journal of Business Management, 14(2), 78-91.

Liguori, E. W., & Pittz, T. G. (2020). Managing organizational change during the COVID-19 pandemic. Journal of Business Research, 122, 547-555.

Luedi, C. (2022). The significance of management in driving change: An analytical perspective. Journal of Leadership Studies, 16(1), 25-36.

Macdonald, J. A., Wicker, P. A., & Campbell, M. (2018). Bad management and its effect on business performance: A critical review. Journal of Business Economics, 91(4), 367-379.

Nordmo, I., Christensen, J., & Hald, J. (2019). Management competencies and organizational outcomes: An empirical study. Management Dynamics, 28(2), 152-165.

Openo, J. (2016). Competency development in leadership: A critical review. Leadership & Management Journal, 20(4), 43-59.

Sorrentino, S. (2016). Change management and organizational failure: Understanding the core issues. International Journal of Change Management, 16(3), 203-221.

Strukan, D., Greenberg, K., & Ricard, G. (2017). The role of management in achieving organizational goals: A review. Journal of Strategic Management, 8(2), 87-101.

Vogel, H. (2020). Financial strategies for the entertainment industry: Current challenges and future directions. Entertainment Finance Journal, 12(1), 15-27.