The continuous learning theory is a leading and informative theory especially in the world of business today. With a continuously dynamic business environment, it becomes necessary to have constantly updated information for the profitable driving of the business. The theory of continuous learning therefore advocates for a voluntary and self-motivated acquisition for information in both personal and professional areas to improve oneself. The continuous acquisition of knowledge improves self-sustainability, competitiveness and employability as well as facilitates personal development and social inclusion (Fischer, 2000). It therefore follows that the application of the continuous learning theory in the business environment will yield various benefits to the organization in the course of operations. This paper discusses the application of this theory in various business environment scenarios and why this application is best fit for the modern-day business.
Knowledge is inarguably the most potent power in reach of the organization in today’s business world. Knowledge-based applications enable the organization to enjoy market domination because of critical information that the organization has. Knowledge provides the organization with a competitive edge over other market players, thereby distinguishing itself (Amin & Cohendet, 1999). Continuous learning is the singular method for constant knowledge acquisition. It therefore follows that for an organization to gain its competitive edge and remain with a larger market share than other industry players, continuous learning is foundational. Continuous learning is even more crucial in an ever-changing business environment requiring constant adaptations to organizations. Moreover, phenomena such as globalization, strategic management among others call for the application of knowledge in specific environments.
Delegate your assignment to our experts and they will do the rest.
Having realized the importance of continuous learning, this paper considers the application of continuous learning in Starbucks – a leading global brand in the coffee industry. Originally based in the United States, the brand has grown to spread its wings over Europe and East Asian markets, becoming a good example of the application of continuous learning. Strategic management is critical for any organization moving its operations to a foreign country. When Starbucks, or any other organization for that matter, moves from its home country to a foreign country, strategic planning is necessary lest the venture fails. With this comes the requirement for continuous learning (Ireland, Hitt, Camp, & Sexton, 2001).
Due to the huge capital investment made in establishing a foreign branch, information acquisition concerning the business environment in that country is crucial. An internal and external analysis of operations in that country is foundational to setting up operations. SWAT and PESTLE analyses are just examples of methods of knowledge acquisition that are used when a firm is moving into a new country. Moreover, operations will normally be changed when the organization is settled in due to continuous learning occurring during daily operations of a company. Additionally, the organization can now make long-term plans for operations within the foreign country based on information collected on trends within that country. Superior knowledge acquisition comes from continuous learning. This informs strategic management to cause the organization to become more competitive.
Again, continuous learning is used primarily to enhance the application of knowledge-based operations (Lei, Hitt, & Bettis, 1996). Through continuous learning, management in companies can determine what works and what does not. The alternative would be to use the trial and error method in determining what works. This wastes both time and resources for the organization. Similar to evidence-based practice in nursing, continuous learning in the business world improve quality of services and boosts client retention (Sharma & Vredenburg, 1998). Starbucks has, for example, made use of product diversification in recent years. Partnering with food producer Princi, the organization has been able to provide clients with pastries and snacks alongside their coffee and tea drinks. This has improved overall customer spending and added onto Starbucks general occasions to gain visitors.
In the Starbucks example, two continuous learning approaches are apparent. From customer surveys and responses, the company learned that it needed to offer a more diverse range of products to capture a bigger client base and increase average customer spending. Therefore, they brought Princi on board for this purpose. Additionally, continuous learning approaches revealed the importance of strategic partnerships to the company. As a result, the company strategically partnered with Princi for the provision of snacks and foods to clients within Starbucks outlets. The result was that both companies now provided better quality to a larger client base and enjoyed higher income. Conclusively, continuous learning was beneficial to Starbucks.
In conclusion, continuous learning is a theory insistent on continuous self-improvement through knowledge acquisition. At the organizational level, the constant acquisition of knowledge maintains the organization at the top. Starbucks, for example, has used continuous learning to expand into European and Asian markets through conducting internal and external analyses before venturing. Additionally, strategic management has been informed by continuous learning, where the company engaged in strategic partnerships to offer higher quality services and reach a higher client base. Continuous learning as a business theory is therefore crucial to the establishment and development of a business.
References
Amin, A., & Cohendet, P. (1999). Learning and adaptation in decentralised business networks. Environment and Planning D: Society and Space, 17(1) , 87-104.
Fischer, G. (2000). Lifelong learning-more than traininG. Journal of Interactive Learning Research, 11(3) , 265.
Ireland, R. D., Hitt, M. A., Camp, S. M., & Sexton, D. L. (2001). Integrating entrepreneurship and strategic management actions to create firm wealth. The Academy of Management Executive, 15(1) , 49-63.
Lei, D., Hitt, M. A., & Bettis, R. (1996). Dynamic core competences through meta-learning and strategic context. Journal of management, 22(4) , 549-569.
Sharma, S., & Vredenburg, H. (1998). Proactive corporate environmental strategy and the development of competitively valuable organizational capabilities. Strategic management journal , 729-753.
