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Strategic Management Accounting to Popular Culture - Essay Example

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The paper "Strategic Management Accounting to Popular Culture" is a perfect example of a finance and accounting essay. The emerging field of accounting and popular culture has contributed greatly to strategic management accounting (SMA) (Jeacle 580). The musical theatre under popular culture has progressed the literature on strategic management accounting…
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Name: Professor’s Name: Course: Date: Strategic management accounting to popular culture Introduction The emerging field of accounting and popular culture has contributed greatly to the strategic management accounting (SMA) (Jeacle 580). The musical theatre under the popular culture has progressed the literature on strategic management accounting through expansion of knowledge on how SMA is applicable in popular culture and also viewing the strategy as a practice in literature. The new studies in accounting and popular culture have given rise to new agenda for research for accounts managers. The new developments from the studies are analysed based on the strategy point of view. The new research on accounting and popular culture tries to unravel the possibility for strategic management accounting in action through studying of a portfolio of activities in the theatre industry. Theatre production always gets its way to the market through the intermediary companies that always support the strategic process. The organisations that play the intermediary role always market the reputation of the cultural products that are new. In the process, strategic management is always at play. The studies on the popular culture give understanding on the use of strategic management accounting in the popular culture. Through the study strategic management accounting is also seen as a practice literature thereby expanding the knowledge about the same as strategic actions occur on a series of extra-organizational activities. Reasons for authors theorising strategic management. Even though strategic management has been recognised as a crucial element in the literature field as what makes up the portfolio of techniques of management according to Carlsson-Wall et al. (247), disputes arose some terming strategic management as a figment of the academic imagination. Lord in her 1996 research revealed that what was called strategic accounting in the literature field was only undertaken by middle managers hence necessitating the need for theorising (Lapsley et.150). The general feeling was that the activities and the information in the so-called strategic accounting had no quantification in the accounting figures hence was also a factor that contributed. Also, the management accountants were found to be not the once who had collected the figures and information to be used in the strategic accounting. A study by Langfield-Smith (50) showed that there was little evidence of strategic management accounting and also it revealed that SMA language was used in other professionals. Failure by researchers to organise the term SMA well and some not recognising the term practice in the field contributed to theoretical research (Langfield-Smith 50). Studies revealed that based on how SMA was framed no compelling evidence justified its wide use in the practice. The early development concepts about strategic management accounting did not lead to widespread enactment of SMA, these lacks of adoption of the SMA made it hard for its implementation success to be determined. Hence there was a need for a theoretical research to be done. The research design and its adequacy The design of the research employed in the study is a Strategic management accounting entailing a strategic accounting practice perspective. The design involves the applicability of SMA in the popular culture and the strategy as a practice (SAP)where the importance of practice turn are employed to establish the adoption of a strategy in the theatre industry. In essence, the existing literature in SMA is extended in the popular culture whereby the selection and launch of theatre productions are studied. The design approach is adequate as through its various extra-organisation activities that strategic actions occur are revealed. The research design employed research methods like interview data and observations. The research methods were used to bring new theatre production to the market leading to the adoption of the fuzzy front end of production innovation (Alam 66). The fuzzy front end is informal, interpretive and it is all about judgement (Frishammar et al. 29) in the fuzzy front end, research on strategy by management accountants in the theatre field consider strategy as practice (SAP). The fuzzy frost is preoccupied with the qualities of new offerings and the customer’s perceptions of the new offerings. The perception by strategist about the customer’ perception of the quality of the product makes the basis for the strategy to be enacted to prosper the popular culture productions. In the accounting literature that is based on practice, the customer is always at the centre of focus. In the field of theatre production, the customers are frequently depicted by the proxy of services hence the concept used well fits in the market of theatre production (Ma and Tayles 99). The musical theatre productions go beyond the limits of industrial setting as unlike the literature found in most strategic management accounting hence use of SAP gives alternative perspectives on the strategies to be employed. The concept has proved adequate as insights into the sophisticated manner regarding the enactment of strategies in theatres are explored. The concept design is adequate as customers are the basis of calculative practice (Cuganesan 88). Customers as the basis of calculative practice are important in the theatre industry as the field is intensively competitive hence strategizing should need to extend beyond the borders of the organisation. Important findings from the study and their implications The findings from the study revealed a variety of extra activities in the field of the theatre where strategic actions occurred. Base on that, the applicability of strategic management accounting should be based on strategic perspectives. The findings of the study had the theatre industry preoccupied with the perceptions of their customers about their new offerings. As a result of existing competition, the perceived quality of the product by consumers should be used a primary basis for the adoption of a strategy in the business. Strategic thinking should involve the analysing and understand the customer so that the strategy to be employed meets the consumer’s needs. The strategy should not be viewed as a top-down action in which practice flows from strategic policies as put by Balogun and Johnson (20) or rather the approach by Cadez and Guilding (38) where accountant managers label existing techniques as strategic. Strategies should focus on the outward looking practice than just internal preoccupation of making and labelling techniques as ‘’strategic’’ Anderson and Dekker 29 (Lapsley et al. 201). The fuzzy front end from the finding is important for the success of the theatre product innovation (Carlsson-Wall and Kraus 247). Considering strategy as a practice is fundamental unlike the obvious traditional methods of strategy in management accounting literature which are limited within the industry confinements. Popular culture as revealed by the study goes beyond the barriers of industrial settings that are always in the literature on the strategic management accounting hence by these many alternatives on perspectives of strategizing were employed. Modern business should not be confined to their business setting when they are analysing strategies in strategic management accounting. Through employing various perspectives, alternatives are found. In conclusion, even though the concept of customer operation has been challenging in most organisations according to McManus (21), focusing on the customers and understanding their needs is crucial determinant on the strategies to be employed as far strategic management accounting is concerned. The strategy is an inherently social process apart from it being complex hence a lot of perspectives have to be considered. Popular culture through its focus on musical culture contributes to the accounting field. Through the theatre industry, the important factor of strategy as a practice unravels how an enactment of a strategy should be done and the various activities to be considered in the strategic thinking. Work Cited Lapsley, Rekers, Irvine and Josephine V.The relevance of strategic management accounting to popular culture. The world of West End Musicals', Journal of Management Accounting Research, 2017. Kim Langfield-Smith (2008) Strategic management accounting. Accounting, auditing and accountability journal. Vol 21, 2008,pp 50 Martin Carlsson-Wall .Strategic management accounting in close inter-organisational relationships. (2015), pp 247 Johan Frishammar. Management of the process of development. Key issues, dimensions in the front end. (2013). Simon Jeacle.Accounting and popular culture. Framing a research agenda. Accountability, auditing and accounting journal, vol 25, 2012, pp 580 Suresh Cuganesan. Accounting, auditing and accountability journal. Volume 21, 2008, pp 88 Ma, Y. and Tayles, M.The emergence of strategic management and accounting. Texas. (2009). Read More
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