Impact of Dynamic Forces on Businesses

The assignment analyzes the impact of various dynamic forces, including market trends, technological advancements, legal regulations, environmental concerns, and media influence, on both enterprises and society. It highlights the need for organizations to adapt and implement effective strategies to thrive in a constantly evolving business landscape. The analysis delves into decision-making tools and techniques used by businesses to navigate these changes and achieve success.

CONTEMPORARY
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK ..............................................................................................................................................1
Key dynamic forces impacting on society and business........................................................1
Relations between such forces in terms of effective strategic decision making....................2
Decision making tool..............................................................................................................3
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Contemporary management contains operations such as planning, organizing, leading and
controlling for achieving company’s goals and objectives. Managers at every level of company
are responsible for utilization of resources in a proper manner (Amin, 2014). Supervising
personnel, monitoring information and new skills development in decision making are important
for getting success. Samsung was found on 1st march 1938, Daegu, South Korea and founder of
this company is Lee Byung-Chul. They employed approx. 4, 89,000 employees in 2014 in their
firm. They provide products and services of electronics such as telecommunication equipment,
home appliances, electronic components, advertising, financial services, etc. This report will
discuss about the dynamic forces in terms of effective strategic decision making and relations
between such forces.
TASK
Key dynamic forces impacting on society and business
Changes are necessary within organisation for eliminating threats and opportunities.
Many issues of the organisation effect operations of business. There are some dynamic forces
which put a direct impact on society and business: Market forces: These are the forces which affect product’s prices, demand, supply and
many more. Buyers needs are the opportunity for Samsung organisation. Competitors
which are new in the marketplace are those which are non-traditional from others
organisation. Strength of competitors can be mergers and acquisition which effect on
losing supplier. Changes in distributor and supply chain effect forces of markets. Technological forces: These forces put impact on everything from manufacturing a
product to how consumers will use it along with their impact on each function of an
enterprise. It contains how marketing reaches customers, how sales are tracked as well
as what products are developed and managed. Changes in technology give new and
more effective ways to tackle logistics and shipping. Advanced technologies are adopted
by Samsung so it can help in beating competition and market. Samsung find out a way
of make a structure to a pocket (Cull and et. al., 2011). By launching a tablet of Galaxy
Note 2 like a mobile phone, it mean that they can do their work in restaurants, in public
transport etc. without carrying a big machine.
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 Media forces: This forces include social media, it can make or break a firm. A news
which are bad for organisation if it get viral between public and through social media
bad news are viral within seconds. For example: Samsung faced the issue of controversy
through social media about their explosion in phone battery and they explained a proper
response by saying that they have solve that issue of battery for making a place in
market. If there will be bad news for their competitor it will became an advantage for
Samsung to grab opportunity.
 Environmental and weather forces: Problems cause by environmental related to
weather are climate change, natural disaster, pollution and many more which impact on
industry. Main events of environmental disturb whole supply chain thus raise in cost of
raw materials. Company is making an effort for developing a product which will be
environment friendly which minimises its impact by whole process such as production,
raw material, transportation etc. by adding functions of environment like quality, design
and price which help in developing of product (Herrick, 2011).
 Legal forces: Local, state and national laws as well as regulations impact on business.
Samsung have to establish a building they should have authority of government. Pay to
their staff members are also restricted within laws for each organisation that they have
to pay minimum wage rate to each workers as per laws and regulations of government.
Some laws and regulations are very costly and if they fail to honour regulations will be
more costly. The consumer protection act 68 of 2008 government of south African had
decide to be in operations which will have a negative influence on organisation like
Samsung as they are having a tendency of selling their product at low quality for
making profits (Schaltegger and Burritt, 2017).
These are some factors which change dynamically impact on society as well as Samsung
business.
Relations between such forces in terms of effective strategic decision making
Forces which impact on business are inter related with each other. These market forces
are also effect the technology forces as through that they can tracked their sales if they will adopt
new technologies it will make a fully utilize of resources if sales are tracked with a help of using
technology. Social media helps in increasing demand of a product. Environment factors results in
price fluctuation of raw materials then they have to make their product price accordingly. Market
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forces are also effected by legal factors as they have to follow all law. For example: they can’t
make their own prices as per policies and laws they have to keep their product price.
Technological forces are giving effect on market forces as by using a latest technology
they can analysed market forces in a new way they can accept changes by distributor and
suppliers. There are having different media forces if they analysed an advanced factor of
technology. Environmental forces is also related with technology as due to weathers sometimes
disruption cause in networks. If technology is giving effect to environment then there should
effect legal forces which should followed by organisation (Hodgkinson and Healey, 2011).
By using media company can make their market forces strong by promoting their product
it will help in raising of demand and profitability of enterprise. Using of latest technologies they
can use various sources of media and it help in expanding their firm too. Environment effect
media forces weak as due to weather sometimes it cause an issue of network which make a
process of work disturb. There are some rules and regulations that media have to follow like as
they can promote illegal through media.
Environment effect market forces a lot as due to seasons the demand fluctuates as well as
customers preferences. Technology is making an environment effect through population which
also effect legal factors and this can make a technology ban for using within their enterprise.
Anything held in environment is viral by social media within a few minutes it can be good or bad
which is decided by public responses.
Local, state and national each one legislation create impact on company performance.
Government has develop policies which affected country market economy. Very country
promote innovation and technology which help to develop new product and services in order to
increase customer's satisfaction. Law and regulations has provide safety on internet excess which
help to company save their important information data. Government develop rule and regulations
related to environmental safety (McBarron and et. al., 2014). Through this they have able to
protect environment and provide healthy place to live. Some important environment factors are
soil, air, water and sound pollution and many more. So that, every company should follow these
policies in order to develop product in an effective manner.
Decision making tool
Decisions making tools to address changes. There are having many techniques for
making a decisions to address contemporary drives for changes. To start a enterprise in a very
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successful way it is important for management to take a decision which is very effective in
nature. Decisions taken wrong will lead a company to make a loss for it. This give a negative and
positive impact on productivity, probability and brand image of an firm (Wellington, 2015).
Hence, Samsung company management help in proper sort of tool for utilizing in term of making
a positive situation for firm at a place of market. Some of tools while making a decision are used
by Samsung to address drivers of contemporary are given below: Cost-benefit analysis: This is one of the most vital factors which are beneficial in order
to execute effective decision making process. Samsung are making plans in order to
expand their overall business operation at international levels. In order to achieve this
social media tools and globalisation can assist them in different ways. Example : If the
company is expanding their operations at international areas then it will enhance their
overall sales and productivity ratios while talking about the other aspects they are also
responsible for maximizing the cost of the products as there are export and import
charges and tax rates are involved. Thus the most important factors for firms is linked
with analysing the best methods which are helpful in reducing the overall cost of the
offered good and services.
 PEST Analysis: This is the most vital tools and they are effective in nature that can help
firms in order to understand the situations which are arising at national and international
areas and these are most arising while the decision making process are organized for the
upliftment of the firms (Schaltegger and Burritt, 2017).
Authentic theoretical foundations to assist the application and identification impact of corporate
responses to contemporary management problems
In Samsung organisation, there are various problems faced by firms manager in a proper
way. In this theoretical foundations support applications and identification impact on corporate
responses which are discussed below: Cost: It is a main problem which every enterprise have to face while manufacturing a
product. In this firm raising in sales and decline in the cost of production will give a
huge impact on industry. Taste and preferences: It is a other issue which gave a huge influence on whole
productivity and performance of an company. Changes in consumers taste and
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preferences will affect on revenue and sales of the organisation(Techniques and Tools to
Help You Make Business Decisions, 2017) .
 Advanced technology: In the firm, there are huge numbers of workers they work with
their purpose for achieving targets and goals of enterprise. Some don't know about latest
technology it gave a huge impact on companies performance and profitability.
For maintaining all problems easily, Samsung groups apply change management theories
with the aim of successfully handling all its emerging issues . For which they follow Lewis's
change management model which consists of below mentioned three parts : Unfreeze: It is a first stage which involves preparing company including its workforce to
get accustomed with the fact that change is required . It is initiated by breaking down the
exiting values, beliefs ,behaviour etc. and redefining them by making employees to
believe that it is for the betterment of company as well as for them . Change: In this process,people starts resolving their doubts by adopting and embracing
the changes that are applied as they become convinced that it will ultimately benefit
them.
 Freeze: This stage is concerned with making sure that the changes are permanently and
are followed by the organization and its workforce. This process stabilizes the changes
and provide employees with chance to take advantage of new business opportunities.
CONCLUSION
It can be concluded from above report that some of dynamic forces which impact on
enterprise and society as well there are some dynamic forces which organisation have to adapt
for being in marketplace. These forces which impact to their business and society are market,
technological, legal and environmental as well as media. These all dynamic forces have impact
on effective decision making of strategies as these all forces are interrelated with each other’s
forces. Organisation have to follow all policies while adopting changes within a firm.
Understanding a decisions making tools and techniques of contemporary drivers of changes so
that firm can have a proper decision for adopting changes within a company. Decisions making
methods can be done through charts, models and graphs. These are the analysis which they
consider while having decisions of contemporary changes within a firm.
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REFERENCES
Books and Journals
Amin, S., 2014. Capitalism in the age of globalization: The management of contemporary
society. Zed Books Ltd..
Cull, D. L. and et. al., 2011. Contemporary management of diabetic neuropathic foot ulceration:
a study of 917 consecutively treated limbs. Journal of the American College of Surgeons.
212(4). pp. 532-545.
Herrick, A. L., 2011. Contemporary management of Raynaud's phenomenon and digital
ischaemic complications. Current opinion in rheumatology. 23(6). pp. 555-561.
Hodgkinson, G. P. and Healey, M. P., 2011. Psychological foundations of dynamic capabilities:
reflexion and reflection in strategic management. Strategic Management Journal. 32(13).
pp. 1500-1516.
Horenblas, S. and et. al., 2014. Contemporary management of regional nodes in penile cancer—
improvement of survival?. The Journal of urology. 191(1). pp. 68-73.
Mathieu, J. E. and Chen, G., 2011. The etiology of the multilevel paradigm in management
research. Journal of Management. 37(2). pp. 610-641.
McBarron, E. and et. al., 2014. Management: Foundations and Applications (2nd Asia-Pacific
Edition). John Wiley & Sons.
Schaltegger, S. and Burritt, R., 2017. Contemporary environmental accounting: issues, concepts
and practice. Routledge.
Wellington, J., 2015. Educational research: Contemporary issues and practical approaches.
Bloomsbury Publishing.
Online
Techniques and Tools to Help You Make Business Decisions. 2017. [Online]. Available through:
<https://www.businessnewsdaily.com/6162-decision-making.html>
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