Contemporary Management Issues Report : Virgin Group Ltd
Added on -2020-06-06
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Contemporary ManagementIssues
Table of ContentsINTRODUCTION...........................................................................................................................1TASK...............................................................................................................................................1Understanding of the key dynamics forces impacting on business and society.........................1Evaluate the relationship between forces in terms of effective strategic decision making.........3Evaluation of an organization's response to key dynamic forces in the contemporary businessworld...........................................................................................................................................3Decision making tools to address contemporary drivers for change..........................................4Relevant theoretical foundations to support the identification and application of effectcorporate responses to contemporary management issues..........................................................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................8
INTRODUCTIONManagement is an important process for every business organization to manage as wellas control all workers and their activities in an effective manner. By this, company easily attainstheir set goals and objectives in an effective manner. In this, manager plays an important role inmanaging worker’s activities and setting business activities in most (Weiss, 2014). Along withthis, various changes and issues rapidly take place which negatively affect the overall businessperformance. Furthermore, various key dynamic forces are also considered which affect businessas well as the society. Effective management of all those forces helps in enhancing theproductivity level of company in market place. Present report is based on Virgin Group Ltd.which is a British Multinational Corporation that provides banking and booking services to itscustomers. In this, various key drivers are discussed in this project which put a direct impact onthe business organization and society. Along with this, relationship between dynamics forces arealso mentioned in this project.TASKUnderstanding of the key dynamics forces impacting on business and societyIt is important for the business organization to provide strategic guidance which helps inimproving overall performance of company in market place. In this, management plays animportant role in managing entire business activities which may lead to enhance the overallprofitability level at market place. Along with this, various issues also occur within company sothat management is important to manage entire activities in most effective manner. In thiscontext, there are some key dynamic forces which determine within the business environmentthat impact of business and society. Thus, it is necessary for the manager of Virgin Group toevaluate all forces in an effective way and create chances to attain positive outcomes. All thesedynamic forces are as follows: The digital revolution: Digital revaluation is more important key force for Virgin Groupbecause it helps in developing the overall performance of company in market place. Byusing digitalization, company improves their activities by storing all the relevant data. Italso helps in reducing the chances of creating any kind of barriers. Along with this,digitalization also aids in increasing IT capabilities which help in introducing attractive as1
well as creative products at affordable cost (Wachowiak, 2016). With the help of this,company invites more customers towards the services which aid in enhancing the overallperformance level at market place as compared to its rivals.For example, Virgin groupuse digital revolution for improving their performance level by reducing the conflicts.Along with this they also revolve the services in advance technologies which may leadsin increasing profitability level of the company.Social mediation throughout society: It is also an important key driver which helps inincreasing customer’s awareness towards company’s products and services. Digitaltechnologies easily take place in the business organization which increases company’ssale in an appropriate way. In today's business environment, various software are therewhich helps in managing all business activities. Currently, millions of people use socialmedia platforms like Facebook, Twitter and many more to communicate with others. Byusing this platform, Virgin Group easily communicates with their customers anddetermine their demands towards the services. With the help of this, company enhancestheir customer’s base and attains competitive advantages. On the other side, it also put adirect impact on society in which it helps in increasing awareness of the society towardsthe market and company aids in influencing them to consume products and satisfy theirneeds. In this context, in past time Virgin group use TV, Newspaper and other aspect topromote their information which consume time and cost as well. At present time,company use social media in which they provide better services and information to thesociety. With the help of this company increase customers base.Globalization: This factor is one of the important aspect for all those businessorganization who expand their operations for generating larger number of profitability. Inthis company have to address their globalized market in order to create their customersbase within their business. Virgin Group expand their business in various location byassessing their overall growth. Along with this globalization helps in introducing new andinnovative products in competitive market place (Verma and et.al., 2014). As selectedcompany enhance their performance level by determining this dynamic key force whichleas in attaining competitive advantage in appropriate way. Furthermore, globalizationhelps in introducing new product in new market in order to enhancing their profitability2
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