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Contemporary Management Issues Assignment - (Doc)

   

Added on  2020-10-22

8 Pages2453 Words101 Views
Economics
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CONTEMPORARYMANAGEMENT ISSUES
Contemporary Management Issues Assignment - (Doc)_1

Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3LO1. Exhibit an understanding of the key dynamic forces impacting on business and society.3LO2. Critically evaluate the relationship between such forces in terms of effective strategicdecision making..........................................................................................................................5LO4. Select and use decision making tools to address contemporary drivers for change..........6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
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INTRODUCTIONBusiness Environment shows a range of comprehensive coverage, academic insights andso on. According to Wetherly and Otter, (2014), drivers that are related to change in competitiveor global business context consists with diversity which mainly generates a number of issues.Both the authors have also mentioned that continuous improvement among globalization and thedifferent actions taken in modern business environment brought up ample number of threatsalong with opportunities for firms that are doing business at international level. Political, social,economic and technological are some of forces that mainly impacts upon decision makingprocesses. In order to resolve or reduce issues at international level, firms majorly uses corporatesocial responsibility, as it aid in developing positive image in front of the society. Nonrecognition of these kind of approaches may lead firms to lose chances related with attainingdifferent goals and objectives.MAIN BODYLO1. Exhibit an understanding of the key dynamic forces impacting on business and societyAs mentioned by Wetherly and Otter, (2014), modern business world consists of differentdynamic forces or drivers which mainly affects companies or whole society in both positive andnegative manner. Authors have showed a number of dynamic forces and these are mentionedbeneath:Social Forces : This is being considered as one of key dynamic force that can affect bothbusiness and society at the same time. Under this, consumption, harmonization of consumerpreferences, education and skills are some of elements that stays involved that may put impactupon working of business and society (Cherry and Jacob, 2016). This could be understood withan instance, change among customer's beliefs and values towards energy preservation and globalclimate change may develop a alterations among preferences of customers or users away fromgas guzzling SUVs to hybrid sedans. Cultures treat the meal as a long social event, and fast foodjust won't cut it. Social preferences relating to fashion and trends related to this world areconstantly changing.Political Forces : Another force that affects or impacts upon business organisations andsociety as well at the same time. Some of factors like reduction of trade barriers, intellectualproperty rights, privatization, formation of trade groups, technical standards and many more. It3
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