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Decision Making Impact Business and Society : Report

   

Added on  2020-07-22

11 Pages2716 Words299 Views
Professional DevelopmentEnvironmental Science
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ContemporaryManagement Issues
Decision Making Impact Business and Society : Report_1

Table of ContentsINTRODUCTION...........................................................................................................................1The relationship between such forces.........................................................................................4Tools used to address drivers for change....................................................................................4CONCLUSION................................................................................................................................7REFERENCES ...............................................................................................................................8
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INTRODUCTIONContemporary management issues invite re-valuation of traditional managementpractices. In the recent scenario, there are number of forces such as socio-culture organization,competitors, etc. that are having a huge impact on both; business and society. On the business;these forces may have both direct and indirect impact. In this report, a critical review will bedone on the key dynamic forces that impact business and society in terms of their effectivedecision-making. The drivers of social change, internal dimensions, etc. will also be included inthis literature review.Key dynamic forces impacting business and societyAs stated by Caguiat, Rowena and Suarez, (2017), all the factors that have a bearing onbusiness are included in the business environment. External forces, factors and institutions thatare beyond the control of individual business organization and their management are applicableto business environment and also they will affect the business enterprise in terms of effectivedecision-making. The customers, creditors, competitors, government, social-culture organisation,a political party, etc. are some of these forces. The business can be face both directly andindirectly by some of these forces. In terms of business, the factors that have impact on businesscan be of two types i.e. internal and external.According to Castellani and Walker, (2018), on the business and society the direct impactcan be there due to the internal environment. However, as per Cho, (2015), there are someinternal factors that can be controlled as company will have control over these factors. Due tointernal factors, the organization is sometimes not able to make effective decisions. Within thecompany, internal business environment factors can be there that have a huge impact on successof the organization. Over these factors, the company will have some control. The value systemcomes in the category of internal factors that may have an impact on the business. In theorganization, value system can be defined as the ethical beliefs that help the business firms inachieving their mission and goals. The behaviour towards employees, customers and society arealso being determined by the value system of a business organization. A business firm may refuse to produce or distribute the products due to its value systemas they may think that it is morally wrong to promote it as per Cho, (2015). For an instance:some business firms can refuse to promote liquor as they may think that it is morally wrong topromote consumption of liquor. For the success of the organization, value system of a business1
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organization makes an essential contribution. The culture of the company may also have animpact on the business. In any organization, the internal culture consists of the values, attitudesand priorities that employees live. According to Clontz and Gibbs, (2017), the values will beinferred by the staff based on the type of people that are hired by the business firms. In the cut-throat competition, each employee in the company will compete each other to develop a differentenvironment from a company that pays attention on collaboration and team work. From top tobottom typically a culture of the company flows. 2Illustration 1: Factors Determining the Internal Environment of aBusiness(Source: Factors Determining the Internal Environment of aBusiness, 2017.)
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