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Global Business Environment Report - Hong Kong

   

Added on  2020-06-03

17 Pages3557 Words71 Views
Contemporary challenges in the globalbusiness environment and the impacton the SME sector in Hong Kong

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1CONTEMPORARY ISSUES..........................................................................................................1CONTEMPORARY CHALLENGES IN GLOBAL BUSINESS ENVIRONMENT....................1Ethical issues..........................................................................................................................2Corporate social responsibility...............................................................................................3Digital era...............................................................................................................................4PEST ANALYSIS...........................................................................................................................8GLOBALIZATION IMPACT ON SME SECTOR.......................................................................10CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14

INTRODUCTIONContemporary challenges are related with recent time, or in other words problems whichare facing by company in present days. Hence, it is essential for them to overcome from thesekinds of difficulties. As it can affect an organisation either directly or indirectly. When companyis doing their business at global level then they can face many challenges in front of them. It caninfluence an international business in various ways, such as increasing demands, highcompetition, maximum cost, too much expectations of customers and so on. Evergreen Hotel isoperating their business in Hong Kong and in addition they are doing their business in manyother nations (Zhang and et. al., 2016). Therefore, they are facing many troubles. This report isgoing to describe that there are many difficulties which are facing by firm and it will includesethics, digitalisation and corporate social responsibility. To determine external problems,manager can conduct PESTLE investigation because it can affect firm in broad manner.CONTEMPORARY ISSUESIt can be defines as any idea, topic or event on a provided topic which is related topresent day. Contemporary problems can be determined in any kind of interest. Similar to this,firms that are running their business in hotel sector are facing various kinds of difficulties in thepresent scenario. It will comprise many forms of troubles, such as lack of staff members, newtechnologies, less capital, high expectations of clients and so on. But foremost issues are toutilize unique method, less satisfaction of buyers, maximum production cost, broad competition.These all factors can provide impact to growth and success of Evergreen Hotel (Contemporaryissues, 2017). According to James and Prout, (2015) there are several sorts of contemporary issues inhotels which are facing by them, it will include social media, minimum wages, limited services,increase of cost and so forth.CONTEMPORARY CHALLENGES IN GLOBAL BUSINESSENVIRONMENTThere are many kinds of issues which are facing by Evergreen hotel, are mentioned asbeneath:1

Ethical issuesIn hospitality sector, satisfaction of client is fundamental priority of manager. Way bywhich they are doing their business, customers are must for them. They have to be friendly withtheir guests, thus they can attract towards company. As a result, firm can enhance their reputationand incomes. But there are several ethical problems which can be face by them. Major difficultywhich is facing by them, when franchise organisation of Evergreen is doing their operations withoff balance books. If prices of any overhead is force to marketing fund then it will enhance theirrevenues. Therefore, if profits of an enterprise is increasing then this will improve their marketshare (Xue and et. al., 2015).Another problem is honesty and loyalty, it is required that each and every individual whoare working in company has to do their work with honesty. It is must for them to be loyal fortheir customers. Unnecessary salaries should not be provided to workers as it will developconflicts at workplace. Along with this, if an association is not doing their work ethically, then itcan provide impact on their reputation (Hospitality ethics, 2017). It is fundamental for anemployer to pay salaries to their labours as per their working hours; rather than their age, caste,colour etc.Instead of all of this, if an organisation do their work ethically then, they can easily takebenefits from their competitors at competitive world. This will aid to improve their goodwill atmarketplace. If an association is doing their ethically, then they can set a good example of it.Along with this, it aids to maintain healthy relations with their staff members as well as clients.2

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