Managing the Business Firm

This document explores various aspects of managing a business firm, including organizational structure, environmental forces, risks, and business practices. It provides insights from articles published in Asia Pacific Business Review, Benchmarking an International Journal, Business Strategy and the Environment, and Business Strategy Review.

Running Head: MANAGING THE BUSINESS FIRM
Managing the business firm
Name of the Student
Name of the University
Author’s Note

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Table of Contents
1. Organizational structure or governance:..................................................................................3
Asia Pacific business review.......................................................................................................3
Introduction..............................................................................................................................3
Discussion................................................................................................................................3
Conclusion...............................................................................................................................4
2. Environmental forces...............................................................................................................4
Benchmarking an international journal.......................................................................................4
Introduction..............................................................................................................................4
Discussion................................................................................................................................5
Conclusion...............................................................................................................................6
3. Risks confronting the firm.......................................................................................................6
Business strategy and the environment........................................................................................6
Introduction..............................................................................................................................6
Discussion................................................................................................................................6
Conclusion...............................................................................................................................7
4. Organisational and business practices.....................................................................................7
Business Strategy Review journal...............................................................................................7
Introduction..............................................................................................................................7
Discussion................................................................................................................................7
Conclusion...............................................................................................................................8
5. The functions of diverse firms.................................................................................................8
Competition and change the journal of global business and political economy..........................8
Introduction..............................................................................................................................8
Discussion................................................................................................................................9

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Conclusion...............................................................................................................................9
References......................................................................................................................................11

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1. Organizational structure or governance:
Asia Pacific business review
Introduction
The corporate governance structures can be framed as per two essential categories; such
as in the form of policy boards and administrative boards. The policy governing boards
formulates a specific set of policy and appoints an Executive Director to make use of the policy.
On the other hand, the administrative governing boards play a very essential role in managing the
organisation by means of assistance from the committees and that of the staff.
Discussion
Taking into consideration the article, the key issues found within the articles are as
regulatory compliance issues, a lack of secure, and protective business communication processes.
It is faced by the majority company and business firms operating within Asia-Pacific. The article
was generated after a survey was conducted by the employees belonging from the governance
teams, this set of teams are of a wide range of companies which are located across the Asia-
Pacific region, the majority that is half of which are multinationals in nature and those who have
about more than five offices located in worldwide.
However, the regulatory compliance and disclosure was the primary and immense
challenge that is faced by the governance teams from both the regional head offices and form the
subsidiary offices, reflecting the gravity of the potential consequences – including the financial,
legal, and reputational.
On the other contrary, the subsidiary offices also faced huge challenge and issues in
regard to the data management and documentation challenges. With the change in time as more

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evolve and formulates across the variable region of the economy (expanding), and set up
subsidiaries in different parts of the countries, the process of data management becomes very
difficult and crucial.
However, irrespective of the various challenges faced the use of the IT field was undertaken to
overcome such issue.
Conclusion
Therefore it is concluded that it is because of the hierarchal nature of corporate
governance; it becomes evident that good, and positive leadership is equally important.
Individual bodies that stay in the role of executive, managerial, technical and administrative
positions have to operate within their respective roles. However, Leadership is essential in the
case of corporate governance.
2. Environmental forces
Benchmarking an international journal
Introduction
It is recognised as an International Journal that regularly periodically reviews different
approaches to benchmarking with the sole objective to develop and filter the best possible
approach for any specific business firm or organisation. By observing the business-related
performance of other rival companies, benchmarking is the key aspect for formulating the
realistic nature-based and achievable targets. This targets primarily aim towards performance
improvement. It is the key towards enhancing the quality of the business organisation.

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Discussion
With the change in time, the Benchmarking has undertaken through a number of specific
changes. Since information technology (IT), has exceptional influence over the application of
benchmarking techniques and practices.
 Benchmarking in the field of services.
 Best practices within the e-commerce platform.
 Environmental benchmarking within the corporate sector.
 Benchmarking in regard to knowledge management.
 Aviation benchmarking.
 Health benchmarking.
 Benchmarking in regard to the new economy.
However, according to this journal the average acceptance rate has reduced to a huge extent over
a specific period of time such that it accounts for about 22 per cent.
The current key motives of the journal are,
 It continues to be one of the primary journal for benchmarking research and practices.
 Quality submissions to be sustained.
 Develop and expand the editorial board.
 Enter into the ISI citation index within a specific period of time.
 Joint contribution and efforts from the side of industrial practitioners.

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Conclusion
However, these specific set of tools enables the environmentally conscious business firms
and corporate units to analyze the inference of their decisions, monitor and keep a track in regard
to the future performance or efficiency gains. They have also created a demand for better data on
the blend of a product or component, and also of the materials being utilized and that of the
environmental discharges that associated with a particular manufacturer. A number of business
companies purchasing a commodity, a product of the consumer products are now requesting for
this information from their suppliers. The environmental management tools, such as that of the
ISO 14000, require this information.
3. Risks confronting the firm
Business strategy and the environment
Introduction
The journal business strategy and the environment (BSE) is one of the leading academic
journal within its field that has been successful in gaining major contributions of high quality. It
aims to provide qualitative information in regard to the understanding of the business responses
with the intention to improve environmental performance. It aims to analyse the connection that
exists among the competitive strategy and environmental management as well as providing
results of research into systems and standards, corporate environmental management tools,
organisations and management, particular industry sectors and responses of business to
contemporary environmental issues.

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Discussion
An effective business strategy is one of the principle key factors for the success of any
business organisation. Speaking in terms of the Globalization and fastest communication ICT
modes, since, the business firm in today’s generation is becoming more faster in regard to business
activities such that the huge production is achieved by making use of the latest tools and
techniques. However, at the same time, the issue of sustainability and Environment is one of the
growing concern.
The environment is addressed as the external for an individual or organization.
Conclusion
Thus, it is concluded that the business strategy is to be formulated keeping in mind the
present business scenario. The business environment differs from one region to another.
4. Organisational and business practices
Business Strategy Review journal
Introduction
This journal analyses and interprets the contemporary research which is carried on upon
the strategic management. On the other hand, it also analyses the wider business environment
publishing articles which comprise of disciplines and that of the cross cultural boundaries. The
various leading business professionals from all around the globe both academic and managerial
has come together with the sole objective to undertake discussion in regard to the current issues
and present cutting-edge research and ideas.

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Discussion
Majority of the failure cases within the organization's premises occurs as such when the
top authority management supports a new direction and undertake measure to formulate
programs for taking necessary changes without finding out what influential people in other parts
of the organisation think of the new focus. Instead, in the name of participation and involvement,
they depend entirely upon inquiry assembling a large proportional group of managers requesting
them for a specific direction. Managers and employees seek towards the leaders to articulate a
point of view in regard to factors like where the business is going, a point of view to which they
can respond. Leaders need to advocate, then inquire, and repeat as needed.
Conclusion
Much of the focus should be given on the top management body; they are the sole
contributors to the development of the business firm. It is their efforts that result in the effective
functioning of the business environment or organisation.
5. The functions of diverse firms
Competition and change the journal of global business and political economy
Introduction
As per this specific journal, the 21st Century has transformed the economic, social,
educational, and political landscape in a more transparent manner. In the human era, the pace of
structural change has never been more pervasive, rapid, and global in its context. The new
economy is composed of various market and business environment related forces which range
from globalization, trade liberalization, and the information technology and communications
revolution. Globalization has resulted in the innovation in business process by eliminating the

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business barriers. It has introduced the open participation from each of the economies. It has
eliminated the national borders, it is the open trading system that has enhanced economic
integration, and the information and communications revolution have made geography and time
irrelevant. After that, the new business economy is formulated based upon the culture of
innovation. Indeed, the signature mark of the coming new global economy within the coming
time is new ideas, new technologies, and new initiatives.
Discussion
The Economic growth and development taking into consideration the global economy
have been initiated by making use of the complex structural realignment of investment streams,
the combining of business enterprises, the transformation of the production process, and making
use the niche marketing approach. Furthermore, on the other hand, it has necessitated the
effective integration of state-of-the-art technologies in the practical field of information and
communications with the sole intention to enhance competitive advantage in the era of
international trade. It is the innovation that introduces economic growth. There is an immense
need to acknowledge innovation for the betterment of the economy.
Furthermore, the role of economy’s human resources and that of the unique economic
value of its human capital endowment was provided within the educational attainment, and
technical skills of its population is an essential prerequisite for empowering the new economy
and facilitating the integration of labour in knowledge-based industries. The efforts towards the
long-term learning process, and continuous upgrade of skill sets, as well as the structural
reorganisation of the workplace, are primary and important parameters of a country’s
contemporary economic profile. The factors are supported by the technology advancements,
human capital, and research and development which makes a number of efforts towards

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accelerating and gearing up the levels of productivity and economic performance. In the short
run, the major contributor towards the new economy is regarded as the technology and will be
backed up by the human capital.
Conclusion
Thus, it can be concluded that the product offering of the coming new economy is
knowledge and within the coming phase of time, the entire consumer market will be a virtual
marketplace that will take place over the internet. There is a need forglobal opportunities for
competitive tax levels, money investment within research and development is also required.
Moreover, significant importance upon education, training, and industrial clusters of excellence
all this together has resulted in worldwide niche markets of the new global economy.

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References
"Asia Pacific Business Review". 2014. Asia Pacific Business Review 20 (2): 318-320.
doi:10.1080/13602381.2014.902237.
"Business Strategy And The Environment - Wiley Online Library". 2019.
Onlinelibrary.Wiley.Com. https://onlinelibrary.wiley.com/journal/10990836.
"ICI Journals Master List". 2019. Journals.Indexcopernicus.Com.
https://journals.indexcopernicus.com/journal/17578.
"London Business School Review - Wiley Online Library". 2019. Onlinelibrary.Wiley.Com.
https://onlinelibrary.wiley.com/journal/20571615.
2019. https://www.researchgate.net/journal/1463-
5771_Benchmarking_An_International_Journal.