Understanding of Dynamic Changes PDF

Context to Business

Table of Contents
Table of Contents.............................................................................................................................2
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
Understanding dynamics and changing nature of business in global business environment......1
LO 2.................................................................................................................................................2
2. Identifying need of individuals and organization so as to manage responsibilities and
behaving ethically in context to social, cultural, economical and environmental issues.............2
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Business is an entity that carries out several activities in order top generate a huge
amount of profits from it. In the present world, due to numerous technological changes, the way
of performing businesses has changes drastically due to globalisation. The present essay shows
brief understanding of dynamic changes and need of business and an individual to fulfill their
responsibility.
LO 1
Understanding dynamics and changing nature of business in global business environment
POLITICAL
FACTOR
LEGAL
FACTOR
ENVIRONME
NTAL
FACTOR
SOCIAL
FACTOR
TECHNOLO
GICAL
FACTOR
ECONOMIC
FACTOR
Political
changes,
instability also
affects the
business sand
its operation s.
in order t
adjust with the
change
companies
needs to be
dynamic and
make
necessary
change so tat
they can easily
work wit the
flow and leads
Legal factor
include those
factors which
are the
compulsory
and mandatory
for the
company to
follow
Charumathi,
B., & Ramesh,
L. (2015). Th
companies are
required to
follow these
set practices in
order to
eliminate the
Sustainability
is an essential
factor of each
business unit.
All the firms
are being run
with a major
purpose of
maintaining
for a long
period of time.
In order to
maintain the
sustainability
in the
business, an
organisation
needs to
business
owners and
managers did
nit use any
tools or
techniques for
monitoring,
controlling
and managing
various
business
activities. But
in present
time, a range
of tools and
techniques
have been
developed
The
technology is
developing at
its highest
speed Cramer,
J. (2017). For
the purpose of
gaining
competitive
advantages,
the business is
needed to
make effective
research over
the changes
that is
occurring in
the business
Furthermo
re, in order to
manage all the
activities of
the business
and effectively
completing the
responsibility
towards the
society and
culture, a
company
needs to
employ
several
individual who
can analyse
the
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to smooth
flow of
operations at
the tie of
political
instability
also.
government
intervention
and make easy
flow of their
operations
which helps
them in
achieving their
organizational
goal
effectively and
efficiently.
analyse all the
environmental,
economical,
social,
political, and
other factors
that may have
a major effect
over various
business
activities.
with the help
of which they
can perform
their
management
functions in
more effective
way.
environment
and implement
such changes
in the business
accordingly. It
helps the
business in
developing in
an effective
manner.
For
performing
business
activities at
worldwide
level in an
effective
manner, a
company
needs to
compete
Furthermore,
in order to
manage all the
activities of
the business
and effectively
completing the
responsibility
towards the
society and
responsibility
of firm
towards the
society,
evaluating the
need of
society and
developing
appropriate
strategies and
plans for the
purpose of
fulfilling the
responsibility
in an effective
manner.
Moreover, the
company also
needs to
develop their
effective
strategies for
their
employees so
as to retain
them with the
company for
long time. In
order to
mange and
adjust the
2

culture, a
company
needs to
employ
several
individual who
can analyse
the
responsibility
of firm
towards the
society,
evaluating the
need of
society and
developing
appropriate
strategies and
plans for the
purpose of
fulfilling the
responsibility
in an effective
manner.
Moreover, the
company also
needs to
develop their
effective
strategies for
their
company uin
changing
growth rate,
inflation rate it
is prerequired
to set effective
and effecient
strategiesWith
the help of
these policies,
along with
maintaining
companies
retention rate,
the firm can
also help the
government in
improving
GDP of the
whole country
by the way of
providing
appropriate
job
opportunities
and income to
a range of
individuals of
the society.
3

employees so
as to retain
them with the
company for
long time. e
huge number
of companies
by using the
latest
technological
tools. With the
help of using
latest
technological
instruments
within
business.
In order to this, it can be analyses that due to globalization f business, whole nature of the
company can be change the overall nature of business completely.
LO 2
2. Identifying need of individuals and organization so as to manage responsibilities and
behaving ethically in context to social, cultural, economical and environmental issues
The term business ethics can be defined as adopting appropriate policies and policies,,
taking corrective decisions for the business, its customers, employees etc. In such a way so that
no individual or group of individuals have negative effect of the decision Bonsón, E., &
Bednárová, M. (2015). In other words, it can be said that the business ethics is nothing but
performing each business activities in proper and right way without harming any person or
community of the overall society.
Further,, sustainability refers to maintaining the business for a long period of time.
Sustainability is an essential factor of each business unit. All the firms are being run with a major
4

purpose of maintaining for a long period of time. In order to maintain the sustainability in the
business, an organisation needs to analyse all the environmental, economical, social, political,
and other factors that may have a major effect over various business activities. In addition,
performing all the activities in an ethical manner is also an essential requirement of maintaining
the business in long run (Corporate Social Responsibility (CSR) – Prioritizing Positive Societal
Impact. 2019).
In addition, fulfilment of corporate social responsibility is legal requirement to be comply
by each firm. It helps the government in effectively maintaining and controlling nature of the
country. In addition, by fulfilling the corporate social responsibility, the company can improve
its ability to attract maximum amount if customers towards it and improve its reputation in the
global market as well. All the major companies of international market such as Mercedes, Tesco,
Marks and Spenser, etc. Fulfil their corporate social responsibility towards the culture and
society at world Lim, J. S., & Greenwood, C. A. (2017).
Furthermore, in order to manage all the activities of the business and effectively completing
the responsibility towards the society and culture, a company needs to employ several individual
who can analyse the responsibility of firm towards the society, evaluating the need of society and
developing appropriate strategies and plans for the purpose of fulfilling the responsibility in an
effective manner. Moreover, the company also needs to develop their effective strategies for
their employees so as to retain them with the company for long time. With the help of these
policies, along with maintaining companies retention rate, the firm can also help the government
in improving GDP of the whole country by the way of providing appropriate job opportunities
and income to a range of individuals of the society.
CONCLUSION
By analysing the above report, it can be concluded that if an organisation expands its
business at global level, it will result in changing the overall nature and structure of the business.
Further, the assignment also concludes that for the purpose of maintaining sustainability in the
business, a company needs to fulfil its corporate social responsibility in an effective manner. for
this purpose, it needs to develop appropriate strategies and plans for maintenance of ethical
relationship with society and its culture and nature.
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REFERENCES
Books and Journals
Cramer, J. (2017). Corporate Social Responsibility and Globalisation: an action plan for
business. Routledge.
Kiely, R. (2016). Questioning the Rise of the South I: Economic Globalisation and US Power.
In The Rise and Fall of Emerging Powers (pp. 43-60). Palgrave Macmillan, Cham.
Charumathi, B., & Ramesh, L. (2015). On the determinants of voluntary disclosure by Indian
companies. Asia-Pacific Journal of Management Research and Innovation, 11(2), 108-
116.
Bonsón, E., & Bednárová, M. (2015). CSR reporting practices of Eurozone companies. Revista
de Contabilidad, 18(2), 182-193.
Lim, J. S., & Greenwood, C. A. (2017). Communicating corporate social responsibility (CSR):
Stakeholder responsiveness and engagement strategy to achieve CSR goals. Public
Relations Review, 43(4), 768-776.
Online
Corporate Social Responsibility (CSR) – Prioritizing Positive Societal Impact. 2019. [Online]
Available through : < https://en.reset.org/knowledge/corporate-social-responsibility-csr-
%E2%80%93-societal-responsibility-companies?gclid=CjwKCAjw8qjnBRA-
EiwAaNvhwOv1KpSRrPO1ROjmfTzVLwu66eSpRrWVD3uR4KOJKYCc2H23nARNihoCyvw
QAvD_BwE>
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