Business Environment Essay: Understanding Dynamic Changes and CSR

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BUSINESS ENVIRONMENT
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INTRODUCTION
The essay discussed the factors which are affecting changes in the business environment
and its nature. The concept of corporate social responsibilities is understood with reference
to the importance of CSR for the business and its reputation within the marketplace. The
issues and problems related to the social, culture, environment, and economy are
examined. The continuously changing business environment and the nature of business are
explained in the essay. The changing nature of business is examined along with a discussion
on the considerations of future prospects of business due to these changes along with the
need for sustainability for the business.
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LO1
Understand the dynamic and changing nature of business and the consideration of the
future of organizations within the global business environment
The continuously changing business environment and practices necessitate the need to
bring frequent changes within the work culture and performance level of the business. In
order to remain competitive within the market, the management should introduce
continuous changes in the business. The dynamic nature of business has arisen the need for
operational efficiencies and excellent communication behaviors. The radical changes in
technology have brought both positive and negative aspect of today's business culture.
Technology has enabled the expansion and growth of business with a large pace all over the
world.
There could be various reasons which drive changes in a business organization which include
changes in technology, new opportunities, internal and external pressures, mergers and
acquisitions, human behavioral changes, new culture, changes in the structure of the
company, and other factors (Swaim, 2014). The changes are made in the business
organization for introducing new and improved work practices. In order to increase the
productivity and profitability of the company, changes are brought within the work culture
of the business entity. The employees and workforce of the company resist changes due to
the fear of an increase in the burden of work and flexibility issues in the new changed
working environment. But an effective management practice can smooth the process of
introduction of changes within the business and its environment.
The new changes in technology have widened the aspect of business where it becomes easy
to carry on business in more than one nation effectively. The operating cost of a business
can be reduced with the help of technological advancements. The communication process
within the business enterprise and its subsidiaries are also improved with the help of Emails,
texts, websites, and other apps (Vitez, 2019). This lead to globalization of business and its
working which help the management in increasing scope of the company. Globalization of
business is the stage of business where it can buy and sell products and services in
international markets and conduct operations in more than one nation all over the world.
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The changing business relations, economics, culture, power, communication channels, and
other factors lead to changes in business and its structure. The dynamic nature of the
business can be a result of new business idea, obsolesce of the existing products, change in
customer demands, etc. which is considered in order to fill gaps of the market.
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LO2
Identify the need for individuals and organizations to manage responsibly and sustainably
and behave ethically in relation to social, cultural, economic and environmental issues
In order to ensure sustainable business with a long term prospect, the company needs to
understand its social and corporate responsibility towards society. The corporate social
responsibility is the responsibility of the business entity towards the society which helps in
promoting social benefits for the general public (Business Dictionary, 2019). The business
policies and regulations should be made by keeping in mind the aspects of business ethics.
The business ethics are also known as corporate ethics which guides the behavior of the
stakeholders and other related parties of the business organization. The profits and
revenues of the business are earned along with adherence to the ethical principles and
social responsibilities.
The balance should be made between economic considerations and environmental
responsibilities. The economic issues can be defined as scarcity of resources and unlimited
demands of the company (Business Dictionary, 2019). The cultural issues faced by the
company include unhappy employees, under-equipped, employee conflicts, poor
communication, etc. (Ryan, 2016). The social issues of the business include problems related
to society in which the company is conducting its business.
The ethics can be maintained within the business organization by organizing ethics
management programs. The code of conduct of the business entity is developed which
should be driven by senior management and made by considering the various corporate
code of ethics. The teamwork and productivity of employees can be increased by building
strong and effective ethical programs. The business can earn sustainable growth and profit
for the company which helps in managing the values and cultures connected with strategic
planning, diversity management, and quality management.
The company is said to be socially responsible and ethical when the decision made by the
management and actions taken by the company do not harm society in any manner. The
theories which are related to corporate ethics and social responsibility can be applied in
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both the individual and group capabilities. The company can achieve long term benefits by
ensuring that the integrity of the environment and society are protected. The implications
for non-compliance of the ethical and social responsibilities of the company, there can be
legal litigations on the company and the image of a business is also affected.
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CONCLUSION
The essay was about the radical and frequent business changes and their impact on the
factors of business organization. The concept of corporate social responsibilities of a
company is analyzed in the essay and its effect and result on the sustainability of the
business entity. The issues of the business such as economic, social, cultural, and
environmental are examined in detail in order to find out their effect on business practices.
The factors of the global business environment are analyzed in the essay along with the
consideration or the future. The need for sustainability of the company is explained in detail
in the essay with reference to the growth and success of the business.
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REFERENCES
Business Dictionary, 2019. Corporate social responsibility. (Online). Available at:
http://www.businessdictionary.com/definition/corporate-social-responsibility.html
(Accessed on 2nd June 2019).
Business Dictionary, 2019. Economic Problem. (Online). Available at:
http://www.businessdictionary.com/definition/economic-problem.html (Accessed on 2nd
June 2019).
Ryan, L., 2016. The Five Most Common Culture Problems -- And Their Solutions. (Online).
Available at: http://www.businessdictionary.com/definition/economic-problem.html
(Accessed on 2nd June 2019).
Swaim, R. W., 2014. Nine Reasons Organizations Need To Change. (Online). Available at:
https://www.processexcellencenetwork.com/organizational-change/columns/why-
organizations-change-and-what-they-can-change (Accessed on 2nd June 2019).
Vitez, O., 2019. The Impact of Technological Change on Business Activity. (Online). Available
at: https://smallbusiness.chron.com/impact-technological-change-business-activity-
2191.html (Accessed on 2nd June 2019).
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