Context of Business: Global Dynamics and Ethical Considerations Report

This report provides an overview of the changing nature of business in a global context, emphasizing the importance of adapting to market trends, technological advancements, and team-based work environments to gain a competitive advantage. It explores the need for individuals and org...Read More

CONTEXT OF BUSINESS - 1

Table of Contents
Table of Contents.............................................................................................................................2
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
LO1 The changing nature of business and consideration of future of organisations within the
global business environment........................................................................................................1
LO2 The need for individuals and organisations in order to manage responsibly, sustainably
and behave ethically in relation to social, cultural, economic and environmental issues............2
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................3

INTRODUCTION
Businesses entities carry numerous activities to generate a profit in huge amount. Stirna, &
et.al. (2015). This report will lay emphasis on an understanding of dynamic changes in
businesses and their consideration of future in global business environment. Also, the need for
organisations and individuals to manage sustainability and ethical relation to social, cultural,
environmental and economic issues will be discussed in this report.
MAIN BODY
LO1 The changing nature of business and consideration of future of organisations within the
global business environment
The businesses are generally dynamic and kept on changing with time. Different business
use different trends of business (Bendell, (2017). These trends are according to change in market,
preferences of customers, and other factors which changes trends. Every company in order to
gain competitive advantage and to attract customers make changes according to prevailing trend
in market. The nature of work environment also changes with emerging of new trends in team,
individual as well as organisation.
In global business environment, technology is developing continuously and for gaining
competitive advantage businesses adopt these changes. Also, business entities are making
changes in their working and business environment which leads to developing in effective and
efficient manner.
The latest technology provides an aid to businesses because this way they are performing
well and more efficiently. There is a huge change in businesses from previous operations of
business when compared to current businesses they are found more efficient and effective. Like,
earlier businesses use to put all their data on papers but now because of the technologies relevant
data of businesses can be updated in cloud software. This software can be accessible by the users
at their place of convenience. By analysing these drastic and quick changes in technologies it can
be predicted that in coming years business organisation would be more advanced and could be
operate their functions more efficiently.
Along with change in technology businesses had adopted several other changes. Like
change in use of equipments, machineries, tools for controlling, monitoring and managing
activities of business. The present style of business is far better than traditional style of
businesses. Those businesses adopted these changes is able to manage their survival in global
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market because the global market is facing heavy competition and changing in business
organisation lead them to attain competitive advantage.
Changing nature does not limit with technological advancement (Jasiulewicz-Kaczmarek,
Saniuk, & Nowicki, (2017). These days business entities are facing trend of team working rather
than individual working. Now a days people tend to work more in team so that to attain synergy.
The employees work in team to attain a certain organisation goal which leads the company
towards success and to able to survive in global market.
The businesses indulging in almost every sector try to engage and expand their business
globally. The trend of global business is rising and with changing trend business need to adopt
their activities of business in context of global expansion. By expansion is global market,
businesses are gaining new customer base along with reputation in mind of customers. Also, the
companies adopting technological advancements of different geographical area which aid them
in attaining growth and efficiency (Falkner, (2017). Profitability of the businesses while
executing global expansion is increases.
LO2 The need for individuals and organisations in order to manage responsibly, sustainably and
behave ethically in relation to social, cultural, economic and environmental issues.
Business ethics refers to taking right course of action. Ethics in business includes business
process, behaviour of company with their customers, manner of production a community where
they operates. Ethical manner is all about doing business activity in right and appropriate way.
Sustainability means meeting challenges to ensure that generations of future can ejot the same
resources. Businesses maintain sustainability for long term by balancing environmental, social
and economic impacts. The individuals and businesses need to behave in both ethical and
sustainable manner due to future of organisations.
Many businesses operate corporate social responsibility (CSR) to obey laws and to
behave as a good citizen of the country. Such as TESCO, incorporate various social campaigns
in UK in order to manage their responsibilities towards society (Mombeuil, & Fotiadis, (2017).
Businesses need to manage their responsibility towards society and environment in order to
gain support of government and to enhance the reputation of company among their customers.
Also, the environment, financial and social factors impacts a lot by sustainability in businesses.
In order to attain sustainability, businesses use available resources and energy in efficient
manner. Therefore, businesses are becoming more efficient along with improvement in brand
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value. Also, the reputation of business will increase in order to maintain sustainability and
operate business activities in ethical way. This also provides aid to companies by providing a
platform for innovation.
It also attracts and retains individuals working in business entity. They get attached to
business by their sustainable and ethical considerations (Rosemann, & vom Brocke, (2015). It
has been observed that businesses who operates in with sustainability and ethical activities have
employees retention ratio is higher. In addition to it helps the business to attain better growth
with reduction in cost. These contributions in such activities of businesses also strengthen the
relationship of stakeholders with organisation.
The businesses to handle environmental, social and economic issues execute their
activities of operations in ethical and sustainable manner. Like business in order to perform
social responsibility contribute charity and donation campaigns and in respect of environment
they safeguard environment by conducting ethical and pollution free activities (Need of
sustainability, 2018). Also, for performing economic responsibility businesses contribute through
CSR and their profit contribution to GDP of country is also an ethics of business to drive their
business towards success and growth.
CONCLUSION
The report was all in context of business. This report was covered about a brief
understanding of changes in business like technological changes for the future of global business
environment. The need for organisation and individual to maintain ethical and sustainable
relation for social, economical and environmental issues was also discussed in this report.
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REFERENCES
Books and Journals
Bendell, J. (2017). Terms for endearment: Business, NGOs and sustainable development.
Routledge.
Falkner, R. (2017). Business power and conflict in international environmental politics.
Springer.
Jasiulewicz-Kaczmarek, M., Saniuk, A., & Nowicki, T. (2017). The maintenance management in
the macro-ergonomics context. In Advances in Social & Occupational Ergonomics(pp. 35-
46). Springer, Cham.
Mombeuil, C., & Fotiadis, A. K. (2017). Assessing the effect of customer perceptions of
corporate social responsibility on customer trust within a low cultural trust context. Social
Responsibility Journal, 13(4), 698-713.
Rosemann, M., & vom Brocke, J. (2015). The six core elements of business process
management. In Handbook on business process management 1 (pp. 105-122). Springer,
Berlin, Heidelberg.
Stirna, J., & et.al. (2015). Capability patterns as the enablers for model-based development of
business context-aware applications.
Online
Need of sustainability. 2018. [Online]. Available through: <https://blogs.kent.ac.uk/kent-
business-matters/2017/05/22/why-sustainability-is-important-in-business/>.
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