Business Report: An Overview of the Contemporary Business World

This report provides an overview of the contemporary business world, examining its complexities and the various factors that influence it. The introduction defines business and highlights its multifaceted nature, encompassing customers, government, technology, and market dynamics. The main body delves into the rapid growth of the business world, driven by globalization and technological innovation, and its impact on business practices and decision-making. It emphasizes the role of corporate social responsibility (CSR) in enhancing brand image and the importance of understanding customer needs. The report concludes by stressing the need for businesses to adapt to the evolving landscape, leveraging globalization and innovation for success. It also references various academic sources to support its arguments. The report is a good resource for students to understand the current business environment.

Portfolio Task 1: Reading and Writing
Task
1

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
The world of business.................................................................................................................3
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5
2

INTRODUCTION
Business can be describe as the formal and well structured organisation which is engaged
for different activities in order to sale its products and services to potential customers (Lacity and
Willcocks, 2015). The world of business is very complex and it will includes different factors
such as customers, government, technology, employees, market and many other elements. This
report will includes essay on topic The world of business. In this report different aspects of the
business is determined. Apart form this various elements which are included in business world
and can have impact on business activities are analysed.
MAIN BODY
The world of business
Business world is growing rapidly and drastically changes are implementing in corporate
world. Business is developed in order to provide different types of products and services to
potential customers with the motive of earning profits. The world of business in improving day
by day due to globalization and innovative technological practices. This will lead to have major
impact on business practices as well as influence the decision making process. Business will
have high affect on society and products or services of business will assist in improving the
quality or living standards of society. There are various companies which is conducting operation
in the world of business and these organisation are performing task in order to attain different
goals and objectives (Hall and McDermott, 2016). In today's business world large number of
companies in sector will lead to increase competition. Each and every business in planning to
capture more market area as well as attract large number of customers in order to increase the
sales of business.
Nowadays business world is not only limited to selling or buying of products and services
but also gaining edge over other rival companies. Introduction of globalization will lead to
increase the pressure for growth and development of business and providing business offering to
large market area. In the world of business, corporate social responsibility has become the crucial
part of organisation. This will includes the interest of different stakeholders that are related to
business. Corporate social activities will lead to enhance the brand image of company in market
area. There are various benefits and advantages that could be attain by business by successfully
3

implementing CSR activities. In the world of business, customers needs and requirement is very
essential. Businesses in all sector weather retail, auto mobile or technology are focus on
identifying the needs or wants of customers so that product or services can be developed
accordingly (Koris, Örtenblad and Ojala, 2017). There are various new and innovative
technology which support in effective and efficient performance of business in market area.
CONCLUSION
From the above report it can be concluded that business world in changes very fast and it
is essential for companies to perform activities as per the today's world of business. This will
help company to successfully conduct operations and attain goals of business. Globalization will
lead to increase more opportunities to business and innovation help in enhancing business
capabilities.
4

REFERENCES
Books and Journals
Lacity, M. and Willcocks, L., 2015. Nine keys to world-class business process
outsourcing. Bloomsbury Publishing.
Hall, V.B. and McDermott, C.J., 2016. Recessions and recoveries in New Zealand's post-
Second World War business cycles. New Zealand Economic Papers, 50(3), pp.261-280.
Koris, R., Örtenblad, A. and Ojala, T., 2017. From maintaining the status quo to
promoting free thinking and inquiry: Business students’ perspective on the purpose of business
school teaching. Management Learning, 48(2), pp.174-186.
5