Contemporary Business Economics: Theories and Models of the Centuries

This report delves into the realm of contemporary business economics, focusing on the comparison and contrast of emerging economic theories and models from the 20th and 21st centuries and their relevance to modern business practices. The report begins with an introduction to contemporary business economics, emphasizing its customer-centric approach. The main body provides a detailed analysis of the shift from 20th-century hierarchical management structures to the customer-focused strategies of the 21st century. It highlights the impact of globalization, technological advancements, and changing societal values on business operations. The report discusses the evolution of leadership styles, the importance of innovation, and the role of women in business. It also contrasts the approaches to competitive advantage in both centuries, emphasizing the move towards more inclusive and adaptable business models. The conclusion summarizes the key findings, reinforcing the advantages of modern business practices in the current economic landscape.

Contemporary Business Economics
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................4
TASK 2............................................................................................................................................4
Discuss and compare the emerging theories and models of 21st century contemporary
economics with those of the 20th century, and relate both of these to modern business
practices.......................................................................................................................................4
CONCLUSION................................................................................................................................6
REFERNCES...................................................................................................................................6
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INTRODUCTION
The topic is contemporary business economics. As it means company focus more on the
customer rather than itself. This supports the customers and helps the company to become more
advantage to track the progress(Ardichvili, A., Natt och Dag, K. and Manderscheid, S., 2016).
This report covers comparison and contrasting of emerging models and theories of 21st century
with the 20th century, in context with the modern business.
MAIN BODY
TASK 2
Discuss and compare the emerging theories and models of 21st century contemporary
economics with those of the 20th century, and relate both of these to modern business
practices.
Contemporary marketing is the marketing strategies which are consumer focused. It focus
on what the customer needs and desires not on what company wants to offer to have them. For
example in 2008, global economic recession and economic growth turns down in the Euro. Some
of the policymakers, economists, sociologist have applied neo-liberals as the key element or
explanation for the crisis in Euro. In 1980s, most of the countries have started institutional
procedures to improve companies internal conflicts and also between them. This makes reforms
and develop new economies for international capital. Moreover, according to sociologists, digital
economy growth promotes the capital agenda. But in real, information cultural promotes an
alliance in between Silicon valley and neo-liberal economy.
Contemporary economy is simply a revised theory or model and philosophies of
seventeenth century. These reflection has changes a nationwide among the 20th and 21st century .
Along with that business leader became the attention of 20th century. Types of leadership
was a top or down management t in the business structure which was hierarchical at various
stages. This make sure that there is a control over the rules and policies. This lose focus of the
employees towards long-term business growth and short-term business growth. They focus only
on money, power, standard etc. this also break trust on the leaders.
Due to this businesses in 21st century focus on the customers needs. They make certain
rules and policies also use these types of leadership which can satisfy a customers needs and
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wants. And now business cannot work for self interest. They focus on the customer needs and
desire. This change helps the companies to cater more customers. And if customers needs a=re
satisfied then they purchase the product and services. This automatically increase the sales and
profit of the company(Grima, S., Özen, E. and Boz, H. eds., 2020).
Changes arise from 20th century to that of 21st century:
 There are various changes arising from 20th century to 21st century in contemporary
economies. Various improvements have been occurred. And there is immense degree of
free exposers adjustments in contemporary economies. Also there is conceptual
discrepancies among strength and machine produces.
 There are various forms of rent which have changes under the jurisdiction of social
societies and orders. Likewise- home ownership and technology approvement
implements a business strategy and power of prising (Kurtz, D.L. and Boone, L.E.,
2015).
 In addition, the innovations are occurred from financial studies in the livelihood of people
and their subjects and identities, that are based on entrepreneurial convictions, people
actions and opinions that are continuously focused.
Comparing 20th and 21st century with respect to modern business practises:
Disparity of economics s term refers to the difference between assembling countries and
crowing of people. The inequity theory is existing strategic introduces, which is used to identify
monetary requirements of the particular areas. In the light of correlation, countries are categories
in nation building and immature. Business in 20th century, there are various social economic
ventures which are unknown and untapped. There is a creation of new rooms and leads to
creation of new discovery. Mistakes done in 20th century has created a mirror which reflects what
errors to be avoided in 21st century and also highlights the new paths which needs to be followed.
Now businesses in 21st century are those that are opens to all and they have very little
limitations. As in 21st century no idea is considered useless and everyone is an opportunity to
bring an idea which creates business environment positively.
Also businesses in both the centuries have used different ways to capture competitive
edge. Mens were given a opportunity to create a competitive edge in the business as compared to
women. This is done because it was believed that men are more aggressive and this is an
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opportunity for them to create competitive edge. Also full time employment model is highly
recommended for long working hour. But, there is a demand for innovations to earn high
competitive advantage(Wheeler, S., 2015). In 21st century businesses, women's are given chances
to innovate and deal with the problems. Also they create innovations to earn high competitive
edge ion the business.
CONCLUSION
It is concluded that modern business is more efficient then the traditional business. As
they includes opportunities which can given to the women also. As at that time rewards are the
only options for motivating an employee. Now they have adopted many strategies to earn high
competitive advantages.
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REFERNCES
Ardichvili, A., Natt och Dag, K. and Manderscheid, S., 2016. Leadership development: Current
and emerging models and practices. Advances in Developing Human Resources. 18(3).
pp.275-285.
Grima, S., Özen, E. and Boz, H. eds., 2020. Contemporary Issues in Business, Economics and
Finance.
Kurtz, D.L. and Boone, L.E., 2015. Contemporary business. John Wiley & Sons.
Wheeler, S., 2015. Learning with e's: Educational theory and practice in the digital age. Crown
House Publishing.
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