Business and Tourism: Contemporary Global Issues Report Analysis

This report delves into the contemporary global issues that businesses and the tourism sector must consider when expanding internationally. It highlights four fundamental challenges: cultural differences, legal and regulatory barriers, foreign government considerations, and the business case itself. The report emphasizes the importance of understanding cultural nuances to navigate diverse markets effectively, the need to comply with international laws and regulations, and the significance of assessing economic factors like currency exchange rates and resource availability. It also stresses the importance of conducting thorough market research, building relationships with stakeholders, and adapting business strategies to local conditions. The report concludes by emphasizing the need for businesses to assess their operations and adapt to changing market conditions to achieve sustainable performance in the global market.

Contemporary Global
Issues in Business and
Tourism

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Discussing four of the fundamental global issues that a company should always consider,
before leaping into new international operations.........................................................................1
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Most of the companies in today's world is implementing new ideas to achieve an overall
success in the market. Due to the ethical practices the organisation can improve their operations
and diverse them in various other regions (Gbadamosi, 2019). The organisation needs to
critically evaluate various factors to achieve sustainable performance in the market. Managing
the business activities is the role of the leader in the organisation. There are various works
responsibilities which the leaders needs to fulfil to carry out the operations smoothly in the
workplace. There are various issues which the company could face while expanding their
business in different regions. The report aims to analyse about understand the issues in business
before leaping their operations in new regions. On the other hand, in this report there will be
brief discussion about the four fundamental issues which are challenging the business to
commence their operations in various other regions. Along with that there will be evaluation
about various solutions which could improve their way of doing operations in an effective
manner. For further instance, there will be brief discussion about global issues which the
organisation must consider.
MAIN BODY
Discussing four of the fundamental global issues that a company should always consider,
before leaping into new international operations
With the changing market trends the organisation is improving their way of doing the
operations. They are establishing new ways to expand their business in different other regions.
By evaluating all the factors effectively the organisation can achieve an overall growth in the
market. They can boost their sales and offers new quality products and services to various
customers in the market (Derun, and Mysaka, 2021). There are various business activities which
needs to be carried out smoothly. On the other hand, the manager has the utmost responsibility
to manage all the working operations effectively. Every organisation in today's world needs
leaders to expand their business in various other regions by using various strategies and
approaches. There are various fundamental factors which the company needs to assessed
properly while leaping in different regions. The organisation needs to develop new ideas in order
to achieve overall success in the market. The management needs to create new innovative ideas
to achieve possible success with the new marketing conditions.
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Culture is the evolving beliefs which helps the organisation to understand the working
standards of different regions effectively. It is a key component which impact the business
operations in both negative and positive way. There are various functions which needs to
addressed properly to expand the business in different regions. The company can achieve an
overall growth by understanding the dynamic market environment systematically. They can
increase their overall turnover by establish a sustainable strategic plan. The managers and leaders
needs to plan the operations and various other activities to overcome different challenges. With
the new technological advancements most of the companies provide the products which fulfil the
needs of the customers. The culture differences in various regions affects the overall business
operations of the company. It determines whether the business will become successful or not in
the market. The managers needs to understand the local markets to acquire a huge share and gain
a competitive advantage in the industry. The main focus of the business is to increase the
turnover and profitability in the market (Bansal, and et.al2018). The managers needs to recruit
various talented candidates which had necessary skills to make the company more profitable in
the market. With the right training the workforce can improve their overall productivity and it
can be beneficial foe the organisation to achieve a sustainable performant in the market. When
the company indulges in new business ventures the cultural differences of the region needs to
assessed appropriately by the management. This organisation can carry out the operations
smoothly in the workplace. With the changing customers preferences the organisation needs to
offer high quality products in the market. This will help them to dominate the market with the
new changing conditions. There are various innovative ideas which the management can
establish in the workplace to achieve greater results in the market.
Legal and regulatory barriers this is one of the most crucial challenge which the
organisation could face while expanding their operations in different regions. The business needs
to to agile and flexible to manage the rules and regulations which is abide by the government in
different regions (Jabłoński, and Jabłoński, 2020). The main focus is to make the make the
business more profitable in the market by using various strategies and approaches. It is highly
advised for the business to take the regulatory help of various individuals in the market. The
barriers could affect the business performance and the operations. In UK most of the companies
expand their business operations by complying al;ll the legal factors. If the company does not
fulfil the laws and regulations. It could be difficult for them to survive in the market. The
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international laws is different and the company might face serious problems to follow that but
after sometime with a systematic process the organisation can manage to follow the rules and
regulations. This will help them to offer great quality products in the market (Boone, Kurtz, and
Berston, 2019). In the long run it could create a positive impact on the business operations. The
company could maintain a positive brand integrity in the market. For example, Tesco asses
various factors properly in order to comply with the government rules and regulations in the
market. This helps them to gain a competitive advantage in the market. The organisation can
achieve the future goals and objectives in a systematic manner. With the right experience they
are achieving great results in different other regions.
Foreign government consideration is one of the most important factors which could affect
the business in a significant way. On the other hand, the organisation needs to comply with all
the rules and regulations in the market (Masanja, ed., 2019). There are various aspects which
needs to be reviewed by the organisation. It includes currency exchange rates this factor will
differ in various countries. The company needs to choose a favourable economic zone in which
the exchange rates are free- floating and there are lesser restrictions. With this the organisation
can achieve more profits in the market. They can offer great quality products to various
customers and maintain a positive brand integrity in the specified region. The second factor is to
fully optimize the resources and the access to need materials. The organisation can achieve a
possible success in the new region by using the resources in a systematic way. There are various
opportunities on which the company can capitalise by indulging various new technological
advancements in the workplace. While expanding their business in new regions the organisation
needs to involve in various joint ventures to generate more working capital. With this they can
rapidly change the entire structure of the workplace the resources can be better utilised. For
example, in Tesco the organisation has implemented the artificial intelligence technology to
provide great services to the customers. This help them to gain competitive edge in the retail
industry. Due to this they had seen an exponential growth in the recent years. Another factor
which the organisation needs to be addressed is communication and transportation options.
While, expanding the business in new regions the organisation needs to develop a relationship to
various individuals which could import the necessary raw materials (Grima, Özen, and Boz, eds.,
2021). Through this the company can gain maximum productivity and fulfil the demand of the
customers in the market. They can achieve a systematic growth in the market by fulfilling this
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particular factor. In this new era most of the brands does not able to fulfil the needs and wants of
the customers. The organisation might face problems at first because of the new culture. But
after sometime they will able to address the new working conditions properly. The organisation
also meeds to establish the price of their product and services to attract various new customers in
the market. They could also gain a competitive advantage in the new region. They can capitalise
on various new opportunities in the market by enhancing the business operations. The currency
rate is also fluctuating and the organisation needs to asses this factor significantly.
Business Case is on of the major challenge while expanding the business in different
regions. It is essential for the organisation to address various challenges effectively to become
more profitable in the market (Turkmenoglu, and Cicek, eds., 2020). There are various
strategies which the company could make in order to achieve the goals and objectives in new
regions. The managers can perform a market study according to the consumers buying patterns
of the particular country in which they are planning to expand their business. With the right
stargates and implementation of different ideas the company can attract various new customers
in the potential market. While establishing the business in new region in first the company needs
to understand the market conditions and make viable options to diversify their business. On the
other hand, the company needs to make healthy relationship with different investors and
stakeholders. Through this they can generate more capital for commencing their business
smoothly. The management and leaders needs to develop a cordial relationship in order to
maximize the productivity of the workplace. The management could use various techniques like
promotion and recognition methods to improvise the efforts of the workforce. The operations
could be carried out effectively in the market. In present times the situation has been critically
changed and the the way of doing the business operations is also changing (Rezaee, 2020). The
company needs to evaluate the factors systematically in order to achieve the success in the
market. Expanding the business in new territories could be difficult for non experience
companies. They need to possibly understand the true motive and the vision of the business. This
will help them to grow at an efficient rate in different regions. The organisation can include
various factors to measure the overall growth and performance in the industry. For example,
various key performance indicators which includes customer satisfaction, client retention rate
and profit margin. This will help the company to asses the operations and growth effectively in
the new territory. The leaders of the particular organisation has to manage the finance which
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could increase the overall growth in the future. The stakeholders has a significant influence on
the workplace. The leaders had to maintain a healthy relationship with them this is one of the
most crucial factor (Grima, Özen, and Boz, eds., 2020). There are various technological
advancements which the company could improve in order to achieve the goals and objectives in
the market.
CONCLUSION
From the above report, it has concluded that there are various challenges while the
business could face while expanding in different regions. The organisation could use various
techniques and approaches in order to achieve a profitable growth in the newer regions. On the
other hand there are various suggestions which could help the company to commence their
business operations smoothly in different regions. Along with that, there will be brief discussion
about various opportunities on which the organisation can capitalise in order to achieve a
sustainable performance in the market. For further instance, there will be evaluation about the
four challenges which could impact the business operations. The organisation needs to follow the
rules and regulations of various regions in order to achieve greater results in the market.
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REFERENCES
Books and Journals:
Bansal, and et.al2018. Social network analytics for contemporary business organizations. IGI
Global.
Boone, L.E., Kurtz, D.L. and Berston, S., 2019. Contemporary business. John Wiley & Sons.
Derun, I. and Mysaka, H., 2021. Contemporary drivers of business growth: Evidence from US
public companies. Journal of International Studies, 14(4).
Gbadamosi, A., 2019. Contemporary issues in marketing: Principles and practice. Sage.
Grima, S., Özen, E. and Boz, H. eds., 2020. Contemporary Issues in Business, Economics and
Finance. Emerald Publishing.
Grima, S., Özen, E. and Boz, H. eds., 2021. Contemporary Issues in Social Science. Emerald
Group Publishing.
Jabłoński, A. and Jabłoński, M., 2020. Social Issues and Sustainability in Contemporary
Business. In Social Business Models in the Digital Economy (pp. 1-24). Palgrave
Macmillan, Cham.
Masanja, N.M. ed., 2019. Contemporary Issues in Business. NMM PRINTERS.
Rezaee, Z., 2020. Contemporary Issues in Business: Corporate Sustainability, Corporate
Governance, Organizational Ethics and Forensic Accounting. NOLEGEIN-Journal of
Business Ethics, Ethos & CSR, pp.6-9.
Turkmenoglu, M.A. and Cicek, B. eds., 2020. Contemporary Global Issues in Human Resource
Management. Business Science Reference.
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