Report on Contemporary Management Issues Impacting Virgin Group Ltd.

This report analyzes contemporary management issues within the context of Virgin Group Ltd. It begins with an introduction to management and its importance in achieving organizational goals. The report then delves into the key dynamic forces impacting the business and society, including the digital revolution, social mediation, and globalization. It evaluates the relationships between these forces and their impact on strategic decision-making, highlighting how digitalization and social media are interconnected and how globalization influences business expansion. The report further assesses Virgin Group's response to these dynamic forces, examining the use of social media, globalization strategies, and the adoption of digital technologies. It also outlines decision-making tools, such as cost-benefit analysis, and relevant theoretical foundations to support effective corporate responses. The report concludes by summarizing the key findings and emphasizing the importance of adapting to contemporary management challenges to enhance performance and achieve competitive advantages.

Contemporary Management
Issues

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK...............................................................................................................................................1
Understanding of the key dynamics forces impacting on business and society.........................1
Evaluate the relationship between forces in terms of effective strategic decision making.........3
Evaluation of an organization's response to key dynamic forces in the contemporary business
world...........................................................................................................................................3
Decision making tools to address contemporary drivers for change..........................................4
Relevant theoretical foundations to support the identification and application of effect
corporate responses to contemporary management issues..........................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
Management is an important process for every business organization to manage as well
as control all workers and their activities in an effective manner. By this, company easily attains
their set goals and objectives in an effective manner. In this, manager plays an important role in
managing worker’s activities and setting business activities in most (Weiss, 2014). Along with
this, various changes and issues rapidly take place which negatively affect the overall business
performance. Furthermore, various key dynamic forces are also considered which affect business
as well as the society. Effective management of all those forces helps in enhancing the
productivity level of company in market place. Present report is based on Virgin Group Ltd.
which is a British Multinational Corporation that provides banking and booking services to its
customers. In this, various key drivers are discussed in this project which put a direct impact on
the business organization and society. Along with this, relationship between dynamics forces are
also mentioned in this project.
TASK
Understanding of the key dynamics forces impacting on business and society
It is important for the business organization to provide strategic guidance which helps in
improving overall performance of company in market place. In this, management plays an
important role in managing entire business activities which may lead to enhance the overall
profitability level at market place. Along with this, various issues also occur within company so
that management is important to manage entire activities in most effective manner. In this
context, there are some key dynamic forces which determine within the business environment
that impact of business and society. Thus, it is necessary for the manager of Virgin Group to
evaluate all forces in an effective way and create chances to attain positive outcomes. All these
dynamic forces are as follows: The digital revolution: Digital revaluation is more important key force for Virgin Group
because it helps in developing the overall performance of company in market place. By
using digitalization, company improves their activities by storing all the relevant data. It
also helps in reducing the chances of creating any kind of barriers. Along with this,
digitalization also aids in increasing IT capabilities which help in introducing attractive as
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well as creative products at affordable cost (Wachowiak, 2016). With the help of this,
company invites more customers towards the services which aid in enhancing the overall
performance level at market place as compared to its rivals. For example, Virgin group
use digital revolution for improving their performance level by reducing the conflicts.
Along with this they also revolve the services in advance technologies which may leads
in increasing profitability level of the company. Social mediation throughout society: It is also an important key driver which helps in
increasing customer’s awareness towards company’s products and services. Digital
technologies easily take place in the business organization which increases company’s
sale in an appropriate way. In today's business environment, various software are there
which helps in managing all business activities. Currently, millions of people use social
media platforms like Facebook, Twitter and many more to communicate with others. By
using this platform, Virgin Group easily communicates with their customers and
determine their demands towards the services. With the help of this, company enhances
their customer’s base and attains competitive advantages. On the other side, it also put a
direct impact on society in which it helps in increasing awareness of the society towards
the market and company aids in influencing them to consume products and satisfy their
needs. In this context, in past time Virgin group use TV, Newspaper and other aspect to
promote their information which consume time and cost as well. At present time,
company use social media in which they provide better services and information to the
society. With the help of this company increase customers base.
 Globalization: This factor is one of the important aspect for all those business
organization who expand their operations for generating larger number of profitability. In
this company have to address their globalized market in order to create their customers
base within their business. Virgin Group expand their business in various location by
assessing their overall growth. Along with this globalization helps in introducing new and
innovative products in competitive market place (Verma and et.al., 2014). As selected
company enhance their performance level by determining this dynamic key force which
leas in attaining competitive advantage in appropriate way. Furthermore, globalization
helps in introducing new product in new market in order to enhancing their profitability
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level as compare to its rivals. In addition of this it also help society in improving their
living standard by consuming innovative services. In addition of this, globalisation define
various opportunities in which Virgin Group grab enhance their performance level at
market place and also expand their business activities in another countries as well.
All these key drivers impact on company and society which leads in enhancing the
performance level of the firm at market place. By using these, Virgin group easily introduce their
new and innovative products and services in front of number of customers and at the same time
also influence them to consume it effectively. Along with this there are some components which
may helps Virgin Group to enhance their performance level and also attain better success.
Sustainability is also refer to an effective aspect in which companies wants to attain long
term benefits. As Virgin Group operate their business activities for tries to attain sustainability
level in market place.
In addition of this, company also use green agenda in which they use better process
which does not harm to environment. This will aid in increasing the performance level of the
company at market place.
Demands for ethical and social responsibilities also important for business organisation to
implement their activities in effective manner. In this , for attaining better success company
should include ethical aspects which may leads in improving positive brand image which may
leads in enhancing positive brand image.
Demographic changes define population, age structure and living condition of the
customers. All these are important for business organisation to implementing all these are
effectively which leads in enhancing brand image and at the same time also increase
profitability level.
Evaluate the relationship between forces in terms of effective strategic decision making
Every key forces are important for business organization to maintain positive image at
market place. In this all these are interrelate with each other which enable to attain competitive
advantage in order to enhancing their performance level (Stromquist, 2014). With the help of this
Virgin group easily enhance their productivity level by expanding their marketing activities in
various countries. It can be understood by following points are as follows:
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Digitalization- Social mediation: In this both force are interrelate wit each other which
provide benefits to company in creating their customers base. In today's competitive market
every one use social media for communicating with each other in which company also easily
attract larger number of customers by providing them relevant information towards the products
and services. Due to increasing digitalization social media also getting enhanced in which Virgin
group easily promote their services which will aid in increasing the customers demand. By this,
elected company easily attract more and more customers. Thus, both are interrelate with each
other which leads in taking better decision in effective manner.
Globalisation- Digitalization: It is also more effective which helps in expanding their
business activities at market place (Schaltegger and Burritt, 2017). If company operate their
business at global level then they use digitalisation in which they easily serve their services to
larger number of customers as per their demands. This relationship help Virgin group to expand
their business at international market.
Digitalisation – optimum utilisation of resources – In this context, by using digitalisation
company easily use available resources at optimum level which may helps in improving the
performance level of the company at market place.
Globalisation – diversification of business – In globalisation, Virgin Group operate their
business in various countries and location in which they enhance their brand image and
performance as well.
These relationship helps in taking right decision within the company in order to enhance
their performance level and at the same time also helps in attaining competitive advantages.
Evaluation of an organization's response to key dynamic forces in the contemporary business
world
Social media: This driving force can help to an organisation to promote their business
activities in an effective manner. Now hundreds of people are using social media platform. Some
important social media sites are Facebook, twitter, Instagram, what's app and many more.
Through twitter company promote their product to focus group which increase their loyal
customers thus help in mouth promotion of goods. Virgin group has large product line so that
accordingly they will select social site which help them to improve performance. LinkedIn
provide various professional person which help to analyse product quality and expert review.
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Through this activities, management of the company are able to develop product according to
needs customer (Phillips and Krassioukov, 2015). Company used Social media platform to
communicate with internal employees in order to reduce conflicts and issues thus create healthy
environment at work place. Virgin group used this strategies to gain high market share and
profitability.
Globalisation: Through globalisation firm sale their product with large number to
customer. Virgin group has large number to product and services and they sell these goods at
international market. Globalisation has drawn every country in a single market system. An
organisation has sale their product at global level because their current market are not so
profitable, old technology, high competition, high substitute, less number to customer, change
clients demand, reduce export cost and many more. This all issue increase requirement of
globalisation. Virgin group are also face these problem at their home country, so that they sell
their product to other are in order to enhance profitability.
Digital revolution: Revolution of digital effect Virgin group Ltd as they are adopting a
new technologies within the companies as it will give positive impact on organisation (Moore,
2017). They are providing health services to their customers and positive impact of digitalization
is able to enhance their service through applications in their mobile phones with that they can
able to give services at anytime along with that they are giving services of music groups as
through advanced technologies they can make their live concerts which will provide a positive
impact in their Virgin group Ltd. They are also provide products like mobile phones, consumers
electronics, films etc. In their all products they are using a latest technologies with the help
adopting all changes of digital within the organisation of Virgin groups. They are giving many
unique features in their products will give a positive impact on their firm.
Decision making tools to address contemporary drivers for change
To run a business in successful manner it is essential for management to make decisions
which are effective in nature. Wrong decisions may lead firms to create losses for it. This can
directly put both positive or negative impact on brand image, productivity and profitability of an
organisation. In this context, Virgin group's administrations can utilise many sort of tools in
regards to make determinations that can create favourable conditions for company at
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marketplace. Some of decision making tool which can be used by Virgin to locate contemporary
drivers are as follows:
Cost-benefit analysis: One of most vital element which can help management of Virgin
in formulating decisions. In context of, Virgin group they are trying to enhance their business at
international level (Decision-making tools and techniques, 2017). Here, digitalisation, social
media and globalisation can aid in various ways. For an example: Selling products globally will
enhance sales of company but on other hand it will also enhance cost of same product because of
taxes, import charges and etc. Thus, it is mandatory for administration choose the best sort of
tool which will help in reducing cost of goods and services.
PEST Analysis: This type of tool is most effective in nature that can aid firm in
understanding the situation of both domestic and international marketplace while formulating a
plan or at the time of making decisions in betterment of company. Apart from this, instrument
like this will help in studying globalisation in a proper manner. Virgin group is looking forward
to enhance its business thus this factor will give proper perceptive of economical, social and
technological aspect of a country. In present world, most of organisations are using this type of
analysis only to better understand the external areas that can barriers while expanding a business.
SWOT Analysis: It is most important tool which helps in taking decision in most
effective manner. In this context, it includes strengths, weaknesses, opportunities and threats
which may leads in determining the planning process. This will aid in attaining better success at
market place.
Relevant theoretical foundations to support the identification and application of effect corporate
responses to contemporary management issues
In Virgin Group, there are different issues and problems which are faced by the manager
in an effective manner. In this theoretical foundations assist the application and identification of
impact on corporate responses. Some issues are determined as below:
Cost: It is refers as a main issue which is faced by the company in during the production
process (Ha and et. al., 2014). In this company increase their sales and decrease manufacturing
cost which highly effect on business performance.
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Taste and preference: It is another problem which is highly impact on entire
performance and productivity of an enterprise. Changes in the customer taste and preference
effect on sales and revenue of the company.
Advanced technology: In the organisation, there are large number of the employee are
work with the aim of accomplish predetermined goals and targets of firm. Some workers are
doesn't know about the new technology so it can highly impact on company profitability and
performance level.
In order to maintain all issue easily, Virgin group apply change management theories. In this
they follow Lewin’s change management model which is important for the company. This
aspects includes three parts which are determined as below:
Illustration 1: Lewin’s change management model
Unfreeze: It is a first stage which is known as preparation process. In this stage company
show their workers and its performance in the business activity.
Change: In this process, company identify the employee behaviour regarding adopting
and accepting variation. Further, they can easily sort out all issues effectively (Dickmann,
Brewster and Sparrow, 2016).
Freeze: In this stage variation are stabilizes which define how business will launch going
forward. So in this workers are now conform to innovative business activities and adopt new
form of performing responsibilities.
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CONCLUSION
From the above mentioned report, it can be concluded that management play vital role in
managing entire business activities and issues in effective manner. Along with this, various
dynamic key drivers also helps in improving the performance level of the company at market
place. Further various decision making tools also used by the company to determine the changes
in most effective manner which aid in attaining competitive place by addressing entire
contemporary changes in systematic way.
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REFERENCES
Books and journals
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management in Korea. Journal of bone metabolism. 21(2). pp.143-149.
Moore, A., 2017. Intellectual property and information control: philosophic foundations and
contemporary issues. Routledge.
Phillips, A. A. and Krassioukov, A. V., 2015. Contemporary cardiovascular concerns after spinal
cord injury: mechanisms, maladaptations, and management. Journal of neurotrauma.
32(24). pp.1927-1942.
Schaltegger, S. and Burritt, R., 2017. Contemporary environmental accounting: issues, concepts
and practice. Routledge.
Stromquist, N. P. ed., 2014. Women in the Third World: An encyclopedia of contemporary
Issues. Routledge.
Verma, H. and et.al., 2014. Contemporary management of symptomatic primary aortic mural
thrombus. Journal of vascular surgery. 60(6). pp.1524-1534.
Wachowiak, H. ed., 2016. Tourism and borders: contemporary issues, policies and international
research. Routledge.
Weiss, J. W., 2014. Business ethics: A stakeholder and issues management approach. Berrett-
Koehler Publishers.
Online
Decision-making tools and techniques. 2017. [Online]. Available
through:<https://www.businessnewsdaily.com/6162-decision-making.html>.
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