Contemporary Management Report: Business and Societal Dynamics

This report delves into contemporary management issues, analyzing the dynamic forces impacting business and society. It critically examines theoretical foundations to identify corporate responses to management challenges, emphasizing the shift in global economic power towards E7 nations. The report explores the implications of these shifts, including changing societal expectations, ethical considerations, and globalization. It highlights the importance of strategic decision-making, utilizing decision-making tools to address contemporary drivers for change, such as political populism and economic uncertainties. The report also discusses the challenges and opportunities faced by businesses in emerging markets, emphasizing the need for skilled workforces, local partnerships, and innovative strategies to achieve sustainable growth. Recommendations include promoting local talent, improving infrastructure, and adapting to changing consumer markets to navigate the complexities of the global economic landscape. Overall, the report underscores the interconnectedness of business and society, advocating for proactive and adaptive management practices to ensure long-term success.

CONTEMPORARY
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
DYNAMIC FORCES WHICH MAKE IMPACT ON BUSINESS AND SOCIETY.....................1
CRITICAL ANALYSIS OF THE THEORETICAL FOUNDATIONS TO IDENTIFY THE
EFFECT OF CORPORATE RESPONSE TO CONTEMPORARY MANAGEMENT ISSUES . 2
USE OF DECISION MAKING TOOLS TO ADDRESS CONTEMPORARY DRIVERS FOR
CHANGE.........................................................................................................................................4
CONCLUSION ..............................................................................................................................5
RECOMMENDATIONS ...............................................................................................................5
INTRODUCTION...........................................................................................................................7
ASSESSMENT TASK 2.................................................................................................................7
Financial obligation and opportunities........................................................................................7
RECOMMENDATIONS...............................................................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................17

INTRODUCTION
Contemporary issue management is a process which is related to the recent or current
trends of a business. It is a management techniques which help to provide effective ways to
check what's is going on right in a business currently. The present report analysis the critically
review in order to support the view that global economic power will move increasingly to the E7
nations by 2050. It also explain the understanding of all the dynamic forces which make impact
on the relationship between business and society in term of making effective strategic decision
making process. By analysing the theoretical foundations, it help to identify and apply the effects
which make corporate responses to contemporary management issues.
DYNAMIC FORCES WHICH MAKE IMPACT ON BUSINESS AND
SOCIETY
This report consider that latest long-term global growth projection to 2050 for 32
economies and earn 85% of world GDP. As per the analysis of this issues, it include the world
economy which could be doubled in size in 2050. All the emerging markets grows twice in a fast
speed by using advanced economies. Reaching the year 2050, six largest economies are
projected which is led by China, India and Indonesia. As a shifting in GDP growth, UK's GDP
goes down to 10th place by 2050. Institutions and infrastructure need to increase their
economies, as a result they positioned itself as a long-term growth (Mokin, Lopes, Binning,
Veznedaroglu, Liebman, Arthur, Doss, Levy and Siddiqui, 2015). There are various kinds of
forces which make great impact in relationship between business and society these are:
Changing Societal expectations: The demand and expectations of society are ever
changing in nature so that it make great impact in business. People except that business need to
be more responsible and also pay close attention to social issues. They also want that the firm
need to act as good citizens in society. Hence, new public issues arise rapidly so that business
need to make balance between social, legal and economic obligations.
Growing emphasis on ethics: Public also want that business can work as per the ethical
manner. They apply various ethics principles or values so that enterprise can analysis wrong, fair
and unfair actions while making business decisions.
Globalization: People survive in a global integrated economy and segregated the
movement of goods, services and capital across national boundaries. Big corporations can do
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their business with various countries. People buy the products in US, Germany, China, India,
Indonesia or Mexico everyday. Thus, all the economic factors affects the business activity in a
global level.
Creating value in a dynamic environment: This is considered as most powerful
dynamic forces which affect the relationship between business and society. It include changes in
societal and ethical expectations, global economy, policies framed by government, new
techniques etc. are important for the business to make interaction with market and non-market
shareholders. Hence, society and business are interrelated with each other because they both are
part of interactive social system. It can be said that once activity highly influenced the other
(Nefas and Valickas, 2014).
In order to this, business need to make effective strategic decision making process so that
all the countries like China, India, Russia, Indonesia, Mexico, Brazil, Turkey can develop itself
by the year 2050.
CRITICAL ANALYSIS OF THE THEORETICAL FOUNDATIONS TO
IDENTIFY THE EFFECT OF CORPORATE RESPONSE TO
CONTEMPORARY MANAGEMENT ISSUES
As per the Pwc report, India becomes the world’s second largest economy in terms of
purchasing power parity (PPP) whereas despite the economic slowdown, it is projected to
overtake US by china in 2028. According to the Thornton (2006), G7 countries are the world’s
richest countries which are expected to be overtaken by E7 emerging economies by the end of
year 2050. It presents a key challenge to the Western companies and workers. The collective
economies size of G7 nations i.e. China, Russia, India, Mexico, Brazil, Turkey and Indonesia is
determined at 75% midway in the century. G7 nations bring numerous contemporary
management challenges for the business which needs to be carefully tailored for the success
(The World in 2050, 2015). One of the key threat for the organizations is it will be really tough
for the emerging economies to sustain the growth rate given the institutional deficiencies and
economic bottlenecks. In order to effectively manage the businesses, corporate managers have to
examine the political environment and legal & regulatory risk and implement appropriate plans
and procedure to mitigate such risk. Moreover, they need to understand and analyze the
consumer market dynamics that are mature, digitalized savvy and sophisticated.
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Besides this, emerging economics may vary in their strengths and weaknesses from
industry to industry within a given country. Thus, managers and strategic policymakers need to
update their local knowledge consistently so as to manage their business functions and activities
in the best way. It becomes crucial for the entrepreneurs to have the best local partner in order to
navigate local legal, political and regulatory system. Rising the economic growth of G7 nations
at high rate were beneficial to the West countries but bring challenge for the countries due to
shortage of skilled and talented workforce. Thus, people with less level of skills will face threats
due to loss of their jobs will tends to increase employment issues. In order to combat such
managerial issue, companies have to make decisions to promote and boost local talent to have a
better understanding of the local business & social culture which will serve businesses as a
source of competitive advantages (Chen and et.al., 2016). Besides this, large-sized Western
corporations who undertake strategic investment in the emerging economies as a part of their
investment strategy must put focus upon improving their local network i.e. offering technical
guidance and assistance & advice to the local government in the field of fiscal policy
formulation, corporate governance and protection of intellectual property rights. They also can
invest in the infrastructural facilities i.e. power, railways, electricity, network which enable
companies to achieve long-term success.
In today’s period of advanced economies, G7 nations will be continue to have high rate
of average income and GDP/capita beyond E7 nations by the end of year 2050. China is
expected to have middle average income whereas despite the high growth, India is expected to
have its half of income range. Strong growth in country’s population serves as a key driver
behind high growth in GDP but it will take time to mitigate differences in average income level.
In 2016, in US GDP per capita is projected to be 4 times to that of China and 9 times to that of
India which is expected to reduce by the end of year 2050 (Babu, Hariharan and Srinivasan,
2016). Although the gap is tends to narrow down still income inequality is projected to increase
which will be driven due to the technological changes which needs highly skilled & competent
workforce. In order to maximize potential, policymakers in the corporate field need to undertake
investment in infrastructure, updated and advanced technologies and others so as to sustain high
growth. Promoting innovations will assist economies to create secure environment. Aging
population, change in climate and structure development makes it essential for the businesses to
equip with the multi-talented workforce to promote their business growth.
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Although, there are number of challenges but also at the same time, economic progress
subject to the new industry and better engagement with worldwide market are the great
opportunities for the companies. Market with relative more population of youth will become
highly attractive for the talent acquisition. As the emerging countries are highly volatile
therefore, establishments have to pay focus upon creating right mix of policies and decisions,
understand their local consumer base and market and have good relationship with the local
partner for the sustainable growth.
USE OF DECISION MAKING TOOLS TO ADDRESS CONTEMPORARY
DRIVERS FOR CHANGE
Global economy faces many problems and difficulties which provide challenge to pick
some data inn weak years. Today, global GDP rate is 3.5% and IMF forecast is less that the
average with 4.5%. In order to this, UK and US try to recover its self sustained. On the other
hand, in Eurozone policy are framed to make expansion and growth which could be expected
before. There are various kinds of contemporary drivers which are needed to make effective
decision making tool for making growth in global economy. 2016 is a year which is represented
as political populism. It can be said that low economic activity and productivity denotes
disappointing real wages and consumption rate. There are various kinds of factors which increase
populism. Due to regards to this, job security are undetermined as per the global competition.
The demand of education, specific knowledge will be decreases and weaker negotiation power
also make negative impact in the productivity (Kane, Dennis, da Silva Costa, Kornman and
Brennecke, 2013.).
Russia also plays an important role in the world. For a long- term period, Russia reduces
it power to take current regime. Low fertility rate, dependency in natural resources, lower
productivity rates etc. make great impact in the growth rate of a country. Choppy markets also
make negative impact in growth rate, In order to this, Europe make extraordinary monetary
policy so that it can reshape the banking structure. Less utilization of resource also make great
impact in the economic growth. In order to this, country develop a strategic plan so that it can
accelerate the productivity. All the traditional models which are used by the central banks for
analysis the inflation rate also capture with the use fast moving techniques. China government
also make strategic decisions so that it can reform the downside risks and dependency including
state- owned enterprise and centre power etc. Emerging market also take the advantage of
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globalization. As as result in 2016, IMF forecast shows that GDP is growing faster than 6%. It
can be said that total economy is going to be triple in two decades. Western companies also make
strategic investment for emerging markets so that it make contribution to improve the local
framework. This can be done by using appropriate technical assistance and advice which is given
by the government. Foe example: Government guidance in regards with the fiscal policy,
intellectual property rights protection etc. In addition to this, manager need to understand the
political legal risk so that they can avoid which the use of appropriate strategic plan. By making
correct balance between company to company, growth market strategy helps a toolkit for the
growth of an economy. It is essential that global strategies must be followed strictly so that it will
positive impact in the growth of all the emerging markets (Meidutė-Kavaliauskienė, Vasiliauskas
and Zinkevičiūtė, 2014).
CONCLUSION
From the finding of the report, it can be concluded that G7 are rapidly growing countries
across the globe which brought number of challenges as well as opportunities for the corporate
policymakers to sustain high growth. Innovation, technological advancement, development of
new industries and worldwide expansion are the opportunities whereas lack of skilled and
competent workforce, changing political, legal & regulatory framework are some of the key
threatening issues. It arise the need for the managers to create right policies and balance between
lower-risk and mature and growing markets. They need to formulate various growth market
strategies for promoting sustainable business growth and success.
RECOMMENDATIONS
 To promote high growth, policymakers must have better knowledge of their domestic
market to administrate their regular business activities in a successful manner. In such
regards, the report founded that working with the local partners and acquiring talented &
highly capable and competent workforce will assist them to run operations successfully.
Moreover, good knowledge of local consumer, market and social culture will drive
competitive advantage to the businesses.
 Under the investment strategies, the report suggested to undertake planned investment in
the infrastructural facilities i.e. power, railways, electricity network & others to build
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long-term growth. They can also assists government to frame better plans under the fiscal
policy, corporate governance and others for the economic growth.
Technological advancement will also assist policymakers to promote innovations as a source of
competitive success and enable them to achieve high growth and development.
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INTRODUCTION
The issues which are faced by the organization in order to keep the business sustainable
in the industry. The issues are related to human resource management, financial conditions,
project management, globalization and corporate social responsibilities. In the changing society,
the management issues are becoming very crucial and the company have to overcome those
issues in order to keep the business on track De Vita and Case, (2016). This part covers the
methods by which Marriott can improve their financial conditions, so that they will remain in the
market. Further, this part also shows the process of overcoming the social responsibilities and the
environmental issues in order to reduce the business pressure for operating the business and
remain sustainable. The impact of people, planet and profits are the factors which can have
significant impact on the operations of the enterprise. The firm have to know the effectiveness
and their impacts on operating the business, so that they will improve those aspects as well.
ASSESSMENT TASK 2
Financial obligation and opportunities
According to Nudurupati, Tebboune and Hardman, (2016), hospitality and leisure
industry embraces a spectrum in sector of businesses such as hotel, restaurants and many other
elements. This sector is depends on consumer confidence and sentiment of the organisation. It
creates the highest impact on effective distribution channel which is more important element.
There are several problems associated with implementing finance at workplace of Marriott. This
enterprise is facing many issues and problem due to financial requirements. It requires different
obligations which assists to promote effective results at workplace. Problems are determining in
the following manner:
Global financial crises: Pereira-Moliner, Font and Pertusa-Ortega, (2015) ascertained
that, in UK there are the highest global financial crises are continued take place. It is the time
when major households have not enough finance to invest in enjoyment, holidays and many
other things. At this time, Marriott unable to get money so that they are not effectively
implementing new services and products at workplace. They lost lot of the money which create
huge debt so that profitability is not been take place. Therefore, the chosen organisation need to
offer their rooms at low cost which create problem to deal in different market.
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Competition: As per the point of Grant, (2016), it has been examined that another
obligation is competition within the UK market and booming the industry. There are several
hotels opening so that customer can go towards other organisation where they get low cost. Due
to existing of many competitors, competition increasing so that Marriott face issue to attract
customer at low cost.
Product offering: On the other hand, De Vita and Case, (2016) examined that further
obligation is product offering that is brought advancement in range of services, facilities and
amenities that offers by hotel. Nowadays, every hotel industry offers luxury products so that they
can attract many customers easily. In this way, Marriott also need to offer different products such
as LED, Wi-Fi, Gym, etc. These products create high cost to determines effective results at
workplace. At higher and rating scale different types of services facilitate for entertainment and
enjoyment, etc.
Customer expectations: Huggins and Thompson, (2017) argued that, many hotels
concentrate on customer satisfaction which assists to promote effective results at workplace.
When customers are looking towards hotel, they demanding luxury services to develop results
effectively. Hereafter, Marriott need to reduce discrimination and enhance expectations of
customers in successful manner. In this way, the selected business can deliver their services
through implementing high cost which assists to promote positive results at workplace.
Social media: According to Daft and Marcic, (2016), social media platform also create
high cost in respect to show products and services on Facebook, Twitter and google, etc. It
determines the biggest challenges in hotel industry which requires powerful influence to
maintain reputation of the enterprise in front of customer. Each guest need to be feel very safe
with using products and services at workplace. It creates results to offer goods and services
effectively at Marriott. There are many attributes implemented that assists to grow performances
with increasing finance. Hence, it is obligation to the company to manage and monitor social
media presence.
Opportunities to Marriott
In order to remove financial problems and ascertain obligations, Nudurupati, Tebboune
and Hardman, (2016) said that Marriott need to expand their business and operations through
offers different range of exciting opportunities. Although, there are many individuals
immediately think about hotel to develop their outcomes and results with seeking management
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positions. With the help of valuable information, experience assists to advance career with most
authoritative sources which recommends academic discipline in hospitality administration. At
management level, workers of hospitality sector receive benefits of traditional that assists to
make competitive with healthcare packages and retirement plans. There are several opportunities
to the chosen enterprise that are as follows:
Implementing airline and railway travel: However, Sadgrove, (2016) argued that it is
the greatest opportunity in which Marriott can implement their services in effective manner.
Airline and railway travel assists to increase productivity and profitability in successful manner
for development of revenue and profits. Further, it increasing cost but also helpful to considered
effective results within the firm. This activity assists to enhance profits and revenue in successful
manner so that industry can grow their monetary amount at workplace.
Conferences and conventions centres: As per the view of, Becker, Kugeler and
Rosemann, (2013) With the help of conference and conventions centres, Marriott can attract
businesses men, college faculty, students and many other people. In this aspect, seminar and
conferences can be arrange at workplace of chosen hospitality industry. Therefore, it will be
profitable for ascertain high profits and revenue at workplace. Hence, it makes positive impact
on the organisation to develop their results in profitable manner.
They have to offer the products and services as per the needs of the consumers, so that
they will keep satisfied. This will attract more consumers which will improve their financial
conditions. The cost of the services should be effective and the rooms must be available to all the
types of consumers. In this way they will able to gain the loyalty of the customer's as well as
they will be able to retain them. It will also help in improving their financial state Pereira-
Moliner, Font and Pertusa-Ortega, (2015). The location of the company should be easily
accessible to all the travellers, so that they don't have to travel a lot to find out the hotel. It will
keep them happy and will improve the brand image of the hotel.
Further, if the company want to increase their financial condition, they need to minimize
their expenses. The products used by them should be environment friendly and can be recycled
after usage. This will reduce the purchasing cost of the company and improve their finance.
Tourists offices and ministries of tourism: In order to determines different offices of
tourism, Botha, Kourie and Snyman, (2014) stated that Marriott can delivers effective services of
tourism activity. In this way, customer can easily get travelling services which assists to promote
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performances that are helpful to enhance profits and revenue. It is the best opportunity to
maintain loyalty of customer and ascertain results that are determines profitability at workplace.
Museums and other cultural venues: However, Beardwell and Thompson, (2014)
explored that there is another method to create effective results at workplace that is museum and
venues. In order to develop profits, this is the best element through enterprise will accomplish
their goals and objectives in different areas of the world. Hence, it is important to measure
performances as per availability of finance. It assists to attract many customers and people that
develops effective results at workplace of chosen business. Within the business environment,
cultural is the greatest opportunity which assists to attract different types of people in successful
criteria. Therefore, it will be beneficial to ascertain high profits and revenue at workplace.
Social risk and Obligation
In every business enterprise, there are some of responsibility toward the society, customer
and other public. While it organise and operate any business activities then it must consider on
the social impact, risk and obligation toward the society. Company have to always consider
social impact by business activities and functions. In the context of Marriott hotel, there are
various business activities and operation which conducted for the enterprise. While any operation
are organised like delivery of accommodation, food service, entertainment etc then it needed to
consider its social risk, obligation, opportunities and impact on the society (Franks and et.al.,
2014). In the context of social risk, safety and security of the society like employees, customer
and public is major issue. In the absence of guest, no hotel can operate its functions and can not
earn profitability. Thus, it is great responsibility of the Marriott hotel to mange the working
environment and operation ion such manner so as it will not negatively impact on the society.
The internal system, surroundings, infrastructure, services should manage in such manner that
will not negatively impact on the people. All product and services which company produced
must licensed and organised in proper manager. In a simple word it can be said that Marriott
hotel have various kinds of the social risk related to the human and labour violations. Following
are some social risk which Marriott hotel have to consider-
 Human right is one of the main social risk of the cited venture because organisation is
directly and indirectly connected with humans. It has to consider their rights and
responsibilities. Government have developed various human rights related to customers,
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