Analysis of Contemporary Management Issues and Corporate Responses

This report provides a comprehensive analysis of contemporary management issues impacting businesses in the context of globalization and rapid technological advancements. It identifies key dynamic forces, including commodization, the digital revolution, social media influence, and globalization, and assesses their impact on organizations. The report explores corporate responses to these issues, such as external and internal analysis, performance evaluation, forecasting, and environmental monitoring. It critically evaluates these responses in relation to the dynamic forces, offering insights into how organizations can adapt. Furthermore, it details decision-making tools and processes for addressing contemporary challenges, including a seven-step approach. The report also examines sources of information and opinion relating to global issues, differentiating between primary and secondary data sources. Finally, it offers recommendations for navigating conflicting information and data, emphasizing the importance of informed decision-making and strategic adaptation to maintain a competitive edge. This report provides a valuable resource for understanding and managing the complexities of contemporary business environments.

CONTEMPORARY MANAGEMENT ISSUES

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
Key Dynamic Forces Impacting Business and the Society.........................................................3
Identification and Application of Corporate Responses to Contemporary Management Issues. 4
Critical evaluation of Organization's Responses With Key Dynamic Forces ............................5
Decision-Making Tools to address Contemporary Drivers.........................................................6
Sources of Information and Opinion Relating to Global Issues..................................................7
Recommendations when Faced with Conflicting Information Data...........................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
As world has taken a rapid pace towards the globalization and innovation techniques and
thus businesses have been engaged in managing these kind of activities more rather than making
a move with the traditional concepts. By applying these kind of practices they have able to
deliver best in the quality services to customers which has made them attain a competitive edge
over their competitors(Wry, Cobb and Aldrich, 2013). The present report deals with such
management issues which impacted the organizations business in either a positive or a negative
way.
Key Dynamic Forces Impacting Business and the Society
There are different forces and elements which have been established which can make the
business function effectively and smoothly. As time has changed thus the new innovation and
technological advancements have been come up with making the process of business easier and
convenient. Certain elements are:
Commodization: In this practice the competitors use the tactics of reducing the prices in order
to get benefit more than the competitors. It continues to be the formidable force which has
impacted the businesses in many ways, for some it is positive and for others it is negative
outcome. It is an issue for the business because through commodization a firm has to reduce its
products prices.
Digital Revolution: Digital marketing practices have taken a boom in this current era. Every
firm is going for digital marketing to introduce and make people aware about their product and
services. Through digital marketing practices various startups have managed to create a good
customer base for them and are working in order to get high engagement from every class of
people(Morris and et.al, 2013). Long back when computers have been established no one has
ever thought of this change and every activity has been performed here now a days.
Social Mediaiztion Through Society: As world has taken steps towards the digitalization and
making moves in order to make their business grow with implementing the practices through the
social media channels. Now a days social media is the key in maintaining the business
operations. It has been found out that 90% of world's population is on social media. Thus the
market is huge and business will never want to miss the opportunity like this.

Globalization: All has been happening because as world has developed due to technological and
economical changes and as countries are developing that's why globalization has impacted
business as whole. Globalization has drawn every nation into a single economic system(Bhamu
and Singh Sangwan, 2014). It is essential for every business to understand the current future
impacts of trends and operations to develop the strategies.
Acceleration: Rapid pace has taken a boom over the old methods and tactics which in turn has
created a increase in the figures of sales and the beneficiary parties are happy and others are
nowhere.
Identification and Application of Corporate Responses to Contemporary Management Issues
There are many things which intakes by the organizations or corporate in order to deal
with the issues are that are developing at the rapid pace and can affect them in a negative
manner. Managing the issues is the key and thus making the most out of the contemporary issues
gives the business an extra advantage over the competitors(Hamilton-Smith, 2016). There are
various rtesponses for managing the issues taken by business and these are:
 External Analysis: A external analysis of firm is carried out by the authorities so that it
can be found that whether what are the opportunists and threats prevailing in market,
which target market is good and bad for the particular product and making it the most
important tactics to make decisions on further operations of business.
 Internal Assessment: As far as external is concerned internal analysis is important fact in
making the move because a internal assessment not only gives the idea of your
capabilities rather it gives the idea of internal capacity as well(Eberlein and et.al, 2014).
Here the main focus is on resources and are to the fullest level and making the most out
of it is the key and thus here the strength and weaknesses of business is defined so that
issues can be tackled as per the plans.
 Performance Evaluation: Business in order to deal with the issues have able to adopt the
strategies of evaluation in which they evaluate the performance level of the workers to
know which worker is performing up to which level and further making the decisions on
the process of how the performance evaluated can be raised.
 Forecasting: Forecasting the future is now a days businesses has to adopt because
thinking of the future operations is the key in making the world be competitive and

reduces the risk of getting influenced from the issues which will arise(Osborne and
Strokosch, 2013). It act as tool in fighting with those issues.
 Environmental Monitoring: Monitoring is important part of the the responses that
business have because continues monitoring of the environment gives corporate to make
decisions on which issues will be faced by the firm in the future and present and thus
making the efforts to reduce that is the key(Osborne, Radnor and Nasi, 2013).
There are many more responses which is taken by different organizations in order to
minimize the effect of Contemporary issues.
Critical evaluation of Organization's Responses With Key Dynamic Forces
Digital Revolution: Digital revolution has been the key in making businesses increase
there sales and introduce a new area in the businesses which is digital marketing department.
Organization in order to match with this particular issue have adopted this as challenge and
utilized or channelized this as a positive element for the businesses and now with the help of
social media channels now sales has been done.
Commodization: Since Commodization is a negative trait as it includes reduction in the
prices because of various developments and changes in the structure of the country rules and
regulations thus corporate faces this issue and eventually they have to reduce there prices of the
products in order to survive in the market(Kjesbu and et.al, 2014). if they don't reduce the prices
then it might happen that customers many shift and look for the alternative product.
Globalization: Companies in effect of globalization is very well making the move very
cautiously because in globalization businesses can face negative and positive scenarios as well.
Corporate's in order to mange this issue have to adopt the strategies with proper care and due
intelligence which will make them have a competitive advantage over the others.
Social Mediaiztion Through Society: Now a days social media is the key in
maintaining the business operations and maintaining it through the social media has helped the
organizations achieve good results as from the traditional way. There are some business whose
structures are not competent to make business on the social media thus for them the traditional
way is the best and they are on that only. So every firm has to make decision as per their
requirements and nature of business.

Decision-Making Tools to address Contemporary Drivers
As decision making is the important element in driving the business to its growth and
thus for making decisions final statement is made by the senior level authorities only. There is a
seven step process for making decisions in relation to contemporary issues which are:
1. Create a Constructive Environment: Creating an environment is necessary in order to
make the decision. Sometimes it is important to include others in making the decisions
but whom to include should be taken care of(Thomas and et.al, 2013). if a manager is
making decision in relation to digitization and social media then they need to create that
environment around them to have alternatives from different peoples so that appropriate
level of decision can be achieved.
2. Investigate the Situation: Understanding the situation is the key whether it is about
commodization or globalization every situation is different from other and thus as per the
situations decision should be made that whether a business should go for digital
marketing practices or not in case of social media issues.
3. Generate good Alternatives: Generating alternatives is essential because here a manager
get to know what are the ways and how many ways are there from which the harm can be
reduced up to maximum level so that appropriate level of strategy or decision can be
made after evaluation of it.
4. Explore Options: After find out relevant options for going to achieve the objective a
manager needs to encounter and explore the ways or alternatives they have come up with.
By exploring different ways this will make a manger to know which way will be the best
for them to implement and how this can be made(Thomas and et.al, 2013).
5. Select Best solution: Selecting the best solution after exploring is the key. At the point of
selection a manager needs to understand for what purpose and by what issue he is making
the decision for future operations whether it is commodization or globalization or due to
digital marketing channels.
6. Evaluate Your Plan: Plan evaluation is the key towards making sure that the plan if
implemented in an effective way will goes on achieving the targets.
7. Communicate Decision: After having an evaluation and making a deep understanding of
the alternatives the action plan needs to taken and decision should be communicated.

Sources of Information and Opinion Relating to Global Issues
Decision-making draws from information which is collected from different sources and
thus the source of information should be good in the manner that there should not be nay
biasness or mishaps which harm the authenticity of the data. For the purpose of decision making
there are two sources of data and they are: Primary and secondary data sources. The primary data
sources are own investigation, questionnaires, surveys, polls, etc. They are the key towards
making of different decisions so that firm can achieve the results effectively(Bernard and Ellis,
2013). In primary decision making the most important element is that they conduct the research
their own such that the data collected by them will not be biased and they will be in a position to
make effective decisions. On the other hand the secondary data is collected from books, journals,
news papers, articles, past studies, white papers, etc. Thus they all play part in extracting the
information related to the contemporary issue and thus helps manager in making decisions for
the firm.
Global issues can be any they can be related to trade, economy, natural disasters,
environmental issues, causes of poverty and global warming and many more. Further as per
looking at the world it is unsure that which will depict the root cause of contemporary
issue(Bernard and Ellis, 2013). As world is rigid and thus making it more complex it is important
to make necessary judgments.
Recommendations when Faced with Conflicting Information Data
Certain recommendations have been made to deal with the contemporary issues in order
to facilitate and reduce the impact of negative elements a business can have. Thus an effort has
been made to recommend and those are:
 Decision-making should be done as per the knowledge of issue and inculcating it
effectively.
 In order to reduce the negative effect a business should apply forecasting techniques so
that they can minimal the effect of the major issues.
 Compliance of the issues in order to get a competitive edge is important(Juda, 2013).
 The data collection should be accurate and should have potential to determine the actual
factors which can lead to changes.
 More emphasis should be given on technological changes.

CONCLUSION
As per the above report it has been concluded that as world is developing many new
practices are also developing, every new day there is something innovative and creative stuff we
get to know about. Thus, this change has made the scenario look and feel awesome in order to
get business a competitive edge from its customers. As per this report it has been founded that
there are many forces which can impact the working of the organization and management of all
the issues is been necessary to make those issues act as medicine for them. Sources of data also
has the potential to make negative and positive effect on the business since their accuracy and
potential is questioned.

REFERENCES
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