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By understanding the key concepts applied in the business environment, managers are able to avoid errors that may arise in business operations such as poor financial management. The purpose of this paper is to explore different concepts used in key areas of business operations.
The key areas include dynamic business environment, critical business functions, the integration of individuals and systems, and ethics and social responsibilities that confront a business. For the objectives to be met there must be stable functions of the organization such as good planning, organizing, coordination, and directing.
These functions can be achieved through well co-ordinated management team. Therefore, good business management results into smooth flow of business activities. In a business set up, various dynamic business environments may affect the performance of the firm negatively or positively.
One of the key concepts in the area of dynamic business environment is economic changes. Economic changes refer to changing trends of general performance in an economy. Economic changes comprise of economic boom and recession. Economic boom has a positive effect on the business environment because businesses generate supernormal profits. Economic recession has a negative effect on business environment because it results into a slowdown in demand and thus a reduction in production.
Firms and businesses wind up during economic cycle. Another concept in the area of dynamic business environment is market conditions. Market conditions refer to the extent of demand and supply of goods and services in the market. Demand and supply are the main determinants of prices of goods and services. The presence of many competitions in the market results into a reduction in prices of goods and services.
To beat this odd, Beaumont noted that a firm must differentiate its products by producing goods and providing services of high quality and standards as well as developing good relationships with the customers. Boone and Kurtz observed that maintaining good customer relations increases the sales revenue generated by the firm even when market conditions are unfavourable. The other concept in the area of dynamic business environment is changes in government policies and regulations.
Governments change regulations and business policies to regulate business activities. Such regulations may include high taxes imposed on businesses, changes in business registration requirements and policies for reduction in carbon emissions. Failure to observe these changes in government policies may lead to increased conflicts between the government and the firms thus destabilising business operations.
Critical business functions An organization is divided into operation units that perform different functions. Such functions include human resource, sales and marketing, information technology, production or operation, research and development, finance and accounting and customer service.
These functions are undertaken in different levels of management in the organization. These functions are interconnected in different ways. For example, the human resource trains people to work in customer service.
The quality of customer service affects the sales generated by the firm. Research and development, generates new methods of production and operation. Information technology affects the extent to which the sales and marketing teams reach the customers in the market. The accounting and finance departments must work to ensure that the human resource receive their salaries in time as a way of motivating the human resource to perform their duties with dedication.
In this regard, the concepts above are intertwined and they generate a positive effect in the long run if the management does not create barriers between the departments represented by the functions above.
Integration of individuals and systems Boone and Kurtz noted that a smooth flow of activities can be achieved in the organization through proper co-ordination between the workers and the organizational management.
The three types of communication flow that must be taken into consideration to enhance better business management include; a upward communication; b Horizontal flow of communication and c downward communication flow. Upward communications refer to communication between subordinates and managers. Managers should create a free and fair environment that allows them to welcome any worker with an issue. Upward communication enhances the relationship between the managers and the workers which make the workers feel as part and parcel of the firm.
Horizontal communications refer to positive relations between people of the same level.
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Your First Business Research Paper Can Be Awesome - Just Follow These Guidelines Research papers are the most challenging part of all business classes. Your professors will require you to conduct an academic research and present the results accompanied with your own findings on the matter.
The Journal of Business Research applies theory developed from business research to actual business situations. Recognizing the intricate. Disclaimer: Please note that all kinds of custom academic papers ordered from fornewrip.tk writing service, including, but not limited to, essays, term papers, research papers, dissertations, book reviews, should be used as reference material only.
Research Paper: Identifying Key Concepts in Business and Management Introduction Key concepts in business are important for the growth of any entity. This is. The Best Business Research Paper Service Academic writing in the sphere of business studies is a rather peculiar thing. On the one hand it requires a lot of practical and theoretical knowledge, on the other hand it doesn't condone with commonplace.