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.
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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.
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.
Bernard, M. E. and Ellis, A. eds., 2013. Clinical applications of rational-emotive therapy. Springer Science & Business Media.
Bhamu, J. and Singh Sangwan, K., 2014. Lean manufacturing: literature review and research issues. International Journal of Operations & Production Management.
Eberlein, B. and et.al, 2014. Transnational business governance interactions: Conceptualization and framework for analysis. Regulation & Governance.
Hamilton-Smith, E., 2016. Management assessment in karst areas. Acta Carsologica. 31(1).
Juda, L., 2013. International Law and Ocean Management.
Kjesbu, O. S. and et.al, 2014. Synergies between climate and management for Atlantic cod fisheries at high latitudes. Proceedings of the National Academy of Sciences.
Morris, S. and et.al, 2013. A narrative literature review of the contribution of volunteers in end-of-life care services. Palliative Medicine. 27(5).
Osborne, S. P. and Strokosch, K., 2013. It takes two to tango? understanding the Co‐production of public services by integrating the services management and public administration perspectives. British Journal of Management.
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