To do this, we interviewed Mr. We found out how key managerial concepts can be applied in terms of managing an online fashion store. In a nutshell, Mr.
Identifying Key Concepts in Business and Management Introduction Key concepts in business are important for the growth of any entity. This is because such concepts determine the direction in which the business is governed, and hence, they determine the success or failure of any business.
By understanding the key concepts applied in the business environment, Business management term paper 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.Step 1: Choose a Topic for your business term plombier-nemours.com started with a general area of research, narrow down your subject and concluded a research question or statement for your paper.
Step 2: How to conduct and plan your plombier-nemours.come your thinking process for research resources so that it may assist you in gathering data, analyzing results and evaluating your resources.
Management Research Paper Writing Help. Often, the exact meaning of a research paper gets lost among the other phrases that float around in academia, such as essay, term paper. Management Term Paper: Management is the process of the successful control of people with the aim of achieving a common profit.
Management is mostly associated with business, because a company can not exist well without successful and professional management. Sports Management Term Paper Sports management is the branch of physical education which is supposed to make students interested in the different kinds of sports in order to help them keep fit and maintain their physical and psychological health.
Research Paper Workplace conﬂ ict management: awareness and use of the Acas Code of Practice and workplace mediation – A poll of business Ref: 08/11 wareness place melace me nd use of nd use of ediation ediation s an ede t Matt Williams and Acas Research and Evaluation Section.
These management functions allow an organization to handle its business strategy, tactical and operational decisions. The aim of this paper is to discuss the four functions of management namely: Planning, Organizing, Directing and controlling.
Planning. This is the first management function and it is a very important area of all the four.