Respond to others You willindividually commentreplyto your fellow learners posts. These responses are expected to add to the discussion and even extend it. This should not be an I agree or disagree post; rather, interject your own personal analysis of the originating students posting. Please make each posting meaningful and on-point.
1) Discuss the four ongoing challenges that characterize the business landscape and explain why they are important.
The four major challenges facing the business landscape are globalization, technological change, importance of knowledge and ideas, and collaboration across organizational borders. Globalization is a major aspect of the modern world as companies must no longer only compete with companies within their own country, but with others from around the world. Technological change is important because as new inventions come out, demand for the inventions create new markets and make older ones obsolete. The importance of knowledge within a company is self evident as having a employee with the skills take on multiple roles is more cost effective then hiring multiple employees that only have one skill. Collaboration across organizational borders brings into regards that companies are complicated and have many internal independent parts that need to work in tandem for the whole thing to work.
2) How can leaders manage for a competitive advantage? Name all of the elements and discuss their roles
The elements that leaders can manage for a competitive advantage include innovation, quality, service, speed, cost competitiveness, and sustainability. Innovation is being able to stay up to date with the latest technology and trends so you are not selling and outdated product. Quality is selling a product that holds up and does what it was intended to do for a reasonable length of time. Service is being able to cater to the needs of your consumers as what one customer needs may not be what another does. Speed involves being able to get a product to customer when they need it. Cost competitiveness has to do with being able to keep your prices down enough to make you more desirable compared to a company selling a similar product. Lastly, sustainability is being able to run a business at a certain level for an indefinite amount of time without experiencing problems such as running out of resources or having employee burnout.
3) What are the functions of management and explain what they do?
The functions of management can be broken down into four areas: planning, organizing, leading, and controlling. Planning involves setting objectives and figuring out how to achieve those objectives. Organizing involves the creation of a system through which the plan can be enacted upon. Leading involves being able to bring other people on board to your organization to help you achieve your plans. Controlling is knowing where to best use the skill sets provided by people who have joined you and being able to changing as circumstances change
4) What are the management levels and skills and what do each of them do?
The three levels of management are top-level managers, middle-level managers, and frontline managers. The skills a manager at any level must have include technical skills, conceptual and decision skills, and interpersonal and communication skills. Top-level mangers are the most senior members of a company and are the one ones who make executive decisions and create the goals and objectives of a company. Middle-level managers are the middle men who take the objectives and goals set forth by top-level, and create the plans to achieve them. Frontline managers are the ones who implement the plans created by the middle-level managers
1) What is the internal environment composed of?
The internal environment of a company is made up different aspects of the company itself. Things that are have an effect on this are a companys employees and management and the interactions that occur between them. The internal environment of one company will differ when compared to another company. The internal environment can be a selling point for the company is attracting new consumers and employees.
2) Discuss each element of the internal environment.
The three major elements that make up a companys internal environment can be boiled down to its work culture, company values, and the work climate. Work culture is the way that employees and management interact within the business. Company values are the principles and beliefs a company follows when making decisions when deciding on a course of action on major decisions. Work climate is the general morale of staff at a company, whether that be positive from having good amenities and benefits or negative from having an overbearing boss or being over worked.
3) What is the external environment composed of?
The external environment is composed of things that are outside the control of a company but still have an effect on the company. These can include the changing political landscape or the forward march of technology. It can also include new social movements and changes in popular culture. It also includes what other business are doing and how it affects the company.
4) Discuss each element of the external environment.
The element of the external environment includes the economy, laws and regulations, demographics, social Issues, technology, and natural resources. The economy, laws, and regulations can change depending on the country, and what the political leanings of the current establishment are. Technology is constantly changing, and those who fail to change with it will often be left behind. Access to natural resources can depend on the country the business is based in and the global political scene. Demographics and social issues slowly but constantly change as well as new generations come and do things in a different way from the prior.
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