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impact of globalization on business environment
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impact of globalization on business environment
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Several studies commissioned to look into ways of modern business values, by values the profit, and growth, which the companies strive to accomplish in all their enterprises, meant. Business world is changing too fast. Technology, globalization, markets, new competitors, new activities are all causing quicker modifications in our corporate environments, which are the examples of new business values. Focusing on the results mean that we have to define very clearly what is the modern business values are, how sustainable growth is affected, and what is the influence on the environmental well being, so that the outcome can be continuously measured against these facts. We must assess where we are today in terms of modern business, sustainable development, and environmental well-being.
People provide a broader approach to the introductory analysis of modern business problems, and principles by their method of describing business in a general way, and relating into society as a whole. However, modern values release, and direct energy, motivate people, generate profits, and promote non-stop expansion. So, measurement of a successful business can be evaluated by how much it has grown over a given time, and how much profit it has made. For instance, if a local market does not expand in a given year and does not increase profits, it’s share price falls. Thus, it is always looking to increase profits, build more shops and takeover more businesses.
Modern businesses have an explicit set of essential values; nevertheless, the most significant factor is technology. The information technology may have streamlined the business processes, but also lead to unemployment, retrenchment and nonperformance. According to this, unsuspec...
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... Both population growth and wasteful consumption of resources play a significant role in the incompatibility of the environmental well being, and sustainable development. Similarly, the global economy expands more quickly as companies become more resource efficient. As a result, this redefines growth in a more sustainable context, a context that is not foreign to companies, who have been operating for a period within the discourse of restricted local markets, and adapting to employees situation successfully since last century. Regional economies, societies, and cultures have integrated as an ongoing process.
Nowadays, ‘Up-to-date business properties are compatible with sustainable growth and environmental well being’ is an irretrievable statement, that modernity’s shift to environmental governance for sustainability is not a harmony, just a complication.
With forward movement in society, it is important to consider not just what will propel most toward success, but also what will help to sustain the environment along the way. What may have been considered appropriate decades ago, may no longer be socially acceptable due to the changes observed in both the business world and the environment (Fiske, 2010). Therefore, it is important for organizations thriving in today?s economy to consider how they may capitalize most effectively from their product or service of choice while minimizing or eliminating any damages along the way (Knoke, 2012).
But investing heavily on IT could prove to be disastrous. A clear strategy should exist and management has to make sure that the infrastructure implemented does match with the requirements. In current scenario the technologies like data storage, data processing, and data transport is available to all and as a result of this technology is viewed more like commodity factors than an essential resource for planning strategies. This trend started because of the abundant availability of technology at moderate price. By looking at the potential of information technology, companies overlooked at the fact that; the potential value of any technology remains until it gives an edge over the rivals by bringing a change in the organization and by helping the organization to do something that others...
Stakeholders and investors are no longer only interested in financial performances, they are interested in the governance of the company like what business practices and business models are implemented, social performances, how the company is giving back to society, how costumers are handled, environment and how diversity at work placed is addressed. Hence relevant information must be provided to the stakeholders to assure them that the company has a sustainable business model (Ridehalgh, 2012).
Corporate social responsibility is defined as a business approach which plays a pivotal role in maintaining a sustainable development by delivering economic, social and environmental benefits for all stakeholders. A company can be ethical to a moderate extent as they need to ensure they are meeting the best interest of society in righteously delivering utilitarianism, justice and moral rights. This essay will examine arguments for and against social responsibility such as Sustainability, how businesses take care of the environment and ensure healthy living through implementing eco-friendly initiatives such as big businesses improving performance by using recycled renewable cups which limits plastic waste. This essay will also investigate how companies undertake various challenges which can have an effect on the economy and the world making it unjust such as exploiting children in workforces
Improving sustainability within the firms upgrades talented workers to be more proficient and profitable as a factor of their commitment to the organization. It is comprehended that organizations pay special mind to reasonable procedures as there can be an orderly way to deal with spotlight on business targets like decreasing expense of job,, expanding income, overall industry and benefit et cetera (Bob Willard 2012). Thus, firms can hope to produce better profits for their speculations for their partners and shareholders and enhance the organization’s advancement sustainability is
The concept of sustainable development, a relatively new concept has now taken action into the structure of many present day organizations. Identified as “green growth”, the formation of the Dow Jones Sustainability Index provides a platform for managers to understand what it takes to be a sustainable organization. On the subject of sustainable development, the World Commission on Environment and Development (WCED) sponsored by the United Nations published a report defining as,“Development that meets the needs of the current generations without compromising the ability of future generations to meet their needs and aspirations” (WCED, 1987). Sustainable development is composed of the following two notions. First is the idea of sustainability (to maintain), and secondly, development (to make better) (Bell, 2003). Improvement of our own lives today does not mean at the cost of damaging the quality of
For as long as we have lived some business has been known to destroy the earth’s natural environment for their own selfish reasons, without showing any concern of who or what might be affected from their decisions. Environmental conscience means to have a sense of what is right and wrong with in the environment. In the article “Business and Environmental Ethics” by W. Michael Hoffman debates that business has a moral obligation to develop an environmental conscience and to participate in solving environmental problems. In the film ‘The Corporation” it argues that it is not even possible for a corporation to develop an environmental conscience at all. In this essay I will explain how W. Michael Hoffman argue his position and why the film “The
In a Harvard Business Review (HBR) article, “Why Sustainability is now the Key Driver of Innovation”, the contributors argue against the common view: that as businesses become more environmentally friendly they become less competitive and profitable (Nidumolu, Prahalad, & Rangaswami, 2009) The contributors go on to say that companies who initiate environmental sustainability will develop competencies that competitors won’t be able to match and that ultimately, “sustainability will always be an integral part of development” (Nidumolu et al., 2009). In the year 2016, their statements are still valid and applicable to the biggest corporations in America. The largest corporation by revenue in America with over 482 billion dollars is Walmart (“Wal-Mart”).
Hence, corporation must bear in mind for long-term sustainability, it need to focus on its relationship with
For organisations of all types, the last three decades have been crucial in changing the manner in which organisations interact with each other, stakeholders, the government, and themselves. Most of these changes occurred because of the evolution of globalisation, increased cooperation between nations and regions, while, at the same time, increased stakeholder expectations, opened hundreds of new markets, and now requires that organisations operate on a new level (Munshi, S., et al., eds., 2004). Businesses have also undergone a change in its overall philosophy – not just moving toward entrepreneurial thought as a way to change their marketing paradigm, but through consumer and corporate expectations of business in a more ethical and sustainable manner (Smoder, J., et al., 2003).
In order to answer this question we need to understand what ethics and values, business ethics and business sustainability means.
Business sustainability characterizes the aspects of “ensuring long-standing business success whilst contributing toward social and economic development, a stable society and healthy environment.” As part of their major principles, corporations that are dedicated to sustainable businesses implement superior standards in areas including gender equity, environmental protection, community development, employee benefits and a set of apparent associations between a corporate’s management, its shareholders, its board and other stakeholders that constitute “corporate governance” (Steiner& Steiner, 2009).Social sustainability is one facet of sustainable development or sustainability. It encompasses labor rights, human rights and corporate governance. Along with environmental sustainability, the notion of social sustainability refers to the idea that upcoming generations should have similar or superior access to social reserves within the present generation, whilst there must be equivalent access to social reserves within the existing generation.
Value is used in a central thought in economic theory (Haksever et al., 2004). The key for the value is an ‘exchange’ between two units such as “benefits and sacrifices” (Möller, 2006), “consumer surplus," value for money or optimize used value, but minimize exchange value (sacrifices in terms of price) (Bowman & Ambrosini, 2010). Normann & Ramirez (1993) use the terms co-produce to define the participation of customers in value co-creation that realized value is not created at supplier level, but between customer interactions. Several authors describe value in terms monetary business value whereas others include non-monetary benefits such as market competitiveness, competencies, and social rewards (Walter, Ritter, & Gemünden, 2001) or could be the combination of both business value. Haksever et al. (2004) describe tangible or intangible value may derive from business activities, policies, and regular action of the firm as the power of the product, service, or activity to fulfill a requirement or deliver a profit to a person or legal entity. Those values may positively influence the “quality of life, knowledge, prestige, safety, physical and financial security, as well as providing nutrition, shelter, transportation, income, etc.” (Haksever et al., 2004, pg. 292). These values are meant for stakeholders of the firms such as its customers, suppliers, owners and other firm’s alliances (Bowman & Ambrosini, 2010). Therefore, the role of firm and customers are different, it is a sequence of activities performed by the firm (Vargo et al., 2008).
Without doubt the XXI century has changed our priorities, especially when it comes to the way we do business. Popular sustainable business models, as advertised in the media, have evolved into much more than a moral obligation or an external requirement to generate money. Essentially, are forcing companies to reinvent the systems and approaches with which they generate value and profitability to the company.
In this environment conscious world, there is a growing argument about the ways in which a business should run its activities that should not have any negative impact on the environment overall. Raderbauer, M. (2011) A research done at the University of Exeter indicated that Industry has been the perpetrator behind ruining the environment for fulfilling its short-term profits instead of long-term environment consequences. Many businesses have understood the importance of preserving the environment and thus it is in the betterment of its own business, keeping in mind the long-term profits they can have while making environment responsible decisions. Business are more affected by environment because they run with the help of all the raw materials