...1 New world managers are more competent as compared to the old world. This is because new world managers can solve more problems as compared to old world ones. New world managers are more experienced. New world managers also go through learning programs that enable them to be more competent in managing their subjects. Based on the result of my questionnaire I will fit more in the new world. This is because I have the experience needed to carry out my duties. I have undergone training on how to manage a company or organization just like any other new world manager. Of the three strengths conceptual, human and technical, conceptual has changed most moving from the old world to the new one. This is because more and more concepts are being developed with regards to management. In twenty years time I believe human will change more. This is because new concepts will reach a point where there will be no more change. Human will then start changing on how they perceive thing using the new concepts learnt (Jemielniak & Kociatkiewicz, 2008). A new workplace is characterised with confusion and anxiety. This is because most people do not know exactly what is expected of them. This is because the way things are handled in the work place will be changed. A manager who has two year experience will have a lot to talk about in terms of challenges faced. Management competencies have changed radically and he or she has to change with them so as to ensure he or she fits in the new world. Managerial...
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...What is Business “What is business?” This question has been asked by many different people all over the world. According to Dictionary.com, business is, “an occupation, profession, or trade”. Another definition would be, “a person, partnership or corporation engaged in commerce, manufacturing or a service; profit-seeking enterprise or concern.” Based on those broad definitions we can surmise a single idea about business. Business is a way to advance an individual or group concern. One concern that is always on a business’s agenda is making a profit. This helps to show that the efforts of the business have been positive. Since money is a median of exchange, when the business receives money for the service it provides it is able to take that money and use it to trade for other items the business needs. Once those needs are met with the money anything that is left over can be used as the business sees fit. That is why businesses always want to make a profit so that the extra money earned can be used at their discretion. The issue that sometimes comes along with this concept is one of ethics and moral consequences, but we will leave those concepts to the philosophers. The main concept to understand that businesses basic form of measuring success is how much profit it brings in. In businesses throughout the ages have always relied on business systems or tools to help advance the goals of the business. In ancient times a common business system or tool would have been...
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...events. Auditing always changed to meet the needs of the business environment of that day. Auditing has been around since the beginning of human civilization, focusing mainly, at first, on finding fraud. As the United States grew, the business world grew, and auditing began to play more important roles. In the late 1800’s and early 1900’s, people began to invest money into large corporations. The Stock Market crash of 1929 and various scandals made auditors realize that their roles in society were very important. Scandals and stock market crashes made auditors aware of deficiencies in auditing, and the auditing community was always quick to fix those deficiencies. The auditors’ job became more difficult as the accounting principles changed, and became easier with the use of internal controls. These controls introduced the need for testing; not an in-depth detailed audit. Auditing jobs would have to change to meet the changing business world. The invention of computers impacted the auditors’ world by making their job at times easier and at times making their job more difficult. Finally, the auditors’ job of certifying and testing companies’ financial statements is the backbone of the business world. Introduction Auditing has been the backbone of the complicated business world and has always changed with the times. As the business world grew strong, auditors’ roles grew more important. The auditors’ job became more difficult as the accounting principles changed. It also became easier...
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...A business concept that has changed history Over the last 40 yrs there have been several changes that have occurred in the retail industry that has changed the way we shop today. The business concept of most department stores goes back in history for hundreds of years, but it has evolved and changed over the last forty years. Initially most retail stores were independent and locally owned in the city they conducted business in. Department stores were identified by the products they sold. There were hardware stores, furniture stores, toy stores, clothing stores, grocery stores, and even produce stores. Consumers went to specific stores to purchase specific items. Local specialty stores were replaced by the supermarket. These new superstores specialized in fruit, vegetables and food items, while others went in the opposite direction offering their customers non food items as the core of their business. Consumers were able to purchase essential products that included clothing, furniture, appliances, toiletries, cosmetics, jewelry, toys, and even sporting goods from one location. This had a bad effect on smaller stores as owners were unable to compete with the bigger chains that offered consumers a wide variety of products. Over the last 20 to 30 years, we have seen these supermarkets evolve into yet a different shopping environment for consumers to shop. For example, stores such as Wal-Mart and Target...
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...Sam Walton was running the company many things have changed. For instance Ferrell, Fraedrich, and Ferrell (2011) stated that due to the staunch work ethic and dedication to customer care that Sam Walton instilled in the company, the company did feel that there was a need formal ethics program (p. 315). However, as time has passed the thinking of the Wal-Mart Executives has had to change. I do not know if Wal-Mart has changed because of the lawsuits they have encountered over ethical issues, if it was driven by the desire to keep profits high, or if Wal-Mart changed the way they do business because the company really does want to right thing for all the stakeholders. From what I can see, ethics has become a very important part of Wal-Mart’s business strategy. They seem to have a formal ethics program in company these days and they even want the entire world to know about because they provide a digital copy of their 36 page Statement of Ethics document on their web site. Text Questions 1. Do you think Wal-Mart is doing enough to become more sustainable? According to Ferrell et al. (2011) Wal-Mart’s green initiatives are securing the goodwill of many of the environmentally conscious consumers along with saving the company millions of dollars annually (p.322). Wal-Mart even received a Gold Medal for International Corporate Achievement in Sustainable Development in May 2010. According to a December 2009 article posted by World...
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... | K Milburn 29 May 2011 |This document brings into picture the change that took place in McDonalds | Table of Contents Executive Summary Assessment/Diagnosis Analysis of the Change Strategy Results/Outcomes Evaluation of the Effort Discussion and Conclusion Works Cited Appendix Introduction: ‘You can change without improving, but you cannot improve without changing!’ In today’s fast growing and highly competitive environment everyone wants to stay ahead and always remain connected to the whole world. The last two decades have seen many inventions that are really path breaking and changed our lifestyles in more than one or another way. This is possible only because of the changes and innovation in the organization. Companies across a range of industries are confronting fundamental change. The advent of 3G technology poses...
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...the performance of the new product, the strategy and process used by the company in developing and launching the product and to see if it was successful or not. What is a new product and what is a new product development process According to Crawford and Di Benedetto (2011) a new product is one that is either new to an organisation or a market and that it can be broken down into the following categories They go on to suggest that a new product goes through the following stages 1. Opportunity Identification and selection 2. Concept Generation 3. Concept/Project Evaluation 4. Development 5. Launch New Products Management Tenth Edition Crawford and Di Benedetto (p30, 2011) It is worth noting that the text goes on to say about the above processes that “the activities are not sequential but overlapping and it is not implied that one phase must be completed before work can begin on the next one” . I’m expecting my analysis of a real world product will not only show that the process overlaps but that it is more flexible/agile. I think that two phases can be completed at the same time, or that in some circumstances or possibly for certain products that the new products team might go from phase 1 to 2 to 4 and then possibly back to 2 before returning to 4 and then phase 5. In light of the above the product I have chosen to analyse is Coke Zero produced and marketed by coca cola plc. Opportunity Identification An article by Julie Hall (2011) states “Coca-Cola identified...
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...aid execution of strategy, summarized succinctly by the tagline “Innovation Delivered.” This tagline was supported by the statement, “From innovation to execution, Accenture helps accelerate your vision.” Accenture surveyed senior executives from different industries and countries and confirmed that they saw inability to execute and deliver on ideas as the number one barrier to success. Accenture saw its differentiator as the ability both to provide innovative ideas—ideas grounded in business processes as well as IT—and to execute them. Competitors such as McKinsey were seen as highly specialized at developing strategy, whereas other competitors such as IBM were seen as highly skilled in technological implementation. Accenture wanted to be seen as excelling at both. As Ian Watmore, its UK chief, explained: “Unless you can provide both transformational consulting and outsourcing capability, you’re not going to win. Clients expect both.” In 2002, the business climate changed....
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... | K Milburn 29 May 2011 |This document brings into picture the change that took place in McDonalds | Table of Contents Executive Summary Assessment/Diagnosis Analysis of the Change Strategy Results/Outcomes Evaluation of the Effort Discussion and Conclusion Works Cited Appendix Introduction: ‘You can change without improving, but you cannot improve without changing!’ In today’s fast growing and highly competitive environment everyone wants to stay ahead and always remain connected to the whole world. The last two decades have seen many inventions that are really path breaking and changed our lifestyles in more than one or another way. This is possible only because of the changes and innovation in the organization. Companies across a range of industries are confronting fundamental change. The advent of 3G technology poses...
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...objectives; it exists in some form in every cultural organization. Technology surely plays a vital role in business today. Businesses have become reliant on technology and if it didn’t exist, almost all business operations around the world could not function. Technology is used in all industries extending from the most basic to the most complex of operations. Commerce and trade around the world most definitely is thriving because of technology. Long before there were computers the world has been doing business; starting from the simple concept of barter trade when the concept of a currency was not yet introduced but trade and commerce was still slow up until the point when the computer revolution changed everything. Technology is used for Point of Sales systems, information management systems capable of handling all kinds of information such as employee profile, client profile, accounting and tracking, automation systems for use in large scale production of commodities, package sorting, assembly lines, all the way to marketing and communications. It doesn't end there, all these commodities also need to be transported by sea, land, and air. According to Ball, “Technological superiority is the goal of most companies, of course, but it is especially important to international companies for a number of reasons (151). 1. It enables a firm to be competitive or even attain leadership in world markets. 2. It can be sold (via licensing or management contract), or it can be embodied in the company’s...
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...DR. BASMA KASHMOOLA bUSINESS ETHICS / SPRNG 2014 Case 2 Wal-Mart: The Future is Sustainability The Wal-Mart case was written to give students another perspective on one of the largest employers in the world. Over the years Wal-Mart has faced a large number of lawsuits and allegations of unethical behavior. Students will likely have heard stories of unethical and illegal activities involving Wal-Mart, and should be encouraged to share them in class. However, Wal-Mart has gained significant ground in recent years in regaining its reputation. The company has been a leader of adopting energy-efficient and renewable energy technology, offers a broad selection of organic items, and has improved its employee rights record. Nevertheless, it is still Wal-Mart, the largest corporation in the world, and many people remain hesitant to accept that Wal-Mart has fundamentally changed its ways. After having students read this case, instructors may want to ask whether they believe Wal-Mart is inherently unethical, or whether they are convinced the giant has changed its ways. As Wal-Mart has grown, its strategy has changed. Could its new push into sustainability and social responsibility be driven by profits, not by a real desire to clean up its act? In the 1970s, Wal-Mart’s strategy was to go into secondary markets, meaning communities with fewer than 10,000 residents. The company’s logistical strategy was to grow out from Bentonville, Arkansas in order to gain channel economies...
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...When I went to the United States for the first time, I witnessed a business transaction that changed my life. An entrepreneur named Abraham Jou. He spotted the trend of the technology industry and chose to start his own business at an early age. So far he has opened a number of businesses and have achieved success. His visit opened my eyes to the world of entrepreneurship, especially with regards to innovation. Since then, I began to pay attention to domestic startups, as they are brimming with creative, innovative energy. Their successes motivated me to develop my own entrepreneurial qualities in preparation for the real world. However, I realized that in order to make more significant contributions to the field, I would need to gain...
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...This article is an introduction to the historical development of marketing, one of the major functional areas of a business firm. First, marketing is described and defined. Then, the evolution of marketing in the United States is described, touching on several major eras, including the simple trade era, the production era, the sales era, the marketing department era, the marketing company era, and the relationship marketing era. WHAT IS MARKETING? "Marketing is advertising, like those false or deceptive ads on television that try to get you to buy something that you don't really want." "Marketing is like those pushy car salespeople, or those salespeople that come to our front doors selling overpriced vacuum cleaners." "I hate those rude telemarketers calling at all times of the day and night." Some individuals think that marketing involves deceptive, high-pressure tactics to get people to buy something they don't really want. Those individuals are incorrect. While marketing usually involves advertising or personal selling, marketing (practiced correctly) should not try to get people to buy things they don't want, nor should marketers use deceptive or pushy tactics to get people to buy. In fact, marketing is really the process of developing products to satisfy customers through proper pricing, promotion, and distribution. The basic goal behind marketing is to satisfy the customer. Satisfied customers are much more valuable than customers who have been deceived into...
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...accomplish organizational goals,” (Bateman, 2011, p. 14.) Mary Parker Follett (1868-1933) a pioneer in management theory, defined management as, “the art of getting things done through people.” I like this concept that Ms. Parker Follett presents, I believe it is a simple and kind interpretation of the idea of management. Managerial actions include, “delivering strategic value, building a dynamic organization, mobilizing people, learning, and changing,” (Bateman, 2011, p. 15.) I believe that management is essentially the act of providing the most efficient use of time, resources, and labor force to achieve organizational goals. Good management has the ability to balance both efficiency and effectiveness while maintaining the ability to interact with, empower, and encourage the employees. The four functions of management are the reasons why management is necessary. Management is responsible for the planning, organizing, leading, and controlling of any business from a small start-up to the largest corporation. While the environmental conditions of the business world have changed and grown over the passage of time, the practical concepts of management have remained the same. The evolved business now deals with a worldwide commerce instead of the small town concept of commerce. Today’s consumer may not ever set foot in a physical location, however; the virtual store can process millions of “hits” per day. Management in the 21st century must develop new approaches that...
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...Kelli Uhlberg 9/10/2013 EEE 451 Case 2: Intuit 1.)Your textbook on page 19 makes a reference to the fact that most entrepreneurs learn about cash flow, marketing, human resources after they have those problems. Comment on how Scott Cook seemed to address these issues? Cash flow, marketing, and human resources are arguably the three most important parts of building a business, and are often lessons business owners misunderstand in the real world. It should be blatantly obvious that these three concepts are cyclic and rely on one another to survive. It seems that Scott Cook saw how each aspect of business owning relied on the other and how all three components needed to work together to truly see fiscal results. Marketing strategies utilize cash flow and generate more, human resources are selling points in marketing strategies, strong human resources build customer loyalties and keep cash flow steady, etc. Scott understood that entering into an actual business wasn’t going to be the perfect scenario like textbooks. He needed to master and balance those three components to survive. Cash flow is a huge obstacle for most businesses. On page 20 of our Entrepreneurial Finance textbook explains, “ The area in which they [unsuccessful entrepreneurs] lacked the most training was cash flow management”. Cook handled his start up professionally and didn’t allow failed venture capital pursuits put him down. He resourced himself to fund the project. He knew how much money it...
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