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Principles Of Management Essay

964 words - 4 pages

1. What factors contribute to the rapid pace of change in business? Is the pace likely to accelerate or decrease over the next decade? Why?
Human resources, capital, natural resources, entrepreneurship and technology; Increase because the factors are in high demand.

2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit?
It inspires new business ventures that support wealth building and future prosperity; A lot people who are unemployed will find jobs that are more flexible and challenging, working for big and small businesses.

3. When did American business begin to concentrate on ...view middle of the document...

7. What are some key strategies for developing a competitive edge in today’s competitive global market? How important is customer satisfaction?
plans for globalization and global reach, region-specific workforces, region-specific marketing
Customer satisfaction is the most important key to any business, if there weren’t any people happy with the business you run, they wouldn’t refer friends or bring people with them or come back ever again.

8. How has the rise of the World Wide Web changed business practices? What are the benefits and drawbacks for business? For consumers?
I think it has changed them by making it more available to communicate with consumers all around the world, being able to see what people like and dislike. I know so many businesses today make facebook, Instagram and twitter pages for their businesses or employees to be able to reach out and advertise easier.
I think the benefits would be, as I just listed, being able to advertise more, being able to see what consumers enjoy, and know what they are doing right.
I think the only drawback would be that some customers could not get good customer service or understand as well over the internet or a business could receive a bad review.
Consumers- some products could not be available online, bad customer service

9. How has the definition of diversity changed over time? Can a diverse workforce help a company compete more effectively? How?
Women and people of different nationalities in the work force, it is an advantage because of how vastly diverse our culture has become.

10. How has the global free trade movement impacted business? Who benefits? Why? Who loses? Why?
Everyone benefits from free trade. It creates competition which the lower prices and makes a better quality production for consumers.

11. How did the global economic crisis unfold?
In...

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