• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Principles of management

Extracts from this document...

Introduction

BA210 principles of management Ernaline Go 0523-001019 Business environment refers to the forces which diversely affect the activities of a firm. An idea put forth in the Thames study guide is and I quote "a firm does not exist in isolation. It works within the overall environment and must keep up with the changes in this environment". This so called business environment is divided into two general classifications, the "External" and the "internal" environments. Factors in the environment are variable; they change over time, knowing this; the environment must be monitored closely and the company must adjust the way they do business according to the changes in the environment. If it fails to do so, the company will most likely suffer a loss in revenue. In discussing the different factors involved I'd like to use as an example the McDonald's food corporation. A firm, known the world over which in its success is an example of diversity and change. Being an MNC which spans the globe it has to adjust to almost anything, and everything in each different environment that it finds itself in. The business environment is split into two divisions, the first of which is the "internal environment". ...read more.

Middle

It is expected that the employees do their jobs as best they can, in the hope of reaching the firms goals. In return it is expected that the firms look out for their employee's welfare. Firms hoping to succeed must find ways to keep their employees motivated, focused and trained in the latest technological advancements related to their jobs. In the case of McDonald's they have an intensive training program and a good benefits program for all their employees. On top of that McDonald's has a work system which is very efficient and sure to guarantee quick service at any time of the day. So well was the training and service program that other similar business' followed suit. Given that a firm achieves all these things, it can expect to have a work force which can be compared to a well-oiled machine dedicated to doing its job well and in the end the firm's success. The last two factors of the internal environment are very much related. These are the factors from which a firm gets its starting capital, and how the firm generates cash when it is needed. The two last factors are the shareholders and the financial institutions or banks. ...read more.

Conclusion

It is through advancement the world is becoming a better place to live in with almost no limitations. The last and probably the most delicate factor a company has to deal with in its external environment is the socio-cultural environment around the world. Attitudes beliefs or even customs differ from on place to the next, these ideas even change with the passing of time. A firm must be conscious of these beliefs and respect them; it must also in effect monitor them and adjust with the changes that time or experience may bring to the people. In defining the different aspects found in the business environment it is clear that a firm must take everything that has an effect on it into consideration to ensure its success. And given that time changes everything in that environment, a company must be sure to be constantly monitoring the changes, making adjustments of its own to make sure it keeps up with the changes in its business environment. Failure of the firm to do so will mean being less competitive and less productive, not giving it the maximum profit, hampering the firm's progress as a whole and in extreme cases bankruptcy. . ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level Global Interdependence & Economic Transition section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level Global Interdependence & Economic Transition essays

  1. Different types of travel destination. Study of Cardiff and Barcelona as travel destinations.

    It was constructed for the 1929 Universal Exposition. Today, hundreds of visitors view the fountains' shows each weekend. The show also features a spectacular view of the National Palace in the background. There are numerous beaches in Barcelona but probably the busiest is Barceloneta Beach during peak season, which runs from June to September.

  2. International Ecotourism Management: Using Australia and Africa as Case Studies.

    al., 1985; Prosser, 1986). The amount of environmental and social impact allowed is a management decision. The decision involves the legal and policy environment of the protected areas, the existing use levels, the desires of the tourists and the larger political environment.

  1. 'There is nothing in the Montessori prepared environment that is there by chance.' Discuss.

    - Discovery, Chap 3, The teaching method, page 50. Foreward Finally, we conclude this essay by commenting that in the process of describing the purpose of the elements in the prepared environment, we have indirectly highlighted the primary elements required in a prepared environment.

  2. The relationships between the physical environment and economic activities are no longer important. Discuss.

    The economy that these commuters were a part of may not have derived directly from the physical environment, but the disruption and thus cost caused by the physical environment was huge. Even those natural disasters we have warning of have significant impact.

  1. The Board of directors of Barclays have asked me to submit a formal business ...

    The increase in interest rate reduces the economy. Whenever Barclays has increased its increased its interest rate due to the change in base rate Barclays have experienced less business and thus resulting in expenses towards advertising and product development. 3.1.3 The Sociocultural Environment --> The Sociocultural environment can be defined as the cultural influences on business which may

  2. Investigating Travel and Tourism

    a country, region, city or resort or a specific building or place) or an event attraction such as a festival, sports event or conference. Site attractions concern natural or built/human made. * I have looked more closely at the National Trust in the Non Commercial Organisations. Human made (or built).

  1. Cultural coherence and diversity

    However, there are some Non-Han Chinese Peoples; they usually live in some remote upland areas. For example the people who considered as tribal: people who have a traditional social order based on autonomous village communities. Furthermore, there is another race called Manchus in remote portions of Manchuria (south eastern of China), the Chinese empires were all Manchus.

  2. Outline the key principles of Neoliberalism and its actual and prospective contribution to wealth ...

    According to the counter revolutionaries, the main problem of the 3dr world countries is their over-extended public sector, which cause the problems limitation through government intervention and central planning. For an economics to be efficient, there needs to be the existence of the market and incentives.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work