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Principles of management

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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.


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.


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.

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