Introduction of Business Management And Roles Assignment
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Objective 1: Ethical and Sustainable business
Corporate social responsibility (CSR) can be denoted as the policies and practices that are undertaken by the business organization to intend creating positive values for the society besides the maximization of the profits. The performing of this responsibility helps the organization to build a positive reputation in its marketplace that leads to the deriving of competitive advantages (Ajina et al. 2019). On the other hand, with the improvement of the market image, the practices also allow the business firm to maximize their revenue rate through the increment of consumers' engagement in business. This practice is also effective in attracting new talent to the business which boosts financial performance as well.
In the ever-evolving marketplace, sustainability in business is essential for the long run and overall success as well. On the way to retaining sustainability in business, the maintenance of ethics has become important as it oversees the bottom line and reduces the business risk (Ferrell et al. 2019). The ethical approach within the business environment helps to promote integrity among the workers through trust-building that is beneficial for the sustainable development in business. Furthermore, the integration of sustainability in the strategic process helps to thrives the organizational success and ensures a safe environment for the employees.
Objective 2: The truth about the organization
Various management theories are there in the way of effectively fostering management of the business process. As per the Human relations theory, the productivity in business mainly lies in the human relations movement. The theory further stated that change in the working conditions is necessary in order to improve the performance. As per the System management theory, the business consists of various components and in order to manage well the working of all the systems in harmony is required (Hussain et al. 2019). The theory also suggests that managers need to evaluate the best approaches to ensure more collaborative work as it helps in deriving success for the organization.
Management style can be denoted as the process in which the managers ensure the fulfillment of the organizational goals. The Autocratic management styles focus on micromanaging the employees for better results and efficiencies. The style is usually devoid of the worker's collaboration and autonomy. In the democratic management style, the leader put the employee's opinion before taking any decision in business. In this way of management, the open innovation and sharing of ideas are the effective parameters of management. Furthermore, the charismatic management style focuses on the building of relationships among employees to achieve a common goal.
Objective 3: Management
Various roles are played by the managers in business including the decisional role, interpersonal and informational roles. In the interpersonal spectrum, managers play the lead role and provide guidance to the employees towards achieving the organizational objectives (Sadiq and Hussain, 2018). They also act as mediators among the organization and employees and facilitate the building of a good relationship
The common challenges that are faced by the organizations in their business management include decreased performance, poor communication, hiring of skilled staff, lack of collaboration and others. The presence of those constraints in the business not only hampers the organizational reputation but also leads to revenue declination. It has been seen that due to the lack of communication, the operational activity got hampered and result in an increase of additional financial burden as well. The main business sector includes quaternary, primary, tertiary and secondary. The entire sector is equally important for doing the business in an effective manner.
The game theory basically focuses on explaining the strategic choices that the business organizations can take into consideration for gaining a competitive edge over their competitors in the market (Newton, 2018). Based on the different situations various games can be used by the organization in business.
Ajina, A.S., Japutra, A., Nguyen, B., Alwi, S.F.S. and Al-Hajla, A.H., (2019). The importance of CSR initiatives in building customer support and loyalty: Evidence from Saudi Arabia. Asia Pacific Journal of Marketing and Logistics.
Ferrell, O.C., Harrison, D.E., Ferrell, L. and Hair, J.F., (2019). Business ethics, corporate social responsibility, and brand attitudes: An exploratory study. Journal of Business Research, 95, pp.491-501.
Hussain, N., HAQUE, A.U. and Baloch, A., (2019). Management theories: The contribution of contemporary management theorists in tackling contemporary management challenges. Journal of Ya?ar University, 14, pp.156-169.
Newton, J., (2018). Evolutionary game theory: A renaissance. Games, 9(2), p.31.
Sadiq, F. and Hussain, T., (2018). Exploring the role of managers in nurturing disruptive innovations. Business and Economic Review, 10(4), pp.103-120.