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Key Business Concepts that Alter Results of Business Entities - Essay Example

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This piece highlights key business concepts that alter the results of business entities. Issues discussed in the paper include, business planning, dynamic business environment, managerial functions, integration, and corporate social responsibilities. …
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Key Business Concepts that Alter Results of Business Entities
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Download file to see previous pages Business planning Significant issues in business planning include resource allocation, which is a process that involves finding ways of getting the resources needed. This aspect of planning ensures that resources such as human labor are available in good time and the right quantity. Planning is important because it enables management to identify any problem that could occur when implementing new ideas in the organization. Further, planning prepares an organization for forthcoming changes in the organization. During the process of planning, there is a revelation of activities of the selected quota to all employees using the company calendar. Such events as team building and staff appraisals are known earlier, which makes necessary preparations. Employees team up with management in order to set organizational goals and prioritize issues. Additionally, planning enables business enterprises to lay benchmarks of their achievements. It is at the planning stage that business enterprises decide on marketing strategies that would increase their sales. Organizations are able to launch new products and adequately prepare them for competition within the market because there is an allocation of time to lay necessary plans. Planning in business also encourages the development of desirable character traits in employees because they tend to adapt to what management has proposed. They are transformed into organized individuals who many employers would wish to recruit. The dynamic business environment Business environments keep changing from time to time because of many reasons; therefore, there should be proper networking for business enterprises to overcome emerging challenges. Issues in the dynamic business environment involve constantly determining opportunities that could make the organization register good growth. The need for business enterprises to identify their strengths and weak points is also important in the dynamic business environment. Possible threats from external sources and ways of maintaining transparency at the workplace are more issues concerned with the dynamic business environment.  ...Download file to see next pagesRead More
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