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MGMT499 U4 DB - Research Paper Example

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Integration of modern and innovative technology is an effective factor that enhances business success. Businesses employ innovative technology in order to improve the quality of their processes…
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MGMT499 U4 DB
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Business success al Affiliation External forces that lead to the success of the business Various external factors allow businesses to achieve their goals and objectives. Integration of modern and innovative technology is an effective factor that enhances business success. Businesses employ innovative technology in order to improve the quality of their processes (Wright, 2014). Production of high-quality products leads to an increase in demand that positively affects the profitability of the business. A company such as Apple Inc. engages in high and innovative technology in order to produce products that increase their competitive advantage. The company remains at the topmost part of technology modifications thus improving their exponential rate. Proper management is also essential in enhancing business success (Wright, 2014). Apple Inc. has embraced proper management through teamwork in order to increase their sale capacity. Through their dedicated teamwork, Apple Inc. has become a leading company in the world.
Events that can cause a negative impact to the company
Increase in the cost of acquiring new and innovative technology is a major event that could cause a negative impact to the company. Increase in the production cost leads to a decrease in the profit margin. Low-profit margin is a major factor that affects business success (Long, 2014). If there is a negative effect due to the high cost of purchasing innovative technology, the company can respond through increasing the price of their products. Change in leadership is another event that could happen leading to a negative impact to the company. Vertical form of leadership prevents teamwork in the company. In this case, subordinate employees are denied chances to engage in decision-making processes of the company. This approach lowers the capacity of the company to become successful. If there is a negative impact due to lack of teamwork, the company can allow workers to engage in decision-making in order to enhance business success. Teamwork allows the company to change it strategies in order to acquire higher market share. Staff members in the company participate in the production of high-quality product and offering standard services, which boost their success (Long, 2014).
References
Long, N. (2014). Critical Success Factors in Business. Retrieved September 17, 2014, from Houston Chronicle: http://smallbusiness.chron.com/critical-success-factors-business-2695.html
Wright, F. (2014). Factors Impacting on Business Success. Retrieved September 17, 2014, from Entrepreneur: http://www.entrepreneurmag.co.za/advice/starting-a-business/start-up-advice/factors-impacting-on-business-success/ Read More
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