The Changing Face of Business

Chapter 1 The Changing lawsuit of pipeline http//www. wiley descentupdates. com L createing Goals 1 Distinguish between business and notfor-profit organizations. refer and describe the factors of employment. 5 Explain how todays business hands and the nature of work itself is changing. Identify the skills and attributes managers need to lead businesses in the twenty-first century. Outline the characteristics that make a company admired by the business community. 2 6 3 Describe the private enterprise system, including sanctioned rights and entrepreneurship.Identify the six eras of business, and explain how the relationship era including alliances, technology, and environmental concernsinfluences contemporary business. 7 4 What is worry? Profit-seeking activities and enterprises provide goods and service necessary to an economic system. Profit-seeking is the quit for business people who take the risk involved to offer goods and services to customers. See Fortune 500 for a list of major U. S. companies. Factors of output signal Natural Resources Capital Human Resources Entrepreneurship Occupational Outlook Handbook The occult Enterprise System CapitalismAdam Smith is the father of capitalism. Invisible Hand stinting system determines business ownership, profits, and resources Rewards firms for their dexterity to serve the needs of consumers Minimized political relation intervention Competition is the battle among businesses for consumer acceptance. Basic Rights in a privy Enterprise System Entrepreneurship An Entrepreneur Is a risk-taker Takes financial, personal, social, and c beer risks Entrepreneurial cerebration is important within large firms. Sees a potentially profitable chance Devises a plan to achieve success in the marketplace and earn those profits Fuels the U.S. economy Provides innovation Six Eras in the History of U. S. Business Managing Relationships by Connections Relationship Management Activities to build and maintain mutually sk illful ties with customers and opposite parties Relationship management depends on technology. Strategic Alliances and Partnerships A confederacy is an affiliation of 2 or more than companies that help each other achieve common goals. A strategic alliance is a compact formed to create a competitive advantage for both parties (see Amazon). directlys Business menDedicated workers who can foster strong ties with customers Capable of high-quality production Able to compete in global markets Technically savvy Changes in the Workforce Aging Population By 2030, the number of U. S. workers 65 or older will reach 72 million. Many baby boomers are hitting the peak of their careers, while Generations X and Y are foundation their careers. Technology has intensified the hiring challenge by requiring workers to have ever more advanced skills. U. S. Census Bureau Changes in the Workforce Shrinking jade Pool/Diversity Economists predict the U. S. abor pool could soon fall brief by as many as 10 million people. The two fastest-growing ethnic populations in the United States are Hispanics and people of Asian origin. Employee teams with individuals of contrastive genders, ethnic backgrounds, cultures, religions, ages, and physical and mental abilities are more effective. Changes in the Workforce Outsourcing Outsourcing is using outside vendors to produce goods or fulfill services and functions that were antecedently handled in-house or incountry. Offshoring is the relocation of business processes to lower-cost locations overseas.Changes in the Workforce Innovation through Collaboration Younger workers are looking to something other than work-comes-first Telecommuting and job-sharing irregular and temporary workers are growing Collaboration is replacing working wholly Value risk-taking and innovation The 21st-Century Manager Critical-thinking Creativity Ability to lead channelise Vision Critical Thinking and Creativity Critical thinking is the ability to analyze and assess information to pinpoint problems or opportunities. Creativity is the substance to develop novel solutions to perceived organizational problems.Ability to Lead Change channelise employees and organizations through changes Managers must be comfortable with tough decisions. Factors that require organizational change can come from external and internal sources. What Makes a bon ton Admired? Solid profits Stable growth Safe and thought-provoking work environment High-quality goods and services Business ethics and social right Fortunes list of Most Admired Companies The Future of Business New Technologies Population Shifts Emerging nations Shrinking Global Barriers Trade, communication, transportation