Evaluate the changing theories and practices in business and their potential positive impact on the society
Change is a crucial pathway to a successful business. The need for change in business has been deeply analyzed by various scholars over years. This brought about theories that explain this need for change. The advancement in technology and business trends over long periods causes similar changes to these theories.Individually and when put together, the theories explain how successful change in business occurs.
1953, a social scientist Kurt Lewin brought forward a three-step change model on which he focused on the factors that influence people to change.He said that for a change to be successful it must pass through unfreeze,change and freeze stages. The unfreezing stage entails minimizing any distractors to mindset that may prevent people from feeling the need of change. The change or the transition stage involved coming up with new ideas, values or developments despite the satisfactory old ways. Lastly, the freeze stage entailed embracing the newly acquired ideas and sticking to them to avoid getting back to the old ways.
The theory positively influences social life as it approves the need for change in leadership and management ways in the society. Leaders must engage the society in the transition and search for new ways to facilitate development and also trigger and maintain change for a successful society. Similarly, the theory insists on need for group dynamics as it argues on the two key areas; the interdependence of fate and task interdependence, as crucial areas that bring about appreciation of group processes.
In 1958, Lippitts, Watson and Wesley came up with a seven step theory by extending the three stage theory. However, they majorly focused on the role and the responsibility for change but not the change itself. They noticed that changes are maintained through embracement by those it affected directly.
Albert Bandura in 1960 came up with social cognitive theory, which states that transition occurs through the engagement of a person, his environment, and behaviors. In a socially set dimension, the theory evaluates how the social influence, setting and environment shapes an individual to enable him acquire and maintain new ideas.
Socially, the theory impacts human life by evaluating how social influences motivate people to achieve success. People strive to achieve the goals set by the environment they are in. In addition, the social setting creates a favorable learning environment through the day to day engagement with the surrounding environment thus creating the need and room for change.
Describe a current trend in business research and the potential positive impact on society
The single most current trend in business research and will continue to trend for the next few years is the ever growing technology. Technology has revolutionized business research and business as a whole. This is certainly so because most people now use technology to gather all the information they require about a company, government policies, competitors, trending fashions , financial reports and any information about the business they plan to set up. Furthermore, most entrepreneurs and business men and women put out information they want to pass to the public or a certain group via the growing technological platforms.
Technology has enhanced business research by giving real time information to individuals who need the information. This trend, which most businesses are using, is commonly referred to as a move towards zero latency, where organizations which include; private companies, government organizations, small businesses and non-governmental organizations strive to relay information or answers to their client in real time. Therefore a person with a particular interest in a given field of business can use the internet to gather as much information as possible. Furthermore, a company can get a lot of information about its competitors without the need for physically visiting them, learning on their strategy and knowing how to always be a step ahead of them.
Some of the technological advancement both in terms of hardware and software that have made business research much easier are smart phones, Facebook, Instagram, twitter flexible and extra-large screens, video conferencing equipment. All these trends have positively impacted on the society in that most people are now able to access information that was previously inaccessible to them. Therefore, people are able to make informed business decisions that lead to a prosperous society. Therefore, the society in future is able to look after itself and is able to co-exist peacefully and in harmony.
Social media platforms such as Facebook and twitter have been the major platform where most people express their feeling and criticism when they feel something is going wrong or they are been oppressed. Therefore, most company will go by the rule of law and avoid any conflicts with the surrounding society. To create a good public image, a company should therefore help the surrounding companies. Failure to do so tints it with a bad image all over the internet which is not good for business. Therefore the company must fulfil its social responsibility to avoid public outcry. This is another positive impact of this trend in business research(Allen, 2011).
Suggest a logical explanation of how business leaders can address cultural differences and change in the twenty-first century
Business leaders cannot ignore the cultural differences in their daily activities as it plays a major role in the marketing strategies that they implement for success of the business. Cultural differences involve the diverse cultures of the people they sell to. For instance, a business that is involved in sales of meat in an Islamic state would be very different from a leader involved in the same business in a Christian social region circle. Therefore, business leaders have to be very cautious on the cultural diversity of the individuals they are dealing with in a particular market.
A business leader should consider the different cultural diversity on the topology or the geographical position they are supervising. A marketing manager should consider whether the persons he or she is serving are many enough to employ a particular style of marketing in that market. For example, they should sale at a low price in sparsely populated area while selling at higher price in a highly populated area especially if it is a newly introduced product or service. Therefore, business leaders should have a great influence on the cultural difference of their client, making sure that they have a positive influence on all the people despite their culture. This definitely increases profitability and translates to more sells on the side of the management and sales team (Kuntz, Kuntz, Elenkov, &Nabirukhina, 2012).
Technology is one thing that cannot be ignored in business operation in the twenty first century. This is so because technologies have taken over everything in almost every field ranging from business to non-business activity. Today everything is digital with only the most sensitive and personal activities being secured in the traditional non-decodable methods. For instance, most businesses in the common world have employed technologies to run their day today activities which include advertising, sales, purchases, money transfer and soliciting for loans (Cassady, 1993).
Some of the platforms used in the current generation to convey information and promote businesses are social media and internet. Social Media like Facebook, twitter, Instagram, just to name a few have been a strong mode of promoting businesses and making research on businesses that are coming up (Zhu & Chen, 2015). Furthermore, social media has been of great help to remove unlawful business practices making companies more accountable for their actions to the public. This has played a great role in development of many society and companies taking responsibilities or lack of it.
An example of technology that has positively impacted on business is Facebook, twitter and Instagram. These three social media have been of positive impact on most companies allowing them to advertise for free and have direct contact to their clients. Most firms especially betting firms have utilized these media to lure the youth into gambling and thus such companies have a lot of cash flow in their accounts which they can invest in other projects. However every coin has two sides with both limitations and advantages as such development in social media has made most companies come into negative publicity. For instance accompany with corrupt individuals will be brought into public shame through such media.
Knowledge creation in organizations refers to the sharing, combination and modification of the different types of knowledge so as to inspire inventions and creation of new products in order to maintain a competitive edge against competing firms. Such organizations can be viewed as knowledge systems and the management and other employees as the knowledge creators and consumers as the users of this knowledge as they enjoy the products that are realized from utilization of this knowledge. The firm’s employee learn new ways of doing things, superior or cheaper materials substitutes which lead to increased production or a reduction in coststo the firm(“UPSTREAM REVIEW”, 2015). On the other hand, the consumers utilize this knowledge as they enjoy better-priced and superior products. The creation of knowledge is similar to the consumption of knowledge in that either of them can be done by either consumers or managers and employees of the firm. For example, the consumer may suggest to the firms what their taste is or ways that the product can be improved which may translate to the consumer being the creator of knowledge and the firm being the consumer of knowledge.
Theoretical frameworks refer to the background research that has been done in the past in a certain field. This helps a person to build on the existing knowledge to come up with new and innovative ways of doing things. Most of the upcoming knowledge involves a combination of the old theories or just smart implementation of what was discovered in the past involving the use of current technology to implement what was done in the past using traditional technologies. For Instance, most of the business employ excel to do their financial accounting which is more accurate, faster and efficient as compared to the manual traditional methods of accounting.
The ultimate goal in life is to be a better person and this can only be achieved by becoming richer. Therefore, there is need to be more business oriented than just focusing on employment. Employment especially what they say service to the country has become rare and is majorly a form of enslavement as all your time is planned for and managed by another person. Therefore to achieve this dream of living and dying rich, it would be wise to come up with realistic and achievable business goals. The first thing is to raise capital for investment in a field of interest. To invest one in a particular field, a perfect business research has to be done to know each and everything that one is getting into. Research helps in identifying the strength and weaknesses in the business one is venturing into, making sure that it is the perfect choice and that success is sure.
Professionally, it would be wise to use profession or the field of specialty to give back to the society. This has to be a passion and not cohesion into the field of studies. The first thing to allow you to give back to the society is by getting involved in lecturing in colleges to pass on that knowledge. Professionalism can be achieved by planning your time well, allocating every activity its time and following it to the letter.
Some of the challenges faced during the class time is strain to see the board especially if one does not have the notes being lectured in their phones or laptops. Such a challenge can be overcome by tutors ensuring that the notes are available in the student portal or school website in time for instance at the beginning of the semester. The only opportunity that can be derived from such a challenge is by obtaining the notes directly from the lecturer and distributing them to other students at a price.
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Kuntz, J., Kuntz, J., Elenkov, D., &Nabirukhina, A. (2012).Characterizing Ethical Cases: A Cross-Cultural Investigation of Individual Differences, Organisational Climate, and Leadership on Ethical Decision-Making.J Bus Ethics, 113(2), 317-331.
Cassady, M. (1993).Technology as Part of Business Communication.Business Communication Quarterly, 56(3), 36-38.
Zhu, Y. & Chen, H. (2015). Social media and human need satisfaction: Implications for social media marketing. Business Horizons, 58(3), 335-345.