Contemporary Business

Business
1. Profit Seeking Activities
2. Provide Goods and Services
3. An Exchange between Buyers and Sellers
Changes
1. Economy
  1. Globalization
  2. Crisis
2. Technology
  1. Internet
  2. Apple
  3. Wireless
  4. GPS
  5. Taobao
3. Human Behavior
  1. Texting instead of talking
  2. Purchasing behavior
  3. Going green
4. Environment
  1. Global warming
  2. Extreme weather
5. Political
  1. Raising of third world countries
  2. Collapse of USSR
  3. European Union
Issues
1. Managing the Technology Revolution
  1. Streamline production
    1. From French Industrial Revolution
    2. To Globalized Virtual Production Network
  2. Creating new opportunities for organizational efficiency
    1. No limit to where business can be conducted
  3. Technology
    1. Positive impact
      1. Email to increase speed of communication
    2. Negative impact
      1. Contact lens vs eye glasses
      2. Email vs letter
  4. The Internet
    1. Faster, more direct, no physical barrier, reduce cultural barriers
      1. Direct purchase (buyers)
        Interactive relationships between businesses and customers
        Find their suppliers all over the world
      2. Expand to unreachable market (sellers)
        Not just limited by geography
        Expose to huge community of prospective cusomers
    2. New business ecology
      1. Revolutionized traditional business
        Online retail
        Online game
        Online services
      2. New business ideas
        Search engine
        Social website
    3. Marketing channels
      1. E-marketing
        Email
        Website marketing
      2. Video marketing
        YouTube
      3. Peer sharing via social networking
        Facebook
        Twitter
  5. Wireless communication
    1. Anytime, anywhere
      1. Not just in office, also on street
    2. Combine with GPS, location based technology
      1. Knowing you are here
      2. Location based services
    3. Improve efficiency
      1. Instant job status reporting
      2. Find nearby customers
2. From Transaction Management to Relationship
  1. Sellers and buyers
    1. Transaction management
    2. Relationship management
    3. Nurture customer loyalty
      1. Reduce sales cycle
      2. Avoid price discounts
      3. Get customer referrals
    4. Technology played a role
      1. Email updates of latest products
      2. SMS confrontation of order
      3. Facebook promotion
  2. Strategic alliances and partnership
    1. A partnership formed to create a competitive advantage
    2. Most widely reported strategic alliances
3. Creating Value through Quality and Customer Satisfaction
  1. Value
  2. Quality
    1. Degree of excellence
    2. Durability, performance, reliability
  3. Customer satisfaction
4. Competing in a Global Market
  1. sourcing
  2. production
  3. sales
  4. Economic globalization
    1. Market and sell goods everywhere
    2. Purchase, assemble, shipping worldwide
    3. Material cost and quality, labor cost, government regulation, transportation infrastructure, etc.
5. Developing and Sustaining a World-Class Workforce
  1. Why?
    1. Foster strong ties with customers and partners
    2. Capable to compete in global markets
    3. Brainpower of employees
    4. Knowledge development of employees
  2. Workforce Trend
    1. Aging population
      1. Teenagers are entering the workforce soon
      2. Seniors are staying longer
      3. Move seniors are having second career after retirement
    2. Shrinking labor pool
      1. Immigrants
    3. Increasingly diverse workforce
      1. Workforce m the diverse culture, ethnics
    4. Changing nature of work
      1. Manufacturing -> technologies -> services
    5. New Employer-employee Partnership
      1. Employee owned company
6. Wanted: A New Type of Manager
  1. Intelligent, highly motivated
  2. Direction
  3. Intelligent
  4. Leader
7. Managing Ethics and Social Responsibility
  1. Business ethics
    1. Poor
    2. Strong
  2. Social responsibility
    1. Vision
    2. Action
Key Factors Affecting Business
1. Technology
2. Human Behavior
  1. Relationship era

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Contemporary Business

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