Contemporary Business

Mind Map by TimTim, updated more than 1 year ago
Created by TimTim almost 5 years ago


Issues of Contemporary Business

Resource summary

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