Part 1: In your opinion, what are some of the most current issues or trends in business today? And why? Please read and respond to the above question (200 word minimum).
Part 2: Respond to Alicia (100 words): The most current issues in business today: 1. High rate of technology usage 2. Social media 3. Globalization of production High rate technology usage has increased significantly over the years. It has maximized the company’s business production by overcoming business challenges to remain successful and is potentially profitable. All companies use technology for marketing, development, networking, communicating, and trades. Social media such as Facebook, LinkedIn, and Twitter is also an issue in businesses today. There are many advantages and disadvantages: The advantage for small business owners that are seeking to introduce and increase their brand, increase profit to steer consumers, it helps improve the company’s customer service. The disadvantage of social media for businesses is the time that it takes to monitor the relations between the business and its consumers. Negative feedback could impact the representation of a business. Lastly, Globalization of production can be considered a trend in today’s businesses. Globalization is how nations interact with one another. It assists with the movement of goods from an international perspective. It is how nations get different products for cheap to become innovative and remain competitive. The advantages it contributes and reduces poverty that most nations face. The disadvantage it can ruin the locality and the environment of an economy These are the most current issue or trends the economy/ businesses face to survive the market
Part 3: Respond to Melissa (100 words): I think current issues in business today include innovation in regards to technology, increasing efficiency of operations through the use of outsourcing, maximizing retained earning through creative use of accounting and tax laws, and the importance of differentiation and diversification. First, we are becoming an increasingly globalized society so it is important to be able to take advantage of the offerings of the internet, in terms of sales and communication, as well as an ability to capitalize on your core competencies while allocating some of your weaker areas to someone else. There is this accounting question about the country of Purple (yes, dumb country name) that must decide if it wants to produce all of its own products, or stick with making only the product that it is best at, while trading with another country in the good that the other country is most efficient at producing. Why in the world would Purple make all of its own goods when it can be far more profitable specializing? The same is true for America. As for creativity in accounting, in 2013, Apple sold a bunch of bonds to pay the dividends on their stock (Lattman, Eavis, Rismberg, & Cook, 2013) because they didn’t want to pull in money from offshore and get nailed by taxes. I think that the companies that best know how to work the laws relating to taxation and accounting, are those that will perform the best. Lastly, I think that even though differentiation is only one strategy (like cost leadership), a company should strive to be unique in some way. I also think that a company needs to expand upon their product offerings. As an example, Amazon started as a bookstore and now it has SO many different revenue streams from SO many different products and services that if they never sold a book again, they would be just fine. Whatever the business way of saying “don’t keep all of your eggs in one basket” seems to be great advice for the future and a key topic in future business trends.
Please note that all parts are to be completed as SEPARATE entities.