Globalization and its impact on business strategies

A long time ago, doing business abroad was a luxury. Countries were not particularly happy with the investors who came from abroad, and only few businesses could expect to join the global market. The world was much more reserved, and governments thought of potential threats rather than benefits of foreign businesses. But everything changed with the end of the cold war. Artificial borders vanished between countries that introduced friendly trade agreements. Third world countries started to develop their economies and became closer to their Western sponsors. The internet made the whole world accessible here and now.

In the condition of rapidly growing international markets, businesses have the best opportunity for expansion. More than 95% of income opportunities lie outside the US, and American companies try to benefit from them. Emerging markets in India, Latin America, and Eastern Europe stimulate businesses to invest and outsource.

Another important trend that emerged due to globalization is a strong corporate social responsibility and ethics. Economic expansion made companies care about their positive brand image, and they invest a lot into maintaining a positive reputation. No big business wants scandals around the violation of workers’ rights, child labor, or unethical treatment of employees. A strong social responsibility is an obligatory condition for big businesses that put too much on stake.

And the most expected consequence of globalization is an increased brand equity. A multinational brand can push their industrial capacities to the economies that develop most rapidly and it can be represented in dozens of countries. Multiple revenue opportunities are not a miracle but a chance every business can take.

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The impact of customer perception on customer loyalty

Owners and consumers usually have a different perception of brands. While owners incorporate their aspirations in the brand, customers evaluate it according to advertising, social and environmental strategies, charities, public events etc. While many companies think they know best what their brand is, that is not true. Because the customer perception shapes the brand, and the perception of owners does not matter if customers are not satisfied with the brand. There are several components of brand perception that make up the brand’s image. As long as customers think positively of brands, people will remain loyal to these companies.

Customer brand perception is based on the brand image, company image, employee trust, company trust, price, and service quality. Potential customers who have not purchased from the brand yet draw conclusions from the public brand image, the company image, the number of customers, and price of products. Current customers take into account the quality of received services and their price. Positive customer perception is the core condition of developing loyalty to the brand.

Positive brand perception may come out of the customer’s personal experience, and it may be based on brand’s public image. Some customers positively perceive brands that are on everyone’s lips. Interestingly, people think better of brands that conduct intense marketing campaigns and have an army of loyal customers. Little-known businesses usually cause suspicions, and people are less likely to try their products if brands have few customers so far. However, firms operating in the niche markets gradually change this trend providing superb services to few of their customers.

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The relationship between corporate financial outcome/performance and their degree of social responsibility

Corporate social responsibility is not a charity. If businesses invest in their good name and take care of social matters, they are more competitive and better off in the market. There is a clear correlation between CSR and financial performance of the firm that proves companies invest into society, not give the money away. The relation between profit and social responsibility is stronger in the developing world where social participation of governments is scarce.

Corporate social responsibility encompasses the firm’s impact on the environment, community, workplace, and marketplace. In the Malaysian market, for example, environmental initiatives motivate companies to improve their operational capacity, rethink product design, and strive for new technology. These steps allow companies to reduce pollution, conduct waste management, and optimize their energy consumption. Some forms of environmental CSR may produce an immediate revenue. Community impact, on the other hand, does not raise the firm’s income right away. Investing into social welfare, healthcare, or education, companies may expect more loyal customers to come over the time. CSR in the marketplace focuses on managing customer service, suppliers, and service providers. It would rather help to retain old customers than to attract new ones. CSR also covers relations between managers and employees in the workplace. High corporate ethics helps companies to build a good reputation while poor workplace responsibility can repel followers of the brand.

Company’s financial performance is measured by its return on assets (ROA) and return on equity (ROE). These variables show the result of the company using its capital. Corporate social responsibility cannot change risks of the marketplace or growth of the competition, but it certainly impacts the returns in the ways discussed above.

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How does social and cultural diversity affect leadership in a company?

Diversity in the workplace is as natural as a green grass in summer. The US has a strikingly diverse population, first of all, in terms of its ethnic origin. Religion, culture, and social background also matter. No wonder, all these people search for employers who would not discriminate them at the very least. Many companies employ the diverse workforce to better approach the client. But diversity is also important to increase cultural competence and ethnic tolerance in the workplace.

Hiring more diverse people in their teams, managers seek innovation. Diversity of thought is what they are interested in. People of a different gender, race, socioeconomic background have a different education and a unique opinion on things. Uniting all these people, managers let all of them learn from each other and become better in communication and business activity. Creating comfortable conditions for people of all backgrounds, leaders facilitate learning and make another step to a desirable innovation.

Hiring more women, employers give them higher chances to become leaders. Statistically, women take no more than 25% of managerial positions all over the world. Leaders do not deny that they still have a ‘glass ceiling’ that separates women from top leadership. But data show that it may be more important to let women take the charge. The research conducted among the UK leaders defined that 10% of female managers were strategic leaders as compared to 7% of male managers. Companies need more strategic leaders who are more flexible in their practices. Hiring more women would help companies to fight gender bias in the workplace and in the leadership.

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The changing dynamics of leadership with the evolution of the economics

Despite employers have been hiring people for ages, the notion of leadership emerged only in the 20th century. American engineer Frederick Winslow Taylor changed the way managers interact with employees by breaking the production process into several parts and training employees to specialize in one specific stage. The innovation brought maximum efficiency, and Taylor became the father of scientific management. Apparently, the change in the mindset happened as the consequence of the Industrial Revolution. But leadership styles developed on principles of psychology rather than economy.

Back in the 20th century, employers considered leadership to be an inborn quality. Leaders were thought to have certain inborn traits that allowed them to take effective decisions in crisis. ‘Taylorists’ believed that one leadership style fits all, and the approach did not last long. Yet in 1939, organizational psychologist Kurt Lewin issued the publication in which he differentiated autocratic, democratic, and Laissez Faire models of leadership. The three types required different extent of decision-making power from the leader. By the 1970s, more scholars proposed their own theories on leadership. American social psychologist Dr. Rensis Likert introduced the notions of exploitative authoritative leadership, benevolent authoritative leadership, consultative, and participative leadership. They were characterized by a different concern of the leader towards their employees. Professor of management Dr. Gary Yukl described similar styles with different names.

By the end of the 20th century, situational leadership came in vogue. The approach was developed by Dr. Paul Hersey and Dr. Ken Blanchard and involved leaders who directed, coached, and supported their employees as well as delegated some responsibilities to them. Leadership styles of the 21st century have much in common with situational leadership that has little to do with early leadership styles.

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Thesis statement definition

 

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Drug testing essay sample

 

A drug test is conducted in order to determine whether specified parent drugs or their metabolites are present or absent in your body. The analysis is made with the help of taking biological specimen, such as saliva, urine, sweat, hair or blood. The most common grounds for taking a drug test are as follows: to determine whether an athlete has been using doping; to screen employers for drugs that are prohibited by law as well as BAC tests. The latter are conducted by police officers to determine the concentration of alcohol in your blood. They are administered with the help of a breathalyzer.

Let’s take a closer look at drug using problem in the workplace. Recent data show that 67.9 full-or part-time employees use illegal drugs from time to time. They tend to show the following symptoms: frequent change of jobs, tendency to be often late or even absence from work, decline of productivity and involvement in work accidents or even potential harm to others. A lot of employers have decided to implement drug-free workplace. They have gained a lot of experience which they are willing to share. Find out more about that at … ordercustompaper.com

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Persuasive topic

 

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