Saturday, 2 November 2019

Unit 14: Changes in Business Environment


                                 Unit 14: Changes in Business Environment   

At least two major developments have occurred that have changed dramatically the business environment – technology and globalisation.

Technology has been developed that has made information preparation and dissemination inexpensive.

With technology developments, time, space, and other temporal constraints to information have been reduced and, in many cases, eliminated.

Application of technology requires a set of specific capabilities.

These capabilities are  different in nature from those involved in innovation or invention.

Technological Literacy can be described as the intellectual processes, abilities and dispositions needed to understand the link between technology, individuals and society in general.

Innovative companies are those that keep their collective eyes and ears open to change and opportunity, and respond with ideas and actions that keep them growing and profitable.

Science and technology have been an integral part of Indian civilization and culture over the past several millennia.

Few are aware that India is the fountainhead of important foundational scientific developments and approaches.

Globalisation refers to the increasing integration of economies around the world, particularly through trade and financial flows.

The term sometimes also refers to the movement of people (labour) and knowledge (technology) across international borders.

Corporations are today changing their strategies and are reorganizing their functions to cope up with the changed scenario.

Whether it is their production process or location, Product strategy, Marketing, Finance, HR policies etc.

After the implementation of GATS (General Agreement on Trade and Tariffs) and the clause of free movement of labour in most of the regional trade agreements, HR policies have seen a significant change.

ASEAN: Association of South East Asian Nations  Differentiation: Separating one product/brand form other  GATS: General Agreement on Trade and Tariffs  GEMS: General Electric's Medical System Globalisation: Growing interdependence of countries  Job-Hopping: Frequent changes in jobs Rationalized Production: Distributing tasks of production and distribution to various parts of world to gain economies Standardization: Provide similar kinds of products all across  Technological Literacy: Intellectual processes, abilities and dispositions needed to understand the link between technology, individuals and society  Vertical Integration: Company's control of the different stages in a value chain of production   

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