Businesses Thrive Due to Formulating Strategies
This semester, Introduction to Business course students have explored the basics of business enterprise, its organization, and its role in a free society. Emphasis was placed on business environments, marketing, and the use of technology in business. Students explore economic systems and conditions, the global environment, and components of the business, such as corporate and social responsibility. Students were introduced to various components of human resources management such as structure, leadership, motivation, and team. Students learned about financial management in terms of assets, liabilities, and equity. This essay will examine student’s understanding of:
• Human Resources Management
• Marketing
• Importance of Technology in Business
• Business Accounting
• Stocks and Bonds
The essay and oral presentation align with the following course objectives (CO):
• Discuss the roles of various stakeholders such as consumers, employees, and business owners, in all aspects of business.
• Identify the components of business.
• Identify the factors of the global business environment
• Explain the advantages and disadvantages associated with various forms of business ownership.
• Examine the role of Human Resources Management as it relates to structure, leadership, teaming, and professional development.
• Match various marketing activities with different types of business organizations.
• Explain the importance of using technology in various forms of business.
• Recognize the relationships among assets, liabilities, and equity.
directions:
Develop an essay sharing key facts about your business learned from your research this semester.
Develop an essay sharing key facts about your business learned from your research this semester.
1.The essay should be typed 5 – 7 pages, 1.5 line-spaced, 12-font (Arial, Times Roman, Calibri).
2.The content and organizational layout for the essay are shown in the grid below.
3.Please spell-check your document.
4. The use of Grammarly or some other editing software is recommended (I will run all documents through a similar software to support your claims.
5.Provide at least 7 references (1 per module) from the in-class reading materials and a commensurate number from your researched corporation.
6. References and in-text citations should use the American Psychological Association Writing Style Manual, 7th edition or later.
7. Business Essay #2 is worth 50 points.
Businesses Thrive Due to Formulating Strategies
Introduction
In the business world, understanding business operations is significant for any firm to thrive. Firms can utilize different technologies to safeguard private executive decisions, income statements, and other commercial secrets that give a business a competitive edge. Technology specifically aids firms in protecting their ideas from rivals (Carucci, 2018). Customers frequently place more faith in specific suggestions from individuals they recognize rather than they do in channels maintained by brands. Businesses thrive due to formulating strategies based on realistic goals and using their human resource to implement their operations, especially exemplifying production and quality service delivery to their customers. It starts with human resources management, managing marketing, integrating technology, and understanding business accounting, as explored in this paper.
Human Resource Theory
Organizational Lifecycle Theory, Strategic Contingency Theory, General Systems Theory, and Transaction Cost Theory are the four theories used to explore the concept of human resources. The strategic and contingency theory matches Tesla's workplace strategy, and apprenticeships are used to introduce staff to it. Tesla utilizes its culture as a vehicle to uphold a way of thinking that fosters corporate growth, especially in terms of its personnel assets (Carucci, 2018). The management at Tesla handles their employees respectfully.
Human Resources Management
To ensure that both parties have the necessary tools to perform their tasks safely and successfully, Tesla's HR departments serve as a mediator between employers and their staff. Although the company has an internal HR department, other firms might hire external companies. The Human resource manager at this company contributes to preserving the organizational viability of the workforce in both capacities. While human resources (HR) may occasionally be seen as a firm's administrative arm, in actuality, HR has a variety of complementary duties, including the following:
* Hiring and recruiting
* Initiation of development and training programs
* Managing interactions between the worker and a company’s executives
* Fostering a fulfilling workplace culture
* Controlling the disciplinary process for employees.
Companies use technologies to safeguard private executive decisions, income statements, and other commercial secrets that give a business a competitive edge. Technology specifically aids firms in protecting their ideas from rivals. (Carucci, 2018) It starts with human resources management, managing marketing, integrating technology, and understanding business accounting. Early in its development, Tesla Company developed a disaster recovery plan to guide and lay out a company-wide approach and course of measures to address the safety of the people, assets, and the ecosystem. A system for deploying and confirming the efficacy of solutions and activities is a component of the procedure (Xu et al., 2020). A North America Emergency Supply Team was established to help acquire and deliver essential safety supplies for the public and medical personnel, such as masks, gloves, thermostats, hand lotion, and disinfecting towels. The company's facilities have assisted in producing masks and large quantities of disinfectant. The company introduced a safety directions video that employees could watch to get a head start on what to anticipate when they return to work or continue business as usual (Xu et al., 2020). Additionally, as required, the business kept in touch with OSHA and the community health department as the leadership carried out returning to work programs.
The creation, dissemination, and delivery of value to customers while promoting the firm, community, and its partners constitute the administrative process known as marketing. While generating income is the primary objective of marketing, it accomplishes this purpose differently than other corporate divisions like sales or customer care (Xu et al., 2020). The businesses seek to identify and meet client wants. Customers frequently place more faith in specific suggestions from individuals they recognize rather than they do in channels maintained by brands (Xu et al., 2020). Technology specifically aids firms in protecting their ideas from rivals. It starts with human resources management, managing marketing, integrating technology, and understanding business accounting.
The 4 Ps of Marketing
Product, pricing, place, and promotion are the four main components of the "4 Ps" business model, which promote goods and services. The four Ps are typically considered by firms when developing advertising and promotions to reach their intended customers. Tesla keeps a strong degree of management control over every aspect of its marketing strategy. With...