Business Report 2
(Business Report 2)
Student’s Name:
Institution of Affiliation:
Course Code + Course Title
Instructor’s Name:
Assignment Due Date
Business Report
Introduction
Business problems can be detrimental to any organization if not adequately and timely addressed. However, to address business problems, it is vital to understand the concepts and the scope of the problem to help develop interventions and strategies that fit the problem. Properly addressing a problem can be a business opportunity, for instance, globalization, information systems integration, and social media marketing are opportunities for businesses to gain competitive edge. Problems addressed in this report include globalization, social media management, and the integration of information systems. Theoretical frameworks or models guide the understanding of concepts, connecting specific businesses to existing knowledge regarding the identified business problems. Theories and models provide the basis for why and how these issues occur and what can be done to address them as an organization. The paper focuses on the theories and models that can be adopted to further understand and address globalization, information systems integration, and social media management. (Business Report 2)
Leadership
Globalization is identified as a leadership problem because it affects the global society, and it results in transformations that are difficult to identify precisely and promptly, and even when the changes are detected, businesses may struggle to cope with these changes (Perez, 2017). Globalization has transformed political, social, and economic aspects that influence business processes, which widens the scope when addressing challenges brought about by globalization. Globalization also impacts the market scenario, which is vital for any business, including consumer behavior, tests and preferences, and perception of local and overseas products. It prompts businesses to realign their decision-making, strategies, marketing approaches, product productions, and consumer relations. (Business Report 2)
Theory
The theory of liberalism can help understand globalization, which is a market-led extension of modernization, according to this theory. The theory posits that globalization originates from the natural human desire for economic welfare and political liberty, and the need to exercise basic freedom and improve material-well-being creates transplanetary connectivity, which fructifies as technological advances and changes in legal and institutional arrangement to allow markets and liberal democracy to adapt to the changes in world scale (Amadi, 2020).
However, the theory emphasizes that entities tend to overlook the social forces or the impact of transplanatory connectivity on society and how these forces impact technological and institutional underpinnings. The theory provides that attributing these changes or developments to natural human drives and the need for economic growth and political liberty is inadequate. The phenomenon of power is also overlooked, especially power inequalities influence in facilitating globalization and shaping its direction. The theory provides that globalization impacts policy formation, institutions and commerce, social equality, foreign policy, and international politics, which affect business operations and decision-making (Amadi, 2020). To understand globalization and make decisions that align with its impact on society, businesses must address the social forces behind globalization, its impact on institutional underpinnings, power balance, and foreign policy. (Business Report 2)
Applied Framework
Globalization adopts the concepts of economic and social changes, which significantly impact businesses worldwide. In this case, leaders should respond accordingly to this changing trend to achieve positive outcomes. Globalization is attributed to the need to exercise political and economic liberty and increased global interdependence. The theory of liberalism derives the understanding of globalization as the human’s natural desire to allow market and liberal democracy, but also stresses the social forces and power dynamics leading to globalization or attributed to globalization. As applied, liberal assumptions from this theory help understand globalization and the connections between nations, looking at commerce, politics, social equality, foreign policy, democracy, and policy formation, which impact business success. The liberal model is applied to understand international relations, their impact on business, and what leaders can do to adapt to changes attributed to globalization. (Business Report 2)
Mind Map
International relations are attributed to liberalism, which is attributed to people’s understanding and perception that the world has a rational structure, humans have the capacity to understand and explain the world, and people are individualistic but expect the same rights and opportunities. This understanding increases people’s desire for global connectivity and exercising their freedom and desire for the creation of liberal markets and politics, a form of world order that would dictate international relations, which is linked to globalization, describing how the world has become more connected and interdependent. Globalization significantly impacts society, including policy changes, technological adoption, political transformation, economic changes, and human behavior, which affect the business and market scenarios, prompting businesses to realign their decision-making, strategies, marketing approaches, product productions, and consumer relations as demonstrated in the mind map below. (Business Report 2)
Information Systems
Technological adoption has allowed businesses to stay relevant in the current competitive environment because appropriate technology increases the competitive advantage, performance, efficiency, and effectiveness of an organization. However, technological advances are rampant, and businesses should remain at par with these changes. Updating or adopting a new technology prompts businesses to realign business infrastructure, processes, and policies the technology requires (Horváth & Szabó, 2019), creating an integration challenge. Some factors making integrating new technology or updates challenging for a business include lack of proper management and strategy, lack of sufficient training for employees, lack of communication, instability, and lack of contingency plans. In addition, rapid technological advances also challenge integrating technology (Horváth & Szabó, 2019). Proper integration would allow a business to realize positive outcomes. (Business Report 2)
Model
The Technology Acceptance Model can help understand information systems adoption and integration in an organization. The theory posits that successful integration is driven by potential users’ perceived usefulness and ease of use. It recommends parties focus on the perception of the potential user to ease integration. Ensuring an information system is useful and user-friendly increases the human desire to contribute to its adoption and integration (Straub, 2018). Additionally, organizations should determine attitudes and actual behavior when adopting technologies because confidence in the usefulness and usability of an information system increases individual control, competent use of the technology, and flexibility, hence better productivity and successful integration. (Business Report 2)
Marketing
Social media marketing is more contemporary and perceived as a business opportunity that cannot be overlooked because of its impact on society. Businesses have created social media management, a new segment in management, to adapt to changes in the market scenario attributed to social media trends. However, social media management is challenging, and if not done right, it can be consequential for a business. Social media management is challenging due to the increased effort required to ensure the business is up-to-date with daily business trends on different platforms and maintain a 24/7 online presence. Factors, including lack of communication across departments, identification of the right platforms to engage the audience, understanding the target audience, falling organic engagement, and meeting consumer engagement needs, make social media management a challenge for businesses. (Business Report 2)
Theory
Chaffey’s social media theory provides insights into monitoring and facilitating customer interactions and engagement. The theory perceives social media as an informal marketing approach. It posits that companies and customer interactions influence human behavior, hence customer behavior. Therefore, companies can adopt social media strategies to trigger purchasing options among buyers, influencing them to make purchases and maintain brand loyalty (Haule & Swallehe, 2021). This theory provides that organizations need to maintain long-term relations with customers, and social media marketing can be significant in achieving this and improving business performance. However, social media management must be done right to maintain and facilitate interactions and consumer participation. Social media managers should ensure that sharing through digital media generates or reinforces positive ties between the company and consumers and the brand displays the commercial value. (Business Report 2)
Summary
Business research is integral in addressing business problems that have the power to influence business failure or success. Theories and models guide the understanding of business problems, in this case, globalization, information systems integration, and social media management, their impact on business, and offer insights into approaches to address these issues. The report writes on the theory of liberalism to help understand globalization and its drivers, the technology acceptance model to help understand technology adoption and integration and factors influencing successful integration, and Chaffey’s theory of social media and its assumptions on how to make social media marketing successful. These theories will also guide research on these business problems. (Business Report 2)
References
Amadi, L. (2020). Globalization and the changing liberal international order: A review of the literature. Research in Globalization, 2, 100015. https://www.sciencedirect.com/science/article/pii/S2590051X20300046
Haule, S. D., & Swallehe, O. (2021). The Effects of Social Media Marketing on Business Performance of Supermarkets in Tanzania. Journal of Business School. DOI: 10.26677/TR1010.2021.906 https://scholar.archive.org/work/frrt4fgxhzcixmzdrcnbzmiwaa/access/wayback/https://journalbusiness.org/index.php/journalbusiness/article/download/87/80/80
Horváth, D., & Szabó, R. Z. (2019). Driving forces and barriers of Industry 4.0: Do multinational and small and medium-sized companies have equal opportunities? Technological forecasting and social change, 146, 119-132. https://www.researchgate.net/publication/333617786_Driving_forces_and_barriers_of_Industry_40_Do_multinational_and_small_and_medium-sized_companies_have_equal_opportunities
Perez, J. R. (2017). Global leadership and the impact of globalization. Journal of Leadership, Accountability, and Ethics, 14(3), 48-52. http://www.na-businesspress.com/JLAE/PerezJR_14_3_.pdf
Straub, E. T. (2018). Understanding technology adoption: Theory and future directions for informal learning. Review of educational research, 79(2), 625-649. https://journals.sagepub.com/doi/abs/10.3102/0034654308325896
