Essay about Business Challenges - 683 Words

1. The most significant challenge to business success you see in this rapidly changing global economy; One significant challenge to business success in this rapidly changing global economy is that many business are focused on efficiency and economic of scales. Just like the example provided by Michael H. Hugo on Chapter 1, many companies are focused on lowering operating cost as much as possible. This is causing for executives not leave any room for unpredicted changes limiting the company’s ability to respond to customer’s changing needs. 2. An organization that has been successful in the global marketplace using virtual teams and the best practices it used (as discussed in Chapter 7 of Business Agility: A Sustainable†¦show more content†¦While this is a practice enforced throughout the company, it was necessary to make sure that this communications were clear to the virtual team in order to maintain morale and the team’s trust in the company. 3. How the Marketplace simulation incorporates these challenges into simulation game play; The Marketplace simulation incorporates these challenges by providing student with real-world business problems and roles. Team members are challenged to make decisions and used critical thinking in order to solve this problems virtually. While The Marketplace gives the team the tolls necessary to have effective communication, ultimately each team members contributes to the overall success of the team, just like in a real business situation. 4. How your readings and individual self-assessment work provide potential solutions to these challenges. The unit’s readings have provided many solutions to the challenges businesses encounter nowadays. To this day, there are many companies that have business plans that concentrate strictly in lowering operating cost, cut budgets as much as possible and overwork workers that already are overworked. Some of this solutions include: * Thinking of the costumer’s needs and being able to respond to their ever changing needs * Management needs to be transparent and make sure to communicate with employees, especially when the organizations is makingShow MoreRelatedBusiness Challenges Of The Salon1301 Words   |  6 PagesAfter identifying the business challenges, analyzing them, below are solutions recommended for the three business functional areas. Marketing: It is recommended that The Salon establishes its presence in social media like Facebook. The Salon can use this media for its marketing. furthermore, it is used to establish the connection between The Salon and its customers. It is also used to build the customers’ loyalty. 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