Coursework Assignment: 80% Individual Essay
Due date:
TBD
Submission: QMPLUS Turnitin
Please follow submission instructions and guidelines
Word Count: 2000 words (references excluded)
QMUL SBM policy allows for students to submit a word count 5%
above the word count or 5% below the required word count.
Be mindful, exceeding well beyond the word count is not equal to
better work! It is good academic discipline to stay within the required
word count.
References: As an academic assessment, you are required to use appropriate
resources. You must include academic resources. You may also
provide supporting evidence from reputable reports ( e.g., Government
websites, Case studies, News Reports, i.e., The Guardian).
Websites like mindtools.com, Wikipedia, etc. will not be an acceptable
source for this assignment.
Please use Harvard Referencing Style
Tips:
You are expected to submit individual independent work.
Please construct an appropriate academic essay, using appropriate
language, style, structure, and referencing.
Essay Question: Please respond to the Essay in 2000 words.
“Covid 19 has seen changes in the business environment that influence both
internal and external business environment in ways no one expected which led
organizations to alter processes and to meet the demand and response for COVID
19.”
Considering the above quote, using the PESTLE framework, describe and discuss
how external environmental factors influence the internal business environment.
In your essay, have the following structure
▪
▪
Introduction
✓ Explain the context and the PESTLE framework with relevant
literature
Body
▪
✓ Construct two arguments by Identifying and explaining at least
TWO factors you consider are most important issues that will
affect business in the next five years
✓ and their consequences for business?
Conclusion
✓ Summarize main points and provide recommendations
Week 9: Assignment Support Session
Fundamentals of Management Studies
Dr. Lisa Diane Morrison
Overview
Coursework Assessment
Essay (Weight 80%)
Individual Assignment (2,000
words)
Submit via QMPlus
Due December 17th 15:00
Submission questions/issues:
Email: [email protected]
Coursework Assessment
Word Count:
2000 words ( references excluded)
QMUL SBM policy allows for students to submit a word count 5% above the word
count or 5% below the required word count. Be mindful, exceeding well beyond
the word count is not equal to better work! It is good academic discipline to
stay within the required word count.
References:
As an academic assessment, you are required to use appropriate resources. You
must include academic resources. You may also provide supporting evidence
from reputable reports ( e.g., Government websites, Case studies, News
Reports, i.e., The Guardian). Websites like mindtools.com, Wikipedia, etc. will
not be an acceptable source for this assignment.
This Photo by Unknown author is licensed under CC BY-NC-ND.
Please use Harvard Referencing Style
What is Plagiarism
and How to Avoid it
What is Plagiarism?
Plagiarism is presenting someone else’s work, words, or ideas intentionally or
unintentionally as your own.
Plagiarism is a serious academic offence and can lead to serious penalties. Penalties can
range from failing the module, to receiving a mark of zero, to failing the entire program
of study.
Collusion happens when students in a class copy
from one another. Individual assessment work should
be entirely the work of the student submitting that
work.
In case of collusion, all involved members will be
penalized, including the student who wrote the
original document.
Is recycling your own work plagiarism?
Using your previous writing, entirely or in part, for another assignment is called
self-plagiarism, which will be detected by Turnitin.
Question: What should you do if you intend to make a similar point in multiple
assignments?
Answer: You need to properly paraphrase every time you make that point.
Summary points…
Be sure to record your sources and cite them if you use
ideas or, especially, quotations from the source.
When using direct quotation use speech mark (“ “).
As a general rule, always paraphrase i.e., express
someone else’ writing in your own words.
Ensure that all works used are referenced appropriately
in the text of your work and fully credited in your
reference list.
Harvard Referencing
Harvard Referencing
Coursework Assessment
“Covid 19 has seen changes in the business environment that influence both internal and
external business environment in ways no one expected which led organizations to alter
processes and to meet the demand and response for COVID 19.”
Considering the above quote, using the PESTLE framework, describe and discuss how
external environmental factors influence the internal business environment.
In your essay, have the following structure :
Introduction (approx. 500 words)
Explain the context and the PESTLE framework with relevant literature
Body(approx. 1000 words)
Construct two arguments by Identifying and explaining at least TWO factors you consider are
most important issues that will affect business in the next five years and their consequences for
business?
Conclusion (approx. 500 words)
Summarize main points and provide recommendations
Why Essay?
To produce a high-quality essay you need to demonstrate your ability:
to understand the precise task set by the title.
to identify, appropriate material to read.
to understand and evaluate that material.
to select the most relevant material to refer to in your essay.
to construct an effective argument.
to arrive at a well-supported conclusion.
The need to use such a wide range of academic skills is probably the main reason
why the essay format is so popular with tutors as an assignment.
The word limit adds to the challenge by requiring that all of these skills be
demonstrated within a relatively small number of words. Producing incisive and
clear written work within a word limit is an important skill, which will be useful in
many aspects of life beyond university.
Student Learning Development at the University of Leicester (2020). Writing essays — University of Leicester. [online] Www2.le.ac.uk.
Available at: https://www2.le.ac.uk/offices/ld/all-resources/writing/writing-resources/writing-essays
Essay Writing
Do you fully understand the ideas
and concepts you are writing
about?
When you are writing for
assessment, you are likely to be
being tested on your
understanding of new ideas.
You therefore have two different
tasks to juggle:
1. You are trying to
understand something that is
quite complex;
2. You need to write the
perfect text that will show off
this understanding.
Produced by Learning Development, Queen Mary University of London (www.learningdevelopment.qmul.ac.uk), 2014 add text
This Photo by Unknown author is licensed under CC BY-ND.
Essay Writing
An essay normally has three parts:
1. An introductory paragraph
2. A body (at least one, but usually two or more paragraphs)
3. A concluding paragraph
This doesn’t mean your essay should be
Short
Separated by numerical order
Organized by bullet points
The Writing Centre, London Metropolitan
University
www.londonmet.ac.uk/writingcentre text
Essay Writing: Introduction
Remember the purpose of the essay
The introduction is the opportunity to
Introduce the topic
Provide background
Indicate the plan for the essay
A general statement introduces topic and gives some background
A thesis statement states the main focus of the essay
The Writing Centre, London Metropolitan University
www.londonmet.ac.uk/writingcentre text
Essay Writing: The Body
The Good stuff!!
Organize ahead and plan your paragraphs accordingly
Create and outline or brainstorming map
Make sure there are logical transitions between paragraphs
Ask yourself….did I answer the question? How?
The Writing Centre, London Metropolitan University
www.londonmet.ac.uk/writingcentre text
Essay Writing: Conclusion
Final paragraph
Summaries main points and reiterates the thesis statement
Final comment ( related to the topic…..not your love for Nando’s!!)
The Writing Centre, London Metropolitan
University
www.londonmet.ac.uk/writingcentre text
Identify what is causing your difficulty
with writing
Produced by Learning Development, Queen Mary University of London (www.learningdevelopment.qmul.ac.uk), 2014 add text
Common
criticism
given to
students is
that their
essay:
Off-topic, loses focus
Poor structure
Too descriptive
Limited or no critical writing
Student Learning Development at the University of Leicester (2020). Writing essays — University of Leicester. [online] Www2.le.ac.uk. Available
at: https://www2.le.ac.uk/offices/ld/all-resources/writing/writing-resources/writing-essays
Sample Good vs Bad
Good: Critical Thinking!
The weather in 1816 Europe was abnormally
wet, keeping many inhabitants indoors that
summer. From April until September of that year,
“it rained in Switzerland on 130 out of the 183
days from April to September” (Phillips, 2006).
Unlike today, one could not simply turn on a
television or click through the Internet in order
to entertain oneself. Instead, it was much more
common for the educated people of the day to
spend time reading, discussing well-known
authors and artists of the day, playing at cards
and walking in their gardens and walking paths.
Bad paragraph
I hate wet and reiny days.
It rained a lot in 1816…. a lot – like everyday; the weather
in Europe was abnormally wet because it rained in
Switzerland on 130 out of the 183 days from April to
September. If I was Mary Shelley I might decide to write a
book too. Afterall, it was the onnly thing you could do
without TV or anything. She said that she “passed the
summer of 1816 in the environs of Geneva…we
occasionally amused ourselves with some German stories of
ghosts… These tales excited in us a playful desire of
imitation” So, people were stuck inside and bored. Mary
Shelley decided to write a book becuase it was so awful
outside. I can totally see her point, you know? I guess I
would write a novel if there was nothing else to do.
If you were Mary Shelley in the company of
Byron and others, you amused each other by
reading out loud, sharing a common interest in a
particular book, and sharing with the others your
own writing. In her introduction to Frankenstein,
her explanation of how this extraordinary novel
came to be was due, at least in part, to the
weather and the company (Shelley, 1816). “I
passed the summer of 1816 in the environs of
Geneva. The season was cold and rainy, and
…we occasionally amused ourselves with some
German stories of ghosts… These tales excited
in us a playful desire of imitation” (Shelley, as
Writing Help (formatting, templates, and writing samples): Sample BAD and GOOD paragraphs. (n.d.). Retrieved from
quoted in Phillips, 2006).
https://slulibrary.saintleo.edu/c.php?g=367733&p=2485890
These criticisms highlight the three
basic elements of good essay writing:
Paying close attention to the topic (and instructions)
Establishing a relevant structure that will help you show the development
of your argument
Using critical writing as much as possible; with descriptive writing being
used where necessary but kept to a minimum
Writing Help (formatting, templates, and writing samples): Sample BAD and GOOD paragraphs. (n.d.). Retrieved from
https://slulibrary.saintleo.edu/c.php?g=367733&p=2485890
Essay Writing
Do you fully understand the ideas and concepts you are writing about?
When you are writing for assessment, you are likely to be being tested on your
understanding of new ideas.
You therefore have two different tasks to juggle:
1. You are trying to understand something that is quite complex;
2. You need to write the perfect text that will show off this understanding.
Produced by Learning Development, Queen Mary University of London (www.learningdevelopment.qmul.ac.uk), 2014 add text
Essay Writing
Free writing
A way to help get your ideas down onto the page
Continuous writing
Write whatever comes to you mind
Ignore mistakes (for the moment)
Set a time limit
Free Writing exercised
Does law simply consist of rules?
If you need HELP,
just ASK for it!
Office Hours:
Thursday 12:00-16:00
Essay help appointments
Sign-up on QMPlus
Not more than 2
appointments
If full, please email for an
arrangement
SBM Writing Tutor
Learning Development: http://www.learningdevelopment.qmul.ac.uk/
THE FUNDAMENTALS OF
MANAGEMENT:
THE
POLITICAL ENVIRONMENT
DR LISA D. MORRISON MSW MSC BA
QUEEN MARY, UNIVERSITY OF LONDON
SCHOOL OF BUSINESS AND MANAGEMENT
OFFICE FB 3 .08
EMAIL: [email protected]
overview
Understanding what is politics/political
Why is it important to be aware
How to scan the political environment
What is the political environment
The political environment comprises
institutions that:
Influence the political environment through their policies
Pass laws and establish regulations
Implement and enforce laws and regulations
Also—groups and organizations in the public realm and the wider political culture—e.g. the
media and civil society groups
Hamilton &Webster: The International Business Environment, 4th Edition
This Photo by Unknown author is licensed under CC BY-SA-NC.
Levels of Decision
Making
Decisions affecting the political environment are
made at:
International level
National level
Regional level
Local level
Hamilton &Webster: The International Business Environment, 4th Edition
This Photo by Unknown author is licensed under CC BY-SA.
Separation of Powers
and Tensions
In theory, in liberal democracies the
branches should operate separately
and keep each other in check
However, in practice there is overlap
e.g. executive and legislative,
And tensions can occur between
different branches of the State, e.g.
politicians and the judiciary; politicians
and bureaucrats
Hamilton & Webster: The International Business Environment, 4th edition
Separation of Powers and
Tensions
Politicians and judiciary
e.g. appointments to the US Supreme Court are
often politically controversial, as a
Judge’s known views are important and
important indicator of how they will determine
policy related cases, e.g. Abortion Rights
Politicians and bureaucrats
Officials influence policy in the making and
implementation of it
This Photo by Unknown author is licensed under CC BY-SA.
David Blunkett UK
Home Secretary
‘Every time I want to do something, the
department argues with it….if they don’t want
you to do something, they produce the
lengthiest, most obscurantist document…
(with)…the pluses and minuses (but) with the
minuses… highlighted….(They inflate) the costings
(making it) impossible…to (argue) with the
Treasury.’
Source: The Blunkett Diaries, The Guardian 11
Oct/06
Functions of the State
The State performs some very important functions with major implications for
business:
Establishes the legal framework
Regulator and deregulator
Public expenditure and taxation
International negotiator
Internal and external security
Arbitrator/judge
This Photo by Unknown author is licensed under CC BY-NC-ND.
State supply of
goods and services
Government ownership, e.g. utilities
Privatization—e.g. British Gas, in the UK,
1986
Provision of welfare services, increasingly
using private sector providers
The ‘New Public Management’,
contracting, commissioning and
outsourcing
Public–Private Partnerships
The blurring of the State/business divide?
This Photo by Unknown author is licensed under CC BY-SA.
How to scan political environment
Tools
Navigating media
Print Media
Business reports
Laws
Elections
Assessment and
Analysis of
Political Risk
Eurasia Group
Regional Expertise
Analysis
Management Consulting
https://www.eurasiagroup.net/issues/top-risks-2018
Eurasia Group’s Top risks for 2020
How to scan political
environment
Now list top political risk for 2021
What are your predictions?
Anything missed?
Recently updated –COVID-19
State as Arbitrator
Apple versus Samsung
Companies sometimes look to the judicial system to act as arbitrator
in business disputes.
Apple sued Samsung for infringing its patents in courts in the USA, S.
Korea, Japan, Germany, and Australia
Samsung responded by suing Apple in Germany, France, Japan,
and S. Korea for patent infringement
State as Arbitrator
Apple versus Samsung
How Business Influences
the Political Environment
Pressure group—lobbying.
Promises or threats.
State consultation with business; business
resources, knowledge, power.
Representation on government bodies.
Formal and informal access to decisionmakers, insider and outsider groups.
Giving money or gifts.
Influence on Government policy:
Lobbyist
Influence on
Government policy:
Lobbyist
Not all lobbyist are
corporate special interest
groups
Recall, the political
environment also
includes
Groups and organizations
in the public realm and
the wider political
culture—e.g. the media
and civil society groups
This Photo by Unknown author is licensed under CC BY-ND.
Influence on
Government
policy Lobbyist:
Mothers Against
Drunk Driving
M.A.A.D
1980 13-year-old girl killed by hit and run, drunk driving
3- time repeat offender hit and run just released from
jail. This accident became the face of drunk driving
victims.
1981 marches/protest support for the problem with
drunk driving and to get laws passed.
1984 21 minimum age drinking passed into law
Federal law.
Influence, local, regional and national policy in
attitudes toward drunk driving.
E.g. using terms crash rather than accident
recalling drunk driving to show that drunk
driving is a choice
Even influenced how movies depicted drunk
driving, scenes taken out of films “Arthur”.
Further laws passed through lobbying and
advocacy.
It all seems normal today, and frankly common
sense but prior to 1980 this was not the social
conscious around drunk driving.
Influence on
Government
policy
Lobbyist:
Mothers
Against
Drunk Driving
M.A.A.D
Organizational Power
and Politics
(1)
The Relationship Between Organizational
Power and Politics
Power: ability to influence others’
behavior.
Politics: process of gaining and using
power.
Power and politics in and of themselves
are neither good nor bad; it’s how they
are used.
Lussier/ Management Fundamentals 9e.© SAGE Publications, 2020.
Organizational Power
and Politics
(2)
Apple vs Samsung Forbs article-shows
internal politics, personality had
impact.
Works both on the micro and macro
level
Governments / businesses engage in
the same types of political behaviour
“Successfully navigating organizational
politics not only requires understanding
the type of power you have but also
how others in the organization use their
power”
Organizational Power and Politics
Lussier, Management Fundamentals 9e.© SAGE Publications, 2020.
(3)
Organizational Power
and Politics
(4)
The Relationship Between Organizational
Power and Politics
Power: ability to influence others’
behavior.
Politics: process of gaining and using
power.
Power and politics in and of themselves
are neither good nor bad; it’s how they
are used.
Lussier/ Management Fundamentals 9e.© SAGE Publications, 2020.
This Photo by Unknown author is licensed under CC BY-SA.
THE FUNDAMENTALS OF MANAGEMENT: ECONOMIC
(FINANCIAL ENVIRONMENT)
DR LISA D. MORRISON MSW MSC BA
QUEEN MARY, UNIVERSITY OF LONDON
SCHOOL OF BUSINESS AND MANAGEMENT
OFFICE FB 3 .08
EMAIL: [email protected]
Define E in PESTLE
OVERVIEW
How to analyze Financial
framework
Impact of financial
Regulation on business
environment
FUNDAMENTALS OF MANAGEMENT : EXPLORING
CONTEXT
PESTEL (Drivers of
Globalization)
•Political
•Economic
•Social
•Technological
•Environmental
•Legal
Bhatti (October 9, 2018) Week 3 Chapters 3-4 lecture.
Economic:
E C O N O M I C ( F I N A N C I A L FAC TO R S )
Economic factors include trends
about resource use and prices, policies, such as
taxation ,interest rates and more general
trends such as disposal income, economic
growth, inflation and productivity.
Money is anything generally accepted in exchange
for goods and services which is:
• A medium facilitating the exchange of goods
and services
MONEY AND ITS
IMPORTANCE FOR
BUSINESS
• A common measure for pricing and valuing
sales, costs, profits, and assets
• Divisible into different units of value thereby
facilitating trade
• A store of wealth
Monetary assets usually classified by degrees
of liquidity.
MONEY AND ITS
DIFFERENT FORMS
Liquidity—the ease and speed with which an
asset can be turned into cash
• Narrow money—most liquid e.g. notes and
coin and current bank accounts
• Broad money = narrow money + less liquid
deposit accounts + deposits held by
government and other financial institutions
Confidence is the willingness to accept money in
exchange for goods and services
THE NEED FOR
CONFIDENCE
• Confidence in the money system is essential
• but money has no intrinsic worth
• Collapse in confidence causes a breakdown in
the financial system
IMPORTANT ELEMENTS IN THE
FINANCIAL ENVIRONMENT
Inflation:
• An increase in the general price level over a certain time
period
• Affects international competitiveness of business and
countries
INTEREST RATES
Interest Rates:
• A price paid to borrow money
Interest rates Influence:
• The cost of borrowing to business
• What financial institutions can charge borrowers
IMPORTANT INSTITUTIONS IN THE
INTERNATIONAL FINANCIAL
ENVIRONMENT
• International Monetary Fund (IMF)
• World Bank (WB)
• Bank for International Settlements (BIS)
• European Central Bank (ECB)
This Photo by Unknown author is licensed under CC BY-NC-ND.
PRIVATE FINANCIAL INSTITUTIONS
Private institutions
Importance of private sector
• Banks
Private institutions important to international
business because they:
• Insurance companies
• Pension funds
• Unit trusts
• Hedge funds
• Venture capital companies
• Private equity funds
• Mobilize savings and provide credit at home
and abroad
• Provide domestic and international
payments systems
• Reconcile short-term requirements of
savers with long-term needs of business
• Can spread risk across projects and
countries
FINANCIAL CRISIS
• Major Markets
• Financial institutions operate from virtual anywhere
• However, cluster in certain locations
• London, New York, Tokyo, Frankfurt, Singapore, Hong Kong
This Photo by Unknown author is licensed under CC BY-NC-ND.
FINANCIAL CRISIS
Robert Shiller defines financial crises, so-called bubbles, as:
A situation in which news of price increases spurs investor
enthusiasm which spreads by psychological contagion from person
to person, in the process amplifying stories that might justify the
price increase and bringing in a larger and larger class of investors,
who, despite doubts about the real value of the investment, are
drawn to it partly through envy of others (The Guardian 19 July
2013).
Shiller, R. (2013). Speculative bubbles don’t just pop – they may deflate and reflate | Robert Shiller. [Hamilton,
Leslie/Webster, Philip. The International Business Environment p.375]
This Photo by Unknown author is licensed under CC BY-SA.
Characteristics:
FINANCIAL CRISES
• Speculation, market euphoria, rising asset
prices
• Turning point → panic, falling asset prices,
pessimism
• Contagion—spread of the crisis
internationally
This Photo by Unknown author is licensed under CC BY-NC.
THE IMPORTANCE OF REGULATION FOR
BUSINESS
Effective regulation can help:
• Protect customers against fraud
• Ensure that payments systems operate smoothly
• Maintain liquidity in the system
• Avoid financial crises
It also has implications for financial institutions through its influence on costs,
sales and profits
Fierce bank resistance to tighter regulation
Financial institutions difficult to regulate at a
global level because:
REGULATORY
CHALLENGES
• They operate internationally while, despite
Basel I, II, and III…regulatory systems tend to
be nationally based
• Some countries have very lax or non-existent
regulatory systems
• Growth of the shadow banking system
This Photo by Unknown author is licensed under CC BY-SA.
FINANCIAL CONTROLS: THE MASTER
BUDGETING PROCESS
• Accounting is the primary function of business success.
• A budget is a planned quantitative allocation of resources for specific activities.
• Definition does not include money—as all types of resources are allocated in a
budget.
Steps in the Master Budgeting Process
• The steps to develop a financial plan includes:
• Revenue and expenditure operating budgets.
FI NANCI AL CONT ROL S: T H E
MAST E R B UDG ETI NG PROCE SS
Lussier/Management Fundamentals 9e.© SAGE Publications, 2020.
• Capital expenditures budget.
• Financial budgeted cash flow, income statement,
and balance sheet.
Steps in the Master Budgeting Process
FI NANCI AL CONT ROL S: T H E
MAST E R B UDG ETI NG PROCE SS
Lussier/Management Fundamentals 9e.© SAGE Publications, 2020.
•
Covers a one-year period, broken down by
month.
•
Finance controller is responsible for the
budgeting process.
•
The use of power and politics is common.
• Operating Budgets
• Revenue Budgets: Forecast of total income for
the year
FI NANCI AL CONT ROL S: T H E
MAST E R B UDG ETI NG PROCE SS
• Expense Budgets: Forecast of total operating
spending for the year
• Revenues Versus Profit and Profit Margin
• Increasing Profits
Lussier/Management Fundamentals 9e.© SAGE Publications, 2020.
Capital Expenditures Budget
• Includes all planned major asset investments.
FI NANCI AL CONT ROL S: T H E
MAST E R B UDG ETI NG PROCE SS
• Based on forecasting performance or the
return on investment.
• Major assets budgeted.
• Risk capital and venture capital.
Lussier/Management Fundamentals 9e.© SAGE Publications, 2020.
Financial Budgets and Statements
F I N A N C I A L C O N T RO L S : T H E
M A S T E R B U D G E T I N G P RO C E S S
Lussier/Management Fundamentals 9e.© SAGE Publications, 2020.
•
Prepare financial budgets.
•
If financial budget does not meet
expectations—operating and capital
expenditure budgets are revised.
•
Each statement commonly gives figures for
the year.
Financial Budgets and Statements
• Income Statement.
• Balance Sheet.
F I N A N C I A L C O N T RO L S : T H E
M A S T E R B U D G E T I N G P RO C E S S
• Cash Flow Statement.
• Bonds Versus Stock.
• Bonds.
• Stocks.
Lussier/Management Fundamentals 9e.© SAGE Publications, 2020.
Personal Finance
• Two key financial areas to focus on:
F I N A N C I A L C O N T RO L S : T H E
M A S T E R B U D G E T I N G P RO C E S S
Lussier/Management Fundamentals 9e.© SAGE Publications, 2020.
• Managing credit wisely.
• Saving for retirement.
THANK YOU
• Next Week
• Socio-Cultural
• Lussier, R. N. (2019). Management
Fundamentals (Ninth ed.). SAGE
Publications
• Chapter 3: Managing diversity in global
environment
THE FUNDAMENTALS OF
MANAGEMENT
WEEK 6: SOCIO-CULTURAL
Dr Lisa D. Morrison MSW MSc BA
Queen Mary, University of London
School of Business and Management
Email: [email protected]
Phone:+44 207 882 6541
OVERVIEW
Social and cultural
environment for business
Hofstede Cultural
Dimensions
Managing Diversity
Due date:
TBD
Submission: QMPLUS Turnitin
Please follow submission instructions and guidelines
Word Count: 2000 words (references excluded)
QMUL SBM policy allows for students to submit a word count 5%
above the word count or 5% below the required word count.
Be mindful, exceeding well beyond the word count is not equal to
better work! It is good academic discipline to stay within the required
word count.
References: As an academic assessment, you are required to use appropriate
resources. You must include academic resources. You may also
provide supporting evidence from reputable reports ( e.g., Government
websites, Case studies, News Reports, i.e., The Guardian).
Websites like mindtools.com, Wikipedia, etc. will not be an acceptable
source for this assignment.
Please use Harvard Referencing Style
Tips:
You are expected to submit individual independent work.
Please construct an appropriate academic essay, using appropriate
language, style, structure, and referencing.
Essay Question: Please respond to the Essay in 2000 words.
“Covid 19 has seen changes in the business environment that influence both
internal and external business environment in ways no one expected which led
organizations to alter processes and to meet the demand and response for COVID
19.”
Considering the above quote, using the PESTLE framework, describe and discuss
how external environmental factors influence the internal business environment.
In your essay, have the following structure
▪
▪
Introduction
✓ Explain the context and the PESTLE framework with relevant
literature
Body
▪
✓ Construct two arguments by Identifying and explaining at least
TWO factors you consider are most important issues that will
affect business in the next five years
✓ and their consequences for business?
Conclusion
✓ Summarize main points and provide recommendations
Week 9: Assignment Support Session
Fundamentals of Management Studies
Dr. Lisa Diane Morrison
Overview
Coursework Assessment
Essay (Weight 80%)
Individual Assignment (2,000
words)
Submit via QMPlus
Due December 17th 15:00
Submission questions/issues:
Email: [email protected]
Coursework Assessment
Word Count:
2000 words ( references excluded)
QMUL SBM policy allows for students to submit a word count 5% above the word
count or 5% below the required word count. Be mindful, exceeding well beyond
the word count is not equal to better work! It is good academic discipline to
stay within the required word count.
References:
As an academic assessment, you are required to use appropriate resources. You
must include academic resources. You may also provide supporting evidence
from reputable reports ( e.g., Government websites, Case studies, News
Reports, i.e., The Guardian). Websites like mindtools.com, Wikipedia, etc. will
not be an acceptable source for this assignment.
This Photo by Unknown author is licensed under CC BY-NC-ND.
Please use Harvard Referencing Style
What is Plagiarism
and How to Avoid it
What is Plagiarism?
Plagiarism is presenting someone else’s work, words, or ideas intentionally or
unintentionally as your own.
Plagiarism is a serious academic offence and can lead to serious penalties. Penalties can
range from failing the module, to receiving a mark of zero, to failing the entire program
of study.
Collusion happens when students in a class copy
from one another. Individual assessment work should
be entirely the work of the student submitting that
work.
In case of collusion, all involved members will be
penalized, including the student who wrote the
original document.
Is recycling your own work plagiarism?
Using your previous writing, entirely or in part, for another assignment is called
self-plagiarism, which will be detected by Turnitin.
Question: What should you do if you intend to make a similar point in multiple
assignments?
Answer: You need to properly paraphrase every time you make that point.
Summary points…
Be sure to record your sources and cite them if you use
ideas or, especially, quotations from the source.
When using direct quotation use speech mark (“ “).
As a general rule, always paraphrase i.e., express
someone else’ writing in your own words.
Ensure that all works used are referenced appropriately
in the text of your work and fully credited in your
reference list.
Harvard Referencing
Harvard Referencing
Coursework Assessment
“Covid 19 has seen changes in the business environment that influence both internal and
external business environment in ways no one expected which led organizations to alter
processes and to meet the demand and response for COVID 19.”
Considering the above quote, using the PESTLE framework, describe and discuss how
external environmental factors influence the internal business environment.
In your essay, have the following structure :
Introduction (approx. 500 words)
Explain the context and the PESTLE framework with relevant literature
Body(approx. 1000 words)
Construct two arguments by Identifying and explaining at least TWO factors you consider are
most important issues that will affect business in the next five years and their consequences for
business?
Conclusion (approx. 500 words)
Summarize main points and provide recommendations
Why Essay?
To produce a high-quality essay you need to demonstrate your ability:
to understand the precise task set by the title.
to identify, appropriate material to read.
to understand and evaluate that material.
to select the most relevant material to refer to in your essay.
to construct an effective argument.
to arrive at a well-supported conclusion.
The need to use such a wide range of academic skills is probably the main reason
why the essay format is so popular with tutors as an assignment.
The word limit adds to the challenge by requiring that all of these skills be
demonstrated within a relatively small number of words. Producing incisive and
clear written work within a word limit is an important skill, which will be useful in
many aspects of life beyond university.
Student Learning Development at the University of Leicester (2020). Writing essays — University of Leicester. [online] Www2.le.ac.uk.
Available at: https://www2.le.ac.uk/offices/ld/all-resources/writing/writing-resources/writing-essays
Essay Writing
Do you fully understand the ideas
and concepts you are writing
about?
When you are writing for
assessment, you are likely to be
being tested on your
understanding of new ideas.
You therefore have two different
tasks to juggle:
1. You are trying to
understand something that is
quite complex;
2. You need to write the
perfect text that will show off
this understanding.
Produced by Learning Development, Queen Mary University of London (www.learningdevelopment.qmul.ac.uk), 2014 add text
This Photo by Unknown author is licensed under CC BY-ND.
Essay Writing
An essay normally has three parts:
1. An introductory paragraph
2. A body (at least one, but usually two or more paragraphs)
3. A concluding paragraph
This doesn’t mean your essay should be
Short
Separated by numerical order
Organized by bullet points
The Writing Centre, London Metropolitan
University
www.londonmet.ac.uk/writingcentre text
Essay Writing: Introduction
Remember the purpose of the essay
The introduction is the opportunity to
Introduce the topic
Provide background
Indicate the plan for the essay
A general statement introduces topic and gives some background
A thesis statement states the main focus of the essay
The Writing Centre, London Metropolitan University
www.londonmet.ac.uk/writingcentre text
Essay Writing: The Body
The Good stuff!!
Organize ahead and plan your paragraphs accordingly
Create and outline or brainstorming map
Make sure there are logical transitions between paragraphs
Ask yourself….did I answer the question? How?
The Writing Centre, London Metropolitan University
www.londonmet.ac.uk/writingcentre text
Essay Writing: Conclusion
Final paragraph
Summaries main points and reiterates the thesis statement
Final comment ( related to the topic…..not your love for Nando’s!!)
The Writing Centre, London Metropolitan
University
www.londonmet.ac.uk/writingcentre text
Identify what is causing your difficulty
with writing
Produced by Learning Development, Queen Mary University of London (www.learningdevelopment.qmul.ac.uk), 2014 add text
Common
criticism
given to
students is
that their
essay:
Off-topic, loses focus
Poor structure
Too descriptive
Limited or no critical writing
Student Learning Development at the University of Leicester (2020). Writing essays — University of Leicester. [online] Www2.le.ac.uk. Available
at: https://www2.le.ac.uk/offices/ld/all-resources/writing/writing-resources/writing-essays
Sample Good vs Bad
Good: Critical Thinking!
The weather in 1816 Europe was abnormally
wet, keeping many inhabitants indoors that
summer. From April until September of that year,
“it rained in Switzerland on 130 out of the 183
days from April to September” (Phillips, 2006).
Unlike today, one could not simply turn on a
television or click through the Internet in order
to entertain oneself. Instead, it was much more
common for the educated people of the day to
spend time reading, discussing well-known
authors and artists of the day, playing at cards
and walking in their gardens and walking paths.
Bad paragraph
I hate wet and reiny days.
It rained a lot in 1816…. a lot – like everyday; the weather
in Europe was abnormally wet because it rained in
Switzerland on 130 out of the 183 days from April to
September. If I was Mary Shelley I might decide to write a
book too. Afterall, it was the onnly thing you could do
without TV or anything. She said that she “passed the
summer of 1816 in the environs of Geneva…we
occasionally amused ourselves with some German stories of
ghosts… These tales excited in us a playful desire of
imitation” So, people were stuck inside and bored. Mary
Shelley decided to write a book becuase it was so awful
outside. I can totally see her point, you know? I guess I
would write a novel if there was nothing else to do.
If you were Mary Shelley in the company of
Byron and others, you amused each other by
reading out loud, sharing a common interest in a
particular book, and sharing with the others your
own writing. In her introduction to Frankenstein,
her explanation of how this extraordinary novel
came to be was due, at least in part, to the
weather and the company (Shelley, 1816). “I
passed the summer of 1816 in the environs of
Geneva. The season was cold and rainy, and
…we occasionally amused ourselves with some
German stories of ghosts… These tales excited
in us a playful desire of imitation” (Shelley, as
Writing Help (formatting, templates, and writing samples): Sample BAD and GOOD paragraphs. (n.d.). Retrieved from
quoted in Phillips, 2006).
https://slulibrary.saintleo.edu/c.php?g=367733&p=2485890
These criticisms highlight the three
basic elements of good essay writing:
Paying close attention to the topic (and instructions)
Establishing a relevant structure that will help you show the development
of your argument
Using critical writing as much as possible; with descriptive writing being
used where necessary but kept to a minimum
Writing Help (formatting, templates, and writing samples): Sample BAD and GOOD paragraphs. (n.d.). Retrieved from
https://slulibrary.saintleo.edu/c.php?g=367733&p=2485890
Essay Writing
Do you fully understand the ideas and concepts you are writing about?
When you are writing for assessment, you are likely to be being tested on your
understanding of new ideas.
You therefore have two different tasks to juggle:
1. You are trying to understand something that is quite complex;
2. You need to write the perfect text that will show off this understanding.
Produced by Learning Development, Queen Mary University of London (www.learningdevelopment.qmul.ac.uk), 2014 add text
Essay Writing
Free writing
A way to help get your ideas down onto the page
Continuous writing
Write whatever comes to you mind
Ignore mistakes (for the moment)
Set a time limit
Free Writing exercised
Does law simply consist of rules?
If you need HELP,
just ASK for it!
Office Hours:
Thursday 12:00-16:00
Essay help appointments
Sign-up on QMPlus
Not more than 2
appointments
If full, please email for an
arrangement
SBM Writing Tutor
Learning Development: http://www.learningdevelopment.qmul.ac.uk/
THE FUNDAMENTALS OF
MANAGEMENT:
THE
POLITICAL ENVIRONMENT
DR LISA D. MORRISON MSW MSC BA
QUEEN MARY, UNIVERSITY OF LONDON
SCHOOL OF BUSINESS AND MANAGEMENT
OFFICE FB 3 .08
EMAIL: [email protected]
overview
Understanding what is politics/political
Why is it important to be aware
How to scan the political environment
What is the political environment
The political environment comprises
institutions that:
Influence the political environment through their policies
Pass laws and establish regulations
Implement and enforce laws and regulations
Also—groups and organizations in the public realm and the wider political culture—e.g. the
media and civil society groups
Hamilton &Webster: The International Business Environment, 4th Edition
This Photo by Unknown author is licensed under CC BY-SA-NC.
Levels of Decision
Making
Decisions affecting the political environment are
made at:
International level
National level
Regional level
Local level
Hamilton &Webster: The International Business Environment, 4th Edition
This Photo by Unknown author is licensed under CC BY-SA.
Separation of Powers
and Tensions
In theory, in liberal democracies the
branches should operate separately
and keep each other in check
However, in practice there is overlap
e.g. executive and legislative,
And tensions can occur between
different branches of the State, e.g.
politicians and the judiciary; politicians
and bureaucrats
Hamilton & Webster: The International Business Environment, 4th edition
Separation of Powers and
Tensions
Politicians and judiciary
e.g. appointments to the US Supreme Court are
often politically controversial, as a
Judge’s known views are important and
important indicator of how they will determine
policy related cases, e.g. Abortion Rights
Politicians and bureaucrats
Officials influence policy in the making and
implementation of it
This Photo by Unknown author is licensed under CC BY-SA.
David Blunkett UK
Home Secretary
‘Every time I want to do something, the
department argues with it….if they don’t want
you to do something, they produce the
lengthiest, most obscurantist document…
(with)…the pluses and minuses (but) with the
minuses… highlighted….(They inflate) the costings
(making it) impossible…to (argue) with the
Treasury.’
Source: The Blunkett Diaries, The Guardian 11
Oct/06
Functions of the State
The State performs some very important functions with major implications for
business:
Establishes the legal framework
Regulator and deregulator
Public expenditure and taxation
International negotiator
Internal and external security
Arbitrator/judge
This Photo by Unknown author is licensed under CC BY-NC-ND.
State supply of
goods and services
Government ownership, e.g. utilities
Privatization—e.g. British Gas, in the UK,
1986
Provision of welfare services, increasingly
using private sector providers
The ‘New Public Management’,
contracting, commissioning and
outsourcing
Public–Private Partnerships
The blurring of the State/business divide?
This Photo by Unknown author is licensed under CC BY-SA.
How to scan political environment
Tools
Navigating media
Print Media
Business reports
Laws
Elections
Assessment and
Analysis of
Political Risk
Eurasia Group
Regional Expertise
Analysis
Management Consulting
https://www.eurasiagroup.net/issues/top-risks-2018
Eurasia Group’s Top risks for 2020
How to scan political
environment
Now list top political risk for 2021
What are your predictions?
Anything missed?
Recently updated –COVID-19
State as Arbitrator
Apple versus Samsung
Companies sometimes look to the judicial system to act as arbitrator
in business disputes.
Apple sued Samsung for infringing its patents in courts in the USA, S.
Korea, Japan, Germany, and Australia
Samsung responded by suing Apple in Germany, France, Japan,
and S. Korea for patent infringement
State as Arbitrator
Apple versus Samsung
How Business Influences
the Political Environment
Pressure group—lobbying.
Promises or threats.
State consultation with business; business
resources, knowledge, power.
Representation on government bodies.
Formal and informal access to decisionmakers, insider and outsider groups.
Giving money or gifts.
Influence on Government policy:
Lobbyist
Influence on
Government policy:
Lobbyist
Not all lobbyist are
corporate special interest
groups
Recall, the political
environment also
includes
Groups and organizations
in the public realm and
the wider political
culture—e.g. the media
and civil society groups
This Photo by Unknown author is licensed under CC BY-ND.
Influence on
Government
policy Lobbyist:
Mothers Against
Drunk Driving
M.A.A.D
1980 13-year-old girl killed by hit and run, drunk driving
3- time repeat offender hit and run just released from
jail. This accident became the face of drunk driving
victims.
1981 marches/protest support for the problem with
drunk driving and to get laws passed.
1984 21 minimum age drinking passed into law
Federal law.
Influence, local, regional and national policy in
attitudes toward drunk driving.
E.g. using terms crash rather than accident
recalling drunk driving to show that drunk
driving is a choice
Even influenced how movies depicted drunk
driving, scenes taken out of films “Arthur”.
Further laws passed through lobbying and
advocacy.
It all seems normal today, and frankly common
sense but prior to 1980 this was not the social
conscious around drunk driving.
Influence on
Government
policy
Lobbyist:
Mothers
Against
Drunk Driving
M.A.A.D
Organizational Power
and Politics
(1)
The Relationship Between Organizational
Power and Politics
Power: ability to influence others’
behavior.
Politics: process of gaining and using
power.
Power and politics in and of themselves
are neither good nor bad; it’s how they
are used.
Lussier/ Management Fundamentals 9e.© SAGE Publications, 2020.
Organizational Power
and Politics
(2)
Apple vs Samsung Forbs article-shows
internal politics, personality had
impact.
Works both on the micro and macro
level
Governments / businesses engage in
the same types of political behaviour
“Successfully navigating organizational
politics not only requires understanding
the type of power you have but also
how others in the organization use their
power”
Organizational Power and Politics
Lussier, Management Fundamentals 9e.© SAGE Publications, 2020.
(3)
Organizational Power
and Politics
(4)
The Relationship Between Organizational
Power and Politics
Power: ability to influence others’
behavior.
Politics: process of gaining and using
power.
Power and politics in and of themselves
are neither good nor bad; it’s how they
are used.
Lussier/ Management Fundamentals 9e.© SAGE Publications, 2020.
This Photo by Unknown author is licensed under CC BY-SA.
THE FUNDAMENTALS OF MANAGEMENT: ECONOMIC
(FINANCIAL ENVIRONMENT)
DR LISA D. MORRISON MSW MSC BA
QUEEN MARY, UNIVERSITY OF LONDON
SCHOOL OF BUSINESS AND MANAGEMENT
OFFICE FB 3 .08
EMAIL: [email protected]
Define E in PESTLE
OVERVIEW
How to analyze Financial
framework
Impact of financial
Regulation on business
environment
FUNDAMENTALS OF MANAGEMENT : EXPLORING
CONTEXT
PESTEL (Drivers of
Globalization)
•Political
•Economic
•Social
•Technological
•Environmental
•Legal
Bhatti (October 9, 2018) Week 3 Chapters 3-4 lecture.
Economic:
E C O N O M I C ( F I N A N C I A L FAC TO R S )
Economic factors include trends
about resource use and prices, policies, such as
taxation ,interest rates and more general
trends such as disposal income, economic
growth, inflation and productivity.
Money is anything generally accepted in exchange
for goods and services which is:
• A medium facilitating the exchange of goods
and services
MONEY AND ITS
IMPORTANCE FOR
BUSINESS
• A common measure for pricing and valuing
sales, costs, profits, and assets
• Divisible into different units of value thereby
facilitating trade
• A store of wealth
Monetary assets usually classified by degrees
of liquidity.
MONEY AND ITS
DIFFERENT FORMS
Liquidity—the ease and speed with which an
asset can be turned into cash
• Narrow money—most liquid e.g. notes and
coin and current bank accounts
• Broad money = narrow money + less liquid
deposit accounts + deposits held by
government and other financial institutions
Confidence is the willingness to accept money in
exchange for goods and services
THE NEED FOR
CONFIDENCE
• Confidence in the money system is essential
• but money has no intrinsic worth
• Collapse in confidence causes a breakdown in
the financial system
IMPORTANT ELEMENTS IN THE
FINANCIAL ENVIRONMENT
Inflation:
• An increase in the general price level over a certain time
period
• Affects international competitiveness of business and
countries
INTEREST RATES
Interest Rates:
• A price paid to borrow money
Interest rates Influence:
• The cost of borrowing to business
• What financial institutions can charge borrowers
IMPORTANT INSTITUTIONS IN THE
INTERNATIONAL FINANCIAL
ENVIRONMENT
• International Monetary Fund (IMF)
• World Bank (WB)
• Bank for International Settlements (BIS)
• European Central Bank (ECB)
This Photo by Unknown author is licensed under CC BY-NC-ND.
PRIVATE FINANCIAL INSTITUTIONS
Private institutions
Importance of private sector
• Banks
Private institutions important to international
business because they:
• Insurance companies
• Pension funds
• Unit trusts
• Hedge funds
• Venture capital companies
• Private equity funds
• Mobilize savings and provide credit at home
and abroad
• Provide domestic and international
payments systems
• Reconcile short-term requirements of
savers with long-term needs of business
• Can spread risk across projects and
countries
FINANCIAL CRISIS
• Major Markets
• Financial institutions operate from virtual anywhere
• However, cluster in certain locations
• London, New York, Tokyo, Frankfurt, Singapore, Hong Kong
This Photo by Unknown author is licensed under CC BY-NC-ND.
FINANCIAL CRISIS
Robert Shiller defines financial crises, so-called bubbles, as:
A situation in which news of price increases spurs investor
enthusiasm which spreads by psychological contagion from person
to person, in the process amplifying stories that might justify the
price increase and bringing in a larger and larger class of investors,
who, despite doubts about the real value of the investment, are
drawn to it partly through envy of others (The Guardian 19 July
2013).
Shiller, R. (2013). Speculative bubbles don’t just pop – they may deflate and reflate | Robert Shiller. [Hamilton,
Leslie/Webster, Philip. The International Business Environment p.375]
This Photo by Unknown author is licensed under CC BY-SA.
Characteristics:
FINANCIAL CRISES
• Speculation, market euphoria, rising asset
prices
• Turning point → panic, falling asset prices,
pessimism
• Contagion—spread of the crisis
internationally
This Photo by Unknown author is licensed under CC BY-NC.
THE IMPORTANCE OF REGULATION FOR
BUSINESS
Effective regulation can help:
• Protect customers against fraud
• Ensure that payments systems operate smoothly
• Maintain liquidity in the system
• Avoid financial crises
It also has implications for financial institutions through its influence on costs,
sales and profits
Fierce bank resistance to tighter regulation
Financial institutions difficult to regulate at a
global level because:
REGULATORY
CHALLENGES
• They operate internationally while, despite
Basel I, II, and III…regulatory systems tend to
be nationally based
• Some countries have very lax or non-existent
regulatory systems
• Growth of the shadow banking system
This Photo by Unknown author is licensed under CC BY-SA.
FINANCIAL CONTROLS: THE MASTER
BUDGETING PROCESS
• Accounting is the primary function of business success.
• A budget is a planned quantitative allocation of resources for specific activities.
• Definition does not include money—as all types of resources are allocated in a
budget.
Steps in the Master Budgeting Process
• The steps to develop a financial plan includes:
• Revenue and expenditure operating budgets.
FI NANCI AL CONT ROL S: T H E
MAST E R B UDG ETI NG PROCE SS
Lussier/Management Fundamentals 9e.© SAGE Publications, 2020.
• Capital expenditures budget.
• Financial budgeted cash flow, income statement,
and balance sheet.
Steps in the Master Budgeting Process
FI NANCI AL CONT ROL S: T H E
MAST E R B UDG ETI NG PROCE SS
Lussier/Management Fundamentals 9e.© SAGE Publications, 2020.
•
Covers a one-year period, broken down by
month.
•
Finance controller is responsible for the
budgeting process.
•
The use of power and politics is common.
• Operating Budgets
• Revenue Budgets: Forecast of total income for
the year
FI NANCI AL CONT ROL S: T H E
MAST E R B UDG ETI NG PROCE SS
• Expense Budgets: Forecast of total operating
spending for the year
• Revenues Versus Profit and Profit Margin
• Increasing Profits
Lussier/Management Fundamentals 9e.© SAGE Publications, 2020.
Capital Expenditures Budget
• Includes all planned major asset investments.
FI NANCI AL CONT ROL S: T H E
MAST E R B UDG ETI NG PROCE SS
• Based on forecasting performance or the
return on investment.
• Major assets budgeted.
• Risk capital and venture capital.
Lussier/Management Fundamentals 9e.© SAGE Publications, 2020.
Financial Budgets and Statements
F I N A N C I A L C O N T RO L S : T H E
M A S T E R B U D G E T I N G P RO C E S S
Lussier/Management Fundamentals 9e.© SAGE Publications, 2020.
•
Prepare financial budgets.
•
If financial budget does not meet
expectations—operating and capital
expenditure budgets are revised.
•
Each statement commonly gives figures for
the year.
Financial Budgets and Statements
• Income Statement.
• Balance Sheet.
F I N A N C I A L C O N T RO L S : T H E
M A S T E R B U D G E T I N G P RO C E S S
• Cash Flow Statement.
• Bonds Versus Stock.
• Bonds.
• Stocks.
Lussier/Management Fundamentals 9e.© SAGE Publications, 2020.
Personal Finance
• Two key financial areas to focus on:
F I N A N C I A L C O N T RO L S : T H E
M A S T E R B U D G E T I N G P RO C E S S
Lussier/Management Fundamentals 9e.© SAGE Publications, 2020.
• Managing credit wisely.
• Saving for retirement.
THANK YOU
• Next Week
• Socio-Cultural
• Lussier, R. N. (2019). Management
Fundamentals (Ninth ed.). SAGE
Publications
• Chapter 3: Managing diversity in global
environment
THE FUNDAMENTALS OF
MANAGEMENT
WEEK 6: SOCIO-CULTURAL
Dr Lisa D. Morrison MSW MSc BA
Queen Mary, University of London
School of Business and Management
Email: [email protected]
Phone:+44 207 882 6541
OVERVIEW
Social and cultural
environment for business
Hofstede Cultural
Dimensions
Managing Diversity
THE SOCIO-CULTURAL
FRAMEWORK
Refers to the social and cultural characteristics
of:
•
A group of people…
in a particular geographical area
CULTURE
Culture is a system of shared:
•
Beliefs
•
Values
•
Customs
•
Behaviours
Prevalent in a society….that are
•
Transmitted from generation to generation.
CULTURE
ENCOMPASSES…
• Values—including moral/religious beliefs
• Norms—rules of behaviour
• Sanctions—to enforce the norms
• Language
• Diet
• Dress
• And Institutions to transmit the norms and
values
HOFSTEDE’S RESEARCH
KNOWN FOR …
Five dimensions of culture:
• Acceptance of power inequality
• Avoidance of uncertainty
• Individualism versus collectivism
• Materialism versus quality of life
• Long-term versus short-term
orientation/Pragmatic vs Normative
This Photo by Unknown author is licensed under CC BY-NC-ND.
HOFSTEDE FOUND…
• Cultural norms and values very powerful in the
workplace
• Organizational culture less influential than national
cultures
• Successful management in one culture no
guarantee of success in another
• Business may need to adopt a different managerial
approach in different national contexts
• Countries may not have a single national culture
GEERT
HOFSTEDE INTERNATIONAL
PERSPECTIVE
• https://youtu.be/4mpcyxSdUcw
INFLUENCES ON CULTURE
• Globalization—contact and exchanges with other
cultures
• Changes in political, economic, social, and
technological forces within society
• The natural environment
GLOBAL DIVERSITY
Hofstede National Cultural Diversity
• Power distance inequality (Russia and China) vs. power equality (Denmark and Sweden)..
•
Top down -participation
• Individualism (United States and Netherlands) vs. Collectivism (Indonesia and China).
•
Self-sufficiency, self-first, group second- collectivism, group first self-second
• Assertiveness (Japan and Germany) vs. Nurturing (Netherlands and France).
•
More aggressive and competitive- nurturing, importance of relationships
• Uncertainty avoidance (Japan and West Africa) or Uncertainty acceptance (Hong Kong).
•
Likes structure and security less risks-comfortable with change and the unknown, more risk
• Long-term (China and Hong Kong) vs. short-term orientation (United States and Germany).
•
•
Look to the future-focus on past , present and immediate gratification
Indulgence/Restraint*
•
Indulgence versus Restraint, related to the gratification versus control of basic human desires related to enjoying
life.
*Hofstede, G., 2011. Dimensionalizing Cultures: The Hofstede Model in Context. Online Readings in Psychology and Culture, 2(1).
Lussier/Management Fundamentals 9e.© SAGE Publications, 2020.
GLOBE
Stands for:
GLOBAL
DIVERSITY
• Global Leadership and Organizational
Behavior Effectiveness.
Expanded Hofstede’s five dimensions
into nine.
Dedicated to the study of culture,
leadership, and organizational
effectiveness.
11
Lussier/Management Fundamentals 9e.© SAGE Publications, 2020.
GLOBE DIMENSIONS
GLOBAL DIVERSITY
International Assignments
• Expatriates.
• Culture shock.
Lussier/Management Fundamentals 9e.© SAGE Publications, 2020.
MANAGING GLOBAL
BUSINESS
Why Go Global?
• Increasing sales and profits.
• Increasing living of standards globally.
Lussier/Management Fundamentals 9e.© SAGE Publications, 2020.
MANAGING GLOBAL
BUSINESS
Global Management Practices
• SOE: State Ownership of Corporations.
• Think Globally, Act Locally.
Lussier/Management Fundamentals 9e.© SAGE Publications, 2020.
15
DIFFERENCES IN
BUSINESS PRACTICES
OF INTERNATIONALS
AND MNCS.
Lussier/Management Fundamentals
9e.© SAGE Publications, 2020.
MANAGING GLOBAL BUSINESS
MANAGING DIFFERENT FORMS OF GLOBAL BUSINESS
Global Sourcing.
Importing and Exporting.
Licensing and Franchising.
Contracting.
Strategic Alliances and Joint Ventures.
Direct Investment.
Lussier/Management Fundamentals 9e.© SAGE Publications, 2020.
TRENDS AND ISSUES IN
MANAGEMENT
Globalization and Diversity
• Developing a global mind-set and developing
cultural intelligence through courses or training.
• Immigration: The U.S. economy needs foreign
workers.
Lussier/Management Fundamentals 9e.© SAGE Publications, 2020.
TRENDS AND ISSUES IN
MANAGEMENT
Technology: AI, Privacy, and Security
• Artificial intelligence (AI) technology will improve
productivity and will add $15.7 trillion to the
global economy by 2030.
• Privacy and security concerns: Are also ethical and
social responsibility issues
Lussier/Management Fundamentals 9e.© SAGE Publications, 2020.
TRENDS AND ISSUES IN
MANAGEMENT
Ethics, CSR, and Sustainability
• What is considered ethical varies among countries
• It pays to be ethical
• Companies should aim for sustainability by using
the technology to preserve natural resources and
environment
Lussier/Management Fundamentals 9e.© SAGE Publications, 2020.
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ESSAY
1. INTRODUCTION
General Statement
Thesis statement
II. BODY
A. Topic sentence
1. Support
2. Support
3. Support
(Concluding sentence)
B. Topic sentence
1. Support
2. Support
3. Support
(Concluding sentence)
C. Topic sentence
1. Support
2. Support
3. Support
(Concluding sentence)
III. CONLUSION
Restatement or summary of the main points
Final comment
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