Research Paper on Business Management

2021-07-14 13:12:41
3 pages
810 words
University/College: 
Vanderbilt University
Type of paper: 
Research paper
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This paper is about business management and the basic areas covered, like social responsibilities, iron law, business ethics and civic responsibilities. The definition of these terms are provided and how they are helpful to the managers.

Introduction

A successful business and organization require sound and creative management. The management entails numerous activities within the industry, including decision making. These events, which are associated with executing planned tasks of a company include controlling, monitoring, planning, leading, and organizing (Devinney, 2015). Arguably, the management of business covers other areas, which ensures that there is smooth running of activities. They include; social responsibility, business ethics, iron law, and civic engagement.

Social Responsibility

The business firm influences the lives of people, around and very far. This relationship ensures that there is a consideration of the social welfare of the clients and customers, including the employees (McDonald, 2014). Social responsibility entails ethical suggestions and framework that entity, which encompasses an individual and an organization have and obligations to operate for the betterment of the team and society at large. To maintain a balance between an ecosystem and economy, social responsibility should be a duty that every individual has to execute. Consequently, there can be a situation where there is a trade-off between economic development, the welfare of the society, environment, and in the material sense (McDonald, 2014). Additionally, social responsibility also ensures there is an existence of sustainable equilibrium in its operations.

Moving forward, it pertains not only to everyone whos any action impacts the environment but also to business organizations. The activities and responsibility within the business firms can be both active and passive (Forestiere, 2015). The former implies that harmful social acts will be avoided and only accomplish activities that directly improve social goals. Lastly, the social responsibility should be intergraded and shared because an action of one generation have a direct impact on those following.

Business ethics

Business or corporate ethics is another form of professional or applied ethics that deals with or professional and moral or ethical problems which can be experienced in a business environment (Vazquez, 2016). The business ethics applies to all the aspects of business behavior and refers to the conduct of the entire organization and every individual (Hwang & Chung, 2016). The applied ethics originate from society, individuals or the legal system within the organization regulations.

Iron Law

There are numerous areas where the term iron la is applied, like in market, oligarchy, among others. However, in this case, it mainly used to the socialists and trade unions formulated by the sociologist like Robert Michels (Korkmaz, 2011). Robert Michels expresses an intensely pessimistic view that social movements unavoidably transforms to becoming autocratic as conservative elite is dominating them. This theory has been a driving force in the trade union. Therefore, the social management should make a consideration of the iron law. It implies that the unions are controlled by an unaccountable bureaucracy. The theory of iron law is believed to have excess power to the trade unionist, thus affecting the social welfare and managements of the employees.

Civic Engagement

Civic engagement is also part of the business and organization which involves working to make a difference in the society. It ensures that there is development as a result of skills, knowledge, motivations, and values that make a difference. It promotes the quality of life in every community which encompasses the political and non-political processes. Consequently, it covers a wide array of activities where the citizens participate formally or informally in addressing the needs of the community needs thus improving the quality of life of an individual and extends it to the whole community. There is a significant role of business in ensuring that growth becomes bearable to the clients and customers.

Conclusion

For efficient business management, the welfare of the clients and the employees should be put into consideration. This will ensure that there is a smooth operation of the organization activities leading to the success of every undertaking.

 

Reference

Devinney, T. (2015). Annals in Social Responsibility: bringing new perspectives to the study of social responsibility. Annals In Social Responsibility, 1(1). http://dx.doi.org/10.1108/asr-06-2015-0005

Forestiere, C. (2015). Promoting Civic Agency Through Civic-Engagement Activities: A Guide for Instructors New to Civic-Engagement Pedagogy. Journal Of Political Science Education, 11(4), 455-471. http://dx.doi.org/10.1080/15512169.2015.1066684

Hwang, J., & Chung, J. (2016). The Roles of Business Ethics in Conflict Management in Small Retailer-Supplier Business Relationships. Journal Of Small Business Management. http://dx.doi.org/10.1111/jsbm.12271

Korkmaz, S. (2011). A Methodology to Predict Fatigue Life of Cast Iron: Uniform Material Law for Cast Iron. Journal Of Iron And Steel Research, International, 18(8), 42-45. http://dx.doi.org/10.1016/s1006-706x(11)60102-7

McDonald, S. (2014). Social responsibility clusters arising from social partnerships. Social Responsibility Journal, 10(2), 331-347. http://dx.doi.org/10.1108/srj-12-2012-0152

Vazquez, P. (2016). Family Business Ethics: At the Crossroads of Business Ethics and Family Business. Journal Of Business Ethics. http://dx.doi.org/10.1007/s10551-016-3171-1

 

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