week 1 -leadership Class
Lei Fang
week1
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I agree that economic power is shifting from mature Western economies to emerging markets. This is because over the past 20 years, the growth rate of GDP in emerging markets has far exceeded that of Western countries, although the inflation rate of developing countries is also much higher than that of Western developed countries. This means that the size and variety of commodities produced by those developing countries are also increasing. At the same time, it also means that the consumption power of people in developing countries is gradually rising (increasing income). Therefore, the emerging market is not only a production but also a huge consumer market. This also brought the continuous inflow of foreign funds.
Environmental disruption and waste of resources have led to increased production costs for businesses. It is well known that the resources on earth are limited. With the increasing number of people and the enhancement of people's consumption power, people's consumption of resources has been increasing. The consumption of resources will inevitably increase the cost of the product. Therefore, merchants and governments are spared no effort to improve the production efficiency of commodities. At the same time, they are also looking for sustainable resources. At the same time, the government and companies have also taken a series of measures to reduce the waste of resources. For example, Apple recycles old computer phones.The aging population has brought about competition for the labor force. At present, the population growth rate of many countries is negative, which means that the future labor force will decline.
At the same time, the aging of the population has also brought tremendous survival pressure to young people. And these young people will also share this part of the pressure to the government and companies. In order to cope with the increase and decrease of labor costs, the company can only reduce the number of employees or increase the profit of goods. From another perspective, this part of the pressure is also transferred to the shoulders of young people.
Consumer loyalty to the product has been carefully maintained by the brand. Due to the increasing number of brands and types of consumer products, consumers have more and more choices, so people have higher and higher requirements for commodities. This also makes it difficult for consumers to maintain their loyalty to goods compared to the past. Therefore, manufacturers have also put forward big data analysis to track customer trends and formulate customer-centric marketing strategies.
The rise of the Internet has blurred the borders between people's work and life. At the same time, people's past lifestyles have quietly changed. For example, during this pneumonia, people were working on the Internet. And for safety, many people buy ingredients online. This is hard to imagine in the past 20 years.
Technology integration I think is a common thing in any era. It's just that the technological integration of each era has different characteristics. Each technology fusion is based on contemporary commodity needs and technical characteristics. For example, the rise of the Internet in the past 10 years has spawned many related career and technology integrations. For example, big data analysis.
Reference
Royal, M. (2014, October 22). Hay group: The six megatrends transforming businesses. Retrieved from https://www.consultancy.uk/news/914/hay-group-the-six-megatrends-transforming-businesses
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Yilin Hou
week 1
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Leaders operating in the modern business environment are aware of the essence of ensuring that their teams are engaged, motivated, and driven for success. This is a significant task since leaders are required to facilitate these aspects while ensuring that they are effective in responding to the disruptive changes in how they work (Consultancy U.K., 2014). It is a challenge that can be overcome by understanding the differences in global leadership. In this case, the six megatrends of global leadership entail globalization, climate change, individualism, digitization, demographic changes, and converging technologies. I agree that these trends have played a significant role in transforming the global business setting.
I agree that globalization is influencing the global business setting. This is based on the shift in economic power from the developed and developing economies. As a result, the globe is witnessing different market trends, competition, and increased collaborations among countries. Globalization has enabled developing nations to increase their share of the globe's GDP. This is evident through Asia's domination of the global economy. This depicts a reverse from the rise of the west and their influence on global politics and the economy. In this case, globalization has led to the emergence of a new global economic order that is replacing West domination. Globalization is bound to continue influencing financial relationships by making them increasingly interconnected.
The globe is subjected to varying environmental crises in the form of scarce raw materials and climate change that challenge businesses. The crises have led to fluctuating values, increased costs, and increased concern among stakeholders. The climate change issues and lack of raw materials necessitate that companies focus on sustainability strategies. Sustainability is crucial in the modern business landscape as companies seek to enhance their resource productivity while reducing costs. The efforts are also fundamental in strengthening the corporate image and aligning corporate action with consumer and investor interests.
I agree that demographic changes are an influencing factor in the business landscape. This is based on its impact on the global workforce and increased competition for talent among companies. Businesses operating in the modern age are required to catch up to demographics. Companies across the globe are increasing their investment in labor since it is becoming a scarce commodity. Additionally, a younger workforce compels a company to alter its operations.
Individualism is a significant factor that influences the business environment. There is increased freedom of choice that subjects' organizations to respond to the consumer needs in a diverse workforce. Consumers are a significant aspect of business and are capable of influencing their overall performance. As a result, companies operating in the modern business landscape have been subjected to employ customer-centric approaches. They have also increased their investments in research and development with the intent of learning more about their consumers
Digitization has influenced the business landscape since work is going remote. Consequently, the rise of teleworking has lured the boundaries between personal and professional lives. Increased digitization in the modern age has influenced different business activities such as company business models that have enabled new cooperation strategies among companies. This has also led to new product and service offerings and company affiliations among the employees and consumers.
I agree that converging technologies have influenced the business landscape. This is due to the technological achievement in bio, nano, cognitive, and information science that have speed up the rate of change while establishing new product markets. Additionally, bringing technologies together had a significant impact on the ability of companies to streamline their business process. The business setting has been influenced as many business processes have been deemed redundant.
Reference
Consultancy U.K. (2014). Hay Group: The six megatrends transforming businesses. Retrieved from https://www.consultancy.uk/news/914/hay-group-the-six-megatrends-transforming-businesses
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