Research Paper: Identifying Key Concepts in Business and Management
Key concepts in business are important for the growth of any entity. This is because such concepts determine the direction in which the business is governed, and hence, they determine the success or failure of any business. By understanding the key concepts applied in the business environment, managers are able to avoid errors that may arise in business operations such as poor financial management. The purpose of this paper is to explore different concepts used in key areas of business operations. The key areas include dynamic business environment, critical business functions, the integration of individuals and systems, and ethics and social responsibilities that confront a business.
Dynamic business environment
In our text, Boone & Kurtz (2010) defined business management as the process of managing an organization by applying various business concepts on the set objectives. For the objectives to be met there must be stable functions of the organization such as good planning, organizing, coordination, and directing. These functions can be achieved through well co-ordinated management team. Therefore, good business management results into smooth flow of business activities. In a business set up, various dynamic business environments may affect the performance of the firm negatively or positively….