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Quality and Utility - Essay Example

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Quality and Utility

Peter Drucker (1974) enumerates 8 key areas in which objectives of performance and results are to be set. They are marketing, innovation, human organization, financial resources, physical resources, productivity, social responsibility and profit requirements. Every business organization like everyone, lives in the midst of laws of the land, government regulations, economic conditions, changing consumer preferences, technological changes, culture, values system and business ethics of the society. All these factors constitute the business environment. A business organization and its environment are mutually interdependent, interacting with each other continuously. Environment is the supra-system of which the firm is only a small subunit. It can survive and thrive only when the environment desires its output of goods and services and is prepared to approve of an endorse its activities. Business organization had grown from the time immemorial, with the advent of industrial revolution, business organization, controlled by few thrive towards profit maximization. Industrial revolution changed the whole concept of business and capitalistic approach and individual profit making takes the prime objective. But during the 20th century it has changed. More democratic governments and their control but a brake on profit maximization tendencies of the organization and diverted them towards employee welfare and social welfare activities. Governments through various legislations are safeguarding interest of employees. Later on due to technological innovations and global connectivity the whole concept of business has changed. Development of technologies posses' opportunities and uncertainties as well as risk and challenges, which can make or mar the future of business. Economic environment such as changes in competition, demand, lifestyle, consumer attitudes and behavior and market segments have an impact on business organization. Social environment have an impact on business organization and with the changes in life style, growing consumerisms, behavior, education and lots of other factors influences business organization. Apart from above factors cultural environment, political environment legal and demographic environment are changing the face of business organizations worldwide. Modern business organizations are facing the onslaught of technological revolution. Technological developments are strong and pervasive forces in the business environment. Technology has influences on business in two major ways: through its impact on society in general and through its direct influence on business operation and activities. Technological forces are rapidly changing life styles and have tremendous impact on all business operations. Technologies have affected all-round activities of human being. It affects daily living, living standards, culture, consumer behavior etc. the recent additions to business organization, are geographical and ecological or environmental factors. Geographical considerations also determine number of business decisions. Geographical environment includes size, area physical features, climate and fertility; land, population, resources etc. Due to development of business organizations and activities, a lot of negative impact has been observed on the environment. Indiscriminate growth ...Show more

Summary

Essentially all socially desired (legal) economic activities pursued for the purpose of earning profit could be defined as business. Thus economic activities directed to wards creation of utility for the satisfaction of wants may be termed as business. Eventually creation of utility leads to creation of surplus and this is the crux of all business activities…
Author : emanuel31
Quality and Utility essay example
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