Free Essays Business Management

Research Paper: Identifying Key Concepts in Business and Management
Introduction
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.

One of the key concepts in the area of dynamic business environment is economic changes. Economic changes refer to changing trends of general performance in an economy. Economic changes comprise of economic boom and recession. Economic boom has a positive effect on the business environment because businesses generate supernormal profits. Economic recession has a negative effect on business environment because it results into a slowdown in demand and thus a reduction in production. Firms and businesses wind up during economic cycle.

Another concept in the area of dynamic business environment is market conditions. Market conditions refer to the extent of demand and supply of goods and services in the market. Demand and supply are the main determinants of prices of goods and services. The presence of many competitions in the market results into a reduction in prices of goods and services. To beat this odd, Beaumont (2003) noted that a firm must differentiate its products by producing goods and providing services of high quality and standards as well as developing good relationships with the customers. Boone and Kurtz (2010) observed that maintaining good customer relations increases the sales revenue generated by the firm even when market conditions are unfavourable.

The other concept in the area of dynamic business environment is changes in government policies and regulations. Governments change regulations and business policies to regulate business activities. Such regulations may include high taxes imposed on businesses, changes in business registration requirements and policies for reduction in carbon emissions. Failure to observe these changes in government policies may lead to increased conflicts between the government and the firms thus destabilising business operations.

Critical business functions
An organization is divided into operation units that perform different functions. Such functions include human resource, sales and marketing, information technology, production or operation, research and development, finance and accounting and customer service. These functions are undertaken in different levels of management in the organization. These functions are interconnected in different ways. For example, the human resource trains people to work in customer service. The quality of customer service affects the sales generated by the firm. Research and development, generates new methods of production and operation. Information technology affects the extent to which the sales and marketing teams reach the customers in the market. The accounting and finance departments must work to ensure that the human resource receive their salaries in time as a way of motivating the human resource to perform their duties with dedication. In this regard, the concepts above are intertwined and they generate a positive effect in the long run if the management does not create barriers between the departments represented by the functions above.

Integration of individuals and systems
Boone and Kurtz (2010) noted that a smooth flow of activities can be achieved in the organization through proper co-ordination between the workers and the organizational management. The three types of communication flow that must be taken into consideration to enhance better business management include; (a) upward communication; (b) Horizontal flow of communication and (c) downward communication flow. Upward communications refer to communication between subordinates and managers. Managers should create a free and fair environment that allows them to welcome any worker with an issue.

Upward communication enhances the relationship between the managers and the workers which make the workers feel as part and parcel of the firm. Horizontal communications refer to positive relations between people of the same level. This means that departmental managers should develop positive relations in order to increase the connection of service delivery between the departments. This will allow effective information flow between the departments. In downward communication, messages and information flow from the managers to subordinates.

Effective and timely delivery of information from the manager to the subordinates enhances the time within which activities are undertaken in the firm. A delay in the flow of information from the manager delays every other activity being undertaken in the firm. Therefore, all persons from the manager to the subordinates must work together to achieve the desired objectives.

Ethical and social responsibilities that confront a business
Ethical responsibilities refer to the acceptable code of conducts that guide the behaviour of people in the organization. Ethical responsibilities may be determined by the government, customers, competitors and the business environment at large (Weybrecht, 2010). For example, courtesy in dealing with customers may be an important consideration in beating competitors. The dressing code may be determined by the government to enhance smartness during service delivery both in private and public held institutions.

Social responsibility refers to the society’s requirements towards the firm. For example, producing high quality products and selling the products at an affordable price is a social responsibility (Weybrecht, 2010). Additionally, adopting green production methods to reduce emission of green house gases is another social responsibility. Providing a safe and healthy working environment is another example of social responsibility.

Treating customers with courtesy and paying the pending debts in time is another important concept in the area of social responsibilities that confront a business. Positive behaviour concept in the organization includes relating with other people positively and following proper channels of dispute resolution. It also involves dressing smartly in the office in order to gain respect particularly from the customers. Ethical and social responsibilities are important considerations in the organization without which the business may not yield the desired objectives.

Conclusion
In the above sections, different areas that touch sufficiently on operations in the firm have been discussed. They include dynamic business environment where concepts such as economic changes, market conditions and changes in business regulations and policies. The other area discussed is critical business functions where concepts such as human resource, sales and marketing, finance and accounting, production or operation, information technology, research and development as well as customer service have been discussed. The area of integration of individuals and systems has also been discussed.

The concepts discussed here include upward communication, horizontal communication and, downward communication. All these make up the flow of communication in the organization. Further, the area of ethical and social responsibilities has been discussed. Among the concepts explored in this area include the responsibility of the firm towards the society in terms of employment, reduction in pollution of the environment and payment of better salaries and wages to the workers. Other concepts discussed in this area include proper dressing codes, handling of customers with care and using courteous language under the area of ethical responsibilities that confront the business. For any company to succeed, all these concepts must be taken into consideration because they may affect the business positively or negatively.

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Sample Business School Essays


Since many business school admissions officers encourage applicants to “write less, say more,” it is important to communicate your background and career ambitions in a concise and clear way. The essay gives admissions officers an opportunity to learn who you are, where you're going, what you have done and why their school is right for you. Use this small space to give the admissions officers a deeper sense of who you are by answering the prompt with brevity.

This section contains three sample business school essays:

  1. Business School Essay One - The Business of Recovery
  2. Business School Essay Two - Leadership in Action
  3. Business School Essay Three - Repair and Restore

The Business of Recovery — Sample Essay One

Prompt: What are your career goals? What skills do you expect to gain from studying at ABC Business School and how will they contribute to your professional career? (500 words).

Watching my brother transform from a man who had lost his ability to walk to a man who can play basketball with my father kindled my fascination of the physical therapy world. The Bureau of Labor Statistics anticipates the field of physical therapy to grow faster than average in the upcoming years. I hope to join this field during an exciting time of growth, furthering the rehabilitation of those who have been injured.

Following graduation from ABC Business School, I intend to serve a marketing team in a local physical therapy company, such as Ridgeview Physical Therapy. My short-term goal is to lead a team, furthering success in the Ridgeview area. Due to the popular physical therapy company thirty miles from Ridgeview, much of the local population is unaware of the quality services Ridgeview Physical Therapy has to offer. I hope to increase visits by 40 percent in the first 5 years of my employment. My long-term goal includes extending the company’s reach into surrounding cities, and eventually beyond national barriers, becoming a global marketing manager.

I expect to gain skills and experiences from ABC Business School that will propel my short and long-term goals. I hope to develop an experiential and diverse learning experience and have the opportunity to interact with different groups of people to learn from their business insights and endeavours. From ABC Business School, I seek the tools and resources needed to further engage in my marketing knowledge, perform professional strategic analyses, and re-evaluate my past work experiences. I look forward to taking courses from Professor Jim. W. Reid, who has published the research of the success of Matthews and Marketing in his book, “Matthews Commerce,” which has helped me continue my career this far. I also look forward to taking the unique classes taught by Professor Rachel E. Davis, introducing me to the physical therapy world and enriching my business skills in that area.

When my brother’s car accident in 2011 caused immobility in his left leg, he never thought he would be able to play his favorite sport again. David Andrews, a 1994 graduate from ABC Business School, ensured that that would not come to pass. I spoke with Andrews about his journey, and he told me that it was through the opportunities and education he received from the professors and students at ABC Business School that helped him open his own practice. I hope to follow in Andrews’s footsteps. With the passion I have for the success of Ridgeview Physical Therapy, and the determination I learned from watching my brother, all I need to complete my goals is the knowledge available to me through an MBA at ABC Business School. I look forward to completing my career aspirations using the tools received from ABC Business School to contribute to my professional career.

The world of physical therapy is growing, and with my skills in marketing, I hope to grow the local Ridgeview services across the globe.

In this essay, the applicant is assigned to answer the prompt in approximately 500 words. The admissions officer expects a clear and concise essay that does not veer off the question and exemplifies quality writing, grammar, and punctuation. In questions similar to these, the admissions officers are looking for:

  • Student’s understanding and knowledge in answering questions: The writer explains his short and long-term career goals, referencing the future of the career (Bureau of Labor Statistics) and quantifying his goals (Increase by 40 percent within the first 5 years).
  • A deeper look into who the applicant is: Writer shares personal information that also relates to answering the question (brother in physical therapy). Make sure that any personal information you share does not veer off of the question that needs to be answered.
  • Proper research on the school to adequately answer the second question: Student mentions names of professors who have demonstrated help in the past (professor’s business research book) giving credibility to the student that he believes they will be able to help him in the future. Avoid flattery and only speak of the school in a way that shows proper research and answers the question presented.

Leadership in Action — Sample Essay Two

Prompt: Present evidence of your leadership capacity and/or potential. (Approx. 550 words)

Nancy, the CEO of Jasmine Publishing House, bought me a coffee and told me I should invest in warm gloves as we sat down at a corner diner for what would be a game-changing business meeting. As the leading publishing house in Europe, Nancy informed me that JPH was interested in closing a multi-million dollar deal with our fashion magazine, Zoelle, provided we changed the magazine's appearance to attract a broader European audience.

As production manager, my job was to lead and supervise a staff of 30 to match Nancy's vision, working closely with the design team, photographers, production staff and marketing team. After three weeks of heavy brainstorming, we developed a fresh appearance for the magazine.

I invited Nancy to a meeting with me and three of our executive producers. I shared with her the strategy we had created in order to solve our appearance problem, as well as estimated costs and complications. Nancy agreed that the direction our magazine was going fit well with her vision and audience, and that JPH would be happy to work with us within the next week.

Although the team was excited to accept the offer, I was concerned that we were not prepared to complete the project so quickly. Though the executive producers did not understand, as our production team was to begin work on the next issue the following day, I explained that there may include deep financial consequences if we rush into the process. I wanted to ensure that JPH received a consistent layout from Zoelle magazine. Nancy agreed to wait until the upcoming issue was complete before beginning work on the new look.

We began work the following Tuesday, after the latest issue was produced. I collaborated with an eight member marketing team to develop new branding for our magazine and mediated this branding with the design team, ensuring that it was able to blend well with their ideas and insights based on the first meeting with Nancy. I led the operation of the first issue to be published via JPH, supervising 30 employees.

After the issue was published, our sales increased by 42 percent in the first week. After leading the Zoelle team to a business deal close and a fresh start, I learned that with the proper leadership, a staff of varied talents, insights and opinions can work closely together to produce a magazine that continues to increase its sells each issue. My initiative helped provide Zoelle with its largest new contract that year, a $2 million deal. Customers from Europe and the United States commented with positive remarks on the new look, showing interest in the replacement of the former look, which had been being published for seven years.

After this leadership experience, I was able to see my potential as a leader. I can communicate effectively with all members of a group and help connect them with one another to make a larger picture. I protect my business discernment even against an upset crowd, and am able to properly persuade others to understand other perspectives. Through learning more about leadership every day with my work in Zoelle, I hope to continue to strengthen these abilities and witness the success they can bring to media production.

In this essay, the applicant was asked to detail her leadership abilities through the application of a relevant example. She was asked to do this in approximately 550 words, using concise language and proper grammar and punctuation. In questions similar to these, the admissions officers are looking for:

  • Applicant's ability to share leadership qualities with a relevant example: This writer shared leadership qualities of communication (brainstorming with different staffs and helping them connect their ideas together), listening (brainstorming and understanding staff concerns), delegating (ensuring each team did what was supposed to be done), and managing (managed and supervised a staff of 30) through the use of an example from her work with Zoelle Magazine.
  • Proof of a potential growth in these leadership skills: The writer hopes to “continue to strengthen” her leadership skills. She provides examples of how she learned from previous leadership roles.
  • How these skills will help further your career: The writer used an example from her current career and concluded her essay with a look into the potential of leadership in her field.

Repair and Restore — Sample Essay Three

Prompt: Describe a challenging situation you have faced in the past. How did you overcome the challenge? (450 Words)

I looked across my celebratory cheesecake and beamed up at my new coworkers. I couldn't believe I had finally landed my dream job. All of the senior editors were having lunch in the cafe across the street from the bakery where the finance team and marketing team shared dessert. I had been hired as a budget analyst at my favorite magazine. My job was to work alongside the business manager to help create a more healthy marriage between the finance and marketing departments, thus improving our sales and workplace environment. On my way home, I reflected on my relief in finally having an exciting and secure career.

Just three months later, we met at the same bakery where I had celebrated my new job. Every department from our small, close-knit staff was present. As the publication manager began to tell us the news, I remember how our faces fell. Our publication company was going out of business, and every publication was to be shut down. She explained that they had tried to find another publishing company without success.

Not only did I feel as though I failed the company, I also knew that I, as well as the other 17 employees, was out of a job. We went back to our offices and packed up our things. Writers and designers were frantically calling around, asking for open positions. An employee from the finance department began tweaking his resume, and the marketing department apologized to the publication manager and editor-in-chief, who responded graciously.

I had to leave my apartment not long after losing my job. I stayed with a friend on the north side of town as I tried to find a job in a shrinking economic suburb. It took six months to find a position, and though I had to move and leave behind my dream, I found a new way to work toward my new dream.

From this experience, I learned the importance of adaptability. Only through my ability to embrace the change happening around me was I able to find a new job and start a new life with new visions and goals. Applying for my MBA would have sounded bizarre to the disheartened, homeless idealist who lost her dream. But now, after finding in me the strength to persevere, I am able to take what I learned from my previous job and pair it with what I learn from the university. This knowledge will help me ensure that the future companies I work with will not have to endure a similar fallout.

However, if there comes a time when I am again involved in a lost company, I know how to repair. I know how to restore.

In this essay, the applicant was asked to recall a challenging situation to which the writer overcame the boundaries. The writer was asked to do this in approximately 450 words, using concise language and proper grammar and punctuation. In questions similar to these, the admissions officers are looking for:

  • Applicant's ability to identify a challenging moment in her life: This writer uses a relevant example of a challenging situation, describing the challenge of losing a job, losing housing, and having to move to a different city.
  • Examples of how the applicant overcame these challenges: The writer cites her “adaptability” as the reason why she was able to overcome this challenge. Instead of giving up, the applicant tells of applying for other jobs, even ones that were out of her comfort zone and in another city.
  • Brief insights to what the applicant learned from the challenge: This writer learned how to maintain strength, perseverance and adaptability in challenging situations. The applicant tells of continuing the learning process in her MBA program and allowing it to help future companies.

Sample Essays

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Here are our top five tips for writing a business school admissions essay:

  1. State specific reasons as to why you are a good “fit” for the school, rather than simply stating “I am the ideal candidate for your program.” Why are you the ideal candidate?
  2. Use real life examples in your essay. This will help to bring your essay to life.
  3. If you’ve taken an unorthodox path to business school, don’t be afraid to play that up. Business schools appreciate those who are unafraid to take risks.
  4. Thoroughly research your target schools in order to have a clear idea of how to appeal to each of them. Every school is looking for something different in their students.
  5. Avoid flattery. A good school knows that it’s good, and telling them so just wastes valuable space in your essay. Use that space to talk yourself up, instead.

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