Issues and Challenges in Management

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What is organizational change?

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An approach to shifting individuals, teams, and organizations from a current state to a desired future state.

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What are the five important trends in management today?

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Globalization, technology, sustainability and corporate social responsibility, the study of psychology, and business ecosystems.

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How has globalization impacted global business?

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It has led to the melting of barriers among nations and increased interconnectedness, changing the world order.

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What role does technology play in business today?

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It facilitates changes in business operations, including marketing, manufacturing, and distribution through real-time information systems.

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What is corporate social responsibility (CSR)?

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The practice of companies engaging in initiatives that benefit society, such as environmental sustainability and social issues.

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Why is the study of psychology important in management?

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It helps in understanding cognition, motivation, behavior, and performance, which are key to employee management and customer satisfaction.

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What are business ecosystems?

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Groups of firms that provide complex products and services to meet end-to-end requirements of users across the value chain.

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What challenges do managers face due to globalization?

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Increased foreign assignments, working with diverse cultures, and competition for resources.

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What is workforce diversity?

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The inclusion of individuals from various backgrounds, including gender, race, ethnicity, and age, in the workplace.

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How can diversity be an asset to a company?

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It brings a broad range of viewpoints and problem-solving skills, providing a competitive advantage.