Assignment:
Business in Global Society
Respond to these questions in a Word document. You do not have to include the question, but make sure to number the response. You need to use complete sentences and correct grammar. Once you have answered all the questions, save it as Chapter 1 - [your name] and upload it as an attachment.
1. What factors contribute to the rapid pace of change in business? Is the pace likely to accelerate or decrease over the next decade? Why?
2. Explain the term "business".
3. Explain the role of business in the economy.
4. What are the 5 dimensions of the business environment? Discuss the key elements in each area as they relate to U.S.-based businesses.
5. The Changing Face of the Workforce - According to the 2010-2011 Occupational Outlook Handbook published by the Bureau of Labor Statistics, the composition of the American workforce is projected to shift between 2008 and 2018. The most obvious shifts are expected to occur in demographic groups based on race/ethnic origin and age. The following charts represent the projected percentage changes in specific race/ethnic origin and age groupings:
Race/Ethnic Origin 2008-2018 % Change
White -2.00%
Black +.60%
Asian +.90%
Hispanic +3.30%
Other +.50%
Age (years) 2008-2018 % Change
16-24 -1.60%
25-34 +.50%
35-44 -1.90%
45-54 -2.70%
55+ +5.80%
Discussion Points
A. What factors contribute to these projected demographic changes in the workforce?
B. The largest projected shift in the workforce based on age is the dramatic increase in the number of older workers as indicated in the 55+ age group. In what ways might business managers and owners have to change their business focus as these older workers retire?
C. How do the work skills of younger workers and their approaches to work differ from those of older workers? How will these differences impact the ways business will be conducted in the future?
Source: Bureau of Labor Statistics, "Overview of the 2008-2018 Projections," Occupational Outlook Handbook (2010-2011 Edition), [accessed June 20, 2011], https://data.bls.gov/cgi-bin/print.pl/oco2003.htm
6. Most successful businesses today actively develop loyal customers who buy their brands again and again. After all, getting current customers to buy more is much easier than constantly seeking new customers. Think of three brands that you buy on a regular basis. Why do you stick to these products? How could another company dislodge you and get you to change to their brand?
7. As you read about the history of business, you will see that the changes through the years included social changes. Looking back at the history of business, analyze the social changes that have had an impact on business.