The contexts of business and management are broad. A business manager – to start with, is responsible for coordinating workers, performing financial oversight, formulating and tracking the application of policies, as well as performs other administrative functions. Therefore, coordination between the leaders and other staff members within an organization will help an organization to (1) create marketing programs and use them to achieve success in sales and marketing (2) perform analysis of budgets and determine means through which a firm can cut its costs of operation and; (3) help one another to understand business processes.
The field of business and, management is broad. However, in this activity, five articles will help in identifying major business issues and how they are tackled. Most importantly, the discussion will – which is a literature review, will highlight management and business risks, strategies, trends, research outcomes on intriguing topics, and challenges among other identified touch points.
Adelin Ungureanu. (2014). THE LEGAL CAPACITY TO TRADE. Annals of the University of Petrosani: Economics, (2), 261-270.
This article by Adelin provides some of the legal factors that businesses have to note when undertaking trading activities. Starts with the history of trade – highlighting that man has always traded from the time of his existence. Therefore, the total summation of transactions and trades is large. However, business is not efficient or possible without laid principles and protocols of its usage. The rules and protocols dictate the social, legal, and professional aspects of trading. The article then introduces another element of trade in the name of “contract.”
Adelin believes that trading requires the trader to have and employ his or her sole trader capacity while undertaking trading processes to make the “contract” concrete. Therefore, we can understand the concept of a “contract.” A “contract” constitutes the legal right and mandate to trade by reflecting the individual status and obligations of the seller and the buyer in a trading agreement. However, the nitty-gritty towards recognising the presence, process, and importance of trading is part of the legal framework of a business contract.
CCL Industries Inc. (2018). CCL Industries Inc _Swot_Analysis. A Progressive Digital Media business: MarketLine.
This article is a publication of a SWOT analysis of CCL Industries Inc. by a publishing group called ‘marketLine’. The report first provides an overview of a company that has diversified into providing packaging solutions. With a portfolio, including bottles, aluminium aerosol cans, extruded plastic tubes, and varnishes, has ventures in a field that is full of opportunities. The company thus, offers (1) film and converting pressure sensitive materials for label applications (2) decorative package solutions. The SWOT analysis shows that the products of CCL Industries Inc. are applicable in many markets including personal care and homes, beverages and food, healthcare, automotive, agro-chemical, consumer durables, and electronics within the global market. Opportunities are in foreign markets including Latin America, North America, AsiaPacific, Europe, Africa, and the Middle East.
Kumar, A., Cantor, D., Grimm, C., & Hofer, C. (2017). Environmental management rivalry and firm performance. Journal of Strategy and Management, 10(2), 227-247.
Four writers – Kumar, Cantor, Grimm, and Hofer team up to publish a new journal on organisational performance and environmental management rivalry. The work creates and tests a theory on ways that environmental management rivalry (EM) influences an organisation’s focal financial performance and environmental image. The rubric of the paper includes creating a design or approach through which the formulated theory is put to the test using a data set of 2,776 focal-rival dyad pairs. Using corporate sustainability reports to perform content analysis, environmental signal measures are created. From the rubric, the outcomes of the activity are that focal signals of an organization have a positive, significant impact on the financial performance and image of the firm. Apart from that, rival organisational messages create negative implications for the focal environmental image of an organization.
However, opposing organisational signals have positive effects on an organisation’s focal financial performance. Kumar, Cantor, Grimm, and Hofer then create practical implications of the developed theories. The writers believe that there is value associated with monitoring rival organisational signalling and strategies to control the effects of competing signals within the environmental domain. The results achieved by the four writers then show that environmental practices are sources of organisational competitive advantage or competitive disadvantage – mainly if an organization does not compete in the space. The report has its values. For instance, it is a contribution to the EM literature. By leveraging institutional viewpoints and competitive dynamics, the built theory demonstrates how competitive EM activity signals – through a focal firm alongside its rivals, influence financial performance and affect the environmental image.
Hsu, W., Lian, S., & Huang, S. (2017). Risk Assessment of Operational Safety for Oil Tankers – A Revised Risk Matrix. Journal of Navigation, 70(4), 775-788. doi:10.1017/S0373463316000941
This journal provides an alternative perspective to issues in a business context. Hsu, Lian, and Huang’s work perform a risk assessment on the level of operational safety for oil tankers. Information provided by the three writers is based on a performed review on credible literature sources describing and discussing oil tankers’ operational features. The journal also discusses the Risk Factors (RFs) associated with operational safety. To sum it up, the activity uses an Analytical Hierarchy Process (AHP) approach to perform a revised risk matrix. The revised risk matrix assesses and identifies RFs risk classes.
The final task in this journal is the validation of a research model identified by Hsu, Lian, and Huang. The model is applied to a Chinese Petroleum Corporation (CPC)’s oil tanker fleet to investigate the empirical outcome. The results are clear afterwards, and the information is practically requesting oil carriers to determine the operational safety of their ships and improve where necessary. The whole case study provides a lesson from the provided outcomes. The main lesson from the employment of the revised risk matrix is that a general reference is important for researches that are methodological – particularly in the assessments of safety risk.
Barrick, M., Thurgood, G., Smith, T., & Courtright, S. (2015). Collective Organizational Engagement: Linking Motivational Antecedents, Strategic Implementation, and Firm Performance. Academy of Management Journal, 58(1), 111-135.
A team of four writers – namely Barrick, Thurgood, Smith, and Courtright, discuss aspects of a comprehensive and collective organisational engagement theory through the integration of resource management model with engagement theory. From their broad argument, the four authors propose to make a complicated proposition out of the identified outcomes. They suggest that engagement is a construct within the organization level. Most importantly, Barrick, Thurgood, Smith, and Courtright believe that engagement is impacted upon by organisational practices that are motivationally focused and represent resources at the organisational-level. Barrick,
Thurgood, Smith, and Courtright then evaluate, individually, three significant resources and exercises within an organization. The three essential resources and practises include the management of human resource, work design motivation, and CEO transformational leadership. The resources and practises that the four writers showcase are vital because they facilitate organisational perceptions. One organisational impression is that stakeholders of an organization are a unit in which they portray physical, cognitive, and emotional investment in the work they perform.
On the other hand, Barrick, Thurgood, Smith, and Courtright ground their theory on the belief that if such an argument is jointly employed, then there are three psychological conditions that the organisational resources maximise. The three mental states are essential when it comes to thoroughly engaging stakeholders of an organization, and they include (1) safety (2) psychological meaningfulness and, (3) availability. The identified model – which is the resource management model, underscores top management team members’ values in the implementation and monitoring of the organisational strategy’s progress. Afterwards, the process leads to the enhancement of impacts associated with collective organisational engagement and organisational resources.
To prove that the theory is viable, Barrick, Thurgood, Smith, and Courtright perform empirical tests in 83 organisations. The results obtained are evidence that a relationship exists between organisational performance and the three identified organisational resources. However, such a relationship is mediated by mutual organisational engagement. Besides, Barrick, Thurgood, Smith, and Courtright are indications that strategic implementation moderates positively, collective organisational engagement and the three organisational resources’ existing relationship.
Conclusion
As mentioned before, the contexts of business and management are broad. However, in this context, five articles have been identified to discuss significant business issues and how they are tackled. Most importantly, the activity has highlighted management and business risks, strategies, trends, research outcomes on intriguing topics, and challenges among other identified touch points in five main journals. While the article by Ungureanu (2014, pg. 262) provides some of the legal factors that businesses have to note when undertaking trading activities, another article published by Marketline discusses external organizational strategies of an organization – known as CCL Industries Inc., to determine its strengths, weaknesses, opportunities, and threats that impact on its operations (CCL Industries Inc., 2018).
The third article is written by four writers – Kumar, Cantor, Grimm, and Hofer (2017) and discusses organisational performance and environmental management rivalry through a theoretical approach (pg. 231). The four, written by Hsu, Lian, and Huang (2017), provides an alternative perspective to issues in business context. The work by the three authors performs a risk assessment on the level of operational safety for oil tankers (pg. 779). Lastly, a team of four writers – namely Barrick, Thurgood, Smith, and Courtright, discuss aspects of a comprehensive and collective organisational engagement theory through the integration of resource management model with engagement theory (2015, pg. 121).
Reference
Ungureanu, A. (2014). THE LEGAL CAPACITY TO TRADE. Annals of the University of Petrosani: Economics, (2), 261-270.
Barrick, M., Thurgood, G., Smith, T., & Courtright, S. (2015). Collective Organizational Engagement: Linking Motivational Antecedents, Strategic Implementation, and Firm Performance. Academy of Management Journal, Vol 58(1), 111-135.
CCL Industries Inc. (2018). CCL Industries Inc _Swot_Analysis. A Progressive Digital Media business: MarketLine.
Hsu, W., Lian, S., & Huang, S. (2017). Risk Assessment of Operational Safety for Oil Tankers – A Revised Risk Matrix. Journal of Navigation, Vol 70(4), 775-788. doi:10.1017/S0373463316000941
Kumar, A., Cantor, D., Grimm, C., & Hofer, C. (2017). Environmental management rivalry and firm performance. Journal of Strategy and Management, vol 10(2), 227-247.
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