Business topic Assignment Example | Topics and Well Written Essays - 1500 words

Business topic - Assignment Example The assignment will discuss about these elements that can help the newly developed bookshop to develop effective core competencies. The general Environment The newly developed bookshop should try to consider the importance of each and every element of general environment in order to achieve significant business output. Economic Conditions It is true that Australian economic environment is becoming highly challenging due to recent financial crisis and global economic recession. Therefore, it is quite difficult for the new organization to achieve significant business growth rate from the initial point of time. The organization should try to focus on high business performance by ensuring effective intellectual capital. Employees are considered as the strongest assets for an organization. The newly developed book shop should try to maintain effective relationship with the skilled and effective employees as the retention of experienced and skilled employees is the major concern for each a nd every organization. High performance and skill level of an employee enhance effective business performance. Employees generally represent the organizations’ intellectual capital. Retention and recruitment of new employees will help the organization to maintain effective relationship with the government and several stakeholders. The economic slowdown affected the economic environment of Australia (Damanpour, 1991, p.11). It is true that high unemployment rate, limited purchasing power and low disposable income of people are the major consequences of economic slowdown. Therefore, the organization’s recruitment and retention policy will help to overcome the economic challenges like high unemployment rate. In addition to this, the organization should try to provide products in economic price level. Customers are considered as the real king for the business organization. They can switch over other brand or shop if the current organization fails to satisfy their basic nee ds. During this, economic slowdown it is important for the organization to reduce several business operation cost and implement competitive pricing strategy without compromising with the quality of the books. It will help the organization to gain significant advantages. Socio-cultural Conditions The knowledge of employees can be regarded as the important asset for the employers. Securing intellectual capital will help the newly developed bookshop to maintain effective relationship with the customers. It is important for the bookshop to maintain strong ethics in the business processes to avoid the possibilities of workplace conflicts. Last but not the least; it is important for the organization to ensure effective leadership and managerial skills to manage a diverse multicultural workforce. In case of any difficulty the managers of the organization should try to implement change management process to develop strategies according to the current market demand. It is highly important fo r the newly developed bookshop to develop a strong management foundation to maintain effective workplace environment (Rodiek, 2008, p.29). It is discussed earlier that