Business Constant Development Essay Example | Topics and Well Written Essays - 1250 words

Business Constant Development - Essay Example The world around this business can never remain unchanged as every second, something happens. Every change, whether it is demographic or social, leaves a certain impact on the business and everything around it (Pride et al 2011 3). Demographic changes around the world have showcased that there has been an ever-increasing change in the population that means more chances of economic growth and employment. These changes are actually reconstructing the labor market all around the world and are eventually changing the picture of many running businesses. There has been a decline in the birth rate which has resulted in an aging population. Many businesses like the ones in Japan have adapted to this change by making many sensible decisions like investing in robotics for children care and the aged care (Schoemer 2001 21). Whereas in case of social changes, these are considered to be some short-lived fads or they bring some very permanent changes in the market. When a social trend makes its pl ace, it means that it will be followed by some changes in supply and demand of a certain commodity/industry. This can leave both, good and bad, impact on the business. ... This is how these demographic and social changes appear, leave an impact and wait to see their effects on the businesses. Once adapted successfully results in a completely positive effect on the business’s future. It is now the responsibility of the business to respond to these changes and developments that occur. And in order to perform this, CSR has been developed which stands for Corporate Social Responsibility. In this, business professionals make efforts to come up with numerous ways which can be used by the business to overcome all these changes and cope with this situation. This is one of the ways which has been found pretty successful for the business. If a business fails to manage to learn effectively with the ongoing change in the market, all the hard work and time it puts to make an attempt to adapt to change comes to drain. (Johnson and Turner 2003 334) Demographic changes bring a transformation in the workforce and the number of customers. Every country experience s different situations i.e. in some, birth rate keeps on increasing whereas in some it declines, leading to an aging population. The latter situation is not at all favorable for any business as this means a decline in the number of people who can render their services. This means the supply of labor in the market will fall, leading to higher wage rate in the market in order to attract the workers, as the business will be demanding more to carry on their production processes (Brindley 2008 43). A business can cope with this situation successfully if it implements some strategic clever plans for improving the mobility, quality of jobs, job creation, life-longing training and learning programs and managing change with diversity.