The Business Case Of The United States Economy - 1355 Words

Cassandra Clark BUS R120 T/Th 9:30-10:45 Business Case Question 1: During the nineteenth century the United States economy quickly shifted to an industrial goods based economy which was in many cases driven by entrepreneurial businessmen who created industrial empires and grew very wealthy. Capitalism has survived for hundreds of years due to natural resources that were inexhaustible. Today there aren’t enough resources. Capitalism must again evolve due to â€Å"more global competition, a declining economy, faster technological change, and pressure to preserve the natural environment† (Nickels, McHugh and McHugh 206). Many companies are reorganizing to capitalize their profits. Take General Electric (GE) for example; they were number one in†¦show more content†¦One big aspect of this is their demand for a more environmentally friendly and socially responsible business. Consumers now have the power to select those companies that not just make good products but also give something back to their communities. Question 2: In order for organizations to stay relevant in the evolving business environment they must develop important skill sets such as improving production techniques, cutting costs, focusing on quality, and most importantly focusing on satisfying the customer. Instead of thinking short-term and wanting to improve products to make more money, companies should be thinking long-term because long-term thinking is needed in order to be more socially responsible. The closed loop concept of a continuous cycle of products with no waste of resources is being implemented in society. Only through growth toward this type of long-term concept combined with integral social responsibility can companies stay relevant. Core values need to become the main focus of companies. When Apple Inc. launched their think different campaign it became a whole new level with marketing being about values by showing people who they are as a company and what they are going to do to change the world. Manufacturers and service providers can become world-class competitors by â€Å"emphasizing close relationships with suppliers and other companies to satisfy