A success of a company hugely depends on an effective and properly organized management process. It helps a company achieve their strategic goals as well as keeps employees motivated which has its positive impact on the quality of their work. However, there are tons of challenges when it comes to the task of organizing a smooth and effective management process within a company. One of the biggest challenges which the majority of managers face is the lack of leadership and management skills. This issue is particularly topical for those companies that are just starting out. As a result, they
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One of the essential components of business ethics is the moral code. To specify, it is the notion of the prevailing moral code that exists in the society and the way in which it is applied to business ethics. It is quite clear that all businesses are expected to stay away from any kind of fraud or inappropriate activity. What is more, nowadays businesses are also expected to be socially active meaning that they should care more about the environment as well as introduce various initiatives so that not to pollute the planet with their product and the way
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One of the reasons why Lego business strategy is so fascinating is that this toy brand has managed to reinvent itself completely. In such a way, they company has shown their loyal customers that they can change as well as has found a way to attract new consumers. In the process of conducting SWOT analysis of Lego, the following strengths, weaknesses, opportunities and threats have been found. To begin with, the company has an impressive product portfolio and many years of experience on the market. Besides, Lego is an iconic brand which everyone is able to differentiate. So, these
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‘The Medici Effect: Breakthrough Insights at the Intersection of Ideas, Concepts and Cultures’ is a book written in 2004 by Frans Johansson who is a Swedish-American entrepreneur. The term mentioned in the title of the book was coined by the author himself in order to describe those innovations which occur in the industry when disciplines and ideas intersect. Thus, Frans Johansson puts great emphasis on the significance of creating this effect in all business fields. The main ideas which the author mentions in his book are as follows: innovation typically happens when various cultures and areas intersect; the necessity
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One of the biggest strategic goals of Tesla Motors is to continue creating and developing alternative energy vehicles. The company’s target audience are those people who like to drive, but also care about the environment. Tesla Motors has set a number goals in the year of 2017. Some of them include becoming a leader in the area of electric vehicle manufacturing, fostering sustainability and social responsibility as well as achieving profit and sales growth. Obviously, one the long-term goals of the company is to expand their product into the international market. The biggest problem regarding the latter is that
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