Human Resource Managment in Business Context Essay

Human Resource Managment in Business Context - Essay Example However, as companies design strategies, it has been found out that competitive advantages of companies are difficult to sustain and on average period, there is an observable decrease (Ruffigins & Ruefli 2005). In this regard, firms have to come up with strong strategies that will enable it to respond to the demands and challenges of the global business environment, while at the same time, keeping the company’s niche for longer period. In this situation, human resource management (HRM) plays a crucial role, since, HRM is â€Å"strategic and coherent approach to the management of an organization’s most valued assets – the people working there who individually and collectively contribute to the achievement of its objectives† (Armstrong 2006, p. 3). This view offer the notion that HRM is no longer just concern with the traditional functions that are normally associated with HRM such as payroll, recruitment, pensions, benefits and other administrative concerns (Werbel & DeMarie 2005). Instead, it offers the framework wherein HRM activities and undertakings become strategic as it aligns its functions with the goals and endeavours of the organisation. From this framework, it becomes essential that HRM develop strategies that will not only align its activities with the goals and objectives of the company, but will also help the company develop programmes and policies responsive to the demands and challenges of the business environment and not reactive to crisis as it happens (Kew & Stredwick 2010). This is significant because, in this way, HRM becomes strategic and proactive. In effect, this approach of HRM undertakes a holistic view of HR in such a way that the business environment, organisation, theories and best practices become the fundamental elements in the determination of the appropriate activities, policies, procedures and programmes for the company. In this study, The Condition Understanding the condition involves looking at two i mportant factors – external environment and internal environment. This is necessary as organisations do not operate in a vacuum, but are integrated in the society and carrying out social interactions (Tencati & Zolsnai 2009). As such, the external environment of the company is essential in understanding the business environment or climate where the company is thriving. At the same time, the internal environment of the organisation is necessary, as it will help in understanding the context of the firm. Briefly, on the external environment, globalisation has transformed the manner in which countries conduct business transactions with one another. Through globalisation, trade barriers in the forms of taxes and trade tariffs have been removed or substantially reduced. This economic policy allow for a freer movement of goods, services, products, capital and people across nations and between physical boundaries (Coatsworth 2004; Suarez-Orozco & Qin-Hillard 2004; Stiglitz 2009; Bala krishnan 2008). Moreover, another factor, which has changed the manner of doing business, is the rapid development in information and computer technology (ICT). This change has created the platform wherein knowledge and information have become an integral part of doing business, aside from the fact, that faster and newer forms of conducting business have been established in view of this development (Chi 2011). Finally, the last important factor

An understanding of product is essential for effective marketing Essay

An understanding of product is essential for effective marketing. Discuss - Essay Example The welfare of customers and other stakeholders must be considered as the primary objective of a business. In this respect, marketing activities includes all these important factors that enhances the value of an organisation and ultimately leads to wealth creation of its stakeholders. Marketing is broad concept and a crucial primary activity of a value chain. According to Robert Skrob, â€Å"using sound marketing principle, strategies, and techniques will allow you to build a large list, form great relationships with your clients, and provide them with outstanding products and services - things they want, get value from, and that you are proud of† (Skrob, 2008, p.63). Therefore, for establishing and achieving long term success, a business organisation must formulate an effective marketing strategy. The increasing competition in the business world is one of the vital reasons that have increased the significance of marketing strategy. A successful marketing strategy enables an o rganisation to achieve competitive advantage. It enables a company to gain an upper hand position in the market. Product or service is the core factor that serves the consumers’ demand and utility. It is the prime factor for running a business. This paper will attempt to deal with the understanding of product for effective marketing. In this respect, the paper will discuss various aspects of product that affect product strategies. Various theories and models will be presented to support the primary objective of this essay. Finally in the conclusion section, overall discussions and analysis will be summed up. In the process of strategic management, a marketer must consider four primary component of marketing. These marketing components are product, price, promotion and place. The four components of marketing are known as ‘marketing mix’ or four ‘Ps of marketing’. Marketing mix can be defined as the basis of marketing strategy and it â€Å"establishes