The Business of Business in Businesses is increasingly getting reduced. In the liberalised, globalised and privatised world merely the business part of business is not sufficient to survive. It only forms a small part of what is required to survive and thrive in an competitive open market. As the businesses get organised and humongous in every aspect be it in terms of the number of people it employs, number of people it provides service, revenues or the area it covers and effects; it's important that they understand the social and national responsibilities they carry.
Businesses today, to be successful, require good Branding, Marketing, Analysis, Supply Chain and Service. Merely doing business is not enough. After 1991 when the economy liberalised, many companies who couldn't adapt and upgrade fell, but the likes of Bajaj who could implement it well, came out to be successful. Businesses today need to understand how they will be branding there product in their market. How will they position there product in the market or what is there targeted customer.
Merely creating a product and putting it for sale no longer works. A company like McDonald's or KFC is so successful, not because they sell unique or revolutionary products. It's because they have created a brand image for themselves and they market themselves well. There is awareness among people about the product. Only opening a store and selling doesn't make it successful. This is also why Bharti Airtel spent 300 crore on re-branding itself.
Then there are supply chain and management issues involved in business. The globalised business has led to distributed organisations which have centres located all around the world. Managing such a situation is a great challenge and beyond the business part of business. It's also important for businesses to have effective leadership in it's rank and a system which allows for the leaders to evolve from within the organisation. For a globalised organisation, efficient supply chain is also important as the resources are distributed and the supplies vary a great deal in destinations.
For businesses today it's also important that they understand the social responsibility that they have. They derive a lot from the society and must learn to give it back. Corporate Social Responsibility and ethical business is about respecting the society, and giving it a share of company's profits. It's beyond the strictly business part of the business which only looks at the profits in numbers. Modern businesses are about creating a value system and not just profits. This is where Aziz Premji, Bill Gates, Sunil Mittal have been truly successful.
"A business is successful to the extent that it provides a product or service that contributes to happiness in all of its forms."
Businesses today, to be successful, require good Branding, Marketing, Analysis, Supply Chain and Service. Merely doing business is not enough. After 1991 when the economy liberalised, many companies who couldn't adapt and upgrade fell, but the likes of Bajaj who could implement it well, came out to be successful. Businesses today need to understand how they will be branding there product in their market. How will they position there product in the market or what is there targeted customer.
Merely creating a product and putting it for sale no longer works. A company like McDonald's or KFC is so successful, not because they sell unique or revolutionary products. It's because they have created a brand image for themselves and they market themselves well. There is awareness among people about the product. Only opening a store and selling doesn't make it successful. This is also why Bharti Airtel spent 300 crore on re-branding itself.
Then there are supply chain and management issues involved in business. The globalised business has led to distributed organisations which have centres located all around the world. Managing such a situation is a great challenge and beyond the business part of business. It's also important for businesses to have effective leadership in it's rank and a system which allows for the leaders to evolve from within the organisation. For a globalised organisation, efficient supply chain is also important as the resources are distributed and the supplies vary a great deal in destinations.
For businesses today it's also important that they understand the social responsibility that they have. They derive a lot from the society and must learn to give it back. Corporate Social Responsibility and ethical business is about respecting the society, and giving it a share of company's profits. It's beyond the strictly business part of the business which only looks at the profits in numbers. Modern businesses are about creating a value system and not just profits. This is where Aziz Premji, Bill Gates, Sunil Mittal have been truly successful.
"A business is successful to the extent that it provides a product or service that contributes to happiness in all of its forms."
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