Forces of Business- An Annotation

Forces of Business- An Annotation 

Force 1: Creativity and Innovation

Gordon, Robert J. “Is US economic growth over? Faltering innovation confronts the six headwinds (No. w.18315).” National Bureau of Economics Research (2012): 1-12.

Rationale (goods): Innovation has led to the establishment of e-commerce through which customers can order, pay, and purchase goods online and get instant delivery. Innovation has impacted greatly in the goods and service industry majorly. E-commerce in itself is a product of innovation where creative ideas have been integrated together to reap its maximum benefits. Mostly, consumer goods are sold through online business via the use of internet.

Rationale (job): In the US, the innovation of e-commerce has created over 1.2 million jobs, with most of them paying higher salaries than average. These jobs created include digital marketing, online merchandizing, lifestyle brand, acquisition marketing, and e-commerce analyst managerial jobs. All these jobs are advertised across the whole country where interested candidates apply for recruitment. The workforce is diverse as a strategy to enhance creativity and innovation of new entrepreneurial ideas.

Rationale (income): In the US, the innovation of internet business (e-commerce) has contributed to 2.1 % or $300 billion to the total gross domestic product. The 2016 US statistics show that the medium pay to the workers is between $53,263 and $83551 per annum which is slightly lower than the average household income of $59,039 but for the highest earners is significantly higher than the average household income. A Plagiarized Student Sample: ORDER YOUR PAPER NOW

Force 2: Technology/ digital revolution

Paul-Louis, Caylar and Menard Alexandre. “How telecom companies can win in the digital

revolution.” Digital McKinsey 16 October 2016: 1-5.

Rationale (goods): Technology and digital revolution has led to the development of infrastructure in the transform and telecommunications industry. Roads help the society in that they are able to transport goods and services from one location to another. The road and rail transport means have been enhanced by infrastructure technologies. On the other hand, high-tech smartphones and laptops enable people connect to each other at a distance, this has benefited the society.

Rationale (jobs): During road and railway construction, a large number of casual jobs are created. Also, there are approximately 3.5 million professional truck drivers in the US and the total number of people working in the transport sector exceeds 8.7 million in the country. On the other hand, over 92,000 people have secured jobs as customer care workers in the US telecom sector call centers.

Rationale (income): Glassdoor estimates that the annual medium pay for US truck and railway drivers is $54,000. Those who work for private fleet earn annual income worth $73,000. On the other hand, the medium annual pay for a customer service manager is $87,505 in the US telecom sector while the customer care support staffs earn an average income of $36,385 per annum.

Force 3: Globalization

Spence, Michael. “The impact of globalization on income and employment: The downside of integrating markets.” Foreign Affairs (2011): 28-41.

Rationale (goods): Globalization has made the country become a single economic system through the social media. Globalization has reduced barriers to trade such as tariffs, quotas, and value-added taxes between the US and other nations. Today, it is easy for the US to export vehicles, machinery, organic chemicals, aircraft, mineral fuels and other goods to other countries. Also, the country imports fruits, furniture, cereals, vegetable, cotton, milk and other products from the other countries easily.

Rationale (jobs): The number of US population operating in the global market has increased for globalization has opened new job opportunities to the society. Globalization has boosted the US economic growth in terms of job creation. As a result, trade now supports nearly one in every five jobs. American employees have adapted to globalization by advancing skills and achieving upgraded specialization and appropriately managing new productivity and boosting their standards of living.

Rationale (income): Workers in globally engaged organizations are earning more than the annual average income per worker in the US. The people working in the production processes of global companies earn differently, with the income level differing from one location to another. The global medium income per household is $10,000 per annum on average. A Plagiarized Student Sample: ORDER YOUR PAPER NOW

Force 4: Entrepreneurship

Decker, Ryan, et al. “The role of entrepreneurship in US job creation and economic dynamism.” Journal of Economic Perspectives (2014): 3-24.

Rationale (goods): Entrepreneurship has led to the creation of new businesses and the launching of new businesses through which consumer goods and services are made accessible to the society. Economic goods are the main products associated with entrepreneurship. Starting new businesses in both the retail and wholesale sector and the opening of new branches by big companies in the local areas made goods accessible to customers at their convenience.

Rationale (jobs): New start-ups and the opening of specialized branches by companies have boosted the US economy through job creation. Approximately 3,700 new jobs were created to the society in 2017 start-ups of the US. Since 2014, over 20,000 new jobs have been created to the people due to entrepreneurship. Today, 99.9 percent of employment opportunities arise from entrepreneurship start-ups.

Rationale (Income): Most entrepreneurial start-ups are small businesses. According to the Bureau of Labor Statistics (BLS) 2017, the average weekly wage rate for employees in the US new start-ups is $857 and $44,564 per annum. Notably, the wage rates had grown by .9 percent as compared to 2016. It is reasonable to assume that this rise in income level allows for improved living conditions and standards.

Force 5: Change Management

Bain & Company. “Total Quality Managment .” Insights Management Tools 2 April 2018: 2-9.

Rationale (goods): Most businesses have introduced change management strategies in their goods and services provision in an attempt to improve the society. In particular, the total quality management system approach is a change mechanism taken to improve product specifications quality for customers use. Change management has allowed for the creation of Total Quality Management which has allowed the creation of high-quality consumer goods with no defects for consumer use.

Rationale (jobs): Total quality management systematic approach has created over 985 quality management jobs in the economy. Further, over 1 Million subordinate personnel from the society have also benefited from the jobs where they work hand in hand with their supervisors. Notably, these jobs involve developing mechanisms for continued consumer goods quality improvement and maintenance of product quality to ensure they have no defects.

Rationale (income): The quality management jobs offer employees incentives based on achievement of the set goals. The medium pay per manager per annum ranges from$77,128 to $119,651. The other subordinate personnel earns a medium income range of $1540-$28,103 especially for high school graduates without any experience. These income levels allow them to raise their living standards and meet all basic needs appropriately. A Plagiarized Student Sample: ORDER YOUR PAPER NOW

Work Cited

Bain & Company. “Total Quality Managment .” Insights Management Tools 2 April 2018: 2-9.

Decker, Ryan, et al. “The role of entrepreneurship in US job creation and economic dynamism.” Journal of Economic Perspectives (2014): 3-24.

Gordon, Robert J. “Is US economic growth over? Faltering innovation confronts the six headwinds (No. w.18315).” National Bureau of Economics Research (2012): 1-12.

Paul-Louis, Caylar and Menard Alexandre. “How telecom companies can win in the digital revolution.” Digital McKinsey 16 October 2016: 1-5.

Spence, Michael. “The impact of globalization on income and employment: The downside of integrating markets.” Foreign Affairs (2011): 28-41.

Leave a Reply