TASK 1: MEASURING GROWTH OF ENTERPRISES AND EXPLORING

SURVIVAL THAT INFLUENCE ITS SURVIVAL.

A1:
Management of a business is one of the most crucial aspects of a successful
company. Without proper management, a business may fall apart. Resource
management is one of the most essential and important branch of management.
Resource management is the process of utilizing productive and successful use
of various types of business resources and tools. These resources include :
Human resources, Physical resources , assets , etc. Resource management
refers to the planning , arranging and potential transfer of capital to the right
project at the right time and at the right costs. The resource management
strategy allows companies to allow efficient use of the skilled workforce its
increased performance. The purposes of resource management include :
- Controlling the costs. Businesses may decide to cut down and reduce their
expenses in order to increase their profits. For example, in a restaurant
business, the owner may decide to reduce the number of the restaurant staff
( outsourcing ) in order to cut down on some costs. On the other hand, the
owner may also decide to use cheaper ingredients than usual, which may also
save some money.
- Increasing the productivity. There are several ways to increase the
productivity of a business and its workforce and employees. They can try to
encourage their employees by giving them holidays or by encouraging their
hobbies. As a result, the employees may feel respected which may make them
loyal to the business as they are satisfied with their needs and wants. Therefore
the employees tend to work harder for the business which may result in better
productivity.
- In a business, their key goal should be to satisfy their customers. There are a
lot of advantages for a business when their customers are satisfied. When
customers are satisfied they tend to become more loyal towards the brand; this
may even lead to increase in sales as satisfied customers may suggest the brand
to other people which increases brand recognition as well.

Physical resources are the tangible resources used in a certain projects and
operations of businesses. Physical resources are resources and items such as
land, manufacturing equipment , office equipment, machinery , vehicles, IT
equipment, owned and used by businesses. The management of Physical
resources involves maintaining and managing the use of development of
resources by tracking its cash value. It involves the method and process
involves:
- ordering
- storing
- distributing suppliers to the users and consumers.

Human resources are used to identify and describe the employees employed
in a company or organization and the department in which certain staff are
supposed to and are responsible for managing all employee-related matters and
problems which together constitute one of the most important assets in a
business or organization. The HR department is also responsible for the
recruitment and selection of staff. The recruitment stages involve:
- Recruitment Planning
- Strategy Development
- Searching
- Screening
- Evaluation

There are certain rules and regulations when it comes to recruiting,

employing, and selecting staff for a business. There are several legal
requirements that a business or enterprise has to follow. Such as :
- Age. A firm cannot fire an employee as a result of the employee’s age. A firm
also cannot not employ an applicant because of his/her age. For instance, many
small businesses refuse to hire middle aged men and women, in some cases,
they do hire the people, whatsoever , they do not receive a good salary or a
better post in the firm. If the person is being discriminated, he or she has the
right to file a complaint or sue the company. In a recent case, a company
named General Dynamics Land System, which negotiated an agreement which
offered retirees health benefits only to the employees that were above the age
of 50. A group of employees that were around the age of 40 sued the company,
claiming that the age requirement constituted illegal age discrimination in
violation of the ADEA. However The Supreme Court held that the ADEA only
prohibits discrimination in favor of younger employees and does not address
discrimination that favors older workers.

- Race discrimination is when a person is treated differently as a result of the

race , color , nationality , ethnicity, of a person. This has become extremely
common nowadays. For example, in certain countries, A white American,
would be getting a better treatment and a better salary than a native or a person
with a different race or color. On the other hand, a person with a certain skin
color may be treated differently. If the employee feels discriminated, he / she
can file a complaint to the federal Equal Employment Opportunity Commission
(EEOC), further measures will be taken against the company.
 The product life cycle is the process a product goes through from when it is
first introduced into the market until it declines or is removed from the market.
A product goes through five primary stages:

- Development -> when a product is being tested and is being developed.

- Introduction -> when the product is released and introduced in the market.

- Growth ->when the sales are increasing, competition also increases.

- Maturity -> when the sales starts slowing down. The product has a stable
market share at this point.

- Decline -> this is when the product has been removed from the market. This
happens when the consumer tastes change, the product loses its appeal to the
consumers.

The number of resources may fluctuate during the changing stages in a

product life cycles for a business. For instance, in the development stage,
physical resources may be high as more equipment and machinery is needed
because the product is being tested and developed. Many experiments are
carried out. On the other hand, in the introduction stage, human resources are
very high as more employees are needed in the marketing section as the
product sales needs to be boosted. Later in the maturity stage, performance
management is very important therefore, human resources are high.

Technology has a big impact the business world. Whether it is about

marketing or is it about manufacturing, technology is being used in all
segments. Technology brings many benefits and advantages to a business or
company because it results in growth within business. Technology used to be
considered as a need a couple of decades ago, now it has become a necessity.

How is technology useful to a business? Technology encourages growth in a

business. With the help of technology, products and goods are being produced
in a large amount in very little time as the business are able to serve the
consumers’ demand. It also increases productivity as technology makes it
easier for the employees and staff members to perform their tasks. Some of the
actions of technology in business also include accounting systems,
management information systems, point of sales systems. With the help of
technology, information is also stored with comfort and integrity; as a result,
confidential information becomes less prone to vulnerabilities. For example,
Apple or Microsoft probably has strong cyber-security as their information is
very confidential.

As an external communication point of view, social media marketing has also

became a very commonly used method for businesses to advertise and market
their products; especially for smaller businesses. The benefits of advertising in
social media is that it reaches a wide amount of audience and more people will
be aware of the products.

As an internal communication point of view, technology helped a lot during

the Coronavirus pandemic. Many businesses had to shut down during the
pandemic because of the unavailability of the employees. However, later on
businesses started operating from the comfort of their homes as the employees
were able to work from home using soft-wares such as Zoom or Skype.

Technology can be beneficial for many businesses ;however, technology can

also be a huge down-slide for some. Some information that we have in
businesses are very sensitive and confidential, therefore businesses have to pay
IT professionals a lot of money for them to work for them. Some IT
professionals in bigger companies earn millions for their work, as a result of
their work being very important as their work can be compared to pillars of a
building because they are holding up the company because they are also
fighting against potential threats like cyberattacks and security.