Subject: Corporations in Contemporary Business Environment
To: The Chief Communication Officer (Wal-Mart Stores)
The purpose of this memo is to share with your company some essential aspects in the business environment. Wal-Mart being a 500 Fortune Company, has a great influence on the economy of the United States of America, as well as the global economy. This information will be instrumental in the strengthening this company and other 500 Fortune Companies.
My analysis of the DVD The Corporation: (2004) based on the book The Corporation: The Pathological Pursuit of Profit and Power (2004) by Joel Bakan, and “Good to Great,” a book by Jim Collins, are the basis of my ideas. This documentary and book address critical aspects in corporations. If these are applied in any corporation, it will go a step further.
- The place of corporations in contemporary business environment.
- Challenges corporations face in contemporary business environment.
- Solution to challenges posed by the contemporary business environment
Basing on the reading “Good to Great: Why Some Companies Make the Leap… and Others Don’t” by Jim Collins, and the documentary “The Corporation,” I will explain the state of the corporation today, under the influence of different aspects in the current business environment. Major challenges as well as solutions will be highlighted.
The Place of the Corporation in the Current Business Environment
The corporation today draws from a black history. Both the book and documentary address the importance of business ethics, as these determine the success of a corporation. Most corporations in the past did not embrace business ethics in their operations.
Most corporations today have carried forth the ill practices of past corporations by continuing to violate business ethics. Interest of corporations has shifted from the consumers’ needs to profits, and involvement in politics, with vetted interests. Attention is centered only on stockholders.
The personification of corporations in the US is viewed by most people as pathological and evident of the greed for profits. Corporations disregard a healthy environmental outlook in their quest for profits. Lack of accountability is the root cause of this negative image of corporations today. Ideally, corporations should serve a good purpose. However, these have become perpetrators of present economic evils. They have a conscience but lack remorse.
Challenges corporations face in contemporary business environment
Multinationals in America experience a harsh global business environment due to Anti-Americanism. The main reasons for this are their exploitative nature of, hyperconsumerism nature, and insensitivity to other cultures.
Corporations are seen in negative light and so it has been difficult for them to win the trust of the society. Corporate reporting has plunged quite a number of corporations in scandals, lowering trust level.
Solution to Global Challenges Posed by the Contemporary Business Environment
Transparency in corporations through adopting a culture of accountability is vital, to restore its trustworthiness. Concern for environmental and social performance and addressing public concern must be a priority, as this creates a rapport with the society. The nature of corporate leadership and methodology employed are eminent in determining if any corporation will climb the success ladder. Positive leadership and effective approaches must therefore be inculcated in the corporate culture, to ensure its stability in the contemporary business environment.
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