Understanding Business
Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
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Chapter 1, Problem 2CT
Summary Introduction

To think critically about: The things that one can do to benefit the community other than job opportunities and tax revenue.

Introduction:

The Company that works in a community has certain responsibility and obligation to work in the favor of the environment without any harm to others. Moreover, at certain internals every business has to take several steps to ensure harmony in the community from their side.

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3 of 5 • Make the most of your investment When considering a diversification strategy, business owners should aim to de-risk as far as possible. Sometimes it is possible to open the door to a new market by making a relatively small vertical or horizontal step. A training company, for example, could drill up or down by expanding its range of training courses, while a catering business could reach out horizontally by offering home-delivered cookery boxes. Du Toit says small business owners must make the most of their ability to react to market changes quickly to find alternative revenue streams. “However, in this time of uncertainty, it is important to continue to plan for market recovery and the long term." The Fourth Industrial Revolution "Every business will be affected by this new era of technology. Artificial intelligence will augment how we work and build new industries. Managers and executives need a paradigm shift in their thinking to cope with this," concludes du Toit. (Source:…
"Every business will be affected by this new era of technology. Artificial intelligence will augment how we work and build new industries. Managers and executives need a paradigm shift in their thinking to cope with this"  Examine the steps SMEs in South Africa can take to integrate AI-based changes to ensure a smooth transition to AI driven industial revolution.
Discuss vision and mission statement with appropriate examples
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