What are the major characteristics and importance of the business environment?

Each business is operating in a different and unique environment. Businesses may affect form by the environment. If a business wants to survive and grow then it must monitor its environment and include the external and internal environment. Because both internal and external environment is highly connected to business and affect the policies and decision of business also. In this guide, we will discuss the main characteristics and importance of the business environment as well. Important characteristics of the business environment Some of the very important characteristics of the business environment are listed below. Which shows how the business environment has the qualities to change policies of the business and affects the business efficiency. Complex A business environment includes a lot of things and covers a wider range of business activities also. It is very difficult to understand the individual factor that is affecting the business at the time. The business can understand the business environment in part, it is impossible to retain all effects. Every situation is depending on a lot of things and the consequences are also different. Dynamic nature As we know the business environment and natural environment both parts are both parts of the business. They include a lot of things and continue changes in these factors and factors take place. These changing factors cause changes in its shape and character also. Uncertainty Uncertainty is one of the main features of the business environment because the environment continues to change quickly. The changes in government and changes in business place this factor highly impact the business also. There are several policies are imposing by the government that also affect the business decision. In today’s world technology changes rapidly and trends also change every day these factors effects the business policy. Interrelated The business environment and different components of the environment are co-related to each other. For example, if the government change in any nation then they will make different policies for business that will impact the business. hence the one-factor changes impact the other factor for business and in general as well. Specific and general changes There are several factors present outside of business. it can divide into two parts that are following. Specific- specific factors are those factors that affect the inside business for an individual business like consumers, competitive business, investors, suppliers, and many more. General changes-general factors are those factors that affect the whole market like legal changes, political, natural causes, and many more. Relativity The business environment is closely related to local conditions and due to this business has faced a different situation in different countries and different even in the same country in different states also. The important role of the business environment in business If any business wants to be successful then it must be capable of adopting the business environment. There are many components included in making the business environment important. Recognizing early opportunities This is the first step for adopting the environment to avail of the existing opportunities of resources to grab the market. These enterprises make sure that they do not lose emerging opportunities to their competitors. Many Indian companies lost the mobile market because they fail to make good mobile and some of the companies cannot able match the other mobile companies’ phones which is the reason the 80 percent of the mobile market is grape by the other nations’ companies. Flexibility whenever require for business There are a lot of changes happening in an environment so businesses need to be aware of the changes sensitizes and the management to make a strategy for coping with emerging problems. Flexibility can be the reason for grabbing the market before the competitors and it makes a huge difference. Image building Business management can make a good image in the people's minds from a better understanding of the environment. If the company is responding according to audience needs and completing the requirement of people then they will make an image of the business and the audience will promote the business. people will feel and connect with the business. Strategy basis Strategy and planning of collecting data will help to gather all the important information regarding the environment that will help management for utilizing them and formulating an effective business plan. For example, if the hotel industries will collect the data regarding truism and visiting crowds in particular areas that will help how they can operate hotels effectively. Intellectual stimulates Knowledge regarding environmental changes provides a lot of information and it stimulates the intellectual power of planners and decision-maker authorities. They are more attentive to listing peoples’ problems and suggestions and make according to their opinion. Management can also eliminate procedure complexity. Continuous learning Environment learning gives a broader perspective on the execution of any plan and strategy. If any business is aware of the day-to-day changes in the environment they can easily execute their strategy and earn a great margin. It can provide a closer perspective of the demand of people and issues also. This process makes them so competitive and provides courage to take risks and make independent decisions. Bottom Here I mentioned all the important characteristics and importance of the environment in business management. I hope this information will help you to understand the environment can be the reason for the success of the business and how businesses can take advantage of the environment.

Discussion how “the business is the product of environment”?

Business In a general sense, the term business refers to buying and selling products in the market. But in the Modern area, business coves a wide range and complex field of industry and commerce involving activities related to both product and distribution also. The purpose of all activities is to satisfy the diverse needs of society and also generate profits for business firms or units. The term business means to organized efforts of different enterprises for supplying various products and services to the ultimate consumer for a profit reason. Businesses include many activities such as production, marketing, transport, trades, financial, distribution, consumer services, and many more. A lot of activities are connected to industries and commerce as well. All these activities have one common thing which is the motive of earning maximum profits from their services. Business wants to reach large audiences for their growth and earn great revenue. And business is also connected to the legal framework in the process of doing business. In the Morden area, the business activities are beyond the earning profits. They are also responsible for society and the purchase of business becomes wider as they focus on generating employment, solving the issues that are faced by the society, giving the best of the best product to society, focusing on the growth of the nation, providing better lifestyle, and many more. Hence the business plays a vital role in several segments of society. Environment The term environment includes all the external factors which play an important for the functioning of the business. “Environment factor or constrain tire largely if it not totally, external factor and beyond the control of the individual's industrial enterprises and management” The business environment usually offers immense opportunities for nurturing potential markets and also of exploiting the market and poses threats to the firms themselves also. The environment includes many external factors which can badly affect the business activities. Although, several factors are very important to business such as socioeconomic, technological, supplier, competitors, and government. Several factors are included in the environment. But the major six factors we will discuss below. Economic environment The economic environment includes all those factors that can impact the business. The economic environment includes agriculture, industrial products, planning, basic economic philosophy, stages of economic development, trade cycles, national income, per capital factor, savings, money, supply, price level, population, business, and many more that are present in the economic environment. Businesses usually collect according to their requirement of business and try to best way for empowering the output of business units. Politico-legal environment It breaks down into three parts which are legislative, executive, and judiciary. These three parts are usually used for shaping, directing, developing, and accurately controlling business activities. The work of three departments in the way like legislative takes all important decisions on a particular course of action, the executive will implement that decision through the government agencies, and the last step of the judiciary for ensuring the public interest of the public in all activities of legislative and executive. The political-legal environment is very important behind the success of the business. Technological environment The technological environment is playing a considerable role in influencing business. Technology implies the systematic application of scientific or other organized knowledge to particular tasks or activities. Businesses help how they can deliver the technology ineffective manager to the audiences for making their simple. In the Morden era, technology is changing fast manner and updating fast that is the reason businesses need to take close look at technology because it affects business in growth and betterment of the business. Global or international environment The global environment plays a vital role in the shaping of business activities. With the help of liberalization and globalization of the economy, the business environment of an economy is changing. It is very good for the growth of the business, but at the same time business needs to face massive competition among the business. The international environment pushes business to perform in the best possible way and motivate business to contribute to national income. Natural The natural environment also diversely influences business. Business in Modern times is also dictated by nature. Nature calamities include floods, drought, earthquakes, and many more. All of these affect the business activity badly and it impacts the growth of economics also. Socio-cultural Finally, the social and cultural environment is also influencing the business environment indirectly. These include people’s attitude to work and wealth, ethical issues, the role of family, marriage, religion, and education, and also social responsiveness of business. The social and cultural environment also influences the demand for a variety of goods and the type of employees the industry requires. Moreover, the obligation of business of society also depends on the cultural mildew in which the firm is operating. Conclusion The business is the result of economic, politico-legal, technological, socio-cultural, global, and natural factors within which it has to function. I hope this information will help you that business is the product of the environment.

How the economic growth is depending on the infrastructure and Relation between economic growth and infrastructure.

Infrastructure is the main component of economic development. It is not able to produce any goods and services but the production of goods and services because of good infrastructure. An infrastructure decides the growth and development of nations. The reason for the tremendous nation is great progress in the infrastructure. Infrastructure includes transportation, communication, financial facilities, education, health sector, sanitation, water supply, and many more. If these facilities are good in the nation then the nation can progress tremendous way. We can see nowadays, that there is revolutionary progress in transport and communication, amazing growth in the use of technology, and well-organized banking and financial system in the nation. There are several things that show the dependency of business on infrastructure such likes roads, technology, human capital, urban planning, and many more. Infrastructure is one of the reasons for massive growth in the economy. Here in this guide, we will discuss the relationship between economic growth and infrastructure. Relation between the economic growth and infrastructure As I mentioned that economic growth, directly and indirectly, depends on the infrastructure. There are two-way relations between economic growths. Infrastructure promotes economic growth Economic growth brings several changes in infrastructure Infrastructure promotes economic growth The forward linkages, between infrastructure and economic growth, are derived from the following factor. There are a few points highlighted in this article. Growth in productivity The developed infrastructure always promotes production and productivity. The reason behind id the availability of good quality raw material, water, power, and energy all these are the main component of the production. These components are used as input the production and they will be highly effective for increased productivity. Strengthen in investment The good infrastructure attracts investors because the development in communication, transportation, energy, power, water, and many more promote productivity and growth of the business. Every business and corporation required these things for operating their business successfully. The good infrastructure is not only attracting investors from the domestic nation but also worldwide as well. Create an effective productive chain Infrastructure includes transportation and transportation is the main component of making the production chain. Transportation helps for the expansion of businesses and sets the link between them. The making of dynamic infrastructure is required for smoothing business and economic growth in several ways. Enhance the market size The availability of raw materials and quality of products is required for the increasing the market size, if the business has goods and services in bulk then they can provide not only in the domestic market but also across the world as well. They can set the balance between demand and supply easily and effectively. Improving the lifestyle The good infrastructure will strengthen transportation, communication, health, education, water, energy, and many more. All these things are directly linked with the life of people who live in the nation. Infrastructure is the base of all services which we are enjoying in daily life. It will help to provide more and more services to people with good quality and fewer prices. Economic growth brings about changes in infrastructure If the economic growth then it makes more demand for infrastructure. There are a few points that will help to understand how economic growth helps brings a lot of infrastructure changes. Improving the infrastructure If the economic growth is high then they will resolve many problems that are faced by the people. This can be illustrated with the help of the relationship between GDP growth and demand for infrastructure as follow- In the low-income countries that work only on basic infrastructure such as water, irrigation is more important. In middle-income countries they work for transport grow fast and satisfy the demand for transport. In the high-income nation, they work a lot for providing power and telecommunication occupy more important. Due to such linkages between infrastructure and the rest of the economy, efficiency, competitiveness, and growth of the economy hinges upon the state of development in the infrastructure sector and work on better facilities as well. Increase in investment in infrastructure If the economic growth is high then the revenue of the government will also increase. Infrastructure is developed by the government. Studies say more than 20 percent sustained an increase in the public investment in infrastructure. Investment in infrastructure is increasing every year which shows how infrastructure is related to the growing economy. Business is the reason for the growth of infrastructure As we all know a country's growth id depends on the income of the business. Business growth is highly dependent on infrastructure, due for this reason government support strengthens infrastructure. There are several subsidiaries also providing for working on improving the infrastructure of the nation for business purposes. For example, if any business is related to improving infrastructure then the government's several subsidiaries and tax exemption policies will also provide them. These policies will attract the business to improve infrastructure.

What are the meaning of management accounting and the scope of management accounting?

In management accounting and managerial accounting, managers use the accounting information for getting better information themselves before they decide on important matters within their organization. It aids their management and performance of control functions. In simple words accounting is the provision of financial and non-financial information that provides information for decision making to managers. Management accounting is the implementation of accounting skills and for analysis, businesses need professionals of accounts who can help the management in decision making. Accounting is cover a wide range of business and is broadly classified as management accounting and financial accounting. Financial accounting provides information of financial that information is mostly used by the stakeholders and managers of the business. Scope of management accounting The scope of management is very wide and broad-based and it includes a variety of aspects of business operation. The prime aim of management of accounting is to help in the management function of planning, directing, controlling, and areas of specialization included within management accounting. The scope of management accounting is covering many areas that are listed below. Financial accounting Financial accounting and operating cost accounting are two distinct things. Cost accounting refers to the calculation and analysis of the overall cost of the business. Financial accounting calculates and analyzes all business transactions like expenses, operating costs, assets, inventory, and many more. Financial accounting plays a vital role in business. Financial accounts are regularly made by the accountants at end of the financial year. Financial accounting forms the basis for analysis and interpretation for furnishing meaningful data to the management. The control actions of the business are based on financial data and performance evaluation, on recorded facts and figures. So management is related to financial accounting in many respects. Cost accounting The cost accounting systems provide essential information about the standard cost. It includes fixed cost, variable cost, marginal cost, budgetary cost, and many more. It helps how businesses can cut down their cost-effectively and make better margins in profits. It uses for analyzing financial data for finding out the cost of various jobs, products, and other costs. Business services are heavily dependent on financial information that is recorded in its cost in the accounts of the organization. Cost accounting is a tool that includes the standard cost, variable cost, inventory cost, operation cost, and many more. Budget and forecast Budget refers to the communication and expression of strategy, goals, and policies of a firm for a certain period in the future. The budget gives an expected analysis of projects of the business. Budget is very important for managing business activity. The business makes a budget for every project and may every financial year that gives information on how much we spending on every required area of business for strengthening the business. The forecast is the prediction of business activity that is based on certain data and prediction of what will happen as a result of certain circumstances. The forecast is a judgment that is not an exact prediction. It is closely used in the insurance business, weather forecasts, and a few situations of business. Budget and forecast both are useful in management accounting in planning. Inventory control Inventory control includes all information about the use of raw material, material in work in process, and how much business needs to dispose of goods in a special period. Inventory control is required for different stages of business every year. Inventory control is important not only for managerial decisions but also for the effective operation of the business. It provides comprehensive information on how much inventory is used in business and the requirement of inventory, required for an emergency stock for easy running of the business. Statistical methods Statistical tools make information more impressive and comprehensive and intelligible and also play important role in planning and forecasting. Several methods of collecting data are sampling, regress analysis, and many more. These methods are highly used in several forecasting departments and effects business management also. Data interpretation Data interpretation is a crucial part of management accounting. After analyzing data it will help in making effective presentable reports for management. The effective and right approach to interpreting data and financial statements is the principal task of management accounting. Management reports The interpreted information must be used in making reports of the business. The management reports are a way of effective communication. It includes profits and loss, cash flow and outflow statements, and many more. These reports are made quarterly, as interim reports, yearly. These reports help to the analysis of the working of the business. Internal audits and tax accounting Business needs professional for commutating tax of business. It includes income tax and indirect tax according to tax law and regulations. Business needs to file return and payment of taxes every financial year. Businesses hire professionals for taxation and auditing because they will guide them on how they can enjoy tax relief. The law of taxation is very complex and very important for management as well. On the other hand, an internal audit is very important for the judgment of the performance of every department. Management can able to analysis the deviation in their performance. It is very important for fixing responsibilities of business. Procedures methods This is the process of maintenance of data and other office management services. It deals with filing, duplicating, copying, and communication and management of information systems. It may have reported about the utility of different office machines. Bottom Management accounting includes different accounts that will help to enable business conduct effectively. I hope this information will be helpful for entrepreneurs on how they can use management accounting adopts in their business effectively.

Describe the role and responsibility of a managerial economist in business management.

Managerial economists have occupied an important role in modern business. In real practice, firms do not behave in a deterministic world. They strive to attain a multiplicity of objectives. Economic theory makes the fundamental assumption of maximizing profits as the basic objective of every firm. The application of pure economic theory seldom leads us to direct executive decisions. Present business problems are either too obvious in their solution or purely speculative and they need a special form of insight. A managerial economist with his sound knowledge of theory and analytical tools can find out the solution to a business problem. In advanced nations, big firms appoint a managerial economist to assist the management. A managerial economist post is similar to a policymaker because the role of a managerial economist is to improve the quality of policies adopt by the business. It affects short-term operations and long-term operations as well. The factors which influence the business over a period may lie within the firms and outside of the firms as well. The role of a managerial economist is very important for business purposes so here in this guide, we will discuss it. There are a few points listed below. Providing knowledge about the environment The prime duty of an economist is to provide information about the environment because the business cannot operate in isolation. Businesses are affected by internal and external environmental factors. Businesses can control the internal factors of business but they are not able to control external factors and have to bear effectively in business. The correct external factor information helps businesses to make wise decisions according to their requirement of business and perform effectively. Economists can analyze for study the economic trends and use the information in the best possible way for their firms’ growth. Involvement in public debates The managerial economists usually indulge in the market surveys and they take participle in the economic discussion of the nation. The public debates help them to better understand the problems of consumers and the situation of the market and this will help them study and find the solution to problems. This will give a lot of information about the government policies which are imposed on business and advises business on how they can use effectively use these policies in their business. Analysis of competition The managerial economists have to undertake an economic analysis of competition among the firms. They should also undertake investment appraisal, project evaluation, and feasibility study. It is one of the most important duties to provide information about market competition and guide firms on how they can difference the competition and make their better position. Participate in several functions The managerial economist has to perform certain specific functions. He helps to coordinate practices related to production, investment, price, sale, and inventory schedules of the firms. He also takes participle in the decision-making and gives his opinion on several other activities as well. Responsibilities of the managerial economist The managerial economist plays a vital role by assisting management in using the increasingly specialized skills and sophisticated techniques which are required to solve various problems of business. There are many responsibilities of the managerial economist such as interpretation of the data, advisers, profit maximization, and many more. Here in this guide, we are highlighting some of the responsibilities. Interpretation of data The functions of a managerial economist can be broadly defined as the study and interpretation of data in light of the problems of the management. The managerial economist should be in the position to spare more time and thought on the problem of an economic nature than the firm’s administration. Data interpretation can make easy day-to-day activities of the business. Adviser role The managerial economist is employed primarily as a general adviser. The advisory service refers to the opportunities open to the managerial economist because of the growing role of government in business life. An economist is responsible for the working of the whole business concern. Accurate forecast The other most important responsibility of a managerial economist is to try to make as accurate a forecast as possible. The managerial economist has to forecast not only the various components of the external business picture, but he has also to forecast the various phases of the company’s activities, that is the internal picture of the company. A managerial economist should recognize his responsibilities to make a successful forecast. The nearest accurate forecast helps make great planning and policies for the business. Various functions Several areas have attracted the attention of the managerial economist, such as maximizing profits, reducing stocks, forecasting sales, etc. If the inventory level is not appropriate then it hampers production. The managerial economist also contributes in maximizing the growth and profits of business. Economic and political advises The managerial economist must be alerted to new developments both economic and political to appraise their possible effects on business. Because the managerial economist should establish and maintain many contracts and data sources that are not available to any other person. This is the reason that businesses hire economists for providing advice. Conclusion All the mentioned information proves that the managerial economist contributes a significant role in the business for the growth and realistic attitude. I hope this piece of information help you the understand impedance and role of the managerial economist in several areas of business.

The main types of creativity and trains for creativity

 Creativity is very important in every aspect. It is the reason for uniqueness and new idea. Thinking out of the box is a major element of creativity and it may be the reason for innovation and also helps to get a different level of business. There are different types of creativity, which makes it difficult to define. Creativity comes from original thoughts, divergent thinking, problem-solving, inspiration, and imagination.  


Divergent thinking 


Divergent thinking moves away from traditional thinking, and convergent thinking, which is linear and analytical. It is used for finding the correct answer. On the other hand, it is nonlinear and spontaneous. Rather than finding the correct answer, it is looking for multiple answers for addressing one problem. Barnstorming, predicting, and imagination activities are good examples of divergent thinking. People can increase the ability of divergent thinking by implementing open-ended questions rather than a closed questions. Moving towards divergent thinking may not be comfortable for analytical thinkers, but practice will soon help creativity develop. 


Problem-solving 

It is possible to remove problems through creative thinking. This requires to look problems differently and unique way rather than following the same principle for every problem. There are a few steps to a creative problem solution require. 

  • View the problem in different ways. 
  • Do not assume that all similar projects or problems are the same. 
  • Be open to adopting different solution methods for removing problems. 
  • Look at the bigger picture when addressing and analyzing the problem. 
  • Keep finding the ways for the solution if the solution is not finding. 

Inspiration and imagination 


Inspiration and imagination are essential for creativity. Webster defines imagination as the ability to recombine the material furnished by experience or memory, for the accomplishment of an elevated purpose; the power of conceiving and expression the idea. In the modern world, it is easy to ignore the development of the imagination, but this is done with your determination. Exercising imagination is necessary to improve creativity. There are various ways to improve imagination. 

  • Reading is the main component for improving imagination. 
  • Expose yourself to new experiences and influences. This will help to think and give the wide prospect of every aspect.     
  • The constant thinking about the problem such as daydream and meditation. 

Inspiration is what prompts creativity. Inspiration provides the motivation that helps people to believe they can or should do something creative, or inspiration can be an idea that comes suddenly inspiration is different for different people. There are ways to improve inspiration, which we will address in a later module.


Traits for creativity 

Restless 

Highly creative achievers are naturally restless. They tend to be easily bored and may even be accused of being hyper. This restlessness comes from being extremely open and also from their intense interest in having new experiences. They do not function well in routine or mundane work environment because their mind naturally wanders. For this reason, it is fundamental to their happiness and success to be constantly involved in challenges or with the project which excites and drives them. 


Out of the box thinkers 

Creative achievers are creators, not followers. They do not enjoy following people, ideas, reputations, or success. Highly creator achiever creates their ideology and believes in self and rarely takes any time off. They are known for exhausting themselves until they have released all their creative energy and put it fully into the project at hand. Highly creative achievers are known to use both sides of their brains to process information in an integrated fashion, which gives them an innovation edge. 


Curious 


Creative achievers are compelled to act on what they are curious about. They prefer to seek out and learn new thinking, and they enjoy the thrill of processing the emotions of anxiety, fear, and excitement with great regulation. Curiosity is very important for creating a sense of wonder and imagination which has been linked with the development of true happiness. Because it opens to new experiences and increases the possibility to create something innovative. It helps people more induce to discover deeper meaning and relevance of their life. 


Disregard rules 


Creative people do not follow the crowd because they feel if they follow the crowd they will lose their creativity. There many times their actions are criticized by the people, and they try to bring down them but them persistently to be fearless in their pursuits. At some point, creative thinkers face ups and downs in their careers. But most creative people achieve their careers by breaking rules and making other records in their life.


Work independently


Creative thinkers are deeply connected with their authentic nature and ambition, which inevitably leads to their independence, growth, happiness, and wholeness. They have no fear of challenges or struggles because they know if they want growth then they will go through challenges and difficulties for their desired goals. In the pursuit of their freedom, these people independently discover their destiny. 


Bold risk-takers 


Highly creative achievers are bold to take risk-takers. They dare to take risks in their life for the achievement of goals. It makes them happy and they believe in experiments with their ideas and trial and error process. They learn from their mistakes and use their wisdom and bravery effectively to execute their desired goals. This risk taking ability make them different from the crowd.  

   

             

   

   

           

What are the types of organizational designs?

Organization design refers to the model and framework that an organization uses to analyze the current situation, visualize the future state, make strategies for the success of the business, and many more. Organization design should be unique and consider the internal strength, weaknesses, competence, leadership style, management, and many more. Organization design is engaged when managers develop or change an organization's structure. There are several types of organizational designs but every organizational design has a different requirement. Organization design depends on the nature of the business and the requirement of the business. Mainly organization design falls into five categories that are following. Functional organizational design Geographic organizational design Product-oriented organizational design Market organization design Matrix organizational design Functional organization design Functional organization design refers to implementing functions according to their business sizes. Business can divide their function into a different departments like marketing, research and information, financial, sales, revenue, legal department, and many more. These departments can distribute their work and also separate board-level department and sub-department. These structures also help to make an internal chain that will help control all business activities and all actions are under observation. The size of each department is depending on the business size. Some organization can merge their two similar departments for better work that support each other functions as well. Functional departments’ structure is best for coordination of work in business. Each department works for achieving a common goal. The delegation of power is a downside because strict framework. It will also help for mutual understanding and better work conditions. Geographical organizational design This organizational design is not required for local businesses. It is required when the business start to extend beyond its geographical boundaries that time business required geographical organization design for better operation of the business. Several designs can be followed by businesses like centralization of business, branches method, and many more. Geographical design is important because recently the use of international business increased. The geographical organizational design depends on the nature of the business and is possible to recognize, even nationalization its scope. Business needs to consider the region of the nation also. Several factors also matter for geographical industries like legal environment, cultural norms, and many more. Several multinational companies also subsidiaries in many companies, they often recognize the trade-off between centralized control and the complexity of the different environments. Product organizational design model This model completely relies on the production itself. The product design model adopts by the manufacturing companies completely induces in manufacturing of different items for domestic products, electric appliances, manufacturing for international, and many more. This design offers a good opportunity for beginners people with good business ideas. In today’s world, the competition is very high among several products. Many companies produce different items in one company so they can divide their teams according to products and make different marketing teams, promotion, and sales and distribution departments, this will help to control all the activity easily according to their convenience. Market organizational design model Market-oriented organization models often make the market for their product and analyze the customer's demand and try to provide their demanded products. This type of design model is adopted by the company, which serves a small number of consumers, who can give business and need to be profitable for them also. This type of business is often dedicated to manufacturing single-line products. There are several companies adopted like BMW, Ferrari, Ducati, and many more. These companies only manufacture for a few consumers who give them good revenue. The less consumer base gives a good opportunity for the seller to build good relationships with their consumers. They can also appreciate by the consumer for customized products. This model is known for the best quality assurance to clients and the growth of the business depends on heavy advertisement and promotion; customize luxury, brand, and many more. Matrix organizational design Matrix design refers to when there is a high demand from consumers and the prime object is to assure efficiency and bureaucracy. This structure is used when many are employed for implementation and the client wants to organize them for the successful implementation of their plans, for example, interior design, construction, civil engineers, and many more. Generally, under this model employees reports to two bosses one is just superior to the employee and another one is the project manager. This can raise the role of conflict sometimes in business like authority-related issues. An employee can also stick between two authorities because of distinct instructions. Bottom There are several organizational design models, but businesses do not stick to one model for all types of business. They can adopt different models according to their business and one business can adopt two different modes for their business. I hope this piece of information will help you for adopting one and more models according to their business.

What is the meaning of creativity and elements of creativity and the importance of creativity in business?

Creativity is nothing but the process of creating something unique and new is known as creativity. Creativity plays a crucial role in the organization every day. Businesses cannot stick to old methods for work. Nowadays companies are adopting many innovative and unique approaches to solve problems and make difference in competition. There is a lot of creativity we have already seen like the use of artificial intelligence, machine learning methods, creatively using different platforms, and many more. Creativity is very important for the growth of business and marinating position in the market. Business hires a lot of creators who brings new ideas to the table for strengthening their business. Elements of creativity Being creative is nothing but the passion for doing things differently and creating new and unique concepts and ideas. Why do we always follow others? Thinking out of the box not only helps you reach an innovative solution but also makes you a popular member of the workplace. There are several elements of creativity that everyone needs to consider for creating anything. Willing to do something new The first and foremost element of creativity are willing to do something new. No one can teach you and force you to become creative. A creative man can make good things with the wastages. There are a lot of examples of the creator who effectively uses wastage and make good business ideas also. Accepting challenges Accepting challenges is another very important element of creativity. For creating something new we need to take the risk. If any creators are doing the same kind of work and stick to the key responsibility areas mentioned in the appointment letter, then they will hate their job in no time. Be open to critics Do not feel bad if the leader does not appreciate your idea. Instead, sit and feel bad, the creator needs to think about why this idea is not working out. There is no need to de-motivate and eventually lose interest in work. Good critics always help in improving the work and make good creators as well. Research Research is another essential aspect of creativity. Creating something new and unique we need some ideas and thoughts at least. Reading books and many creative websites will give us not only knowledge but improve our intellectual skills also. Without proper research, no one can innovate something. Importance of creative thinking Creative thinking is one of the most demanded skills for attracting people nowadays. This is the tool that can turn previous falls into success and overtake more forward-thinking competitors. Creative thinking empowers the business in many ways that are following Increase the ability of problem-solving Creative thinking helps increase the ability of problem-solving skills. Creativity is the continuous process of thinking that will help increase the intellectual and make wide people think. Creativity changes the perspective of things toward problems and solutions also. Once you learn how to merge creativity with problems then you will generate unique and valuable ideas for solving problems. Excellent tool However, with the rise in awareness about brain-based learning, mind mapping training is providing to be an excellent tool for stimulating creativity and building self-confidence and self-motivation in workers. Creativity is a tool that will help in exercising the brain and the brain is one of the largest tools for any innovation and creativity. Increase the productivity Creativity stimulates moving away from familiar ground, sometimes exploring completely uncharted territory, to discover something new and better. Business needs to allow the development of something new in the existing product that will make a complete difference in the market. Business creativity also boosts employees to produce dividable goods with creativity and test their limits. Creativity and innovation within a well-run organization have always been recognized as a sure path to success. Sustaining creativity in business It is very important to be a creative person to sustain their creativity in business. Sometimes a business has to deal with a monotonous type of assignment that does not require unique ideas and creativity. This type of work already reached maturity level. At the maturity stage, companies do not want to take risks and experiment and prefer to shift towards sustainability. Driving progress Creativity is not some airy-fairy insubstantial process. It is seeing from a new perspective, solving a long-standing problem with the simple changes, and driving progress in your company. Mind mapping coaching is also an excellent way to improve communication at all levels –which is vital if the creativity of workers is to be fully used. Competitive advantages Companies use creative approaches to add additional value to their business and separate from the competition. They can achieve their different identity from their creativity. If the companies can provide better services and products at the same cost then they can increase their profits and revenue and market position.

What is the meaning and principle of delegation of authority?

A manager is not sufficient for completing the entire task to assign him. For completing the all the task manager should delegate authority. Delegation of authority refers division of the authority among staff downward to the subordinate. Delegation of authority is about trusting someone else who is part of your job. Delegation of authority is about subdivision and allegation of the power to subordinate for effective achievement of goals of the business. The major elements of the delegation of authority There are three major elements of delegation of authority. Responsibility Accountability Authority Responsibility Responsibility refers to work assigned to an individual. A person gives responsible to complete all assigned tasks to him. It includes all the physical and mental activities to be performed by the individual at a particular job position. The process of delegation of authority is when a manager who pass some responsibility and power to the subordinate for the completion of goals. Feature of responsibility Responsibility is the obligation of a subordinate to properly perform the assigned duties. The flow of responsibility is always upward because the subordinate is always responsible for the superior. The delegation of authority establishes the relation between the superior and the subordinate. It is bound to subordinate to perform all assigned duties by the superior. Authority Authority refers to the power to taking decisions. Every business provides some responsibility to every employee who needs to have some authority. When managers are passing some responsibility to subordinates then they will also pass some authority to the subordinates. If any business passes their responsibility then they will also pass some authority with responsibility. Feature of authority Authority refers to the right to make decisions according to their managerial position. Authority arises from the relationship between the subordinates and the superior. As subordinates communicate their decision with the superior as per direction. Authority always is registered by the law and regulations of the organization. Authority makes chains that link various job positions. Authority must be equal to responsible. Accountability Accountability is the last and final step of delegation of authority. Accountability means subordinates will be answerable for non-completion of the task. The accountability cannot be passed or delegated. It can only be with subordinates which means after delegating responsibility and authority the manager will be accountable for the non-completion of the task. Accountability is the process of confirming that the employees or subordinates perform their responsibility in their expected manner. Feature of accountability Accountability refers to being answerable for the outcome. Accountability cannot pass and divide with a subordinate. It can enforce thorough regular feedback on the extent of work accomplished. Accountability flow always upward because the subordinate is always accountable for his superior. Principle of delegation of authority Delegation of authority will help to achieve the organizational goals. Delegation of authority will also assist in reducing the burden on the manager and increasing the focus on goals. It helps to reduce the workload of superiors and build trust with subordinates. It provides several opportunities to the subordinates for their self-growth. There are several principles the principle of delegation of authority that is listed below. Principle of delegation by results expected The authorities assigned to subordinates should be sufficient enough to ensure their abilities to accomplish the results expected. Subordinates always give updates about task completion to their superior that will helps in getting desirable results. Principle of absoluteness of responsibility One has to understand that responsibility can never be delegated and that the superiors are responsible for the activities of their employees and the performance of employees. Superior has to take care of subordinates' performance, otherwise without any responsibility becomes a careless person. So business needs to maintain a balance between responsibility and authority. Unity of command principle This principle is about giving instruction and direction to the subordinates for the achievement of desired goals. If there is a single superior to listen then conflicts and confusion can be reduced. It will make it easy for the subordinate to have accountability and a personal rapport with the superior. Principle of authority level principle A manager has to take some responsibility and authority because they are very important for deciding goals, instruction, communication, direction, and many more. These types of responsibilities and authority of managers should not transfer to subordinates. Principle of functional definitions The objectives, tasks, responsibilities, and authorities must be started with the employees because it involves facilitating improved performance to accomplish enterprise objectives. Some manger fails because of poor delegation. Trust development Delegation of authority creates trust between employers and employees. A trustful attitude makes the proceeding smooth. Trust is very important in because it is the reason for feeling security. Trust makes it easy to communicate and develop a better understanding of business. Willingness to establish and use broad control The superior must establish some standards to which the subordinates or task can be compared and a control mechanism must be installed for evaluation purposes. Feedback from subordinates is one of the most important criterions that determine the effective functioning of the organization. The balance between the responsibility and authority There should be a perfect balance between assigned authority and responsibilities. One cannot be held responsible for a task where he has limited authority and too much authority with too much responsibility can also prove dangerous.