MGT502 Contemporary Business Issues Annotated Bibliography

Introduction

The following annotated bibliography aims to study contemporary business issues. The following annotated bibliography will evaluate the background of the research articles and the intended audience. Each studied article will be related to the issues the organisations encounter in the contemporary business setting. 

O’Cass, A., & Wetzels, M. (2018). Contemporary Issues and Critical Challenges on Innovation in Services. Journal of Product Innovation Management, 35(5), 674-681. 

Innovation plays an important role in the contemporary business world and has become a challenging issue to deal with. At present, almost all businesses work towards bringing innovation, be it in its culture, processes, products or services. The point of fostering innovation in businesses is to make greater use of big data in order to reach out customers’ need and preferences. In this research article, O’Cass and Wetzel (2018) highlighted the contemporary issues and challenges faced by the tertiary sector. This research article discusses the role of innovation in the service sector and how the service domain has created opportunities for people in service innovations. Shifts in customer demands and expectations, increasing competition, and demand for personalised services are the opportunities for service innovations. According to O’Cass and Wetzel (2018), many businesses in the service sector heavily invest in their internal processes in order to foster staff engagement, creativity and innovation to cater wider market efficiently. This research article emphasised on innovation, which has become an essential part of a business. In contrary, businesses that do not bring innovation in their processes, product and services, face challenges in sustaining in the contemporary business world. 

Frederick, R. (2013). Global Business Ethics, International Encyclopedia of Ethics.

Fredrick is a business ethics author who is popular for his business management books. In one of his many books, he discussed the importance of business ethics in both local and global context. Ever since globalisation has made international trade usual in the contemporary business world, more and more businesses found the urge to seek training and education on learning global business ethics. However, globalisation has apparently become one of the contemporary business issues. In his research article Frederick (2013) discussed empirical and normative aspects of global business ethics. Frederick (2013) highlighted the importance of understanding global business ethics for profit-oriented businesses that trade with the international market. Globalisation has made it possible for businesses across the boundaries to interact and trade with each other. In this way, learning to respect the global and local moral and ethical norms become crucial for businesses in order to successfully operate in the global market. According to Frederick (2013), global issues are directly related to economic activities. In certain countries, the majority of people live life in deep poverty, little or no access to healthcare, poor working conditions and poor wages and illiteracy. Therefore, MNCs should understand the differences, and take initiatives to resolve the matters for the local community, environment and other activities followed by the ethics.