MANAGEMENT

Legal management involve in the activity of increasing the challenges in the global market. Legal management is most common practice for ever larger firms because it mainly focuses over the profitability and efficiency of the business standard through better information management system. Each and every organization evolving in all the countries would be having their own respective lawyers. Those lawyers act as an legal advisor for the entire organization he prefer to provide information for all management parties in decision making aspects and goals. The Legal advisor is the responsible person for handling all types of cases or issues related towards the business organization. To the goal of success the management people can focus towards the words of legal advisor. In every larger business firm the legal advisor would be acting behind the management activities in order to reach the goal towards success. The legal management would be functioning effectively for the success of the business. The members of the legal management faculty would be organizing periodic meeting for analyzing the present condition or status of the business. If defects are found to be affecting the business more the legal management team would be focusing on the term and provide solutions to be solve the problems.

Business environment is considered to be the industrial body, design and maintenance. Business environment mainly focuses on two major concepts they are internal environment and external environment. In common, internal environment includes men, material, money, machine and management. The internal environment of the business can be altered according to the implementation of newer plans. The external environment of the business would be involving in the external activities of the business like license holding, legal factors, political factors, geo-physical factors, demo-graphical factors and so on. The external environment is classified into two types as micro operating environment and macro general environment. First, micro operating environment is considered to be very close to the business standards which consist of customers, suppliers, public and competitors. The suppliers are person who supplies raw material for the company and the customers are one who purchases the manufactured product from the market like retailers, wholesalers and foreigners. The market intermediaries works between the business and consumers. Macro general environment is the one which involve in the activity of creating opportunities and threats to business organization. The elements of macro general environment are economic and non-economic environment, political environment, nature environment, technological environment, socio-culture environment and so on.

Management is the process of organizing the business organization in effective and efficient manner. Making a business success is in the source of management process. Management is responsible for all the activities taking place in an organization. The management should implement strategic plans in order to benefit the organization in a profitable way. An individual person is employed by the organization in order to manage the managerial activities taken place in a business organization. The entire control of the business organization must be under the single person control. The management can collect suggestions from the co-workers for developing the business. The collected information from the workers should be well organized by the management people in order take decision. Decision making process is considered to be one of the main aspects in development of the business. Before taking any kind of decision the individual must get discussed with group of management peoples employed in the organization. The new implementation of strategic plans and decision making procedure can be delivered to all the people working in the organization by arranging meeting. The decision making plan should be benefitted by both the management and the number of people working under the banner of the organization.

The aim of running a business is to expand the profitability and the process of improving the profit is very easy. One has to closely monitor the demand of the consumers and accordingly supply the products in a superior quality and abundant quantity but there are other factors that concern this operation which are classified accordingly. A successful businessman always keeps his eyes open to contemplate various economic factors that could have an adverse impact on the business and one such would be the demand against supply, the two primary factors that can affect the functionality of any business. Demand is also considered as the ability by the consumers to buy a commodity and supply is the capacity of the organization to meet the demands. Utility and marginal are also considered as another economic factor while utility means the happiness that is derived by the end users from their consumption which starts declining after continuous consumptions which impacts on the sales. Another major aspect that hits the business is the pricing of various commodities that affects the sales like raw materials costs, transportation costs, production costs and wages to the employees. Variation of costs in goods and commodities is also one the economic factor that has direct impacts on the prices of final products, materials etc which many a times does affect the normal price level.

There are various external risks that are faced by businesses which arise mainly due to various happenings that take place within the enterprises or organization which are obviously out of industrialist or entrepreneur control which ultimately are unable to be predicted and thus results in non determination of their impact accurately. One of the major external risks is the economy itself which does result from the changes that occur in the existing market situations and they can be of any type of changes in product demand, price changes, various changes in the liking and taste of the end customers along with changes in financial segments etc. Another major risk is the natural factors that cannot be predicted or can anyone have a control wherein natural calamities like flood resulting in outcome of epidemic, earthquake, cyclone and other natural disasters which causes heavy loss to life and various properties of the company or may damage the products or goods. Politics also plays as a risk in the functionality of a business during long as well as in short period like sudden dismiss of the existing government, religious violence or riots across the country, war between countries and various changes in the policies driven by the government with also affects the organization profitability.

Each and every part of life has a risk and business is of a varied nature and business risk also arises due to various countless factors while the risks are mainly classified into two broad categories completely depend on the place of birth. One of the risk is internal risk which is created from various events that takes place within the enterprises and these risk commonly arise during the general course of the business while the companies would be in a situation to forecast the risk while equally determining the profitability due to their presence and hence these are mostly controlled by the capitalist to a significant extent and various internal causes for these kinds of risks are humans themselves by going on strike and lockouts, negligence by any employee, dishonesty, unexpected deaths, manager ineffectiveness in the organization as well as other external factors like non commitment in timely supply of goods by suppliers, defaulting the payment by the debtors and various unexpected technological issues in the distribution and production techniques while there are some physical factors that results in any failure of any property in the firm like the machines used on a daily basis, theft, fire, damages incurred during shipment of goods etc.

There are some expertise businesses which require licenses to function due to various special laws entering the rules and imposed on certain trading factors, professions which could require education or any local governments. Various professions also fall under this special law category like medicine, law, flying airplane, buying and selling of liquor, broadcasting of radio and various securities which sells investment and firms that buys and sells various models of four wheelers and even the local jurisdictions which also fall in this regard just to pursue a business with disrespect to the mode of business. Some businesses like utilities, security investors, banking divisions, insurance sectors, civil and other manufactures of health related products are viable to the special law regulation and so as the environmental regulations which are too confusing and can have a major impact on various types of businesses in unpredicted manners. Businesses related with knowledge activities do have importance which is protected from its competitors to gain profitability in the market which requires copyrights of trade secrets while most of the businesses do have various names and symbols with similar techniques which could be more beneficial during trade marking. Various countries are participants of treaties regarding the intellectual property and those companies that are located are subject to the judicial system of the respective countries.

While it is known that one person operated business is sole proprietorship whether it is directly owned or part of a entity, there are various factors that decides on functionality of a business. Various partners in a partnership along with anyone who operates the business by owing it without generating a separate entity are also eligible for the overdue and commitment owned by the business firm. Basically the corporations pay tax on behalf like the normal people which in some cases can rise to double accounting of tax since the previous might have been paid by the corporation from the profit wherein the individuals after accepting the dividends accumulated from their income file their personal tax which becomes a second payment of tax getting imposed. In various countries, corporations of smaller size are treated differently from the larger sized corporations varying because of their law systems and other laws are concerned that regulate the businesses, it would definitely be impossible to have a record of all in a single source of reference. There are various governing bodies under the law treating the labor and various relations with their employees like safety and security issues, racism and sexual discrimination issues, wages paid below the basic to be paid, compensation benefits, vacation to the employees annually or the timing in the hours of working.

There are other types of business like the agriculture and mining which are focused purely with the manufacturing of various raw materials like minerals or plants. Various businesses with financial domains like banks and other organizations also operate for generating revenues by means of investment and capital management and businesses based on information also plays its role as a profit generator especially from the property resale like movie studios, software companies and various publishers. Manufacturers make products out of raw materials or its parts which then gets sold in the market at a profitable price while various companies manufacture goods that are used physically like cars, pipes are also treated as manufacturers. Another major revenue generator is the real estate business which creates profits from various methods of sales of land or buildings, letting it out for rent, construction of various properties, homes and commercial buildings. Even businesses from retail markets and distributions generate profits by acting as a mediator in acquiring goods from the manufacturers and selling it to the end customers at a profit through sales and services while most of the stores and companies also join their hands acting as retailers. Other organizations like consulting companies, hotels and other entertaining are other categories of service businesses.