Australia, being recognized as a vibrant democracy of a free market has always recorded economic progress for the last twenty-five years without encountering a recession. The economy has hugely benefitted from the entrepreneurial development which has been facilitated by an efficient governmental system, a legal system that is functioning properly together with an independent bureaucratic rule. All through in 2014, the economic growth of Macquarie environment has been below the long-term trend. Being driven by the sector of the resources, it experienced a declining value as the prices of the commodities also declined. This meant that while the country was producing more products, the economy was earning far less than it should have been earning. The following article will, therefore, discuss the economic environment issues of Australian Macquarie Bank. (Macquarie.com, 2016)
Factors influencing the effective operation of the business in a global environment
The advancements in technology have had tremendous impacts on the business operations on a worldwide basis. Notably, the grid on information has enhanced communication on almost each sector of Macquarie Bank. The bank has been wise enough in taking advantage of different platforms for marketing. It has been raved up by the internet e.g. dedicated websites, emails and even social networks. Notably, this has enabled the bank to reach a broad base of potential clients in the international markets. For instance, Brooks (2009) asserts that the changes in the technologies of financial transactions and telecommunications affect how these entities conduct their operations from a global perspective.
New emerging markets have also had significant impacts on the operations of the business. A realistic perspective of globalization is the increased drive towards international commerce. Essentially, entities are interlinked thereby forming a powerful force in terms of a market having no borders. Besides, this has boosted competition for clients thus ensuring that only the best services are offered on the market. In those environments which are stable, as well as, certain, businesses do develop structures that are most suitable probably those having the highest managerial controls and mechanistic systems.
Implications of business decisions
Business decision-making processes have significant implications in every key area of the business activities. Notably, the business environments are always prone to several changes thereby making business decision making from a strategic perspective become extremely complex. Factors e.g. changes in technology, complexity in business diversity, as well as, competition and the changes in technology have tremendous impacts on decision-making processes of any business. The design and assessment of various strategies would enormously provide the insight that would enable the management determine the strengths and weaknesses of the organization. Also, its aims and missions would be easily achievable as stated by Cohen and Kennedy (2009).
Business decision making not only in Macquarie but also in other organizations would assist the top management in the evaluation of the business strategies and performance. Business decision making constantly focuses on the design of the products that would primarily lead to its sustenance and consolidation. Strategic decision making allows companies to create particular systems which will automatically assist in streamlining the business systems. Several activities do go on to an entity. Bowles (2014) asserts that without the proper consideration of these activities, the business will not be bound to meet its obligations. In conclusion, the above article has presented the economic environment, factors influencing effective operations of a business and implications of the business environment.
Suggestions on how to develop the economic environment of Macquarie
Developing the economic environment for the Macquarie bank of Australia is significant both for it and the country. Essentially, this environment can be amicably improved through the application of various conditions of economic frameworks such as the removal of bureaucratic obstacles, as well as, the establishment of suitable structures of promotion. Besides, by conducting proper dialogue between both the private and public sectors and Macquarie bank, it can efficiently accrue comparative advantages and also initiate economic flows. Therefore, the bank should work on its economic policies in developing the solutions to the challenges facing the Australian financial system. (Macquarie.com, 2016)
Basu, K., O'Neill, G. and Travaglione, A. 2007. Engagement & change. Brisbane: Australian Academic Press.
Bowles, P. 2014. Capitalism. New York: Routledge.
Brooks, I. 2009. Organizational behavior. Harlow, England: Prentice Hall/Financial Times.
Cohen, R. and Kennedy, P. 2013. Global sociology. New York. NYU Press.
Gordon, C. 2012. Competing in Global Niche Markets: The Case of Macquarie Bank. SSRN Electronic Journal.
Macquarie.com, 2016. Australian Economic Outlook 2015 | Business Banking | Macquarie. [online] Available at: http://www.macquarie.com/au/business-banking/business-management/expertise/australian-economic-outlook-2015 [Accessed 8 Feb. 2016].