Business Practice

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A Business Practice is a business activity that involves standardized methods, techniques, or procedures adopted by organizations in the conduct of their operations.

  • Context:
    • It can (typically) include management, marketing, finance, human resources, and operations activities.
    • It can (typically) aim to improve efficiency, productivity, and profitability.
    • It can (often) be influenced by industry standards, legal requirements, and ethical considerations.
    • It can (often) evolve in response to technological changes, market dynamics, and regulatory environments.
    • It can vary significantly across different industries and organizational sizes.
    • It can include formal processes (like quality management systems) and informal practices (like workplace culture norms).
    • It can be scrutinized and criticized, especially when it leads to negative social or environmental impacts.
    • It can be a key factor in determining an organization's success and competitive advantage.
    • ...
  • Example(s):
  • Counter-Example(s):
  • See: Organizational Culture, Strategic Management, Business Model, Corporate Governance.