Business Management
Discuss specific challenges that managers face in each of the following industries that were less important five years ago.
An important challenge in the apparel industry today was also present five years ago but has become increasingly important in the interim (and looks to become increasingly important still in the years to come) is that of the difficulty that American businesses have in competing with companies overseas. This is arguably true in all fields but is especially so in those fields in which there is a high need for long hours of relatively unskilled labor.
Making clothes is a very labor-intensive process and all such industries (in both heavy and light manufacturing) are experiencing problems in today's marketplace. The decision this month of Levi Strauss to close its last American plant and to have all of its garments produced overseas is emblematic of the fact that it may simply no longer be possible for American firms to mass-produce garments using American workers.
B. The entertainment industry is a complex group of a variety of different industries so it is difficult to make any proclamation that is true for all elements of it. But it is in fact this diversity that is in some ways working against it, for the entertainment field is becoming each day increasingly fragmented, so much so that it is becoming more and more difficult for any one part of it to draw enough of an audience to pay for the high costs associated with producing so many types of entertainment.
This problem will only get worse over the next several years as there are more and more television stations to choose from and more types of electronic entertainment - from new types of computer games to new ways in which the internet can be used. Those in more traditional forms of entertainment might have believed that they has weathered the most significant challenges put forth by the internet in the past few years, but as the internet becomes increasingly "normalized" (i.e. A part of more and more people's everyday activities) there will be increasing diversity within the Internet itself (such as chat rooms and - one of the latest forms of internet entertainment, the blog) that draw audiences away from traditional forms of entertainment.
C. The automotive industry is on the one hand facing the same kinds of pressures that the apparel industry is, with companies based in the United States (as well as other First World nations) finding it increasingly difficult to manufacture the goods that they design and distribute close to home. Even when American firms export their manufacturing divisions overseas they often find it difficult to compete in terms of labor costs.
Automotive firms are also facing increasing pressure to develop alternative fuels cars, something which was just beginning to be the case five years ago, and the pressure to gamble on which technology will become the dominant one to replace gas-driven cars is substantial.
2. Discuss the five major dimensions of the general environment that one might address as a manager for New York University over the next five years.
As a manager at a major university a number of challenges would be likely to present themselves over the next five years. The first is the issue of a diverse workforce. Universities have traditionally been at the forefront of affirmative action programs and other business practices that have encouraged a diverse workforce. However, recent court cases have made the future of affirmative action much more problematic even as universities still push to create inclusive workforces.
A second issue that is likely to come up in the next five years is the problem of funding pensions. The United States is currently poised at the tip of a demographic bubble with the number of retirees about to outnumber those who are still in the workforce. This presents a significant public policy challenge in terms of how to fund the Social Security program but it presents a significant challenge for individual employers as well when faced with the need to balance funding current employee needs against those of past employees.
A related issue that a manager may well face is the aging of the population. While this will probably not yet have a significant impact on an employer like New York University in the next five years, this period of time will begin to see the effect of a demographically shrinking workforce as the members of the Baby Boom generation begin to retire. This means that managers will face greater...
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