For a business to be successful in implementing its strategies, the management should always strive to obtain information concerning the current business events. Current business events are a major indicator of economic, social, and political changes, which are major determinants of whether the organization can achieve its objectives effectively. Therefore, proper business event management should be enhanced.
Laudon & Traver (2002) argue that technology is one of the current business events that have transformed the activities in most firms. For example, most companies use internet in advertising their products and services. Internet has also been used to communicate with customers and this is an opportunity to strengthen the feedback mechanism of a firm. Moreover, most firms currently consider e-commerce method of transaction as this is fast and convenient. Since technology becomes outdated, most organizations such as the Apple Company, continuously upgrade their technology to ensure they stay competitive in the changing market.
Davies (1997) defines business ethics as the process in which a business applies the ethical values in conducting its activities. Laws have been implemented in countries such as the U.K to prevent non-ethical practices such as pollution and low quality products. Besides, several attempts have been made to establish universally accepted codes of ethics in counties such as Russia. This ensures that a firm morally treats its stakeholders by embracing values such as fairness and honesty. Besides, some companies currently participate in building institutions such as schools because this is one of the social responsibilities.
Globalization is also a current business event that affects the business activities. Most firms such as the Coca-Cola Company have been involved in trade integration by establishing subsidiaries in foreign countries. This process requires a company to understand the legal requirements of the foreign country. Globalization is one of the ways in which most companies have diversified their economic activities to ensure high profits.