Definition
Concern
- Matter of interest to management: A topic or issue that is important to management and requires their attention for proper business operations.
- Labor relations difficulty: An issue that, if not properly addressed, could negatively affect the state of labor-management relations.
- Business organization: A term used to describe a business entity or enterprise. For example, he heads a large concern.
Examples
- Management Attention: A spike in customer complaints about a new product line can be a major concern for the management team that needs to be investigated and addressed promptly.
- Labor Relations: Negotiations over worker benefits that reach a stalemate can become a concern that might lead to labor unrest if not resolved.
- Business Organization: The multinational corporation headquartered in New York is a significant concern in the global electronics market.
Frequently Asked Questions
What types of matters generally require management’s attention as concerns?
Management typically focuses on concerns such as financial performance, market competition, operational efficiency, customer satisfaction, and employee morale.
How can labor relations concerns be mitigated?
Labor relations concerns can be mitigated through proactive communication, fair negotiations, ensuring workplace safety, and addressing grievances promptly.
What is an example of a ‘concern’ in the context of business organization?
An example would be referring to a successful startup as an emerging tech concern in the field of software development.
Related Terms with Definitions
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Issue: A topic or point of debate, dispute, or concern that requires attention.
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Enterprise: An organized business entity engaged in commercial, industrial, or professional activities.
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Grievance: A formal complaint due to an unfair treatment or violation of rights, often within the context of labor relations.
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Stakeholder: Any individual or group that has an interest in the decisions and activities of an organization.
Online References
- Investopedia - Understanding ‘Concerns’ in Business: Investopedia Explanation
- Wikipedia - Business Concerns in Economics: Wikipedia Definition
Suggested Books for Further Studies
- “Management: An Integrated Approach” by Ranjay Gulati, Anthony J. Mayo, and Nitin Nohria
- “Labor Relations: Striking a Balance” by John Budd
- “The Effective Manager” by Mark Horstman
- “Business Organization and Characteristics” by Robert W. Hamilton
Fundamentals of Concern: Management and Business Basics Quiz
### Which of the following best defines the term 'concern' in a business context relating to management?
- [x] A matter of interest requiring management's attention.
- [ ] A casual conversation topic.
- [ ] A resolved issue in annual reports.
- [ ] A specific marketing strategy.
> **Explanation:** A concern in management is something that needs to be addressed by the management team due to its implications for business operations.
### What type of concern pertains to labor relations?
- [ ] Financial performance
- [x] Worker benefits dispute
- [ ] New product launch
- [ ] Marketing campaign
> **Explanation:** A labor relations concern involves issues that could affect labor-management relations, such as disputes over worker benefits.
### What does the term 'concern' refer to when talking about a business organization?
- [ ] Individual employee worries
- [x] A business entity or enterprise
- [ ] A departmental meeting
- [ ] Market research findings
> **Explanation:** In this context, 'concern' refers to a business organization or enterprise.
### When a management concern arises, what is typically required?
- [ ] Ignoring the issue
- [x] Attention and action from management
- [ ] Entertainment activities
- [ ] Lowering employee salaries
> **Explanation:** Management concerns require attention and action to address and rectify the issues.
### How can labor relations concerns be effectively resolved?
- [ ] Through passive observation
- [ ] By focusing solely on profits
- [x] Proactive communication and fair negotiations
- [ ] Ignoring employee grievances
> **Explanation:** Addressing labor relations concerns requires proactive communication and fair negotiations to ensure a harmonious working environment.
### What might signify a concern for a business organization?
- [x] Declining market share
- [ ] Improved employee well-being
- [ ] Higher product quality
- [ ] Increased customer satisfaction
> **Explanation:** Declining market share is a significant concern for a business organization that needs to be addressed to maintain competitiveness.
### What is typically not considered a concern for management?
- [ ] Customer complaints
- [x] Office decor choices
- [ ] Market competition
- [ ] Operational efficiency
> **Explanation:** While office decor may hold some importance, it is typically not a primary concern for management compared to customer complaints, market competition, and operational efficiency.
### In labor relations, what is a primary concern?
- [ ] Disregarding employee demands
- [ ] Cost-cutting measures
- [x] Maintaining fair worker conditions
- [ ] Branding and marketing
> **Explanation:** A primary concern in labor relations is maintaining fair worker conditions to prevent disputes and ensure a productive workforce.
### When discussing ‘concern’ in labor-management, what could be a significant issue?
- [ ] New marketing strategies
- [x] Wage negotiations
- [ ] Office party planning
- [ ] Holiday schedules
> **Explanation:** Wage negotiations are a significant issue that could lead to concerns in labor-management relations if not handled properly.
### What can a management concern lead to if not addressed?
- [ ] Higher company profits
- [ ] Improved company reputation
- [x] Operational disruptions
- [ ] Increased shareholder value
> **Explanation:** If not addressed, a management concern can lead to operational disruptions and negatively impact business performance.
Thank you for exploring the term ‘concern’ and its implications in management and business contexts! Continue enhancing your understanding of these fundamental topics.
