Challenges in Management Education
Volume: 15 Number: 1 Year: 2015

Bijay Prasad Kushwaha

With the advancement and exponential availability of the internet, mobile phones and smart phones, there is also consequent significant development and innovative advances in the multifaceted areas of management and commerce. For example, traditional commerce has shifted to electronic commerce (E- commerce) and mobile commerce (M-commerce), traditional marketing is shifting towards digital marketing or internet marketing, including Co-opetition (Cooperation and Competition), and, accordingly, there is more emphasis on psychological and service marketing. Globalization and its development are playing a major role in various management activities and trade. Fraud, bribery and corruption are increasing and there is more emphasis on Forensic Accounting to prevent and detect these frauds. Smart phones may be turned into virtual cash registers and businesses can track sales, inventories and other data on smart phones and tablets. This free app which has attracted millions of business in the US, Canada and Japan turns a tablet or smart-phone into a sales register that can be used to process payments while tracking data on sales, handle appointments and generate information for tax. Big data and data analytics are playing a crucial role in the finance arenas and also in market research. There are major changes in corporate governance and even small and medium enterprises and family business, who each are adopting these changes. The concept of corporate social responsibility and ethics is gaining momentum and consequently there is more emphasis in businesses on business ethics and corporate social responsibility as viable incentives to improve reputation and profits. Social media will play a crucial role in various management activities including global strategies and entrepreneurship.

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