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
Issue: A topic or point of debate, dispute, or concern that requires attention.
Enterprise: An organized business entity engaged in commercial, industrial, or professional activities.
Grievance: A formal complaint due to an unfair treatment or violation of rights, often within the context of labor relations.
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
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