One of the industries that have changed the world is telecommunication industry. The industry is the epicenter of both economic growth and innovations that the whole world is experiencing today (Kaur & Malhotra, 2014). Telecommunication has disrupted and significantly changed the operations of almost all industries. Mobile devices and broadband connectivity are increasingly being embedded in the fabric of every society and they have made the world a global village. Telecommunication has increased connectivity of the world and it has also expanded business opportunities to even people who are located in remote places. Therefore, I think telecommunication is the most important industry because it has helped in enhancing growth, innovations, business opportunities, and it has increased efficiency and effectiveness of all sectors in a society. Capitalism play important role in corporate decision-making mainly because the main objective of any business is to maximize profit. Corporate leaders use the concept of capitalism to come up with prices of good and service that they produce (Livingstone & Scholtz, 2016). Capitalism is also used in the determination of cost of factors of production such as labor and materials. The concept of profit maximization and cost minimization are based on capitalism. Hence, decision-making in corporate mainly relies on the concept of capitalism. It is possible for companies to jointly cater for consumers and the company. Even though companies are more interested in their affairs than those of consumers, in reality, firms know that they cannot survive without consumers. Consequently, the need to satisfy the needs of consumers in order to generate more revenue force companies to cater for customers and firms jointly. Both companies and consumers depend on one another.
References
Kaur, K., & Malhotra, N. (2014). Telecommunications and economic growth in India: Causality analysis. International Journal of Research in Business Management , 2 (5), 31-46.
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Livingstone, D. W., & Scholtz, A. (2016). Reconnecting class and production relations in an advanced capitalist ‘knowledge economy’: Changing class structure and class consciousness. Capital & Class , 40 (3), 469-493.
