...Social Responsibility Social responsibility is a term used in the business world that helps define the impact businesses have on society. Although there are many benefits to social responsibility, there are also some hindrances. Many people believe government involvement is not necessary when it comes to businesses making decisions around social responsibility. There are two opposing views of social responsibility that businesses take stances on: the economic model and the socioeconomic model. Within the realm of social responsibility it is equally as important to consider all notions as both a Christian and a business partner. When corporations donate funds to help disaster relief it is considered to be both a positive and negative thing. As Christians we should consider providing relief for people in need as an...
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...one day you wake up with an intense craving of a cream cheese bagel from across the street. But then it hits you, that you can not go out and purchase this delicious bagel due to “Buy Nothing Day”, how annoying would that be? Canada has instituted the Buy Nothing Day to reduce consumerism because they believe it has become a problem. On this day, the public is restrained from purchasing any goods from any store, expecting to stop over consumption. However this idea is absolutely absurd. The way in which people choose to use their earnings, has nothing to do with the government. Having a Buy Nothing Day not only affects businesses, but the society in general. Implementing a Buy Nothing Day, would affect thousands of business, homeless...
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...Quiz #1 9/10/2012 1. Factors of production would be anything businesses use to product a good or service. The five factors would include: Labor, Capital, Entrepreneurs, Physical resources, and Informational resources. Labor is the physical contributions such as factory workers on the production line or intellectual contributions such as an engineer designing a new technology (p.7) Capital would be the financial resources companies use to conduct business. You need money to start making money and a lot is needed to start a business. Entrepreneurs are the people to launch new business ventures and accept all the risks associated with. They are innovative leaders who think outside the box. Physical resources would be the tangible things to conduct business (p8). Natural resources, parts, facilities, and equipment would be some examples. Informational resources would be the data used to conduct business. This is a new concept which was brought by the technology boom. These resources can help us in forecasting costs and predict market trends. Some businesses are designing solely on the data mining service. Is one factor more important than the other? If so which one? Why? This is a very tricky question. For my answer, I am basing my opinion on the United States economy. It does differ based on the country chosen. If I picked China, I would say their economy has a heavy importance on the labor factor. Their huge population and cheap labor causes...
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...Dear Adam and Josh, As you have said you are facing trouble with making a profit in the small business of Riverside then I will look at your accounts and see where they can be improved. Also just to say thank you for coming to me with your issues. A budget is an estimate of expenditure for a set period of time. Small businesses like yourself prepare budgets for many reasons, firstly the reason being budgets set targets so then the business can successfully save some of the profit they generate and then can save up for stuff in the short term and long term. This is a very good idea and way of budgeting as if you save up the profit from Riverside then if the business does go into any debts then it can be paid off through this method. Also if either of you two have new ideas that need funding heavily then saving up again, for example out of the budget you can just take one or two hundred pounds out a month that won’t take a massive percentage of the profit out of the business but will add up and be a good savings amount if things go wrong. As on the balance sheet I can see that you are not making profit, so for this moment in time this will not be available so it shall happen when the business starts generating profit again. Another reason why the budget is so important is that with the priorities set out (Priorities set from the balance sheet.) Then everyone in the business knows what the aims and priorities are of the business. As the business isn’t making any money you two...
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...Short Written Assignment #2 Week 2 MNGT-5990 Is bluffing in business ethical? Summarize Carr’s argument. Do you agree with him? Does bluffing pass Hooker’s generalization test in poker? Does it pass the generalization test in business? "Is Business Bluffing Ethical?” written by Albert Carr, was a rather provocative read for its time, and I will venture to say remains so today. The majority of what Carr speaks of in his writings can be seen among businesses and business persons alike today. It seems to express the general attitude that everything you do in business that is not against the law is morally permissible. He suggests that executives can do anything they want if it is part of a business game in which people play by the rules. What cannot be forgotten is that not all games are good to play, and not everyone is savvy with regards to the rules. Carr's belief is that poker and business have many similarities. He refers to them both as games having a “large element of chance," both in which each player (businessman) “is offered a choice between certain loss or bluffing within the legal rules of the game” (Carr pg. 153). If a person is resigned to winning then he must have skill, a profound awareness of the rules, and acumen into the psychology of the other “players”. To Carr, bluffing is permissible according to the rules of both poker and business. So when Carr wrote, "in their office lives [business people] cease to be private citizens; they become game...
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...business messaging is delivered. Most companies will need to transform to using social media and other electronic public relations tools. When a corporation is enduring a hard time it is even more important to preemptively manage risk, but even the biggest companies are not prepared to do so due to lack of crisis planning for their leaders. Even though sometimes their leaders are not prepared to manage crisis even when their merchandise does not live up to it expectations, Apple Inc. has great influence over public thought about their merchandise because some believe their products are simpler to use, they create beautifully-designed reliable merchandise, and loyalty is backed by and almost religious fervor. It is true that Apple has an almost evangelistic following; it is quite a difference. Everybody knows that the preacher is Steve Jobs the recently resigned CEO and original founder of the Apple. The achievements of Apple Inc. is very interesting and I believe it is because he truly searched for what the public wanted and that is how he influenced people’s opinion. Although recognized by his reputation as a egomaniac and tyrant, his main vision was not to rule the world, he would actually make more humble statements such as, he would be happy to gain ten percent of the developing smart phone market when the first iPhone was launched in 2007 (Barjarin, 2011) It is this philosophy of gaining market share through making...
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... BUS/210 11-15-2012 After interviewing several businesses, the one that stuck out the most to me was Downey Contracting. The other two businesses that I interviewed could not even begin to tell me the answers to the questions that I was asking. When I asked the questions they looked dumb founded, I was astonished. I even ask the company I work for and my boss had no idea what I was talking about, it is really sad. People that own or have a business have no idea what is going on and what their structure is, all they could say is that they are there to make money. I do have to agree with them about making money, but they at least should have a structure that they follow. It actually just amazed me that none of them could answer my questions. Downey Contracting is a company that everyone should work for just because of their work ethic and how they treat their employees. The business structure that Downey Contracting uses is a simple business structure. Larry Downey one of the owners of Downey Contracting says, “the business structure we use is simple, we are here to bid jobs and make money.” When we hire people they are all treated as an equal in our company and we strive to make sure that everyone gets their part of the job done. No matter if you are on top of the job or at the bottom of the job, we treat each other with respect. When he says, “bid jobs...
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...(CRM)? Before we begin to examine other framework of the customer relationship management, we must first understand what we mean by customer relationship management. The modern day customer relationship management came into picture in 1960’s. The 4 Ps of the marketing i.e the product, price, promotion and place were found not so valuable in conducting the business when compared to the ongoing customer relationship management techniques. With the realization of this importance about the relationship marketing, in about two years after that, that is in 1980’s the relationship marketing was used extensively by the businesses, organizations and other service providers to maintain an ongoing, healthy relationship delivering high quality goods and services and achieving high satisfaction with their customers which in turn made their customer retention more easy for these businesses. In the mid of the 1990’s these customer relationship marketing was on full swing so a more automated system was developed to support the sales and the customer service techniques. This automated system made it easy for the customers to buy the product online in one click and get the detailed knowledge about the features of the products in the way they would have got if they would have gone manually at the shop to buy that product. This system was particularly developed for the customers, so as to allow the customers to shop at their ease sitting in their own homes. Researchers found that after the introduction...
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...------------------------------------------------- Management Accounting ------------------------------------------------- AGSB (Regis – MBA Program) Business is not only for profit but for nation building In many organizations, businesses are built mainly for the purpose of profit generation. Most successful businesses are those who are successful enough to continuously generate sizable profits in their business activities. Business, according to Merriam-Webster Dictionary is a usually commercial or mercantile activity engaged in as means of livelihood. It is the nature of a business to generate profit for it to be sustainable and for it to survive. In many economically successful countries, nation building has always been given much importance. Patriotism has been deeply rooted in the beliefs and culture of these nations. An example of this is Japan. Japan had suffered severely during the Second World War especially after being hit by two atomic bombs. It was considered as one of the most damaged countries after the war. Yet, Japan emerged to be one the strongest economic superpowers today. The success of Japan is mainly attributed to the discipline and patriotism of its populace. The same could be said about South Korea, who was also devastated after the war, yet emerged to be one of the economic powers today. Business success and national economic progress has always been a positive correlation. In economic terms, one basis for national progress is increase...
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...ABSTRACT This paper is going to describe the business environment in the world today explaining the role of business in the economy, for-profit and non-profit organizations, fiscal and monetary policies, accessing the global market, and social responsibility to a stakeholder group. Although there are many different types of businesses in the world today, they all hold the same functions in the economy; to use the factors or production in the best possible way to reach a certain market supplying goods and services to an economy in search of profit. I used the Business 100 book along with credited sources to get information for this paper. My methods for finding information came from chapters one through four in the Business 100 book and searching key words on the internet. I concluded that the role of business in the economy is very important to how an economy progresses or declines. Business does this by operating by fiscal and monetary policy in the country and accessing global markets in search of new outlets worldwide all while pleasing the stakeholders in every category. Inside every economy there are factors that participate in how that economy succeeds or fails. Business is one factor that plays a major role in any economy. Without business there essentially is no economy. Whether it is for profit or non-profit, business can contribute to an economy’s development with the factors of production, adapting to fiscal and monetary policy, accessing global markets,...
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...they should make a profit, and most agree they should do so legally. But why should they be concerned about ethics, as long as they are making money and staying out of jail? Other managers recognize that they should be ethical but identify their ethical duty with making a legal profit for the firm. They see no need to be ethical in any further sense, and therefore no need for any background beyond business and law. A third group of managers grant that ethical duty goes further than what is required by law. But they still insist that there is no point in studying ethics. Character is formed in childhood, not while reading a college text or sitting in class. These arguments are confused and mistaken on several levels. To see why, it is best to start with the question raised by the first one: why should business people be ethical? Why Should One Be Ethical? There is already something odd about this question. It is like asking, “Why are bachelors unmarried?” They are unmarried by definition. If they were married, they would not be bachelors. It is the same with ethics. To say that one should do something is another way of saying it is ethical. If it is not ethical, then one should not do it. Perhaps when business people ask why they should be ethical, they have a different question in mind: what is the motivation for being good? Is their something in it for them? It is perfectly all right to ask if there is a reward for being good, but this has nothing to do with...
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...feel that customer service is a very important asset to any business that wants to succeed. I know a business can succeed without great customer service, but it is important I think in helping to create a better relationship with the customers. Without any customers, there would really be no business. So when I first think of customer service, I’m thinking of what an employee is doing, or going to do, to make me want to buy their product. That’s not the only thing I think of then asked why I feel customer service is important though. If you have great customer service, then the customers will be happy and more reluctant to want to return to your company. They may also talk to people they know about your business and the word will get out as to how great of a company you are. A happy customer is a customer that will want to return. By having a customer return, and having them tell other people about your business that will in turn help generate more profits and help to create a better and more successful business. Every business wants to have more customers and will do what they can to obtain that customer. Every commercial I see for every business is trying to sell their product and seeing if they can find something to fill the customers’ needs. Whether it be for better cell phone coverage, to getting a better look with different styles of clothing, all businesses want to sell their product. One example I’ve noticed is a commercial I’ve seen; the T-Mobile commercials...
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...There are different types of business models that online business can utilize to make their business a success. There are advantages and disadvantages to each one. What works for one business may not work that well for another. There are models such as storefront model, auction model, dynamic pricing model, and portal model. Depending on what a company is trying to achieve will determine what type of model they should follow. A storefront model is exactly what the title implies. A storefront model store is a e-business that sells products just like a traditional walk in store except that the customer is able to shop from a virtual catalog from their home, work, or anywhere that offers access to the internet. An example of a storefront model business is amazon.com. Amazon.com is an e-commerce store that based in Seattle Washington. Amazon.com has a goal to try and provide anything that anybody can want o. A consumer can log onto one website and purchase anything without going to numerous different websites. They have a very large customer data base and have partnerships with a large number of businesses. Amazon also offers information about the products to help consumers make decisions about their purchases and tries to ship 95% of their products the same day they are ordered. (1000 ventures) Online auction model is a business that enables its customer to bid for products and services over the internet. Ebay.com is an online auction model that was founded in 1995 as well by...
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...“Corporations should not exist for purposes other than simply maximizing profits”. What is the purpose for a operating a business? On most of the investors’ perspective, a business indisputably is a tool for gaining profits. However, after a business has been established, its stakeholders are no simply the owners or investors themselves but also the customers, employees, suppliers and the outer society that will be affected by the conduct of the company. To make a response to the statement, “Corporations should not exist for purposes other than simply maximizing profits”, I studied two articles written by Milton Friedman and two responses written by John Mackey, the CEO and founder of the Whole Foods Market. In Friedman’s point of view, Friedman believes that “The social responsibility is to increase its profit.” Whereas, Mackey argues that “the enlightened corporation should try to create value for all of its constituencies”. I agree with Mackey’s statement. I think once a corporation is developed, there is a responsibility to value for all its stakeholders other than solely maximizing profits for its investors. Of course, I am not suggesting that making profits to the business is not important; indeed it is just as important, because if you are not making profits to your establishment, you are being irresponsible to the shareholders. However, in a business, we must not be always egocentric; there are multiple stakeholders in a business therefore there is also a responsibility...
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...after their current CEO, president, and Chairman Howard Schulz bought Starbucks in 1987. He was determined to make Starbucks into a “place for conversation and community”, and he strived to make Starbucks more similar to coffee shops that he visited in Italy, by making there be more of a friendly and inviting atmosphere. (Starbucks.com) Starbucks Today Starbucks, because of one of Schulz’s intiatives, has been doing better than Wall Street expected them to do, and this has mainly been because Starbucks has been cutting its costs where it can and closed 676 stores in the United States. (Steverman) In addition to closing down stores, Schulz has also been striving to get in better touch with Starbucks’s mission. Starbucks’ mission is: “to inspire and nurture the human spirit – one person, one cup and one neighborhood at a time.” (Starbucks.com) Many people felt that Starbucks had begun to lose its personal feel, so Schulz has been working to increase customer satisfaction by improving beverage taste, the speed of service provided, and the friendliness of Starbucks employees. (Steverman) While there are concerns that all of this cost cutting will have a negative impact on Starbucks in the long-term, so far it has proved to be very beneficial. Stakeholders Starbucks has many different stakeholders that they have to take into account when they are trying to make decisions and come up with proper solutions to problems. One of Starbucks’ main stakeholders is all of their...
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