...define markets and market failures. You may think of characteristics of public goods and conditions for market efficiency. Do companies have their internal resources distributed through an internal market of supply and demand for works? Suggest implications for you as future managers. 2. (a) It has been said that we are ‘addicted to oil’. How can you explain this in terms of income and price elasticity of demand? Try to define income and price elasticity, definition of in-/elastic demand, implications for revenue and pricing strategy. (b) Give some examples of things that could make the demand for oil more elastic. What specific policies could the government or companies take to make demand more elastic? (c, optional, harder) Which reasons may explain the recent drop in oil prices in 2015? Suggest some implications for you as future managers. 3. Milton Friedman famously wrote an article entitled “The social responsibility of business is to increase its profits.” After reading the article and related literature, consider the question of whether projects aimed at enhancing social responsibility are undermining the goal(s) of shareholders? Explain your reasons for and against, think of modern changes in the world that enhance or disable Friedman’s statement, suggest implications for managers. QUESTION 1 A real market economy ensures that greed is good – John Kay 18 January 2012, Financial Times Sixty years of division of the Korean peninsula has created two states with very different...
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...The Social Responsibility of Business is to Increase its Profits by Milton Friedman The New York Times Magazine, September 13, 1970. Copyright @ 1970 by The New York Times Company. When I hear businessmen speak eloquently about the "social responsibilities of business in a free-enterprise system," I am reminded of the wonderful line about the Frenchman who discovered at the age of 70 that he had been speaking prose all his life. The businessmen believe that they are defending free enterprise when they declaim that business is not concerned "merely" with profit but also with promoting desirable "social" ends; that business has a "social conscience" and takes seriously its responsibilities for providing employment, eliminating discrimination, avoiding pollution and whatever else may be the catchwords of the contemporary crop of reformers. In fact they are–or would be if they or anyone else took them seriously– preaching pure and unadulterated socialism. Businessmen who talk this way are unwitting puppets of the intellectual forces that have been undermining the basis of a free society these past decades. The discussions of the "social responsibilities of business" are notable for their analytical looseness and lack of rigor. What does it mean to say that "business" has responsibilities? Only people can have responsibilities. A corporation is an artificial person and in this sense may have artificial responsibilities, but "business" as a whole cannot be said to have...
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...individual’s moral beliefs and values about what is right and what is wrong, good or bad that guide his behavior. It is code of behavior that is acceptable to a person/organization to follow in a given society. It is a value judgment that may differ in importance and meaning between different individual. Ethics are based on individual beliefs and social standards; vary from person to person, from situation to situation and from culture to culture. Social standards of individual influence by; - The behavior af parents and other adults - Influenced by peers - Experience shapes our lives and contributed to aur ethical beliefs and our behavior How employees (managers) make a decisions is depends on their moral and belief. Business ethics is a term used to refer to ethical and unethical behaviors by employee of commercial organizations. Ethical behavior – behavior which is conforming to generally accepted social norms concerning beneficial and harmful actions. Ethical objectives – are targets based on a moral code(ethical code) for the business, for example ‘doing the right thing’. The growing acceptance of corporate social responsibility has led to businesses adopting an ‘ethical code’ to influence the way in which decisions are taken. Ethical code – a document detailing a company’s rules and guidelines on staff behavior that must be followed by all employees. Codes of ethics /policies/code of practice - A set of principles to determine employees’ behavior. Its employees...
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...Ethical Perspectives: Drucker, Friedman, and Murphey Business Ethics Ethics in business is an extremely important matter that continues to be discussed in many organizations today. There are even many businesses that offer formal ethical training and believe in it vital to their business’s success. However, it can be proven that several professionals have different views on what is exactly ethical in business. Three professionals with different points of views regarding what is ethical in business include Peter Drucker, Milton Friedman, and Patrick Murphy. Peter Drucker Peter Drucker’s view on all ethical dilemmas is primum non nocere. This motto, taken from the medical profession, can be translated to mean “Above all do no harm” (Jennings, 2012). In other words, Dr. Drucker believed that people should make decisions that would not bring harm to other people. He, like many other management professionals, understood the many approaches philosophers have taken to understand ethics. However, he wanted to show how and where business ethics fit into the conflicting rules of ethics and human behavior. Ethics of Prudence and Self Development Dr. Drucker used his experience as a philosophy and a religion professor as well as his experience answering difficult ethical political questions as a method of drawing his conclusion regarding ethics in business. He believed that a major tradition of ethics in the West, Ethics of Prudence” would prove to be valuable in understanding...
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...The Social Responsibility of Business is to Increase its Profits When I hear businessmen speak eloquently about the "social responsibilities of business in a free-enterprise system," I am reminded of the wonderful line about the Frenchman who discovered at the age of 70 that he had been speaking prose all his life. The businessmen believe that they are defending free enterprise when they declaim that business is not concerned "merely" with profit but also with promoting desirable "social" ends; that business has a "social conscience" and takes seriously its responsibilities for providing employment, eliminating discrimination, avoiding pollution and whatever else may be the catchwords of the contemporary crop of reformers. In fact they are--or would be if they or anyone else took them seriously--preaching pure and unadulterated socialism. Businessmen who talk this way are unwitting puppets of the intellectual forces that have been undermining the basis of a free society these past decades. The discussions of the "social responsibilities of business" are notable for their analytical looseness and lack of rigor. What does it mean to say that "business" has responsibilities? Only people have responsibilities. A corporation is an artificial person and in this sense may have artificial responsibilities, but "business" as a whole cannot be said to have responsibilities, even in this vague sense. The first step toward clarity in examining the doctrine of the social responsibility...
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...CORPORATE RESPONSILITY 1 Apple’s Corporate Responsibility and Marketing Strategies Brianna Neal Bus 508 Contemporary Business Dr. Laura Jones Strayer University July 15, 2015 CORPORATE RESPONSILITY 2 Apple’s Corporate Responsibility and Marketing Strategies Apple Overview Apple Inc was founded by Steve Jobs and was originally named Apple computer because there sole purpose was to provide personal computers. They later changed there name to Apple Inc to show their innovation and a wide arrange of electronics and cutting edge technology. Apple Inc is know for such products as the IPod, IPod, Mac book and a host of other products to help revolutionize the world. Apple Inc is based out of Cupertino, Ca and is considered a world leader in technological advancement. One of Apple's core values is to promote diversity within the work place. They believe diversity creates innovation which in turn creates new technologies and ways to have a better impact on the environment and a better customer experience (Apple, 2015). Although Apple is at the fore front for having cutting edge technology, they have still fallen under much criticism when dealing with suppliers and their ethical and social responsibilities. Apple’s Ethical and Social Responsibilities Ethical Responsibilities, in the context of business operation can be defined as how the business handles itself when it comes to moral decisions and standard. Social Responsibility is when a business considers the well being...
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...The Ethical and Social Responsibility of Apple Company John Bryant BUS 508 April 29, 2014 Prof. David Grasser Corporate Ethical and Social Responsibility – Apple Company Apple Company is one of the largest manufacturers of computers and electronics. “Apple Company was founded on April 1, 1976, by college dropouts Steve Jobs and Steve Wozniak, who brought forth a new company vision of changing the way people, viewed computers” (Library of Congress, 2008). The ethical and social responsibility of Apple Company should have started with its inception; however, it did not. It was not until years later with the advent of social media and the power of worldwide communications, did Apple Company focus on ethical and social responsibilities regarding the treatment of its employees in their factories overseas. The international reports of employee maltreatment; the use of underage employees; and, documented instances of wrongful disposals of toxic matter into the environment, forced Apple to take immediate action and establish safeguards which would protect its employees, the environment and more importantly the brand name that is Apple Company. Apple Company: The Establishment of the Apple Supplier Code of Conduct An examination of Apples current position regarding ethical and social responsibilities determined that, in 2007, Apple Company established the Apple Supplier Code of Conduct, which is a set of guidelines Apple suppliers are to follow. The rules established...
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...TUTORIAL WORKSHEETS Week 3: Starbucks Corporation: Serving More than Coffee 1) How does Starbuck’s approach to social responsibility relate to the three concepts of social responsibility in the text? Profit responsibility Stakeholder responsibility Societal responsibility 2) What role does sustainable development play in Starbuck’s approach to social responsibility? (Note: Sustainable development means conducting business in a way that protects the environment and produces a profit over time.) Week 4: Tutorial ReadingThe Car Industry: Small Isn’t Beautiful Analysis of the marketing environment |Technology |Competition | | | | | | | | | | | | | | | ...
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...Assignment 1: Corporate Responsibility and Marketing Strategies BUS 508 – Contemporary Management Strayer University Introduction This assignment will examine the private enterprise systems, drivers of change on the system, ethical and social responsibilities of business, and the requirements for success in today’s business environment. Abysmal corporate ethics and social responsibility has been spotlighted in the media with events such as the Enron scandal in 2001, the BP oil spill in 2010, and more recently, the labor practices at Apple’s, China based, Foxconn factory in 2012. In an ever more competitive market place, events such as these bring ethics and social responsibility into the forefront of qualifying factors required to earn trust that equates to money from consumers. (Alijani 2012, Boon 2012, Duhigg 2012, Ewing 2013) Apple’s Current Position on Ethics and Social Responsibility Through transparency, Apple has spun this very public, internal defect of absent ethical and social responsibility by publishing a Code of Conduct, Supplier Responsibility Standards, and Working-Hours Reports on its commercial website. Additionally, Apple flooded the media with reports about it’s clean up efforts. For example, in February 2012, Apple announced it was the first technology company admitted to the Fair Labor Association (FLA). The FLA conducts independent monitoring and verification to ensure that the FLA Worklpace Standards are upheld (Apple 2014). Impact...
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...Social Responsibility In today’s world many companies deal with social responsibilities on a daily basis. In my term, social responsibility is the way a company positively impacts its employees, customers, community and investors while minimizing negative impacts on them. In this scenario Company Q would seem to think they have ethical issues. My time in business I have learned that ethics drive culture, culture drive behaviors, and together they drive great results. Having an ethical practice is critical in bringing a business to becoming and staying successful. Knowing Company Q’s scenario, there are many areas in which they are associated with business ethics and social responsibility. Here are a few of the areas that will be discussed about Company Q and its social responsibility. Each area will be discussed more in depth. First off, Company Q’s decision of closing down various stores in high crime areas due to these stores consistently losing money. Second, after years of requests from customers, Company Q began to promote healthy and organic foods at higher margins. Third, Company Q has decided not to contribute its day old products to local shelters and food banks. The three actions mentioned above may cause consumers to believe that Company Q’s social responsibility is not very satisfying. Many may see these as areas of opportunity from opinion basis and personal feeling reactions as appose to seeing the facts in why Company Q has made these decisions. Even...
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...Assignment 1: Corporate Responsibility and Marketing Strategies BUS 508 Shandust Duff Monday April 27, 2015 Dr. Ann Pohira-Vieth Assignment 1: Corporate Responsibility and Marketing Strategies This case study will discuss corporate responsibility and marketing strategies within the Apple Corporation. Ronald Wayne, Steve Jobs, and Steve Wozniak founded Apple on April 1, 1976 (Chun R. 2011). In this assignment you will read about the Apple Corporations current position and reputation regarding ethical and social responsibility as well as the strategies that are used to market its products (Chun R. 2011). Apple Inc. is an American multinational corporation as well as the worlds second largest information technology company; their designs develop and sell consumer electronics, computer software, and personal computers. Apple’s successful journey is a combination of many factors including corporate culture, enthusiasm and innovation as well as the outstanding leadership of the late CEO Steve Jobs (2011), and the high performance products for which Apple Inc. is know for. Examine Apple’s current position on the company’s ethical and social responsibilities, and determine whether or not the company has met these responsibilities. Provide two examples that support your position. Companies have to demonstrate the importance of ethics and social responsibility. Business ethics refers to the standards of conduct and moral values involving right and wrong actions arising...
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...Research Methodology Assignment THE IMPACT OF CORPORATE SOCIAL RESPONSIBILITY (CSR) TO COMPANY’S VALUE IN PROPERTY AND REAL ESTATE COMPANY LISTED IN INDONESIA STOCK EXCHANGE Angga Arifiawan Sudibyo 041211332113 Accounting Department Faculty of Economic and Business Airlangga University Surabaya 2014 PART 1 INTRODUCTION 1.1 Research Background In recent years, the demand of property is increasing significantly, especially in big cities like Jakarta and Surabaya. This massive amount of demand is a chance for companies in real estate industry to earn big profit. Some big players in these industries are already listed in Indonesia Stock Exchange, they compete each other, develop and expand their business insanely to be going concern...
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...Corporate Responsibility and Marketing Strategies Apple Inc is known world-wide because of the quality of the products it produces. This is a primary reason why its sales have remained high. The mission of Apple Inc is to ensure that it remains socially responsible to the community it serves in addition to persuading the supplier store comply with socially ethical issues. The mission expresses the commitment of the company in implementing corporate social responsibility activities, apart from providing innovative product store the customers .Corporate social responsibility is an important product to companies because it builds up the reputation of a company by showing the society that the company is not only after generating profits but also intends to support the society in other ways. The employees, suppliers and public members are all necessary for support. As for Apple Inc, their corporate social responsibility can be rated as average. It is not okay that the company has done nothing in terms of implementing corporate social responsibility (Backer, 2013). Internally, the company ensures that its employees are well compensated in relation to the performance of the company. On some occasions, the company has issued some of the products it makes to the employees for free, this includes Macbooks, iPads, and iPhones. Additionally, the company has issued shares to the employees for free or at a lower price. This shows that the company is employee friendly. Pros about the company...
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...Running Head:APPLE RESPONSIBILTY AND STRATEGIES Apple Company responsibility and strategies Latoya Loving Contemporary Business Dr Jeffery Weaver Institutional Affiliation April 21, 2014 Corporate responsibilities and Marketing strategies Apple Inc is known world-wide because of the quality of the products it produces. This is a primary reasonwhy its sales have remained high. The mission of Apple Inc is to ensure that it remains socially responsible to the community it serves in addition to persuading the suppliers to comply with socially ethical issues. The mission expresses the commitment of the company in implementing corporate social responsibility activities, apart from providing innovative products to the customers. Corporate social responsibility is an important product to companies because it builds up the reputation of a company by showing the society that the company is not only after generating profits but also intends to support the society in other ways. The employees, suppliers and public members are all necessary for support. As for Apple Inc, their corporate social responsibility can be rated as average. It is not okay that the company has done nothing in terms of implementing corporate social responsibility (Backer, 2013). Internally, the company ensures that its employees are well compensated in relation to the performance of the company. On some occasions, the company has issued some of the products it makes to the employees for free, this...
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...loyalty * Corporate Social Responsibility: CSR plays a significant role in developing customer's loyalty * Customer Relationship Management: Delivering superior customer value has become a major concern targeting the buildup of a sustainable competitive advantage * Product/Services Cost and Price: Pricing strategies are considered to be critical aspects for creating competitive advantage and customer loyalty * Human Resources: Promoting sustainability requirements through HR management * Conclusion: Management, employment, social responsibility, and affordable prices are all keys to give customers a reason to come back Introduction Behind a sustainable business, there are many successful strategies to achieve customer loyalty. Fostering our customers’ decision in keeping a relationship with our company is not an easy job. Thus, attaining sustainability of customer loyalty is a key for a major long- term success of our organizational goals. It is our responsibility to create an attractive yet profitable business which focuses on the ways that not only satisfy but also keep a high satisfaction level of our customers and urge them to continuously seek our products or services, hence giving our firm a competitive advantage over the others. Employees and distributors have major roles in building customer loyalty. They are in direct contact with our customers. Moreover, offering our products in an affordable competitive price is important. What are...
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