...The Influence of Law in Business Practice Intro to Business & Technology March 23, 2014 The Influence of Law in Business Practice There are several laws in the United States that are meant to set a standard for fair, balanced, and competitive business practices. These are, by design, a way to ensure that trade- international as well as domestic- is done in a reputable and progressive fashion. There are many aspects that come in to scrutiny in considering whether a business is operating in a way that is fair: one view on this subject I found was related to The Eagle and The Condor Theory. “There is no universally recognized definition of Fair Trade, but its principles and practices include fair wages, cooperative workplaces, consumer education, environmental sustainability, direct trade with producers, financial and technical support for producers, community development, respect for cultural identity, and public accountability through transparency.” (Stenzel, 2012). Related to this description of fair trade, there are laws in the U.S. that aim to regulate business. One such law is the Federal Trade Commission Act of 1914. The Federal Trade Commission Act of 1914 was set up to prevent unfair competition among businesses. It also allowed for a Commission (The FTC, or Federal Trade Commission) to be formed to regulate businesses and enforce the Act, which oversees many different things- from false advertising to false claims related to where a product is made. The...
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...Influence of Internet and E-commerce in international business Introduction: Commencing from 20th century, enormous use of Internet was witnesses in all the fields with a major impact on international business. Although the Internet and web 2.0 serve as improving trend of economy and business, there is negligible research done to advocate their impacts on international business and marketing (Urban, 2003). The present literature review essay is an attempt to address the gap of existing literature whereby necessary recommendations can be made to improve use of technology in business. For the purpose of this essay, extant literatures in the fields of international business, technology, science, marketing and e-commerce have been studied and reviewed. Research objective: To serve the purpose of the literature review, investigation of Internet and e-commerce over international business processes is performed with the primary research objective as the consequence of Internet on international business. Research questions: In order to study research objective, a set of research questions have been devised upon which a review is presented in the following essay. The research questions devised are: • Influence of Internet in international business. • Consequences of Internet on international entrepreneurship. • Impact of web 2.0 on international business processes. • Influence of e-commerce in international business Literature...
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...External Influences Paper C. Rutherford University of Phoenix Management 417 Business Continuity Planning and Management June 1, 2009 External Influences Paper Knowing how to successfully build a business from the ground up is a challenging task. Performance of the business can affect a number of issues, there may be some issues that are controllable like cost being too high or trying to reduce certain costs by finding new and creative ways for employees to work or having to lay off employees and so on. The main problems a business can suffer are the problems in which they cannot control. Businesses have to consider many external influences, how they may affect the company depending on the external influence and the type of business being ran. Here are some of the external influences that have been divided in different categories: • Economic - has to do with changes in interest rates, inflation and economic growth and so on. • Political - governments will often pass laws or pursue policies that can affect the way businesses operate. • Social - people change and develop different views, wants and needs. A drive towards social awareness of the need for recycling or vegetarianism can affect different business in different ways. • Technological - changes in technology can revolutionize the way a business works or leave it in a position where it will be difficult to survive. External Influences (2009) Level two business and economics. The Red Cross...
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...Influence of consumer Behavior on business Starbucks Corporation, based on Seattle, is the world’s largest coffeehouse with 20891 stores in 62 countries. (Starbucks- Annual report, 2012). From the very beginning, till 1971, Starbucks has been relentlessly trying to satiate customers thirst for high quality coffee with the touch of friendliness in its environment. Starbucks mission statement “To inspire and nurture the human spirit- one person, one cup, and one neighborhood at a time” also shows its commitment towards total customer experience rather than only a material taste of the coffee (Starbucks 2013). Throughout this whole report I tried to find out influence of consumers behavior over the activities of Starbucks. As the normal process of expansion Starbucks has expanded towards the South Asian region. On the basis of this initiative I assumed Starbucks would go further and invest in Bangladesh. And tried to analyze consumers’ behavior of Bangladesh and show its macro and micro factors’ influences over Starbucks present marketing practices. Starbucks SWOT analysis “SWOT analysis pursues and integrated approach that includes key variables from company and environment. The objective is the confrontation of the company’s internal strengths and its weaknesses, as well as, company-external business opportunities and threats in order to generate possible strategic options.” (Bohm, 2009, p.1) The...
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...culture Culture is a comprehensive concept as it embraces almost all factors that influence an individual’s reasoning process and shape behavior. It influences both our preferences, decisions and our general perspective about the world around us. Considering the fact, that most human behaviors are not innate but learned shows that culture is acquired over time. Many authors, philosophers, historians, sociologists, anthropologists and linguists have written and argued in different perspectives the actual meaning of culture, but one point remains that culture is an unavoidable part of human daily life. Hofstede (1998) argued that culture is a fuzzy concept that can be viewed from two perspectives that seems inter-related and confusing. He stated that culture could be seen from a narrow perspective to mean "civilization" and in the broad perspective as “anthropology” which involves thinking, feelings and acting. Furthermore, culture is a combination of material and spiritual wealth designed by man through process of social and historical development. Cultural Influence on Business in Africa Culture is the summary or sum total of people’s way of life which is transferable, in this case it must have great influence in business since business revolves within the circumference of people and their culture. Hofstede (1996) classified culture in four dimensions and explained its degree of influence in business at each dimension. Power Distance: This deal with the way people in a culture...
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...deceive and build rather than destroy. This brings me to the three most important terms media literacy, the third-person effect, and technological determinism. Our proficient understanding of any form of media is important because it cultivates our interpretations and views. Media literacy encompasses many elements and skills without them we are not capable of responsible communications. Second, the third-person effect is very dangerous especially when we overestimate the effect of a media message on others and under estimate the effect on our self. If we do not recognize the influence of a certain media message, our vulnerability to it is increased. In order to be objective, we need to recognize the influence of media on us as individuals so we can overcome this influence and objectively comprehend or compose a communication. Lastly, technological determinism not only changes how we do business, but also develops our intellect and transforms our inherited beliefs. Technology breaks down barriers and allows us to obtain information that can change our behaviors, eliminate biases, and broaden our culture. For us to grow as people it is important to obtain accurate and unbiased knowledge without it we would be locked up in our box or paradigm forever. 2) Important to clear communication is noise, lack of it, mass...
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...Power Influence Approach Power influences is a very effective and sometimes dominate approach to leadership. Many leaders use the position of power to influence the outcome of a mission or project. Power possession is inheritably dangerous because of the opportunity for abuse. When used in a proper manner power is beneficial, and necessary. Power approach to leadership exists when a leader understands the position that he or she has and understands the power associated with the position. This power style of leadership can prove a detriment and an asset to leadership. Power is as a motivational tool to compel the resolve of the company on employees and suppliers alike. At times leaders misuse the power of the position. Ethic and moral violation are a possibility when leaders use the power of the position to causes undue influence on personnel or practices within a company. Strengths The influence of power has much strength. Creating an environment of accomplishment, and motivation is an attribute of the power influence style of leadership. According to Yukl (2010), one common indicator of leader effectiveness is the extent to which the performance of the team or organizational unit is enhanced and the attainment of goals is facilitated. An effective unit is often seen as highly motivated and dedicated to the cause or mission (p. 10). Weaknesses Leaders abuse power for many reasons; some personal greed and others out of arrogance. It is constantly in the news where...
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...FACULTY OF BUSINESS LEADERSHIP 2013-2014 Leadership definitions – chronology Read carefully the following leadership definitions and identify the main changes that occurred in time (pay attention to language, terms, the relation between the leader and the others, techniques used by the leader, etc). Allocated time for the exercise: 20 minutes. Type of exercise: 4-5 student groups 1920 Leadership is the ability to impress the will of the leader on those led and induce obedience, respect, loyalty, and cooperation. Leadership is a process in which the activities of many are organized to move in a specific direction by one. Leadership is the result of an ability to persuade or direct men, apart from the prestige or power that comes from office or external circumstance. Leadership is what leaders do in groups. The leader’s authority is spontaneously accorded him by his fellow group members. Leadership is acts by a person which influence other persons in a shared direction. Leadership is defined in terms of discretionary influence. Discretionary influence refers to those leader behaviors under control of the leader which he may vary from individual to individual. Regardless of the complexities involved in the study of leadership, its meaning is relatively simple. Leadership means to inspire others to undertake some form of purposeful action as determined by the leader. Leadership is an influence relationship between leaders and followers who intend real changes that reflect...
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...A NOTE ON CONSTRUCTING INFLUENCE DIAGRAMS Influence diagrams were devised as a way to graphically depicting the relationship between several elements that can affect the results of a decision. The diagram can be used as a basis for creating computer-based models that describe a system or as descriptions of mental models managers use to assess the impact of their actions, see Senge (4 ). For more information on influence diagrams see Bodily et al (1) ; Bossel(2); or Plane(3). This note explains some of the basics of influence diagrams and how to construct one. Elements of an Influence Diagram A model is a representation of a system. An influence diagram tries to capture this representation in a form that can be communicated to others. For example, managers could construct an influence diagram to explain their understanding of the system to other managers or to people developing the system on the computer. The elements of the influence diagram are (note: the appropriate color when using color graphics is shown under the symbol): Depicts an external influence (an exogenous variable) – these are variables whose values are not affected by the decision being made. For example, inflation rate is an external influence that can impact a company’s sales revenue. Depicts a decision – these are decisions made by the management. Price charged by a company for a unit of a product could be a decision variable. Depicts an...
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...Thomas Curtis Business Law 8/3/2014 Week 4 Professor McGovern There are certain grounds under which a compromise and settlement agreement can be invalidated. If a settlement agreement fails to establish certain elements like offer, acceptance and consideration, it can be invalidated. Similarly, a settlement agreement can be invalidated due to: * Fraud; * Nondisclosure as fraud; * Duress; * Illegality; * Mistake; * Undue influence. A compromise induced by fraud can be invalidated. In approving a proposed settlement agreement, a court must determine that the agreement is not the outcome of fraud[i]. Fraud exists if all of the following elements are present: * An untrue representation of fact knowingly by a party; * Making such representation recklessly; * Making untrue representation to deceive the other party and to induce him/her to act upon the same. Similarly, an unintentional nondisclosure without an intention to deceive will not constitute fraud. However, a compromise can be invalidated for fraud if one party deliberately conceals facts with the intent to induce the action of other party. The duty of disclosure is more comprehensive when there is a fiduciary relationship between the parties to the compromise. At the same time, it cannot be presumed that the elements of fraud exist only because of the existence of a fiduciary relationship. Likewise, a person who makes a compromise as a result of duress invalidates...
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...ON THE STRATEGY OF A SPECIFIED ORGANISATION It is vital to investigate the economic, political, legal and social factors of an organisation before making any future plans on it. The business that I have chosen is Asda. It provides goods and services that people require in their everyday life for an affordable price. Economic influence The economy of the UK has barely grown due to the recession which impacted on the demand for goods and services in UK. Inflation rate means increasing level of prices of goods and services. When the inflation rate rises, the government will raise interest rates to reduce spending. The inflation rate is 2% above target which means it has a positive impact on Asda as they will be able to provide cheaper products. This also means that there will be more competition for Asda as other stores may provide cheaper products. Asda is affected by inflation rate when prices shoot up but the wages don’t increase so customers have less money to spend. The public transport has an effect on Asda because is there is less transport, there will be less customers coming to Asda and they wouldn’t make any money. Asda will have to keep customers coming into their supermarket because it will be highly likely that they would go to stores that are cheaper. Political influence The government has a huge effect on Asda when it comes to changes in government laws such as taxation, price restriction and how money is managed. Asda has a great effect on its sales...
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...We have described power as the capacity to cause change and influence as the degree of actual change in a targets behavior. Ho Ching’s power as a leader has been recognized by many but would you describe Ho Ching as an influential leader? Ho Ching is a very aggressive leader who takes risk. She pushed forward on the deal with India and overcame different obstacles that were presented thought the years and now because of that her corporation is now starting to see a positive outcome of the India expansion. Based on the excerpt from Ho Ching’s speech, what type of tactics does she use to influence the behavior of others? Ho Ching uses tactics of sympathy and hope by saying that the country was down and going through rough times and now change is occurring in a positive way that looks to be best for the country’s economic growth. Ho Ching most powerful point of persuasion is when she says “Now it’s India’s turn to stir” Ho Ching has been named one of the most powerful leaders in Asia what are her major sources of power? Ho Chings major sources of power come from her power of persuasion, her marriage to the prime minister, and her accomplishments as CEO of Temasek. Ho Ching uses all of this a source of power to help influence the public and potential clients. How would you characterize Ho Ching’s motives? I would characterize Ho Chings motives as bold and aggressive. Ho Ching uses her power to create business with India and increase the profits by 50% in her company, her...
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...television allowed viewers to have many channels to choose from. The next media development was the use of a computer and the internet This would allow people to do many things from home. You could now shop from home. You can also be educated from home using software to help you. There are many social networks on the internet that you can now use to communicate with other people. Businesses from all over the world can advertise their products online and millions of people will see this. There is no limit what the internet can do for our world and the business world. I am excited to see what the next change will bring about and where media is headed. I look forward to what is going to come about because most times, change is good. Sometimes people have a hard time with dealing with change and for the change to catch on but our world is always changing and people adapt and make the best of the world around them. How did each development influence American culture? The way that the radio influenced American culture it allowed many people to listen to the same thing at the same time. It also allowed people to advertise about things they wanted to sell, or promote, and it put many people in touch with each other. Broadcast television was the dominant...
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...Courtney Ivy Dr. Stanford A. Westjohn MKTG 3140-001 25 March 2013 “How Global Brands Compete” Article In this article “How Global Brands Compete,” the author discusses the influence of global brands and non-global brands on consumer purchases. The author also expresses the idea of products and services in which Theodore Levitt perceived the global market. As the economy continues to integrate, global branding seemed to decrease. Consumers in most of the world countries have trouble relating to the generic products and communications that resulted from companies’ least-common-denominator thinking. They also completed research to determine the brands and their impact on consumers in different countries. For example, the two-stage research they created in 2002. They conducted research in 41 countries and identified characteristics of consumers that associate themselves with global brands. They also surveyed 1,800 people in 12 nations to determine the importance of consumers purchasing products. In “How Global Brands Compete”, the author suggests the characteristics that consumers search for with global brands. The three characteristics that were provided were quality signal, global myth, and social responsibility. Quality signal is very important in which consumer’s judge their decisions based on reasonable prices. Quality signal makes up for 44% of the brand preferences. Global myth suggests the symbols of the global brands. “Global brands make us feel like the citizens...
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...Mike Todman Makes a Splash at Whirlpool Q1: In what way is Michael A. Todman exercising leadership? Leadership is one’s ability to influence others toward achieving a goal; it could be an organizational goal or a project goal. It’s about sharing the responsibility with those who are led by the leader. There are four sets of variables that determine whether a leader is an effective leader or not: * Leader characteristics and traits. * Leader behavior and style. * Group Member characteristics. * Internal and external environment. Michael Todman, president of Whirlpool International, was able to successfully lead his organization toward the prosperity way during the crisis period. Todman showed various leadership qualities that enabled him to become successful global leader. For example, his strong problem solving abilities enabled him to help the organization to identify its priorities in order to survive. In addition, he was an influence to other employees and encouraged them to think broadly. Moreover, Todman maintained a direct interaction with his team and the customers as well, in which he spent two weeks every month visiting the team and the customers by himself. In brief, Todman has the qualities of a real leader and these qualities was the reason behind selecting him as the 2010 Black Enterprise Corporate Executive of the year Q2: Identify at least three leadership roles Todman emphasizes as president of whirlpool International: Leading others...
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