Khanh Le ACC 604 Chap 1 Assignment 1. What is meant by a business strategy? A strategy is a “game plan” that distinguishes the company from its competitors, so that it can attract customers and succeed. 2. Describe the three broad categories of a customer value proposition. Three customers value propositions: * Customer Intimacy: Company stays close to its customers and satisfy customers’ needs better than that of the other competitors. * Operational excellence: Company provides values to its customers by excelling in operational activities such as: delivering, pricing, customer services. * Product leadership: Company adds value to its customers by providing high quality products than those of its competitors. …show more content…
* Analyze: Identify the root causes of the problems identified in the previous stage. * Improve: Develop, evaluate and implement solutions to the problems. * Control: Ensure problems remain fixed. 12. Why is adherence to ethical standard important for the smooth functioning of an advanced market economy? Adherence to ethical standard is important in the functioning of a market economy because it is the fuel that keeps the economy going. With no ethical standards followed, in the long run, every stakeholder in the economy will lose. 13. Describe what it meant by corporate governance. The system by which a company is directed and controlled is called corporate governance. If it is implemented properly, it will create incentives for the board directors and top management to pursue objectives that are in the interests of the company’s owners. 14. Briefly describe what is meant by enterprise risk management. A process used by company to identify the risks that it is facing and to develop strategies to deal with those risks, hence, assisting the company in achieving its goals. 15. What are the major stakeholder groups whose interests are tied to a company’s performance? Some of the major stakeholder groups: stockholders, employees, customers, suppliers, communities. Problem 1-4 1. According to the
Operating Excellence: this is concerned with the ongoing delivery of superior performance and quality across the business processes.
Enterprise risk management is a technique used by organizations to manage risks that have the potential to affect the company, both positively and negatively, altering
Every business develops a set of ethical principles that they abide by. The business ethical principles intentions: it construct the business certainty in the community , maintain the employees liveried in what the business attempt to have as structural conducts and aid the employees consume principles to make ethical choices that guards the business. In a culture with a diverse assessment structure and augmented judgment visibly by companies with changeable ethics and interests, there appears to be further difficulties on business individuals to make tougher ethical assessments. In our day-to-day performances, we depend on on our ethical principles to monitor us in the correct path and do the correct things. The substance of any efficacious and perpetual business is they segment a mutual ethical matter concentrating on presenting and generating value along with allocating their business values with the citizens they network with on a day-to-day basis.
A company creates value for its customers and attempts to differentiate its offerings from its competitors in the market. The performance goals/metrics are set by leadership which is concurrent with its business strategy.
Strategy refers to the plan or action taken to achieve organizational goals. When Ellen took over Tufts-NEMC, the hospital was struggling with payroll and scale. Ellen had to focus on meeting payroll, a short-term strategy, and could not focus entirely on the longer term. She took some immediate measures to help cut cost
Ethical standards in business are important for every leader to know and understand. The book Ethics 101: What Every Leader Needs to Know by: John C. Maxwell discusses ethics in the world today. When people make unethical choices, the reason they do because of three main pitfalls. People do what is most convenient to them, people tend to do what they must do to win, and people rationalize their choices with relativism. In this summary, Maxwell’s definition of business ethics will be framed, examples of ethical standards and guidelines, the meaning and contrast of ethical thinking and ethical behavior, and how to avoid these major pitfalls to live an ethical life. The
Global business standards codex captures eight major underlying principles in which ethical behavior can be interpreted and evaluated. The eight ethical principles are fiduciary, property, reliability, transparency, dignity. fairness, citizenship and responsiveness.
A competitive strategy is a plan of action that a company develops towards attaining a competitive advantage over its competitors in the industry. Companies examines and research their competitors strengthen and weaknesses and compare them to its own. A company strategy can incorporate efforts to please customers, ward off competitive threats, and meet a unique competitive advantage.
Ø Explain why ethical consideration IS appropriate and required when conducting business in the 21rst century.
A business strategy refers to the means by which it sets out to achieve its desired objectives and goals. Coach’s competitive strategy deals exclusively with management’s game plan for competing successfully and securing a competitive advantage over rivals Michael Kors, Salvatore Ferragamo, Prada, Giorgio Armani, Dolce & Gabbana, and Versace. The different types of strategies used by these
Alfred Chandler(1963) defines strategy as ‘ the determination of the long-run goals and objectives of an enterprise and the adoption of courses of action of an enterprise and the adoption of courses of action and the allocation of resources necessary for carrying out these goals’. And Michael porter(1996) sees it as ‘Competitive strategy is about being different. It means deliberately choosing different set of activities to deliver a unique mix of value’.
In their personal and professional lives, people can and, unfortunately, sometimes do go against their moral and ethical standards. Ethical standards are what it means to be a good person, the social rules that govern our behavior. Ethics in business is essentially the study of what constitutes the right and wrong or the good or bad behavior in the workplace environment. A business is an organization whose objective is to provide goods or services for profit. The organization has a group of people that work together to achieve a common purpose. The moral challenges that these men and women face each day along with a whole range of problems that could occur, are why ethics plays such an important
A company 's strategy consists of the competitive moves and business approaches that managers are employing to grow the business, attract and please customers, compete successfully, conduct operations, and achieve the targeted levels of organizational performance.
According to Kourdi (2009) ‘Business strategy is the set of activities where business combines mission, vision and goals of business and goes forward to achieve them’. Every business combines strategic plan and activities to achieve their goals. In other aspect it can be said business strategy is the subject by which an organisation make their roadmap
A strategy is said to be a plan that is made for the long term success of a product or brand. It is extremely important to have a strategy in order to figure out a direction towards which any company is able to focus all its resources efficiently and achieve desired outcomes. Formulating effective strategies is a considerably long process in itself that combines analysing several factors, situations and issues that are already present in a company and looking to improve on them alongside trying to implement various innovations and ideas to collectively create a direction towards which they can move and direct the resources available to them.