Business ethics are often guided by law, while other times provide a basic framework that businesses may choose to follow in order to gain public acceptance. Business ethics are implemented in order to ensure that a certain required level of trust exists between consumers and various forms of market participants with businesses. Business ethics can be defined as the critical, structured examination of how people & institutions should behave in the world of commerce. In particular, it involves examining appropriate
P6 - Describe how political, legal and social factors are impacting upon the business activities of the selected organisations and their stakeholders All businesses and corporations will face external factors that impact the business activities and stakeholders of a business. These factors of changes can be political, legal, and social within the business environment. Politics is a process by which groups of people make collective decisions. These decisions can affect businesses as well as the working economy. For example, a new legislation or a regulatory change of policies from the government will affect business activities.
Political: Government policies or regulations, International conflict or trade policies, Domestic legislation and law. Economic: Domestic competitors and trends, International economy and interest rates. Social: Consumer attitudes and preference, Ethical issues and media views. Technological: Funding for new technologies and development, Installation of new technology and emerging new technologies. These changes are known as a reactive change and occur when a business responds to external pressure.
Understand product liability issues and recotnize contractual and non-contractual liability in business transactions. 4. Locate government resources, programs and legislation that impact international trade and investment. 5. Recognize situations in which legal advice should be obtained.
The competition must be also addressed; their advantages, costs of operation, products, strategies and also their strengths and weaknesses. At this step the pertinent laws and regulations and the labor and social issues must be verified. The company must also take a look at the economy and at the technological innovations that can affect the industry. The third recommended step is an internal strengths and weaknesses analysis to understand clearly how the organization can compete. Finance issues have to be evaluated; balance sheets, income statements, real estate, loans, among other factors.
|Learning objective |Place in Assessment | |1.1 Explain reasons for change in a business environment |Question 1 Page 1 | 1. Explain why change happens in a business environment. You should include at least three reasons for your answer. [1.1] Within a business organisation, there are various factors that can influence changes in a business environment, for example, there are external pressure and internal demands. Those influences can be measured by using the PEST analysis acronym that is the Political, Economic, social and technology.
ASSIGNMENT: Using your current work organization (or an organization of interest) and a second organization in the same industry as the subject matter, research the elements of business, compare and contrast the two selected organizations, and prepare an APA formatted paper that: Analyzes the basic legal, social, and economic environment in which the organizations operate Analyzes the managerial, operational, and financial issues impacting the organizations including: Company Culture and Performance Promotion Policies Strategic Decisions Making Decision-Making Style Management Style Leadership Style Communication Style Use of SWOT Tool Operations Strategy Framework Analyzes the impact of potential change factors as they relate to the functions of management for both organizations including: Changing External Conditions Analyzing Businesses NAME COLLEGE ABSTRACT Comparing two businesses can be a difficult challenge when looking at their elements. Finding things the businesses have in common can make the task easier, for example Best Buy and HHGregg are similar companies that sell similar products. When analyzing the two companies it can be seen that they are both very similar in the way they operate and do business. Analyzing Businesses Best Buy and HHGregg are both specialty stores that offer customers appliances, entertainment, home office items, electronics, and other services. Best Buy operates both domestically and internationally, however HHGregg is only domestically.
In this task, I will be describing how political, legal and social factors are impacting upon the selected business activities. The two businesses which I have chosen are, Oxfam and also Tesco. Political factors for Tesco Taxation Large business such as Tesco is largely affected by the government taxes, such as income taxes and business rates. Tesco is a large business which means that a lot of corporation tax taken away from their profits. Corporation Tax is a tax on the taxable profits of limited companies and other organisations.
Running Head: BALANCED SCORECARD: FORT SMITH NATIONAL BANK Balanced Scorecard: Fort Smith National Bank AMBA 630: The Economics of Management Decisions BALANCED SCORECARD: FORT SMITH NATIONAL BANK Table of contents 2 Institution details………………………………………………………………………..(1) Table of contents ……..…………………………………………….…………………..(2) Executive summary ……………………………………………………………………. (3) Introduction ……………………………………………………………………………..(4) Strategic objectives ……………………………………………………………………..(4) Secondary objectives of the marketing unit …………………………………………... (6) The financial perspective ……………………………………..………………………. (6) Employee learning and growth perspective……………………………………………..(8) Customer relations perspective …………………………………………………………(9) Internal business growth perspective ……………………….…………………………. (9) The Balanced Scorecard summary ……………………………………………………(12) Implementation ……………………………………………..…………………………(13) References …………………………………………………..…………………………(14) BALANCED SCORECARD: FORT SMITH NATIONAL BANK 3 Executive Summary The successes of businesses are determined commonly by the tools of operations they use, in line with the vision/ mission the organization has established. A Balanced Scorecard is one of the effective strategic management tools that help businesses in defining their set objectives and focus on the action plans set in order to realize the set objectives.
Identify the social, political, regulatory, legal, technological, and international, external and internal environments in which a business operates. 3. Distinguish the numerous stakeholders and recognize the issues represented in each type of business environment relative to impact by operations of the business and impact upon the operations of the business. 4. Compare and analyze the various and sometimes competing considerations attending diverse stakeholder interests and inherent in cross-cultural multinational environments.