Business Ethics Assignment Example | Topics and Well Written Essays - 3000 words

Business Ethics - Assignment Example At several instances, firms face acute dilemma regarding their functioning, which leaves them perplexed towards making further decision and then these rules help them to take the correct step which is morally acceptable. Now questions might arise concerning what should be the moral standards of a person or organization. Moral standards are different for different situations. It should be given more priority than any other standards related to an organization, which includes self interest even. The guidelines specified for setting moral standards are the basic conventional norms against killing, lying, stealing, cheating etc. which hurts human wellbeing & promotes negative behavior across the society. Providing the employees with safe working conditions is also considered as an integral ethical part of the Organization. There is no rulebook regarding the ethical & moral standards because it’s something which is very obviously expected from a person, as moral is a part of human nature & they are expected to apply it when doing business with other individuals. (Shaw, 2010, pp.8-9) Ethical Theories The purpose behind setting up a theory can belong to several contexts addressing various issues. Each theory has its own logic & each of those are applicable in situations based on which they have been formed. It must be kept in mind that a particular theory might prove to be perfect for a certain framework but it might not suit a completely different situation. Therefore we will discuss here the three main theories of business ethics which are more or less applicable in every situation- 1. Deontological theory- The term Deontology is derived from the Greek word â€Å"Deon† which means duty. This class of theory puts more emphasis on the deed instead of the consequence & states that even if the outcome of an activity is good, still some acts are considered to be wrong always. According to this theory, an action is judged to be ethical or unethical on the ba sis of the intentions of the doer & our actions should be based on the set of rules irrespective of the outcome. There are many theories under the Deontology approach but the most significant one is the moral theory suggested by Immanuel Kant in the year 1788. According to Kant, as human beings possess the unique sense of reasoning therefore they should be totally obliged to their duties without letting emotions, results & other factors to interfere. This indicates that the motivation for actions should be totally dependent on obligation & not on a particular person or situation. (GULCAN, n.d., pp.1-4) 2. Teleological theory- â€Å"Teleology† comes from the Greek expression â€Å"Tales† that refers to goal or end. The Teleological class of theory defines an action to be right or wrong depending on the consequence it bears. Unlike the Deontology approach, this approach puts significant amount of focus on the outcome of an action. Here whether an act is right or wrong is totally decided by the output it delivers & not by the action. This theory showcases the following features Outcomes are important, intentions are insignificant An act is considered to be good only if its results are good Standards & rules are insignificant. (Sunita, 2005,pp.113-119) 3. Natural Law Theory- This law defines every

Assessment of the Future Financial Health of the Company Essay Example for Free

Assessment of the Future Financial Health of the Company Essay

Greeces Policies to Improve Employment Rates

Greeces Policies to Improve Employment Rates Introduction In the attached article in the references, it is shown that Greece has succumbed to a low employment rate since the financial crisis that has affected them in 2007. It is reported that Greece has reached an all-time high unemployment rate of 28% in November 2013 and has not been improving as of late till the point in which the article was written in February 2014. The article also states the contrast of Greece’s unemployment rate to the average rate of unemployment in the euro-zone, which is more than double in percentile. In this assignment, I will be discussing the unemployment issues that currently impact Greece. Economic Concepts Identified Factors affecting unemployment in Greece will be discussed. The precise economic definition of unemployment consists of unemployment falling into one or more of these factors, without work even after actively searching for a job for four weeks, waiting to be called back to a job in which he or she has been laid off, or waiting to start a new job within 30 days. Firstly, we will look at the GDP rates of Greece. By identifying the historical and current GDP rates of Greece, we would be able to identify an inflationary (GDP increases) or a recessionary (GDP decreases over two quarters) economy. Using this information, it will explain certain levels of unemployment in Greece depending if it’s a recessionary or inflationary economy. Recessionary economy generally has a higher unemployment rate due to less resources being used, and inflationary would be vice-versa. Secondly, a few different unemployment rates will be used to provide further statistical analysis of unemployment in Greece. There are three rates that will be used the unemployment rate in general (percentage of labour force that is unemployed) , the long-term unemployment rate (unemployed people who have been unemployed more than 27 weeks), and the youth unemployment rate (unemployed people who are between 16-25 years old). Thirdly, the different types of unemployment will be explained and their subsequent effects on Greece. There are generally three types of unemployment, frictional, structural, and cyclical. Frictional unemployment stems upon the normal labour market turnover. Structural unemployment is unemployment due to changes in technology and the increase in foreign competitors which may affect the skills required and/or a change in location. Cyclical unemployment is unemployment that occurs during a recession. Lastly, we will be looking at the policies implemented by the government of Greece to curb this problem of unemployment. Application of Economic Concepts What Does GDP Indicate in Greeces Economy? Based on the graph attached above, Greece can be seen to have been going through a severe period of recession stemming from the global financial crisis in 2009. This also indicates that Greece is dipping towards the trough of their business cycle. In a recession, there is a slowdown in production output of the country. This is because the output per worker or productivity falls steadily causing an increase in production cost per product. This will in turn induce a dip in profits of firms which will inevitably reduce their labour force to compensate with their reduced output. This has caused a severe increase in unemployment rate from the crisis. Such unemployment caused by the recession is broadly labelled as cyclical unemployment. However, structural employment will also be affected as there will be businesses shifting out of Greece as it is not profitable to retain their business there, causing loss in job opportunity and employment. What does unemployment rates indicate in the Greece Economy? We will zoom in directly to the three rates of unemployment, unemployment rate of Greece currently (26.4%), long term unemployment rate (19.9%), and youth unemployment rate (51.5%). These various unemployment rates can be perceived to being cyclical in nature due to the recession. These rates are abnormally high due to the long recession and the fact that Greece has incurred a vast amount of debts and even required bailouts by the euro-zone. This is also an indication that the Greek economy is uncompetitive. Rising wages have not been matched by rising productivity. The lack of competitiveness has led to a fall in demand for Greek goods and a very large current account deficit (imports greater than exports) which has in turned caused many firms to close, reducing job vacancies and further increasing unemployment rate of the country. Youth unemployment and long term unemployment rates have remained constant due to the fact that the Greek economy has no vacancy for fresh or previously laid-off workers due to the low tolerance of low productivity (hiring these people imposes a great amount of risk. Policies the Greek government has undertaken to reduce unemployment While the origins of the significant recent rise in long-term unemployment are predominantly cyclical in nature, targeted policies to assist the long-term unemployed are likely to be necessary even once jobs recovery is underway. In the first place however, labour market and social policies have a key role to play in preventing the risk that the sharp jump in unemployment becomes persistent by promoting a quick reintegration of jobseekers into employment and enhancing their skills to enable them to move into more productive jobs when the recovery gathers speed (OECD, 2009). Unemployment benefits are available in Greece, but they are generally conditional upon insurance contributions. In terms of international comparison, benefits are low and take-up is limited (Karantinos, 2011). The main unemployment benefits provide income replacement at a flat rate of EUR 360 (slightly less than half of the current level of the minimum wage) for up to a maximum of 12 months of unemployment. Unemployment benefits are only available to those who have made unemployment insurance contributions and to those aged 45-65 under very strict conditions. Those who have never been in work (examples are unemployed young people without work experience) fall outside the system. Greece has stepped up efforts to assist the unemployed since the start of the recession. According to the latest Greek National Reform Programme (2014), the focus of employment policy is on a more efficient use of resources and reallocation of resources, in order to both improve labour market outcomes, and in particular youth labour market outcomes, and to enhance the economic sectors with growth prospects. The main rationale behind the policies currently being implemented by the public employment service (PES) is the boosting of job creation and job retention mainly through the reduction of non-wage cost. For this purpose, the PES has launched a series of policies. These policies have the double benefit that they encourage the access of unemployed persons to the labour market and discourage undeclared work. There is also a package of measures that is intended to facilitate the access of young people and newcomers to the labour market. These include: (a) a work experience programme in the private sector (b) a programme subsidising enterprises for the recruitment of young graduates up to the age of 35 years, (c) counselling and career orientation services, aiming at enhancing employment prospects, (d) programmes to enhance youth entrepreneurship, and (e) vocational and educational training programmes in priority areas of economic activity (construction, tourism, new technologies, etc.). Conclusion Basically in response to the newspaper article and current macroeconomic research, it shows that despite Greece’s policies to improve the unemployment rates, it has not improved much since the global financial crisis. In conclusion, the Greek economy faces two major challenges. The first is the need for strong economic recovery to increase job opportunities, and create constant job expansion mainly to facilitate the youth unemployment. The second is the need for policies to address labour market problems to increase the efficiency in matching of job seekers to new job openings and to assist in the labour market adjustment of the long-term unemployed, so as to prevent the high increase in unemployment from becoming structural. References BBC News,. (2014).  Greece jobless rate hits new record. Retrieved 13 October 2014, from http://www.bbc.com/news/business-26171213 Greek National Reforms Programme 2014. (2014). Retrieved 13 October 2014, from http://ec.europa.eu/europe2020/pdf/csr2014/nrp2014_greece_en.pdf Karantinos, D. (2011). Adapting unemployment benefit systems to the economic cycle, 2011.European Employment Observatory Review. OECD employment outlook 2009: Tackling the jobs crisis. (2009). Paris, France: Organization for Economic Cooperation Development. Stevis, M. (2014).  Greeces Older Men May Never Work Again.WSJ. Retrieved 13 October 2014, from http://online.wsj.com/articles/older-greek-men-feel-pain-of-job-losses-1407543506 Tradingeconomics.com,. (2014).  Greece Unemployment Rate | 1998-2014 | Data | Chart | Calendar | Forecast. Retrieved 13 October 2014, from http://www.tradingeconomics.com/greece/unemployment-rate

Networking :: Free Essay Writer

Networking For my independent study, I have created a network in my house. A network by definition are more than one computer that are linked together electronically via a protocol (common language) so the computers can communicate and share resources. This network improves the day-to-day life by adding value and usefulness to the computers. The processes and ideas that I have learned thru this experience can be applied directly into today’s rich electronic business environment. Identifying the needs of the user is the first step for building a well-designed Network. A professional installation was needed to maintain the aesthetics of the rental house. Most of the wires are run in the attic and then down plastic conduit attached to the wall. The conduit is run all the way to the wall boxes where the Ethernet ports are located. Every wire is clearly labeled and included in an easy to read schematic of the house. This way future tenants will have the ability to utilize the network. Next, every room needed to have access to the network. In order to minimize the overall use of wires, hubs were placed in strategic locations. An 8-port 10/100-megabit auto-sensing hub is located in the computer room and a 5 port 10-megabit in the sound room. There, needed to be docking stations, so laptop users or visiting computers could easily plug into the network and utilize the pre-existing monitor, keyboard, and mouse. These are the basic needs that have been put int o the design of the network. Each computer setup is unique with certain strengths and weaknesses. The network takes advantage of the strengths of each individual computer and makes them available to all users. A network essentially expands the capabilities of each computer by increasing functionality thru resource sharing. In the house, there are a total of four computers and two laptops. Processing speed and an abundance of ram is not essential for a server with such low traffic. Thus the most antiquated computer was elected for this function. Between all the computers, we have several extra pieces of hardware such as a zip drive, CDRW, DVD ROM, scanner, and multiple printers. Each piece of hardware is dispersed between the computers. There were several immediate efficiencies that occurred when the network went operational. The zip drive is located on the server while the CDRW is located on one of the individual workstations. Networking :: Free Essay Writer Networking For my independent study, I have created a network in my house. A network by definition are more than one computer that are linked together electronically via a protocol (common language) so the computers can communicate and share resources. This network improves the day-to-day life by adding value and usefulness to the computers. The processes and ideas that I have learned thru this experience can be applied directly into today’s rich electronic business environment. Identifying the needs of the user is the first step for building a well-designed Network. A professional installation was needed to maintain the aesthetics of the rental house. Most of the wires are run in the attic and then down plastic conduit attached to the wall. The conduit is run all the way to the wall boxes where the Ethernet ports are located. Every wire is clearly labeled and included in an easy to read schematic of the house. This way future tenants will have the ability to utilize the network. Next, every room needed to have access to the network. In order to minimize the overall use of wires, hubs were placed in strategic locations. An 8-port 10/100-megabit auto-sensing hub is located in the computer room and a 5 port 10-megabit in the sound room. There, needed to be docking stations, so laptop users or visiting computers could easily plug into the network and utilize the pre-existing monitor, keyboard, and mouse. These are the basic needs that have been put int o the design of the network. Each computer setup is unique with certain strengths and weaknesses. The network takes advantage of the strengths of each individual computer and makes them available to all users. A network essentially expands the capabilities of each computer by increasing functionality thru resource sharing. In the house, there are a total of four computers and two laptops. Processing speed and an abundance of ram is not essential for a server with such low traffic. Thus the most antiquated computer was elected for this function. Between all the computers, we have several extra pieces of hardware such as a zip drive, CDRW, DVD ROM, scanner, and multiple printers. Each piece of hardware is dispersed between the computers. There were several immediate efficiencies that occurred when the network went operational. The zip drive is located on the server while the CDRW is located on one of the individual workstations.

Comparing arts and science

The foundation of many things such as technology and medicine come from the oldest works of science. It is necessary to have a general understanding of this foundation to have a greater understanding of a finer field of science. On the other hand, in literature, there is no prior foundation knowledge needed to comprehend the newest and oldest works. Even though this is true, by nature, in literature, most the time, one will prefer read older works. This is not always true, though, at times some may to prefer the newest. In science, most the time, one will read newest works first but not always. To that end, I agree with following quote from Baron Lytton in most cases; â€Å"In science, read, by preference, the newest works: in literature, the oldest. † There are some cases where one may prefer to read newer works of literature and there are cases where one may prefer to read older works but in most cases in literature, read, by preference, the newest works. The following three examples illustrate where in literature one may or may not prefer to read newer or older works. The first example in literature is drama. In drama it depends weather you are trying to read to educate yourself or if you are reading/viewing for pleaser. In the first case you may want to educate yourself with older works first. In the second case you may want to read newer works for pleasure. The second example in literature is poetry. In poetry one's preference is open to choose any type of work. Poetry is timeless and because of this there is no incentive to read older or newer works. In this case the preference in neutral. The last example in literature is a novel. Most people prefer to read older works when it comes to novels. Most people read older novels because it is established work and has a high level of credibility. The oldest work is recognized and most people prefer to read it over newer works. With this being said, overall, in literature, one prefers to read the oldest works. This is most likely true because it is a generational thing where the work is passed down from one generation to another and there is no desire or necessity for change. Similarly, in science, there are some cases where one may prefer to read newer works and there are cases where one may prefer to read older works. This first case where is it is usually necessary to read the oldest works in science is in theoretical, psychological and social science. The next couple examples illustrate where one will prefer to read oldest works. The first example is in the biological fields such as medical and pharmaceutical. In order to practice or study either of these fields you must read and understand the foundation science behind it. If someone wants to have a good understanding of this field they need to read the older works. They must gain this understanding first then they may work towards newer works. Similarly, another example is the study of matter, energy, and space. If you are going to read about this subject matter you will most likely prefer to read the oldest works first and then move to the newer works. To make advances in this field a person must have a good understanding of the foundation science. In contrast, when it comes to practical science, it is usually preferred to read the newest works in science. There are a few examples the help demonstrate where in practical or â€Å"applied† science one may prefer to read the newest works. The first example is in medicine and surgery; here the preference is to read the newest so the person can use the latest science available to them. They also prefer to read the newest works so that can make further advances in the field. Similarly, in technological and business processes, one will read the newest works so they can apply them to their every day operations. As it is illustrated, in science, it may be preferred to read oldest works or it may be preferred to read newest works but in most cases the latter is preferred. In science, since we have the required foundation knowledge our preferences are forced. We are required and must read some of the oldest works first. Then after gaining that preliminary knowledge, one may prefer to read the newest works instead of older. To compare this with literature this is quite contrary. In literature there is no foundation level required. This implies there is no forced preference to read older or newer works. One may choose to read the oldest works but this is not always true. There tends to be less of a preference overall for literature comparatively; sometimes it makes sense to read older sometimes newer if often depends on type. In conclusion, I agree to an extent that â€Å"In science, read, by preference, the newest works: in literature, the oldest†. There is a certain scale and balance that exists when observing ones preference. The scale tilts enough to the for me to say that I agree with it even though it is not always true. There is always going to be new literature and there is always going to be new works in science. No matter what works come out in the future it can be assumed that this trend will continue. People will always tend to prefer to read older literature and people will always prefer to read newer works of science. This tends to be built into people's nature and it uncontrollable.

The Basic Maketing Concept

The report also hopes to target specific business functions and show ways of using the marketing concept to improve them. It will also identify ways in which marketing can help achieve various goals within the organisation. The Marketing Concept (alternatively known as a ‘business philosophy' or ‘a way of doing business') has become an effective way of improving the overall performance of many businesses in recent years. Companies have realised that in order to make profits and sustain them, they must consider the needs and wants of their customers. They must then compare these needs and wants to the product or service that they currently offer. The concept of marketing is based upon the idea that if the customer has a need and is satisfied with the product, then ultimately sales will be good – hence profit will be good. It goes without saying that every company's aim is to maximise their profit margin, but in order to do this, some tend to focus too much on the selling aspect and not enough on the actual customer. A Company can be orientated in different ways: A sales orientated company will focus purely on the amount that they sell, working on the assumption that sales and sales only can make money. Companies adopting this attitude have come under scrutiny, due to the actions of over-zealous salesmen who will stop at nothing to get a sale – you are probably familiar with the phrase â€Å"never trust a salesman†. This way of doing business is no longer acceptable as it has become apparent that in order to sell something, someone must want to buy it. The old style of â€Å"conning† the customer into buying goods whether they need them or not, purely to ensure a sale, is now shunned by most industries. A marketing orientated company is a customer orientated company. They take into account customer requirements and focus on them. Communication between a company and their customers is essential to ensure the success of any marketing method. Market research is used to identify specific requirements of both existing and potential customers. Satisfied customers are loyal customers who will inevitably create repeat business as well as providing free word-of-mouth advertising. This would undoubtedly result in increased profits. A production orientated company will focus purely on the production of their product. A company who cares enough about their ability to produce goods of only the highest quality possible must be admired for their dedication. However, dedication does not necessarily guarantee profit, and without profit, a company could easily fold. Although a similar concept to the one of the production orientated company (above), the product orientated company focuses on the product itself. The aim is to make the best product possible. Research and development is usually involved in the process, ensuring that there is a substantial demand for the product. It is hoped that a company will end up with a high quality product that will sell. The marketing mix consists of various factors that a company can mix to determine of there is a match between the needs of the customer and what the company currently offers them. There are four main elements of the marketing mix – Defining the characteristics of the product to meet customer requirements e.g. introducing optional features with a product that are not standard or providing an additional warranty that may not be deemed necessary in law, i.e. providing more than legally necessary with regard to the product. An important element of the marketing mix, the price places a value on the product. It is possible for the buyer and the seller to compare this price to that of competing products. It is then possible to alter the customer's perception of the value by offering additional elements such as cash trade discounts, credit facilities and easy payment terms. From the marketing point of view, the price is the ultimate way of calculating profit. Another word for distribution of the product. The product must be easily available to the customer in order for it to sell well. There are various channels in which a product can be distributed. For example, TJ600 would probably choose to distribute their goods by way of a supplier, but they could also introduce a direct mail order service to increase sales. In deciding which methods to use, you must first consider who your potential customers are and where they are likely to shop for these products. Although part of the marketing mix, promotion consists of four elements of its own called the â€Å"Promotion Mix†. These are – Advertising – paid presentations such as television advertising, newspapers and posters fliers etc Public Relations – the launch of a new product and the ways it can be promoted to the trade and consumer press Personal Selling – a method of promoting sales by means of oral communication. This can be either face to face or over the telephone. Sales Promotion – a way of enhancing consumer purchasing. This usually consists of displays, shows and exhibitions. Market Research is used to identify not only customer requirements but to identify any marketing problems that the company may be experiencing. Planning is extremely important when compiling the data to be used in the market research. In order for the results to be accurate, the questions asked must be relevant. This will involve discussions with marketing management and on occasion, outside consultants. Research can be used to improve any element of the product (detailed in the marketing mix). When considering any form of market research, it is important that any external factors affecting the results are considered. These are commonly known as PEST: Political – any new legislation that may affect the product Economic – unemployment rates, spending power of the consumer Social – environmental issues that may affect the product Technological – introduction of new technology that may affect the company Once a decision has been reached regarding the purpose and content of the research, it is necessary to determine the best way of getting a response. There are numerous ways of conducting market research, including postal surveys, telephone surveys and face to face interviews. The best response rate, however, tends to be with face to face interviews (usually questionnaires), due to the fact that an immediate response is given by the interviewee. It is vital that once data has been collected that it is carefully reviewed, in order to interpret the information given as a result of the research. Additional research may be carried out if the data shows that there is another area that can be improved upon. In order for a company to go forward in business, they must set objectives goals. These usually form questions relating to the business, such as: For example, the organisational goals of TJ600 may be to: Expand product range & distribution These objectives are usually made at a strategic level – in this case the managing director would be responsible for setting the objectives. It is reasonable to assume that TJ600 are aware of their position in the manufacturing business, due to the fact that they have been successful for 20 years. The goals detailed above give an idea of where the company would like to be in the future. All that is left is to figure out how to get there and it is at this point that marketing plays its role. Outlined below are ways that marketing could help achieve the aforementioned goals: In order to retain customer loyalty, it is important that the customer is satisfied with the product they currently buy. Market research is extremely useful in identifying customer needs and to establish whether or not they are completely satisfied with the product. It is at this point that elements of the marketing mix can be used to alter certain characteristics of an existing product e.g. if market research was to show that existing customers were basically satisfied with a product supplied by TJ600, but would welcome more after sales service, then management would want to look at the product element of the marketing mix. It is possible from there to ascertain whether extended warranties etc would be viable to the business with regards to cost effectiveness i.e. would additional staff be required? Again, market research is useful to determine whether there is a market for expansion of a certain product or expansion of an existing product to another country. Past and present success of a company cannot be taken as a guarantee for the future. Many large companies invest in regular market research to ensure that they stay one step ahead of their competitors. Although TJ600 has had continuing success in the past, it would be rather arrogant to expect the same success in the future. Expansion is a good way of improving on something that is already popular and offering the customer more choice at the same time. In today's business world, it is inevitable that at one point someone will offer customers an improvement on their current product. Investing in market research will help to ensure that, if a product would benefit from expansion, then you will be first to do it. Once a company has established their organisational goals and the marketing methods that they are going to use to achieve them, they must ensure that they have the co-operation of every department. Communication plays a vital part in marketing to ensure that the changes are implemented with maximum effect. For example, using the organisational goals detailed previously for TJ600, it would not be possible to make changes to the product range by consulting only the production department. Outlined below are the roles that other business functions would play in marketing: The finance department is usually responsible for setting annual budgets for the whole of the company and expects other departments to adhere to them. They are also responsible for setting time limits on credit facilities and these sometimes tend to be shorter than the customer would like. Communication between the finance department and marketing could look to improve credit terms if required and may allow room for compromise if a certain department required more money. It is the responsibility of the finance department to ensure that the company makes a profit and they may not be keen to spend more money or wait longer for customers to pay. This is where communication plays an important role; if it is explained from a marketing point of view that these additional costs would result in a higher market share or increased sales, then the finance department would realise that this would lead to increased profits. The production department is unlikely to welcome the idea of modifications or improvements to the product. They tend to work in long production runs and like to keep things as standard as possible. Communication between marketing and the production department may help them understand the need for improvements to a certain product – it may be that improvements are necessary in order for them to stay ahead of competitors in the same market. It is vital to the smooth running of any organisation that the right people are employed for the right jobs e.g. marketing may have highlighted the need for customised orders to be introduced, which in turn would mean that staff are required to work more flexible hours. It is the responsibility of the personnel department to ensure that the company has adequate staff to meet these requirements.