1.Define private sectors
It is the sector in which the government doesn’t own the business.
2.Name the service sectors of an economy
Tertiary and quaternary sectors are service sectors.
***Service is related to a process from bringing a product to consumer. Q3
***What they provide to the customer isn’t a process of using natural goods ex: Google Q4
4. Define the mission of a business
The mission of a business can be defined as its purpose and to fulfill the needs of customers.
5. Why are external factors important for a business?
A business will take action according to the external factors. It is important in planning but for planning you have to know where you are. To know where you are you must know the external factors (steeple) and the internal factors.
Except for the quiz but with the help of the answers we got from the quiz we discussed SWOT and STEEPLE
SWOT- strengths, weaknesses, opportunities and threats
Externals: OT
Internal: SW
***Swot analysis is essential in planning because it shows where the business is. The first step of planning.
7-S matrix: where the strengths and weakness come from.
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Steeple: (external factors) opportunities and threats
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SWOT: What should we do to get where we want.
Process of planning:
1. Where we are now (swat)
2. Where do we want to be at a particular time in future (in time x=horizon)----objectives
3. What should we do to get where we want. (Answers the question what my strategy is?)
4. How do we know we are getting there. (control)
Time is an important factor and you can not make a plan about it.!! Everything is related to time without the precision of time you can not be able to accomplish something in business.
Continuing in the Steeple analysis of the school:
Legal aspects: In law we are all the same but in particular we are not all the same. The law does not always tell you what is right and wrong. You do not find all the laws written down in somewhere.
Students have right because the courts have behaved as they had rights.
Sometimes laws fail to reflect ethics.
What can and cant be thought? Ex: ban of political discussions.
Ethical factors: judging a student whether you like or not, fake reports.
Ethics change from generation to generation. Ex: girls being able to got to school.
Businesses show their selves as green and environmental when they are not because:
** *Being environmental friendly can be costly but they do it in order for their reputation in society, it is about the image.
Do companies adopt environmental policies because they are good or do they adopt it because they are ethical?
In ethical thinking you think in terms of cost and benefits when you study business.
Don’t always judge something, if it is good or bad according to its benefits.
"In ethical thinking you think in terms of cost and benefits when you study business.
ReplyDeleteDon’t always judge something, if it is good or bad according to its benefits."
Ethical thinking and thinking by comparing costs to benefits are not the same thing, but easily confused. What I meant by the first remark is: In business, decisions and actions are often justified by cost-benefit thinking, but this is not the same as ethical thinking. Ethical thinking MAY take account of cost-benefit ratios, but usually consider other things as well...such as what is the right or good thing to do (even if the costs exceed the benefits). By the second remark, I meant: don't always judge something by its cost-benefit ratio. You may find that often the benefits exceed the costs, but it may still be wrong (such as when a business cheats its customers). Conversely, something may be the right thing to do, even when the costs exceed the benefits (such as investing in clean technology). This is especially true in the short term. Businesses sometimes make short term sacrifices for long term gain, this happens with clean technology, or training its employees. In such cases, the costs exceed the benefits in the short term, but in the long term, the benefits outweigh the costs. It is also ethically right for businesses to invest in the long term future of its employees, as well as in a cleaner environment.