Article 1: Conducting Business Ethically and Responsibly
Katherine Bradshaw, writing for the enterprising MATTERS emagazine, states that it is the belief of the Institute of Business Ethics (IBE) that all business entities and other organisations “should do the right thing” (i.e. conduct themselves in an ethical manner), because it is right to do so. Additionally, she claims that research findings demonstrate that businesses which “take their ethical values seriously” benefit as a result. Those benefits as cited by Bradshaw include better productivity and enhanced staff loyalty arising from a high level of morale through working in an environment with an open culture, particularly in times when staff may be required to work under extreme pressure. Furthermore, Bradshaw suggests that businesses with a reputation for “fair and responsible practice” are more likely to attract better quality employees and to be stand out from other less ethical organisations (Bradshaw 2010-11).
Because demonstrated ethical practices can be a key to securing contracts, it can be found to be a condition imposed by large organisations inviting tenders, endeavouring to ensure supply chain integrity. Furthermore, honesty and transparency in customer relationships can build an enviable reputation for an ethical business, perhaps giving them a competitive advantage in a tendering situation. Not only that, but IBE researchers have found that firms with a management team leading by example and implementing a defined code of ethics are admired by their industry peers, and that companies that provide their staff with ethical training out-perform other firms in a financial context. She reminds readers that a good reputation can take years to build, but can be lost overnight if an inadvertent lapse in ethics occurs (Bradshaw 2010-11).
Article 2: The Effect of Globalization on Business
Over recent decades, globalization has become an important factor affecting all businesses, even businesses operating solely within one single country (Tschiesche, 2011). Consequential changes caused by globalization are principally in the areas of increased competition, rapid advances in technology, and the ease of transfer of information. If a business can produce the same products as its competitors, but at a lower cost and sell those products for a lower price, then it will increase its market share. Globalization means that companies are competing with other companies from across the world, which can make it difficult to retain that competitive edge. Factors outside of the control of company management such as currency exchange rates and lower labour costs overseas can have a major impact. Also, because consumers have a wider choice open to them and have increased expectations of quality and speed of delivery, keeping ahead of the rest is made even more problematic (Tschiesche, 2011).
In a global context, technology advances mean that any business not taking advantage of new technology is likely to be left behind. Use of the Internet and embracing the commercial opportunities made available through e-commerce could be critical for the success or even the survival of many businesses. Consumers using their computer can shop virtually anywhere in the world just as easily as shopping in their own High Street, so companies without a presence in that international marketplace can be losing valuable sales. Similarly, businesses need to be permanently ready to adapt to needed technology changes within their organization to manage the business and (if appropriate) for their research and development systems (Tschiesche, 2011).
Article 3: Brand Marketing or Brand Communications?
“Most companies confuse communications with marketing.” Because both activities are designed to increase demand, it is very easy to confuse the two functions, as happens in many firms. Multichannel communications have recently blurred the boundary between marketing and communications. Clarifying the difference between the two, marketing can best be described as “shaping who you are, what will make your offering meaningfully different from your competition.” Furthermore, marketing can be seen as guiding what is said and done in order to deliver in a compelling fashion the distinctive value offered by your company to your customers. Communications is the means of compiling the important messages you want to be received, and sending them to your selected audiences in an efficient and most timely manner (Singer, 2013).
Whilst it might appear from the above that marketing should take priority at the outset, whereas communications only becomes important later on, the fact is that in today’s environment of rapid two-way communications and information exchange, both functions are interdependent throughout the entire process. Singer compares the two functions with “walking and talking” which he says are best done at the same time and given equal effort. Whilst the product itself can send important messages, concentrating equally on both your marketing and communications is essential to bring an appreciation of product value to the target audience. You need to tell your customers about the good features of your products. Further, the benefit of combining the two functions can be compared with a situation where two siblings bury their differences in order to cooperate “because working together, so much more can be achieved (Singer, 2013).
Article 4: Internet Marketing: The Benefits
In today’s business environment, more and more purchases are being made online, after first using the Internet to research products and prices before reaching the point of making the decision to buy. As a consequence, it is possible for a business to build relationships with their online customers or prospective customers, using personalized communications that are comparatively low-cost compared with those incurred with traditional forms of mass marketing.
A major benefit of Internet marketing is that your business is open 24 hours a day, with no worries about staff overtime costs, etc. Furthermore, your customers can also shop at any convenient time, and place an order whenever they wish. In addition, geographic location is not important, although your pricing structure should make allowance for international delivery costs if appropriate. One cautionary note though: dependent on your products, you may need to ensure they comply with regulations and standards in other countries. Marketing costs are lower on the Internet than having a physical sales outlet; there are no store overheads like rent and property maintenance, and there is no need for space to display stock. Also, you can reduce inventory costs by stocking only to meet known demand. Companies like Amazon track the items in which their customers show interest, enabling them to make recommendations for further purchases, so increasing sales using cross-selling techniques. Strategies to build customer relationships might include sending after-sales follow-up mails to invite reviews and to thank the customer for their business. Furthermore, research indicates that including social networking tools in your Internet marketing strategy can further enhance your sales by a significant amount (Linton, n.d.).
Article 5: Motivating, Satisfying and Leading Employees
According to David Bowman of TTG Consultants, there are several important ways to motivate employees so that their needs are satisfied and so that they will be motivated to strive to be more productive. The first priority as a manager is to ensure that each employee’s needs for personal growth and development are matched by their required skills and abilities, in order to perform well in their assigned role in the company. Many employees are unlikely to find their job satisfying if those needs are not met, and as a consequence may look to find another job in a company which fulfils those requirements. One way managers can provide the right leadership is to discuss failure with the employee in a constructive manner, so that all parties learn from the experience. Conversely, if an individual is worthy of praise, for example having succeeded in a particularly challenging task, managers must ensure that the achievement is duly recognized and give praise accordingly. That praise can be an excellent motivator (Bowman, n.d.).
People who have management needs should be given the opportunities to make decisions and to work unsupervised as far as possible. Others may find team working satisfies their needs in the work environment, so should be afforded involvement in meetings and projects with groups. Others – especially creative people – may prefer to work alone and to keep odd hours. By allowing them that freedom they may be motivated to produce really good work. Some individuals may be motivated by feelings of job security in a predictable routine and peaceful work environment, allowing them to quietly do their job. In summary, managers can best lead and motivate their employees by identifying individual needs and motivators (Bowman, n.d.).
Works Cited:
Bowman, David, J. (n.d.). “Increasing Staff Productivity.” TTG Consultants. Available at: http://www.ttgconsultants.com/articles/MotivatingEmployees.html
Bradshaw, Katherine. (2010-11). “Doing business ethically makes for better business.” Institute of Business Ethics. Available at: http://www.isbe.org.uk/Doingbusinessethicallly
Linton, Ian. (n.d.). “Six Benefits of Internet Marketing.” Small Business by Demand Media. Available at: http://smallbusiness.chron.com/six-benefits-internet-marketing-31382.html
Singer, Gary. (2013). “Brand marketing vs. brand communications.” The Economist Group. Available at: http://www.economistgroup.com/leanback/channels/brand-marketing-vs-brand-communications/
Tschiesche, Kathrin. (2011). “How globalization affects business.” bookboon.com. Available at: http://bookboon.com/blog/2011/10/how-globalization-affects-business/
