Business
Q#1: In your own words, explain the concept of core values and include an example?
The core values of any business mean to practice or exercise the most important and integral parts of the mission statement of the business. The mission statement of the business shows the purpose of the business and the mission of the management. Similarly, the statements from the CEO in the annual reports of the business also identify the mission and priorities of the business. These priorities of the business such as innovation in the products, the safety of the employees, maximization of the profits and implementing the customer’s feedbacks in the organization are called core values of the business. (Wendy, 2013)
Q#2: Who defines an organization’s core values?
The core values are normally defined by the mission statement of the business. However, the management of the business identifies the core values of the business in the annual reports of the business in the form of ‘Director’s report’ or ‘CEO report’. Moreover, the lower management explains the core values of the business at the departmental level of the organization. (Wendy, 2013)
Q#3: How can an organization know if they are practicing their core values?
The core values of the business are different from the business strategies and business tactics. If the core value of the company is innovation, such as Apple Inc, then there must be an element of innovation in the products. The core values becomes an identity of the business and if the consumers are expecting the products according to the core values of business, then, it is highly probable that the company is practicing their core values. (Wendy, 2013)
Q#4: How can an organization know if they are benefitting from their core values?
The purpose of any business is to maximize the shareholder’s wealth and they adapt the core values to maximize the profits. If the company is generating profits, according to the budgets and estimations, then the core values of the business are performing well for the business. The other core values such as employee satisfaction, safety at work and customer feedbacks must be allocated sufficient funds. The level of employee and customer satisfaction are the signals of proper core values of the business. (Wendy, 2013)
Q#5: How can Customer Delight be made into a core value?
The customers of any business are the most important stakeholders of the business. It is very important for the business to create and maintain their market share in the market for future profits. Therefore, to maintain the marketplace, the businesses introduce the system of feedbacks from their customers and integrate their suggestion into their organizational structure or products. Therefore, surprising the customer by integrating their suggestions and expectation in the decision making of the business can generate more profits in the future. Therefore, customer delight is a reasonable core value of the business to generate profit. (Driggs, 2008)
References
Wendy. (2013, March 12). Company Core Values: Why to Have Them and How to Define
Them. . Retrieved June 14, 2014, from http://blog.7geese.com/2013/03/12/benefits-of-having-core-values-and-how-to-set-them-in-your-organization/
Driggs, W. (2008, April). Serving Up Customer Delight. . Retrieved June 14, 2014, from
http://www.destinationcrm.com/Articles/Columns-Departments/The-Tipping-Point/Serving-Up-Customer-Delight---46872.aspx
