...Week 6 tute: Is Responsible Business Important? (Assessed) Research about the ‘phone hacking’ scandal involving News International and be prepared to discuss the following based on the ‘Sorry’ advertisement reproduced below. 1. Identify three key aspects of the ‘phone hacking’ scandal? On 13 November 2005, the News of the World published an article written by royal editor Clive Goodman, claiming that Prince William was in the process of borrowing a portable editing suite. Following the publication, the Prince and royal staff met to try to figure out how the details of their arrangement had been leaked, as only two other people were aware of it, and asked police for investigation. In August 2006, Goodman and private investigator Mulcaire were arrested by the Metropolitan Police, and later charged with hacking the telephones of members of the royal family by accessing voicemail messages. It was first reported by The Guardian on 4 July 2011 that police had found evidence suggesting that the private investigator Glenn Mulcaire collected personal information about the family of the missing schoolgirl Milly Dowler, following her disappearance in March 2002 and the subsequent discovery of her body six months later. According to the paper, journalists working for the News of the World had hired private investigators to hack into Dowler's voicemail inbox while she was still missing. It was alleged that they had deleted some messages, giving false hope to police and to Dowler's...
Words: 618 - Pages: 3
...Tutorial 1: What is does the term ‘responsible business’ mean to you? Knight (2015) noted that the word ‘responsible’ can be seen as accountable as well, and principles of responsible commerce is another language rather than accounting, marketing etc. The ORB (2009) website provides information about the definition of responsible business, which is business responsibility is often known as Corporate Social Responsibility (CSR) and CSR is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large. For me, responsible is someone treats something as his or her obligation. And business is activities of buying and selling, or in another word, social dealings between hundreds of thousands people all around the world. So my understanding of the term “responsible business” is that companies and firms should build their businesses with the consideration of morality and values rather than only aim to maximize their profits, which means companies and firms should build a socially acceptable business that not only according to shareholders’ wants but also have good influences for society and the environment of our planet. Knight (2015) discussed there are two points of views as in shareholder and stakeholder. Docstos (2009) post details about these two theories that stakeholder theory is businesses have corporate social responsibilities...
Words: 697 - Pages: 3
...M. Diuguid Assignment 1 American Military University Having a plan, or a strategy when starting a business is essential. There are several different ways to plan or organize the steps necessary in the process. A business plan is the most commonly utilized tool for planning and organizing a new venture. Technology has allowed tools like Google Calendar to provide many benefits in regards to organizing for small businesses. A business brief allows business owners to focus on certain aspects of a business without the confusion of everything else getting in the way. These are just a few of the ways to help organize and plan a new venture, but each has its own unique benefits. Perhaps the most common way to plan and organize for a small business is by developing a business plan. Planning is one of the most important parts of running a business, no matter whether it is a large multinational corporation trying to plan an expansion or a small business launching an exciting new product (Topfer, 2011). This plan can be used as a guideline and benchmark for any business including small businesses. The business plan will outline virtually every key aspect of a business, from operational organization, market analysis, and even finances. Having a written plan in place will surely help in organizing and planning for a new venture. Another way to help organize a business, and help with planning would be to utilize a functional calendar such as Google Calendar or Microsoft Outlook...
Words: 544 - Pages: 3
...The Important of Creating a Business Plan By Kannitha, BBU student, Aug 2013 Table of Contents Table of Contents 2 Executive Summary 3 1. Introduction 4 2. Findings 4 2.1 Business plan definition 4 2.2 The important of business plan 5 2.3 Business plan writing technique 7 2.4 Major aspects of the business plan 7 2.4.1 Introduction Page 8 2.2.2 Executive Summary 8 2.4.3 Business Description 9 2.4.4 Products and Services 10 2.4.5 Marketing Plan 11 2.4.6 Competition 13 2.4.7 The Management Plan 13 2.4.8 The Financial Management Plan 14 2.4.9 Risk Assessment 15 2.5 Readers of the business plan 15 2.6 Failure of business plan: 15 3. Lesson learnt 16 4. Conclusion 17 5. Recommendations 18 6. References 18 Executive Summary Business plan is considered as an important and it actually serves as a compass for the direction of business for the future. Having a plan will also help business people to achieve the things they want to achieve. A business plan is not just a document, but it is a holistic analysis of a company, the environment it operates in, and a road map to achieving success. Business planning is an essential element of running any successful business. Business plan formulation would need to consider on many aspects and ensure that business would be success. Those include introduction, executive summary, description of business, management and organization...
Words: 5983 - Pages: 24
...A business plan is defined as “a detailed written statement that describes the nature of the business, the target market, the advantages the business will have over competition, and the resources and qualifications of the owner(s).” (McHugh J., McHugh S., Nickels W., 2010) A business plan is important to potential business owners for quite a few reasons. First off, it ensures that a new business owner is very specific in the details of the business they intend on starting. Anyone can come up with an idea, but without the planning and solid foundation the business will crumble. Writing a business plan makes the new owner think about all those details that often get skipped over, the ones that are not necessarily fun, but absolutely necessary. It keeps your business on a clear course. Without spelling out these things, you could hit rocky times when questions come up about how the financing is handled, how the management structure works, etc. You should forecast marketing strategies, things like what location would be best for your product, who your target customers are, how to appeal to them, and what your company’s goals are. Additionally, when you are looking for startup funds, investors and lenders are going to require a business plan. If you plan on selling your business at any point, or should you need to, the business plan is very important for helping buyers understanding what your companies goals are, and the strategy with which you plan to attain them. It is clear, when...
Words: 269 - Pages: 2
...Business Law Important Terms Kaplan University Rebecca McAvinue Professor William Muniak Business Law LS311-03 February 9, 2015 There are many terms in business that pertain to law that an individual must understand in order to succeed. One must understand what common law is and how it applies to businesses. It is important to understand what a jurisdiction and a precedent are and how they differ. To know what a statute and remedy are and how a business would utilize them. First and foremost it is important to understand what common law is, many people hear it and think about the laws of a household where a man and woman would be considered married after living together for a certain amount of time. It truly is something more complex than that, it is a body of general rules that apply throughout a realm (Miller & Jentz, 2010, Pg. 6). This means that judges used the rulings from previous judgments to assist in making current decisions and they used the same ruling throughout the country. Businesses use common law to create policies and procedures throughout the company. They can use events that have happened and how they were handled to create new ways to keep them from happening again or punishment for repeat offenders. Using common law judges attempted to decide similar cases in similar ways creating a precedent, or an example for deciding later cases of similar nature (Miller & Jentz, 2010, Pg. 6). These precedents are controlled and documented...
Words: 513 - Pages: 3
...Unit Two Assignment – Why is Strategy Important to Business? John Rapier Kaplan University School of Business and Management MT460-01 Management Policy and Strategy Dr. Carrie A. O’Hare July 11, 2012 Unit Two Assignment – Why is Strategy Important to Business? While it could be argued that as students while we may not view the path we are following as a strategy, in truth we are, even if we haven’t codified it as such and if asked if we were ever involved strategic planning, may very well say no. In reality though we have, even though it may not be on a grand scale, it is the plan for our direction and future. This action is at the core of strategic management and strategy. It is this planning for the future of a business, its growth, development and direction which are the very core of growing a successful business over time, just as the selections we make for ourselves will determine our direction in the future and indeed contribute to our eventual development and success. What is Strategic Management? Although a variety of considerations are involved in Strategic Management, it can be summed up simply as preparing for the future and following a planned path to a goal rather than leaving things to chance and just taking things as they come. Strategic Management provides a comprehensive picture of where a company is, what it hopes to achieve and how it is going to reach its goals. Before we can make plans for the future, we need...
Words: 957 - Pages: 4
...Why is Finance so Important to a business? Finance is a crucial part of a start-up business; it is the cornerstone to determine whether or not your business will jump over the first hurdle. Without sufficient finance, a business has a very low risk of surviving the first stage of development. Finance can be important for various activities throughout the business starting with the purchasing of stock. If you are providing a product you will most likely need raw materials, if not then you will need general stock. Having more expensive, higher quality stock will push you to a competitive advantage. (Chron, 2013, Electronic Source.) Finance allows you to buy in order to sell and hopefully make a profit on those goods. If you are providing a service then finance will allow you to buy tools or equipment to improve your service. Start- up businesses might not necessarily have anyone other than the entrepreneur working, however if you have employees then finance will help pay their wages. In U.K. you pay business tax on your business profits, the amount of tax you pay depends on how much profit you generate. Finance is important to be able to pay these and calculate how much you owe to the government. Not having the sufficient finance will reduce the chances of the business accepting negotiations, therefore restricting the business in terms of growth (Chron, 2013, Electronic Source). Business finance is spent on two types of expenditure, capital and revenue. Capital expenditure is when...
Words: 2159 - Pages: 9
...Michelle Johnson MT460: Management Policy and Strategy Unit 2 Project: Why is strategy important to business? Kaplan University August 16, 2011 Strategy is important in business because it gets all the things that you want to do, so you'll be able to go through them quickly and productively. This will also help your competition doubt their own strategy. One example that I have heard of is think of a football game without strategy. Who will know what they need to do if you don't have some type of organization of the system you are trying to run. It is also important to a business to have some type of base plan for any business that effects its revenue, expenses and profits. It provides a long term direction to the organization and it helps the organization achieve a competitive advantage. It will also tell about the business in the market, values and the way that they may handle resources in order to meet the objectives of the company as a whole. One of the main things that it helps to do is helps to analyze the internal and external environment. Something to remember is that without strategy the company would be pretty much shooting in the dark. Would something work ? This would be a continuing question without some type of direction. It allows the business leaders to weigh the pros and cons of different decisions in order to get to the proper way to go. Taking into mind the most cost effective process that will be needed. Strategic management is defined as the set...
Words: 453 - Pages: 2
...expand to South Africa they can possibility learn how to harvest the herb and export it to the existing plants that they have. This will also eliminate the use of the venders in Socotra and reduce the transportation cost as well as any tariffs that South Africa might have with Socotra. Also one more thing they can do is try and grow the other five ingredients that is used to make Zip-6. It is also possibly that they can find different ingredients that are grown native to South Africa that can improve the quality of their product. Every country has their good qualities and bad qualities. It is up to the business to decide the best strategy for them to take when entering a new country. It is always a good idea to have a plan A and a plan B just in case if plan A does not work. For example according to Ravi South Africa has a relatively heavy tax on business profits and an additional tax on dividends and...
Words: 770 - Pages: 4
...Strategy is important to a business because strategy describes where you want the company to go. Strategic planning helps with getting the company to where you want it to go. Strategic planning is defined as the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives (Pearce & Robinson, 2013). Without knowing the strategy of the business the details on how to get where you are headed cannot be made. Strategic management is a three-tier process involving corporate-, business-, and functional-level planners, and support personnel. At each progressively lower level, strategic activities were shown to be more specific, narrow, short-term, and action oriented, with lower risks but fewer opportunities for dramatic impact (Pearce & Robinson, 2013). Strategic decisions are based on what managers forecast rather than what they know. These decisions are developed on projections and it will enable the business to select the most promising strategic options (Pearce & Robinson, 2013). An organization’s mission identifies the scope of its operation (Pearce & Robinson, 2013). The mission statement of a company must express how the company will contribute to society as well as its product and market. It should also list the company’s purpose, philosophy, and goal (Pearce & Robinson, 2013). The strategic planning should be on the same path as the company’s mission. The strategic process is future...
Words: 299 - Pages: 2
...Why is strategy important to business? To elaborate on the information I used in my journal entry, I believe one of the main benefits of strategic management is one company would have an advantage; they would be able to increase their market shares and grain profits over other companies. As well as have a greater ability to avoid problem in the long run with assuring that those people with issues regarding adapting to changes have a smoother transition. And lastly all of the members of the team will have clear understanding on what the mission is as well as what part they have to play thus eliminating any crossover in activities. (Pearce, Robinson 2011) However, before upper management move forward with strategic management they should weight all of the pros and cons. This method of looking at the hold picture from start to finish, the good as well as the bad, will ensure a smoother flow within the project. A disadvantage of this would be that a lot of the companies allocated resources like people, money and time just to name a few, would have to be utilized leaving other parts of the business with little activity. Another would be that the primary strategists involved in this project have to stay engaged every step of the way, if not the project runs the risk of being delayed because they may start to neglect their part of the project thus holding up everyone else. (Pearce, Robinson 2011) Some of the main components of the strategic management process would be the...
Words: 561 - Pages: 3
...The Important of Customer Satisfaction and Loyalty in Business. 1.0 Introduction Customer satisfaction and loyalty is two important keys to be success in the business. It must be implement in all business areas such as servicing, hospitalisation, health care and others. In business environment, quality improvement have become part of everybody life and not a task or duty anymore. (Mehra & Ranganathan, 2008). It is not enough if only focus to satisfy the customer and it won’t be good to business until get the repurchase power from customer.(Kandampully & Suhartanto, 2000) Lot of research on customer satisfaction and loyalty has been done, especially on retention and economic performance.(Kristensen & Martensen, 1996; Rucci, 1998; Duboff & Heaton, 1999; Edvardsson, 2000; Bernhardt, 2000; Eskilden & Kristensen, 2013). More than that, this two keys also play role in business for revenue improvement, profitability and cash flows.(Heskett, 1994; Reichheld & Teal; 1996, Itner & Larcker; 1998; William & Nauman, 2011). This to make sure company has more than enough fund, can expend and become stronger. We will see how important this two keys in order to make business running smooth and at the same time can achieve company target. At the end, customer will get what they expected and business will get positive impact and avoid something bad from appear. 2.0 Customer Satisfaction and Customer Loyalty 2.1 Customer...
Words: 2265 - Pages: 10
...takes to stay on top. The United States has laws that are ordinarily used as a way to make sure that honest and fair practices are followed in business organizations. These laws are very important and should be strictly adhered to so that the organization's integrity stays intact while at the same time they continue increasing their customers and profits. The United States as well as many other countries has many antitrust laws that forbids acts or understandings that can get rid of or deter fair competition, these laws also forbids the maltreatment of a dominant industry position, restraint or misrepresent commerce, hold prices by artificial means, or bring forward a monopoly. I will be writing about antitrust laws and the famous Microsoft case to demonstrate how business ethics and fair practices are important in business, it’s not only right thing to do but can also be beneficial to the company, clients and employees....
Words: 1245 - Pages: 5
...TANAKI $10.00 POLOKA 1 KI HE ME’AFAKA’EIKI ‘O TU’A TAUMOEPEAU. $ 1. Lomu’eiki 10.00 2. Nasalio Mahe 10.00 3. Falakiko Papa 10.00 4. Hetueni Papa 10.00 5. Loukinikini ‘Akau’ola 10.00 6. Panisi Ula 10.00 7. Lotana Kiu 10.00 8. Sitino Maka 10.00 9. Tau Seleti 10.00 10. Lofia Lanumata 10.00 11. ‘Eleni Sili 10.00 12. Solesio Siale 10.00 13. ‘Ahotau Sole 10.00 14. ‘Apolo Palu 10.00 15. Soane & Nancy 10.00 16. Malio Moata’ane 10.00 17. LesilePailate 10.00 18. Malialongo Pohiva 10.00 19. Lusio Vaka 10.00 20. Sakopo Loloa 10.00 21. Sitani Kapeli 10.00 22. Fanio Vake 10.00 23. Pope Lanumata 10.00 24. Paea Siale 10.00 25. Pangia Kavaefiafi 10.00 26. ‘Ana Sili 10.00 27. Siaosi Palanite 10.00 28. Muli Kautai 10.00 29. Fata Ngungutau 10.00 30. Tili Ponofasio Vake 10.00 31. Vaiangina Sili 10.00 32. ‘Etuini Ngungutau 10.00 33. Tevita Hakaumotu 10.00 34. Samiu & Liliani 10.00 35. Soane Male Loloa 10.00 36. Sosefo Ponitini 10.00 37. Vitolio Ongolea 10.00 38. Lautele Tu’ifua 10.00 39. Fotu Pulu 10.00 40. Kite Fononga 10.00 41. ‘Aisake Papa 10.00 42. Faleata Mo’unga 10.00 43. Tiasi Moata’ane 10.00 ...
Words: 1419 - Pages: 6
