Economic Impacts of Business Events

Question: Write a Report on Economic Impacts of Business Events. Answer: Introduction This study deals with introducing business events in Australian Economy and presented in reflective style of writing. Reflective style will help in understanding the knowledge gained by students at the time of attending the class session. Events refer as our lives as well as community and our culture. This takes into consideration private or family events like birthdays and weddings. This also includes religious events like christenings (Stokes, 2015). Business Events Value Pyramid Business Events Value Pyramid consists of four parts. The first part is Visitor economy impacts that measures the economic contribution of international visitors as well as domestic overnight travelers and day trippers travelling beyond 50 Km (Mules Faulkner, 2016). The next part is Total economic impacts that measures the broader economic contribution of local events attendees travelling within 50km as well as event organizers and suppliers. The third part signifies indirect impacts that involve intangible benefits that are generated by business events that are reviewed from the available research insights and needs of the sector. Business Events in Australia The business events in Australia majorly deliver significant economic benefit to Australia (Jago Shaw, 2013). This means business events generates strong visitor yield in a way where there is high daily expenditure of participants. Business events delivers much more than the tourism spend. It depends upon the tourism benefits whereby business events has wide as well as enduring benefits in association with managing business relationships, knowledge as well as transfer and employment industry development. Cultural Significance of Events Events will have either direct or indirect cultural impact in the Australian economy. Direct cultural impacts involve celebrations of cultural diversity as well as enrichment. On the other hand, indirect cultural impact takes into consideration crossing cultural boundaries ad bringing the generations together (Jago Shaw, 2013). Strategic significance of Events Events can even be utilized by government as well as by private sector for supporting range of strategic initiatives. This involves government strategic initiatives such as community event at a local level (Hiller, 2016). It involves tourism promotion both at state as well as federal level. On the other hand, private sector strategic initiatives involve corporate conferences for developing networks as well as stimulating innovation. I would further like to share the meetings and conventions for sharing state of the art information. Value I believe that Value has number of measures that include business events as the travel industry highest yielding sector at the time of taking into account both in terms of direct as well as indirect contributions. I would like to reveal that business events represent multi-billion industries. I have noticed generating export dollars as well as stimulating trade and business migration. Tourism and Economic Impacts of Events Positive Impacts- This involves the destination promotion or increased tourist visits. This means extended length of stay and higher yield by increasing the tax revenue. It takes into consideration job creation as well as attracting the sponsorship fees and grants (Dwyer et al., 2014). Negative Impacts- This means community resistance to tourism, authenticity loss as well as exploitation and opportunity costs. It further affects reputation loss and inflation prices at the same time (Dwyer et al., 2015). Factors that Influence Economic Benefits I have understood that there are wide variety of factors that influences the economic benefits that involves the market area, spending habits, length of event, attribution problem as well as capital investments and capital operating costs. Key Statistics for Australia for the Period 2015 to 2016 Revenue- $ 10.8 Billion Profit- $ 2.2 Billion Annual Growth- 2.4% Wages- $ 2.3 Billion Annual Growth- 1.3% Business- 2166 Figure: Industry Data (Source: Dwyer, Forsyth Spurr, 2016) Business Events that delivers Economic Affluence for Australia The trade proceedings sector elucidates financial activity that straight measures the metrics by foundation the information formation as well as trade. This includes innovation as well as speculation among other positive impacts (Burgan Mules, 2013). International business events plays major role by building strong as well as productive and diverse in an Australian economy. Across the world, trade events act as a tactical tool for attracting trade, investment as well as global aptitude. Governments invest as well as support business event sector for recognizing the high yield as well as long-standing benefits that is possessed from enlargement in the visitor and other knowledge-based economy. Local, state and national governments are keen in supporting Business Events Australia Convention Bureau recognizes the collective responsibility for promoting Australia as a premier international trade proceedings purpose (Mules Faulkner, 2016). It means achieving in conducting seamless as well as united approach that relies upon partnership with Tourism Australia and industry. It takes into consideration the economic gains in the intercontinental proceedings that are widely diffused that provides direct hold from government as well as justified at local, state and national level. I would like to state the action required that involves encouraging stronger teamwork between Tourism Australia as well as State or Territory or Tourism Organization for promoting regional Australia by inviting international delegates for pre and post touring. Social and Economic Impact of large-Scale Business Events for Individuals and Communities I would state the fact that social impact takes into consideration volunteering legacies as well as interest in sport activities. On the other hand, economic impact reveals increased employment as well as tourism activities. I have seen that measuring the financial, environmental as well as social bottom of an event whereby it reflects upon the public attitude that finances in the given condition. It majorly creates balanced view of performance by taking into consideration the performance indicators such as economic, social and environmental impacts (Mules Faulkner, 2016). Conclusion: At the end of the study, I would like to conclude that International business events plays major role in building stronger as well as productive and diverse culture in the Australian economy. In and across the planet, trade events will be used as planned tools for attracting trade as well as speculation and global talent. Therefore, Governments invest more for supporting the business event sector as it will recognize high-yield and long-standing profit in the most appropriate way. References: Burgan, B., Mules, T. (2013). Reconciling costbenefit and economic impact assessment for event tourism. Tourism Economics, 7(4), 321-330. Dwyer, L., Forsyth, P., Spurr, R. (2016). Assessing the economic impacts of events: A computable general equilibrium approach. Journal of Travel Research, 45(1), 59-66. Dwyer, L., Mellor, R., Mistilis, N., Mules, T. (2015). A framework for assessing tangible and intangible impacts of events and conventions. Event management, 6(3), 175-189. Dwyer, L., Mellor, R., Mistilis, N., Mules, T. (2014). Forecasting the economic impacts of events and conventions. Event Management, 6(3), 191-204. Hiller, H. H. (2016). Assessing the impact of mega-events: a linkage model. Current issues in tourism, 1(1), 47-57. Jago, L. K., Shaw, R. N. (2013). Special events: A conceptual and definitional framework. Festival management and event tourism, 5(1-1), 21-32. Mules, T., Faulkner, B. (2016). An economic perspective on special events. Tourism economics, 2(2), 107-117. Stokes, R. (2015). Tourism strategy making: Insights to the events tourism domain. Tourism management, 29(2), 252-262.

Roles and Responsibilities of the Marketers-Samples for Students

Question: Discuss about the sustainable consumption and the roles and responsibilities of the marketers. Answer: Introduction This paper will give emphasis on the sustainable consumption and also on the roles and responsibilities of the marketers. Marketers are considered as an important part of the organization. If proper marketers are not there in the organization, then it can be difficult for the organization to survive in the competitive environment. It is essential for an organization to take into consideration sustainable consumption so that the market share of the company can be increased. Marketers have an essential role to consider the needs and want of the customers. The paper gives emphasis on how marketers are conducting their activities and responsibilities in the recent scenario. Marketers Marketers are one of the essential parts of the organization. The main role is related to enhancement in the operations of the business. The main responsibility of the marketer is to analyze the plans and policies so that proper strategies can be considered for conducting day to day activities of the organization. To increase the goodwill in the international market it is essential to give best towards the activities conducted by the organization. A market survey is also conducted by the organization and proper evaluation is made by taking into consideration the external factors like social, political and social factors. The products and services are also distributed by giving emphasis on the needs and wants of the consumers (Morrison, 2015). Marketers assist the companies to make a proper relationship so that the conflicts do not take place between the customers and the company. It is evaluated that if the organization does not have proper relations with the customers, then it can be difficult to survive in the competitive environment. Marketers consider the return on investment and also analyze the competition level effectively in the market. At the time of promoting the product in the market, it is important to give focus on the wants of the customers. The marketer also gives emphasis to solve the queries and also problems of the customers so that they can purchase products and services with satisfaction. If the problems and queries of the customers are not resolved properly, then it can give negative impact on the image of the company. Proper communication is also important for an organization to operate its activities effectively. If there is no proper communication in the organization then it can lead to conflict and dissatisfaction of the customers. Globalization helps the organization to promote the products and services on the international platform. If the products and services are not promoted effectively on the international level then it can be difficult to operate the functions properly. By analyzing the marketing environment it is essential for the marketer to enhance the promotional tools properly. Marketers also give emphasis on the new products and services that assist the company to increase its sales in the market. Marketer assists to maintain a good image in the market. The promotion of the products and services are done by the marketers only, and then the only company can accomplish its goals and objectives properly (Lemon, 2016). Marketers are not doing enough to direct their target markets towards the sustainable consumption It is important to enhance the quality of life so that the natural resources can be taken into consideration without any wastage. Sustainable consumption is concerned with the utilization of the products and services in such a manner that the basic needs and wants are satisfied in a proper way. It is essential to give focus on the environmental impacts so that the company can easily accomplish its goals and objectives. To increase the activities it is essential to give focus in the sustainable consumption (Malaval and Benaroya, 2013). It is evaluated that the company can easily promote sustainable consumption and it will also help to enhance the share of the market effectively. The culture in the organization is also maintained if proper sustainable development is taken into consideration. If the sustainable consumption is considered then it is evaluated that demand and consumption of the consumers enhance effectively. The sustainable growth and consumption assist to consider proper growth and success of the company (Lu et al., 2014). So it is essential that marketers and companies should focus on expanding it on the international market. Marketer tries to give emphasis on the taste and likings of the consumers so that sustainable consumption can be considered properly. Sustainable consumption can be considered by giving focus on the factors that remain in the market. It is important to maintain proper standards so that the goals and objectives can be accomplished in a proper way. Trust and cooperation are also necessary so that the organization can grab the market share on the international platform. It is also evaluated that mission and vision are also taken into consideration by the marketers (Bart et al., 2014). If marketers are considered then it is analyzed that they are not conducting the activities in directing the target market towards the sustainable consumption. The negative impact is analyzed on the overall performance of the organization. Also, the strategies and policies are not considered by the marketers in the market. If the recent situation of the market is considered then it is analyzed that growth can only be achieved by the company when there are proper strategies considered by the organization (Juster, 2015). When the marketers do not give focus on the requirements of the consumers, then it is evaluated that negative effect is seen on the overall profitability and growth of the company. Goodwill of the company is also affected when in many situations the marketers are not able to attain profits in a proper manner. As it is seen that competition level is increasing day by day, so it is also giving effect to the responsibility of the marketers (Lusch and Vargo, 2014). It is the responsibility of the marketer to analyze that the supply of the products and services in the international market is proper, so that the sales can be increased. Proper communication should also be maintained so that the conflict does not take place in the organization. It is very essential to have proper communication between the company and the consumers so that the products can be supplied in proper manner globally (Klimchuk and Krasovec, 2013). There are various situations in which the consumers are not able to buy the products from the marketers. It is essential for the marketers to contribute towards the sustainable consumption so that the day to day operations can be done properly. The duty of the marketer is to give emphasis on the culture and also to consider the environment. There are many situations in which the marketers are not able to grab the attention of the consumers. But it can give negative impact on the buying pattern and also on the behavior of the consumers towards the products (Barrett and Weinstein, 2015). Buying behavior should also be considered by the consumers, so that the products and services offered to the consumers can be done properly. If profitability is enhanced by the company then it is evaluated that company can work properly to accomplish the goals and objectives of the organization. To survive in the competitive environment profits are important for the organization, so that the activities can be conducted effectively (Solomon, 2014). So by analyzing all the information, it is seen that marketers are important for the organization. Without marketers, the company will not be able to complete the activities on time. Marketing strategies should also be considered so that the level of competition or impact of the competition can be minimized. To enhance the goodwill in the market it is important to give emphasis on increasing the satisfaction level of the consumers. The aim of the marketers is to give focus on the overall profitability and also on the goals and objectives of the organization. The marketers should give emphasis on increasing the demand and also the profits of the company so that growth can be attained (Holliman and Rowley, 2014). So, to increase the overall performance and also the profitability the marketers should give focus on enhancing the goodwill in the market. If the goodwill is maintained properly, then the targets can also be attained effectively. It is essential to have proper control over the marketing strategies also so that it can result in the loss of the company. If proper marketing strategies are taken into consideration then it can be easy for the organization to introduce new products and services in the market. Also, the marketer should have proper knowledge about the products that are offered to the consumers; so that the queries or the questions can be answered in a proper manner (Naeem et al., 2013).It is also seen that if organization have capable marketers that it is not difficult to accomplish the overall profitability and growth of the company. Capable marketers are necessary to enhance the operations in a proper manner and also to help the organization to accomplish overall targets. Marketers are considered as an asset to the organization. So, they should be taken into consideration by having proper decisions. References Barrett, H. and Weinstein, A., 2015. Corporate entrepreneurship, the marketing mix, and business performance. InProceedings of the 1997 Academy of Marketing Science (AMS) Annual Conference(pp. 144-150). Springer, Cham. Bart, Y., Stephen, A.T. and Sarvary, M., 2014. Which products are best suited to mobile advertising? A field study of mobile display advertising effects on consumer attitudes and intentions.Journal of Marketing Research,51(3), pp.270-285. Holliman, G. and Rowley, J., 2014. Business to business digital content marketing: marketers perceptions of best practice.Journal of research in interactive marketing,8(4), pp.269-293. Juster, F.T., 2015.Anticipations and purchases: An analysis of consumer behavior. Princeton University Press. Klimchuk, M.R. and Krasovec, S.A., 2013.Packaging design: Successful product branding from concept to shelf. John Wiley Sons. Lemon, K.N., 2016. The Art of Creating Attractive Consumer Experiences at the Right Time: Skills Marketers Will Need to Survive and Thrive.GfK Marketing Intelligence Review,8(2), pp.44-49. Lu, L.C., Chang, W.P. and Chang, H.H., 2014. Consumer attitudes toward bloggers sponsored recommendations and purchase intention: The effect of sponsorship type, product type, and brand awareness.Computers in Human Behavior,34, pp.258-266. Lusch, R.F. and Vargo, S.L., 2014.The service-dominant logic of marketing: Dialog, debate, and directions. Routledge. Malaval, P. and Benaroya, C., 2013.Business to Business Marketing(No. halshs-00876066). Morrison, M.A., 2015. A look at interactivity from a consumer perspective. InProceedings of the 1998 Academy of Marketing Science (AMS) Annual Conference(pp. 149-154). Springer, Cham. Naeem, B., Bilal, M. and Naz, U., 2013. Integrated marketing communication: a review paper.Interdisciplinary journal of contemporary research in business,5(5), pp.124-133. Solomon, M.R., 2014.Consumer behavior: Buying, having, and being(Vol. 10). Upper Saddle River, NJ: Prentice Ha

Raffles Hotel free essay sample

Hotel in Singapore Full Situational Audit of the Raffles Hotel and Develop a Strategic Place for the next 3 Years. Cover Page: Student Number, Module Code, Title, Module Tutor Table of Contents, List of Tables, Figures and Appendices Introduction Explaining the Purpose of the Report Brief Company Overview (10% of the assignment mark) 400 words External Audit: analysis of relevant macro-environmental (PESTE) and industry dynamics (Porter’s Five Forces), an assignment of competition and evaluation of Key Success Factors. The application David’s Factor Evaluation (EFE) matrix might assist your analytical process (30%) 1200 words Internal Audit: Analysis of the company’s strategic positioning in the marketplace and key target segments, an evaluation of the corporate portfolio and expansion strategies in relation to the firm’s centric approach and a comprehensive strengths-weaknesses analysis of current resources and competences, value chain activities and value networks. The application David’s Internal Factor Evaluation (IFE) matrix might assist your analytical process (30%) 1200 words Strategic plan for the next three years: This should include an evaluation of strategic options (TOWS matrix), the development of a new sales target, SMART objectives, the development of a mix of suitable strategies and a monitoring, control and contingency plan. We will write a custom essay sample on Raffles Hotel or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page (30%) 1200 words List of references Company Overview Raffles Hotel is a colonial-style hotel in Singapore. It was established by two Armenian brothers from Persia—Martin and Tigran Sarkies—in 1887. In later years they were joined by younger brothers Aviet and Arshak and kinsman Martyrose Arathoon. With their innovative cuisine and extensive modernisations, the firm built the hotel into Singapores best known icon. It was named afterStamford Raffles, the founder of modern Singapore, whose statue had been unveiled in 1887. The hotel is currently managed byFairmont Raffles Hotels International and houses a tropical garden courtyard, museum, and Victorian-style theatre. Raffles Hotel has a shopping arcade housing boutique brands such as Louis Vuitton, Surrender, and Tiffany Co.. The arcade houses most of the hotels restaurants. It also has shops such as the custom tailor, CYC The Custom Shop,[9] which makes shirts for Singapores first prime minister, Lee Kuan Yew, and the third and current prime minister, Lee Hsien Loong. The third floor of the arcade houses the Raffles Hotel Museum and Jubilee Hall. Accommodation The hotel has 103 suites: 84 Courtyard and Palm Court Suites 12 Personality Suites 5 Grand Hotel Suites 2 Presidential Suites Activities 15 Restaurants and bars Raffles Spa Outdoor swimming pool Raffles Hotel Shopping Arcade Jubilee Hall theatre Raffles Hotel gardens Gymnasium Event spaces Executive centre Business Services A team of 24-hour personal Raffles butlers endeavours to assist hotel guests in all matters of business and leisure throughout their stay. The Executive Centre is another haven where residents can work or relax at their wish. Designed as a study, it is fitted with personal computer workstations and printers, and stocked with a selection of international newspapers, business magazines as well as commercial/industrial trade directories. The perfect location for a business meeting, Raffles Singapore features seven function rooms for events of up to 350 guests. With a choice of rooms, attentive service and all the technology you would expect, we’ll make it happen exactly the way you want it Facilities Outdoor Swimming Pool Bar Luxuriate in an exclusive haven by the rooftop pool, set amidst the lush tropical surroundings. Raffles Hotel Shopping Arcade Raffles Hotel Shopping Arcade stands as an oasis of calm amidst the busy city and is an integral part of the world-renowned Raffles Singapore. The shopping arcade offers an extraordinary experience to discerning shoppers both locally and from around the world. It houses over 35 international and regional fashion and designer stores, as well as the popular Raffles Shop with fascinating memorabilia and collectibles available for purchase. Jubilee Hall A charming, Victorian-style theatre playhouse seating 388 guests, Jubilee Hall is noted as a premier cultural venue for varied repertoires and ceremonies. Sir Charles Flowers For The Gentleman With a bloom for the gentleman to shower upon his lady and a posy for the lady to accord her gentleman, let the distinguished flowers from Sir Charles speak for you. From hand posies and hand bouquets to potted floras and lavish arrangements, Sir Charles has a delightful bloom for every joyous occasion. Gardens at Raffles Hotel Raffles Singapore is perfectly accompanied by the lush greenery and the landscaping which make up a quarter of the total land area of the Hotel. The gardens and courtyards at the hotel include the Palm Court, Palm Garden, Fern Court, The Lawn, Raffles Courtyard and Raffles Square. An iconic plant found in the gardens of Raffles Singapore is the Travellers Palm, which as tales would tell, has been known to save the lives of travellers in search of water with its fan-shaped foliage providing welcoming shade. The leaves are also said to be aligned on an East-West axis, thus pointing travellers in the right direction. Limousine Service Arrive in style at the grand gravel driveway of Raffles Singapore with our chauffeured limousine service, or be whisked away to your next destination after your stay with us. Our classic Daimler or Bentley limousines promise to transport you to the glorious heydays of a bygone era, without which no Raffles experience is complete. A luxurious fleet of other modern limousines are also available. Family Outdoor Swimming Pool Luxuriate in an exclusive haven by the rooftop pool, set amidst the lush tropical surroundings. Raffles Hotel Shopping Arcade Raffles Hotel Shopping Arcade stands as an oasis of calm amidst the busy city and is an integral part of the world-renowned Raffles Singapore. The shopping arcade offers an extraordinary experience to discerning shoppers both locally and from around the world. It houses over 35 international and regional fashion and designer stores, as well as the popular Raffles Shop with fascinating memorabilia and collectibles available for purchase. Resident Historian Experience a tour with Raffles Singapore’s very own Resident Historian Leslie Danker who has been with the hotel for almost 40 years. 24-Hour Butler Service At Raffles Singapore, we want our hotel guests to feel the ultimate service from our hearts. Delivering a high level of discreet and attentive service is the role of the Raffles butler. We call that ‘service with a gentle breeze’. The butler team can also make arrangements for babysitting services, offer children’s amenities such as toys and games, should you require them.

Business Ethics Applying Virtue Theory

Business Ethics Applying Virtue Theory Introduction The price fixing case by Micron, Infineon, and Samsung presents an interesting ethical issue since big companies at times engage in this practice in order to avoid losses that may occur due to aggressive competition.Advertising We will write a custom essay sample on Business Ethics: Applying Virtue Theory specifically for you for only $16.05 $11/page Learn More In this case, three of the four major companies in the DRAM market, Micron, Infineon, and Samsung, made an agreement to fix the prices for DRAM. The demand for memory chips by the personal computer industry had led to these companies investing in bigger factories in order to provide for the increasing demand for memory chips. However, these investments had led to large inventories and intensive price competition among the major players. While competition is good for the industry, intensive competition might be damaging and in this case, it resulted in the companies having to sell their DR AMs at prices that were below manufacturing costs. The three major companies therefore engaged in correspondence with each other and came to a consensus that they would move their prices upwards in unison. Such a move would ensure that the companies were able to sell their product at a price that was above the manufacturing cost and therefore make a profit. The companies’ engaged in this price fixing in secret since such activity is illegal. Price-fixing is not an acceptable behavior since it hurts the consumer who is forced to pay more for the product. This practice also results in companies making more money than they are entitled to since they do not rely on the market forces to set the price but rather their own. The hefty penalty imposed on Infineon by the US government illustrates that the government views price fixing as an unlawful action. On the other hand, the companies have a right to make a profit and their major reason for existing is to make profits for their sh areholders.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This major goal of the companies could not be realized in the fiercely competitive DRAM market where prices had moved to below the manufacturing cost. A question therefore arises as to whether there was a breach of morality by the companies through their price fixing actions. An ethical analysis of the actions of the companies must be performed in order to determine if their actions were morally justifiable. This paper will set out to assess whether Micron, Infineon, and Samsung acted virtuously in their collective decision to move their prices upward or whether they acted viciously. Analysis In virtue theory, emphasis is placed on the agent’s motivation with the rightness of an action being dependent on the motive from which it proceeds. Liezl explains it as an action is right if (and because) it exhibits or expre sses a virtuous motive or at least does not exhibit or express a vicious motive (52). According to this account of rightness, actions are right because they are done with virtuous motives on the part of the agent. Virtue ethics analyses the character of the agent who carries out the action and the agents morality is therefore used to decide on the morality of his/her actions. While traditional virtue ethics focused on the virtues, modern virtue ethics take on an agent-based approach where motives are the primary concern (Bessant 430). Edmund Pincoffs ethics theory presents the best model to use in this scenario. In this theory, every virtue can be understood in terms of the role they play in human life and those qualities that it encourages.Advertising We will write a custom essay sample on Business Ethics: Applying Virtue Theory specifically for you for only $16.05 $11/page Learn More Gruner observes that price fixing has an effect of normalizing this beha vior and a company which engages in price fixing is more likely to continue with this habit and consider it a way of life (1). Virtue theory argues that the wrongfulness of an action can be determined by examining the kind of person the action tends to produce or the kind of person that tends to produce the action (Velasquez 132). On the price fixing case in question, we are not informed of the character of the major companies that engaged in this action. Even so, we do know that there was a statute outlawing price fixing in the US as of 2001. In spite of their knowledge of this, the three companies went ahead and engaged in price fixing. The integrity of a company that would knowingly break the law is called into question. The companies were willing to risk the costs of violating price-fixing laws and this suggests that they had a strong motivation to engage in this act. Even so, all this is speculative since the case study does not offer any suggestion that the companies were immo ral agents. An analysis of the motivation behind the price fixing actions of the companys must also be looked at since Virtue Theory considers the motivations behind an agents actions. The motivation of the companies in fixing price was not malicious. From the information provided, there is no indication that the companies intended to harm the consumers by raising their prices. Instead, their intention was to ensure that they obtained a profit on their products, which were being sold at a loss due to the aggressive competition. However, we can rightfully deduce what kind of a person such actions tend to produce. In the price fixing case, an analysis of the future consequence of the three major companies continuing with this practice reveals the following. If the price fixing is to continue, consumers will suffer.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Brander and Ross assert that the economic damages of price fixing are great since this practice causes consumers to purchase goods at excessive prices (336). Price fixing is harmful to the consumers who have to suffer from the high prices that are imposed on them by the customers. The practice is also harmful to the smaller companies which can be eliminated from the market through the dominance of the major companies. Brander and Ross illustrate that the artificial manipulation of product prices stifles free and fair competition and this might cause the smaller companies to be eliminated (336). The Virtue theory focuses on the type of person that we ought to be and not on the specific actions that should be taken (Weiss 113). In this case, the type of company that is desirable is one that is grounded in good character, motives, and core values. By engaging in price fixing, the companies in question are not going to develop a bad character and their core values will be corrupted. The price fixing actions resulted in significant monetary gains by the companies that engaged in this practice. In the fixing the computer Memory Market case, the companies involved were able to move their prices from about $1 to $4.50 a unit. At this high price caused by the price fixing, the companies were able to maximize their profit. It can be projected that the companies will become more selfish and greedy if they continue with these actions. Proponents of virtues emphasize the role of character and being a good person is more important than knowing about the rules or principles of ethical judgment (Bessant 429). Pincoff defines the moral virtues as forms of regard for the interest of others and the moral virtues under this definition include; benevolence, helpfulness, and selflessness (Weiss 113). The companies evidently lacked these virtues when they agreed to increase the price of their product. The actions of the companies do not help in the development of a moral character b ut instead encourage an immoral one. Conclusion My first reaction to the Price fixing case was that it was justifiable for the companies to raise the prices in order to gain some profit from their product. This conclusion was arrived at since in my opinion, the fierce competition among companies was damaging to each of them. Price fixing therefore seemed like the best option since it would ensure that each company remained profitable and would therefore be able to guarantee its future survival. While I appreciated the fact that price fixing is illegal, the rationale behind it seemed to be justified since a company should not be making a loss. However, an in-depth analysis of the issue using an ethical theory introduced different perspectives to the case. Virtue theory has emerged as an appropriate theory to addressing the issues raised in this scenario. While virtue theory was helpful in this case, I found a number of major shortcomings in the theory. To begin with, the theory fails to consider the circumstances surrounding the actions of the companies. The intense competition is what drove the companies to engage in the price fixing action. These external situations are very important in analyzing the moral character of the companies involved. The theory also places too much emphasis on the acting agent and very little attention is given to the subjects affected by the agents actions. In this case, the subjects would be the consumers, the community, and the small companies. The theory brought it to my attention that the intentions of the big companies had to be thoroughly reviewed. While at first I assumed that avoiding a loss was the only motivation, virtue analysis made me question the motivation of the big companies in fixing prices. From this questioning, I was able to observe that price fixing could have been motivated by the desire to stifle competition from smaller companies in the market. The theory also highlighted to me that the future consequences of the actions taken by the companies must be considered. In particular, the theory made me think about the kind of a company that the actions were creating. Ethics Theory suggests that the actions of an agent should make it more likely that the agent will successfully pursue virtuous goals in future. In this aspect, the virtue theory was very important since it contributed a different perspective to my understanding of the actions of the company. Instead of only focusing on the action taken by the companies, the theory forced me to analyze the underlying motivations and the future outcomes of the companies if they continued to engage in this behavior. By applying Ethics Theory, it can be confidently stated that the companies acted immorally by making the decision to move their prices upwards. Price fixing undermines the desirable values of honesty and fairness that a good organization is supposed to practice. Bessant, Judith. â€Å"Aristotle meets youth work: a case for virtue et hics.† Journal of Youth Studies 12.4 (2009): 423-438. Print. Brander, James and Ross Thomas. â€Å"Estimating damages from price-fixing.† Canadian Class Action Review 3.1 (2006): 335-369. Web. Gruner, Richard. Corporate Criminal Liability And Prevention. Harvard: Law Journal Press, 2004. Print. Liezl, van Zyl. â€Å"Agent-based Virtue Ethics and the Problem of Action Guidance.† Journal of Moral Philosophy 6.1 (2009): 50–69. Web. Velasquez, Manuel. Business Ethics: Concepts and Cases. (7th Edn). NY: Pearson, 2011. Print. Weiss, Joseph. Business Ethics: A Stakeholder and Issues Management Approach. Cengage Learning, 2008. Print.

Human Resource Management, Assignment3, Monitoring and Rewarding Essay

Human Resource Management, Assignment3, Monitoring and Rewarding - Essay Example In case of MORAS Ltd. the personal assistant is working in the head quarter and has a good relationship with other employees. The person has been promoted from the position of administrative assistant to personal assistant, requires minimum supervision and has subordinates who are administrative personnel. They are to handle confidential information, attend phone calls, organise meetings and other secretarial activities like checking mails, writing replies. They are given all the facilities to perform the work efficiently along with an air-conditioned office. They are to have a four year experience as an assistant or secretary. Their work activities include handling calls and filing and recording, it is required that they have knowledge of the General Manager’s responsibilities. They are required to make decisions solely, be a fine organiser and complete work on time as required. If any mistake is made in handling calls it would not have a drastic impact. In case of filing and recording, they should know typing, filing, organising and classifying records. It is essential to perform work on time and avoid any mistake because poor filing will lead to serious problems in the company. [2] 2. The employees who are working in the company are given a questionnaire and if they feel that they should be promoted then their questionnaire is reviewed by their supervisor. If the supervisors also feel the same then the employee undergoes a few process of observation and then might be promoted. [5] The information maintained in the records about the employees, tells about their skills, knowledge, responsibilities. If these are more than required for the job then will help the supervisor decide whether to the position held by the employee is appropriate or his skills might serve a higher position. Records contain information about how efficiently employees perform their job, how

Introduction to Philosophy (not quite sure about what the title is) Essay

Introduction to Philosophy (not quite sure about what the title is) - Essay Example Nevertheless, can not you see that while doing so, you give up one of the previous aspects of your individuality, namely moral autonomy? Please consider this: if you believe that God gave you free will and He must want you to use it all the time, especially while making ethical decisions, but by sending this letters He practically deprives you of this ability. In other words, by commanding you He substitutes your will with His. It is quite obvious that in this situation you lose your value as an autonomous human being with independent reasoning! (2) - I see that you are a young and promising student of Philosophy, good for you, - he replied. - Nevertheless, I adhere to nihilistic views and would like to use this chance as I chase you to collect the sample of you blood to present my position. You see, I comply with what your Philosophy would call Expressivism. As you may guess from the very name, this approach towards morality puts emphasis on the action of expression rather than action of judgment. You see, ordinary people do not receive letters from God Himself think about the world in the categories of right and wrong, claiming that there is no other option. Contrary to that, I simply express my opinion about something, not necessarily claiming it to be good or bad. Let is consider the situation that we are having at the moment. You make taking samples of other people blood sound horrible! On the other hand, I retain a position that does not claim that it is good, I just note that it is necessary for my question, you know . You may be thinking that I am a crazy maniac who approves of killing people, but please refrain from such kind of thinking. It is my strongest belief that strict moral knowledge that you think you have is in fact impossible. Indeed, if one develops a broad understanding of the world, one will be able to see that it is not possible to gain any knowledge in the realm of Ethics which would

Extra credit Essay Example | Topics and Well Written Essays - 500 words - 1

Extra credit - Essay Example Conflict and disagreement is inevitable in any group or social setting. By inevitable conflict, I do not mean violence but rather clashes of opinion and personality and could sometimes ruin relationship and teamwork and ultimately, affecting performance and productivity. No one can ever succeed in life and career without experiencing conflict because there will always be differences among people considering that we are all different. Thus, conflict management is a key skill for one to get over social and relationship difficulty and succeed. Sometimes, it would be necessary to go against other people’s opinion and perspective to get our ideas and message across and this inevitably lead to a clash of opinion requiring a high degree of competency in conflict management. Improving the competency of conflict management is a never ending process. Even top executives who are already in the peak of their career are still continuing to learn on how to improve their conflict management skills. On my end, I will improve my conflict management competency by first increasing my awareness about myself and others on what causes conflict. I will then learn the various methods to handle it by learning the lessons taught in my management class. Management books as well as self-help books are also a huge help in improving competency in conflict management because they propose various techniques in handling conflict. Going to symposia, forums, lectures and similar events will also help widen my perspective about conflict management. I will not let the opportunity pass also to be coached by experts on conflict management especially those who have years of experience behind them in dealing conflicts. It will also help to observe on how other people handle their respe ctive conflicts and pick up those that are beneficial to me. The value in improving this competency improves my social skill and enhances my chance for success. No