Law ethics Essay Example | Topics and Well Written Essays - 1750 words

Law ethics - Essay Example A business involves financial and non-financial costs. Labour and equipment are financial costs that any business entails. On the other hand, an ethical business also incurs non-financial costs of environmental impacts like noise. Thus, such ethical businesses also strive to minimize non-financial costs by taking up the responsibility of causing little or no harm to the people and environment (Kreng 11). The case of product default as explained to me by Doug is of great concern to the general public, and even the employees at Green Moves. The products of the company have to be environmental friendly. I fully understand as a new employee that I should abide by the policies of this given company. However, my position should not be compromised by intimidation. In business, ethical responsibilities include actions and activities that are certainly not systemized in the law, and do not directly serve the company’s economic needs. The moral incentives that guide the business are ass ociated with doing the right things and prevent any harm without any external force or legal restraints. Every organization should have the responsibility of taking part in society in a cooperative manner. Business people recognize their self-presence in the society based on the fact that, business and societies go hand in hand. Business cannot progress without society and society cannot move ahead without business. Hence, every company must realize the presence of the society, which will in turn be important in increasing demand for amorally responsible business. For being ethical, organizations need to have good decision makers who perform their duties with justice, equality, fairness, neutrality, and value the rights of other people. Ethical behaviour requires the organization to treat individuals with fairness in their dealings relevant to the goals and objectives of the organization. Immoral and unethical actions take place when a decision leads a person or firm to benefit at t he cost of another person or the society as one. Ethical responsibilities comprise of those practices and actions that are prohibited by the society even if the law has not stated it. It represents the standards, norms and criterion that invoke a thought of concern for the customers, employees, shareholders, and all stakeholders including the community. Therefore, ethical responsibility should be carried out in line with the desired ethical standards and the expectation of the societal customs and values. It is also important to accept and acknowledge the new, dynamic and developing ethical norms and values that have been adopted in modern societies today. However, companies should not in any way use the ethical norms to achieve their own goals. Ethical standards should not be negotiated or compromised in any way for the achievement of corporate goals (Kreng 45). Organizations also need to ensure they do not cause greater damage to the environment they are operating in, as well as e mploy strategies for minimizing any sort of damage to the societies. This is referred to as the Corporate Social Responsibility (CSR), with many of the businesses today adopting its use in achieving their long term goals. Henceforth, Corporate Social Responsibility (CSR) can be best defined as a business obligation to contribute towards prolonged economic development, operating with workers, their families, the immediate communities, and society as

Toyota Strategic Management Essay Example | Topics and Well Written Essays - 750 words

Toyota Strategic Management - Essay Example By delivering quality products to customers, the company is able to increase loyalty of the customers towards the brand and this is one of the reasons why the company has large number of satisfied customers around the world (Berger, 2011). Adoption of Innovative strategies and new technology Toyota focuses on innovations and bringing in new technologies to cater customers’ rising needs and to meet customers’ demands (Ghemawat, 2007). Company has analyzed the need of hybrid-cars in United States; therefore coming up with those cars was strategic choice as it has increased customer loyalty and increasing customer value. More focus on HR than before Toyota’s focus on human resource than before has achieved them to come up with more innovative products. Toyota believes in kaizen (continuous learning) has enabled its employees to be more productive than ever before. Toyota takes its employees as an ultimate source to value generation and long-term profit. The company analyzes how important the idea of career development is for employees and makes sure that employees do believe that they have a successful career at Toyota (Latham, Winters, and Locke, 1994). The company also invests in its human resource by providing different kinds of trainings to improve their productivity and this has allowed the company to achieve lower cost in comparison to competing firms like Honda. So Toyota’s more focus to HR has enabled it stay competitive for long-run Honda (Berger, 2011). Optimizing cost by kaizen (High quality with an affordable price, niche) Toyota’s decision to focus on the niche who demands for low priced quality cars and to cater the needs of this segment the Toyota team has come up with high quality automobiles with an affordable price (Steger, 2009). With the Kaizen strategy followed and implemented well at Toyota, the company has been able to manufacture automobiles at a lower cost than other firms including Honda (Berger, 2011). Firm’s decision to focus on CSR Toyota has decided to be more environmental friendly by fulfilling social corporate responsibilities which has allowed them to increase their brand’s image in the eyes of customers and other stake holders. This has helped them to increase their customer base and to meet all environmental obligations (Kotler, Wong, Saunders, and Armstrong, 2005). categorize these choices using Porter's four generic strategies Cost focus Toyota’s focus on training and development to increase skills and abilities of its employees has increased their productivity and reduced damages in the work environment which has allowed Toyota to be more cost-effective. This ensures the adoption of cost focus Porter’s generic strategy by Toyota. Differentiation strategy Toyota’s continuous research to bring in timely innovations to cater customer’s rising needs and desires has allowed them to create a point of difference among other automobile manufactures. This shows implementation of differentiation strategy to increase long-run profits. Market segmentation Toyota has adopted market segmentation strategy by segmenting its target market on the basis of customers’ needs and affordability. SWOT Perspective Well above discussed Porter’s generic strategies have enabled the company to convert its many weaknesses such as cost optimization to its biggest strength, well the above adopted strategies has allowed the Toyota to