Question

Q1:Why is Business ethics, especially within a B2C EBusiness model so important? Discuss issues and challenges?

Q2:How can a business use modeling to show enhancement to business processes?

Q3:Explain how you would use the six-step approach when making a business decision? Use an example for your explanation.

Answer 1

1. Business ethics or the right way of doing the things are essential to be honest to the customer in the dealing. An ethically managed organisation makes customers happy with its services and keep them engaged for a long term, whereas an unethically managed firm may attract the customers for short term, but eventually loses them once they realise the real designs of the company,ofte creating a negative word of mouth, that proves to be detrimental.In a B2C e business model, the results of ethical treatment of customers reflects instantly through the reviews and recommendations. Being a high visibility model, the bad practices can't be kept under covers for long and result in rapid decline of the company, both online and offline.

2. Business modelling is a technique which represents the processes of the company in systematic and objective manner. By analysing the model, vital infromation about the process design, resource utilisation, efficiency, quality of output and cost of operations can be determined. This information can be used for making the processes more lean, effective, cost efficient and ensuring optimum utilisation of resources, with ultimate objective to become more competitive.

3. The six steps of decision making process are as follows.

(a) Establishment of facts - It is the process of identification of what needs to be accomplished and what will be the approach to accomplishment. An example is consultation with all stakeholders to discuss pros and cons of implementing ban on the mobile phones in the school.

(b) Identify alternatives - .Identification of different alternatives for accomplishment of task.

(c) Exploration of alternatives - All alternatives leading to accomplishment of task should be critically analysed from all perspectives to help to make final decision.

(d) Choice of right alternative - Selection of the alternative that fits the bill in most effective manner.

(e) Checking the decision - Making sure that the decision being made is the best among all alternatives and from all perspectives.

(f) Implement - Putting the decision into action, after all deliberations.