Question

 

Assessment 2: Analysis of Business Policy (1000 words) (20%)

Students are required to select a range of policies from a particular business and evaluate the policies according to:

1. Content: Does policy content clearly articulate the rationale, goals, and implementation strategies for various policies?

2. Implementation: Have policies been implemented as intended? What barriers to, and facilitators of, implementation have been identified?

3. Impact: Have policies produced their intended outcomes and impact? How do you know (i.e., refer to specific evidence where possible)?

Students should also frame some recommendations for future policy development that may be required by the business.

 

Answer 1

Business Policy

Business Policy defines the scope or spheres within which decisions can be taken by the subordinates in an organization. It permits the lower level management to deal with the problems and issues without consulting top level management every time for decisions.

Features of Business Policy

• Specific
• Clear
• Reliable/Uniform
• Appropriate
• Simple
• Inclusive/Comprehensive
• Flexible
• Stable

In short, business ethics means to conduct business with a human touch in order to give welfare to the society. So, the businessmen must give a regular supply of good quality goods and services at reasonable prices to their consumers. They must avoid indulging in unfair trade practices like adulteration, promoting misleading advertisements, cheating in weights and measures, black marketing, etc. They must give fair wages and provide good working conditions to their workers. They must not exploit the workers. They must encourage competition in the market. They must protect the interest of small businessmen. They must avoid unfair competition. They must avoid monopolies. They must pay all their taxes regularly to the government.

Nature of Business Ethics

1. Code of conduct 2.Based on moral and social values 3.Gives protection to social groups 4.Provides basic framework 5.Voluntary 6.Requires education and guidance 7.Relative Term

Advantages of business ethics

1.Attracting and retaining talent 2.Investor Loyalty 3.Customer satisfaction 4.Regulators

New concept Importance of Business

1. Long-term growth 2.Cost and risk reduction 3.Anti-capitalist sentiment 3.Limited resources Scope of business ethics 1.Ethics in Compliance 2.Ethics in Finance 3.Ethics in Human Resources 4.Ethics in Marketing 5.Ethics of Production Advantages of business ethics 1.Attracting and retaining talent 2.Investor Loyalty 3.Customer satisfaction 4.Regulators