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The Importance of Business Philosophy

1. Varieties of business ethics

❶Odder questions can often give you more insight into people's personalities.

2. Corporate moral agency

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Let’s bring back the Sabbath as a radical act against the always-on economy

Paperwork is easy, but I fully believe if you can master the art of dealing with people in a fair and effective way, a good leader you are bound to become. I guess the best way to describe my view of a good manager and leader is to go to the age-old tale of my father. He is currently the manager and vice president at a large home improvements firm in Indianapolis. A constant motivator, he is a friend, and a quality boss to each of his employees. He runs nearly a dozen crews and manages several different types of projects.

He is faithfully at work on time and in a good mood. He tackles his day with optimism and treats his firm and employees with the utmost respect. I remember a story he told me one time…one of his hardest working crewmembers had worked his way up to a supervisor position, and due to a domestic violence dispute leave it to a wife he was now forced to where an ankle bracelet.

Many customers that were a little uneasy about dealing face to face with an obvious criminal approached my father. My father took his responsibilities as a customer liaison and relayed the position to another gentleman on the crew.

His company now has an employee for life; I know I would. Read full document Save. Change management amounts to the effecting of acceptable strategies to the market to produce products that consumable by the target market proportion. The leadership adopts a behavior that is friendly to the consumers and the employees of the company thereby deriving the requisite changes that is pertinent to the general growth of the firm.

The nature of Samsung influences the business management to utilize the Porters five forces model to achieve the desired objective of the enterprise.

That is, the leadership of Samsung arm that operates within the United States of America applies the five forces model to effect the changes that they wish and desire for the overall growth of the company Northouse, , pp The Porters five forces model dictates the leadership approach and behavior as discussed here below:. The bargaining power of buyers: The fact that there are so many manufacturers of the same products Samsung manufactures gives customers an added advantage as they can easily switch to products with better features or price points.

The bargaining power of suppliers: However, in the industry, the suppliers bargaining power is relatively high. The providers goods are essential to the buyers marketplace success. The threat of potential new entrants: It is always difficult for a start-up to enter into an industry where the existing or operating firms already operate on cost and differentiation strategies. This is mainly because the new entrants would have major issues with overcoming patents especially if they did not mostly invest in research and development to create a unique product.

Role of corporate governance of Samsung in shaping leadership behaviors and approaches. Corporate governance defines the scope of business regarding the industries and markets in which it operates and competes. This level includes decisions on vertical integration, diversification, new ventures, divestments, allocation of scarce resources between business units and acquisitions Northouse, , pp At this level, the company should venture into new businesses mainly because their current technology is quickly becoming outpaced by new technologies that depend on nanotechnology.

The another level is the business strategy level; this is usually concerned with how the firm competes within the particular industry or market. Samsung must develop strategies that will ensure it establishes a competitive advantage over its rivals Northouse, , pp. By doing so, the company will be able to increase its profitability mainly.

Samsung has successfully positioned or placed itself as one of the best mobile handset manufacturers as its products are recognized in several media. Many individuals refer to their mobile handsets as "Mercedes of cell phones" or "the best gift for Christmas. Using this success factor as strength, Samsung diversifies their products through the provision of other devices that operate unique operating systems, as well as increased functionality.

Samsung is both product and market oriented. The electronics that the company produces, mobile phones, in particular, resonate with the needs of the consumers regarding usability and price. Samsung Company employs various corporate governance mechanisms to ensure that the management works in harmony to achieve the companys goals and objectives. The internal mechanisms employed by Samsung are meant to ensure that the internal stakeholders of the company, employees, managers, and owners, work smoothly and that they establish clearly defined reporting lines and performance measurement systems.

The internal mechanisms duties include the oversight of management operations structure of the board of directors into different levels of responsibility, policy development and segregation of control. Additionally, they have the duty of ensuring independent internal audits are regularly done so as to ensure the company remains focused on its goals.

Samsung Company also employs external mechanisms in its corporate governance; these external devices are governed by forces outside the organization such as the government, trade unions, and financial institutions Northouse, , pp The objectives of these are to ensure the company adequate debt management mechanisms as well as it complies with the legal requirements of their country of operation. The external mechanisms for corporate governance have the duty to advice or offer guidelines for best practices, and the company has the status of reporting their compliance states with the guidance provided.

Also, the frequent internal independent audits are meant to ensure that the management does not steer away from their focus in being a world class leader and in any case they do, it will be quickly noticed and corrective mechanisms employed. Additionally, in compliance with the external tools, the management is confident to offer quality goods that meet the set legal standards of their countries.

The company is proud to be having hardware that integrates to different types of software and other components of electronics.

It has environmental concerns at its heart and, therefore, has taken the steps in manufacturing products that are environmentally free. The company has gone into grass roots and identified employees who are innovative and best designers. Compared to its competitors such Apple, its products are cheap and consumer friendly. The company is proud to manufacture approximately handset types that cater for every individual in the society.

The company has experienced increased demand for its Smartphone products in the third world and developing countries that include India. The company is proud to have the best advertising platform that enhances sales for its tablets. Samsung has over the years managed to build a strong brand value through multiple sponsorships and has gained a reputation for excellence in engineering and hardware production; it has proven to be innovative and well-designed besides achieving low production costs.

Since the company can effectively market its brand around the world, it uses this strength to take advantage of new and growing markets all over the world. An example is Indias growing Smartphone market.

The company establishes their brand in the market to ensure that it has the largest market share. Additionally, Samsung invests in developing its operating system for their mobile division so as to differentiate its product from other competitors. Mostly the cheap Chinese goods that have for a long time developed same products to Samsungs devices that has had the effect of ruining the perception of customers on Samsungs products as being inferior quality products Blakeley, , pp Samsung takes into consideration the teachings of Smith that call for capitalism in the global market.

Samsung uses smiths teaching to strive to be a market leader in the global industry. Second, Samsung values its employees and views the employees as the critical resource to drive the agenda of the organization. The technological market in which Samsung operates is highly liberalized, and there is open competition from the rival firms such as Apple. The motivation to be a market leader is also evident in the leadership theories that are utilized by the organization. The ideas compliment the theories that are used by Samsung.

First, Expectancy theory is a theory of human resources that explains anticipation of an employee regarding the expected output within the workplace.

The theory establishes that there is a relationship between routine duties of an employee outcome of the employees work Dubrin, , pp. The theory further explains that motivation of an employee towards job satisfaction is pegged on the employees ability to break down the main objective of the work with specific tasks that the employee does on a daily basis as a build up to achievement of the said objective.

Within the workplace, the output of the work determines the quality of the employee. The quality of the employee sums up in the skills and capabilities that the employee possesses.

The expectancy theory primary concern is the level of performance of an employee within the workplace. The theory seeks to delve on the intermarriage between rewards that an employee gets from the workplace based on the achievement of the set target within the place of work and achievement of personal career goals.

The main ideas of expectancy theory are hidden in the history context of the theory. There is three main theory that the theory presents, that is, valence, instrumentality and expectancy Dubrin, , pp. Valence refers to the emotional alignment that individuals regarding expectations that he or she needs to meet. There are three main measures of valence. That is, negative, zero and positive Dubrin, , pp. When an individual regards the outcome strongly, valence is positive.

When the individual is indifferent regarding an outcome, valence is zero, and when an individual has no preference to meet a target outcome, the valance is negative. Instrumentality in expectancy theory is the belief that meeting one objective is a build up to meeting the second objective. A measure of instrumentality is hidden within two concepts, that is, promotions and performance Dubrin, , pp.

Individual regard to the relationship between promotion and performance determines whether an instrumentality is zero or one. The value of instrumentality becomes one when an individual perceives that there is a relationship between the two factors. When an employee believes that his or her performance within the workplace is the cause of promotion that he or she is likely to receive, then instrumentality has a score of one.

Expectancy is the inherent belief that application of the needed effort in the workplace is a principal cause of the achievement of responsibilities and tasks. Business philosophy plays an integral part in guiding the day-to-day operations of a given company. Samsung Group has been devoted to improving the world through diverse business strategies and product brands that span around advanced technology. Expectancy theory helps to motivate employees.

The theory acts as a substitute of motivation. The theory asserts that motivation is the product of valence, instrumentality, and expectancy. When the value of the product of the three factors is zero, then, their motivation within the workplace is effective. That is, valence, instrumentality, and expectancy need to have a value of 1 for motivation to be effective innately in the employees thus enabling the employees to have a positive attitude in rolling out their mandate while at work Dubrin, , pp.

Meanwhile, the three ideas above emanate from the historical and social context of the expectancy theory. Historically, there need for work and establishment of the efficacy of an employee within a workplace is a growing concern in the human resources profession. Workplaces require different skills from a different individual to meet the set standards within a working environment. With the advent of globalization, there is an increase in industrialization and establishment of various businesses thus creation of more job opportunities.

Leadership blind spots-- and what to do about them.

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Business philosophy is a set of work ethos and best practices that guide the day-to-day operations of a given company. Also, a theoretical framework defines the mechanism used by an organization to manage operational areas in business.

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Business Philosophy. Business operation in today’s corporate environment is extremely complex. In an era where we are expected as leaders to be profitable and aggressive, but are somewhat hindered to the confines of ethics and social responsibility, setting an example .

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This essay briefly explains the purpose of an ethical theory and why no more than one ethical theory can be right. It outlines the positions the two ethical theories. It further discusses on claim 'So long as a business's actions are legal and accepted by consumers and shareholders, the actions can be considered ethically good'. Business Ethics Philosophy Instructions and Tips for preparing your Paper: 1. Watch the PBS documentary “Firestone and the Warlord.” Ask questions after the in-class viewing on Tuesday October 27th. 2. As you watch the film, make a note of all the names and roles of the people in the story, especially the key decision makers Continue reading "Business Ethics Philosophy".

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Aug 29,  · However, business philosophy can be left for chance development of an entire company culture. This is a dangerous variable when left unplanned. Business leaders focused on building a positive corporate culture build their philosophy from the mission statement and on the company's code of . Business Philosophy Paper business philosophy paper Spend $50, Receive 2 Travel Minis; Spend $75, Receive 3 Travel Minis.