The paper "The Process of Industry Evaluation" is a good example of a marketing assignment. Business ethics can be termed as the proper business policies and norms that regard to issues such as corporate social responsibility, bribery and corruption, corporate governance and discrimination. Ethics in business form a basis for business operation and acceptance. Ethics in the business ensure that an organisation forms a high level of trust with its customers and stakeholders. Implementation of business ethics entails the communication of policies and guidelines to ensure all stakeholders understand their ethical roles.
Ethics in business may entail a code of conduct that lays out a company’ s expectations for appropriate workplace behaviour. Effective implementation of such code would indicate a fundamental step in the institution of an inclusive and ethical culture in the workplace. Business ethics protect the workplace environment and inform the stakeholders of the company’ s expectations thus contributing to its success. Companies require an acceptable and clear moral and ethical foundation in order to succeed. Therefore, it is desirable to create a recipe for ethical behaviour among the employees based on the commitment to moral norms and values.
Ethics is directed to employees as a guide to choosing what is right and what is wrong in a particular situation. For instance, in many companies, it is considered unethical to receive a bribe from customers or stakeholders. Anybody doing this is considered to break the ethical code. Why New Ventures Fail There are a number of reasons why a new venture fail. One reason why new companies fail is due to lack of market knowledge. The first year of business operation with a limited understanding of the market results to failure.
When an entrepreneur does not understand the specific market factors such as target customers, competitors, market price, and customer preference, the likelihood of failing is high. Many people start a new venture with limited market knowledge that has contributed to a large number of failed start-ups. Another reason why new ventures fail is a failure to develop an effective business plan and model. It is important for an entrepreneur to be sure that there is an adequate market for his offerings. A business plan should include all components required for business success.
It should be based on market research and analysis. The lack of an operational business plan results in business’ failure. Lack of enough financial resources also contributes to business failure. Before starting a new venture, an entrepreneur should ensure he or she has enough capital required for running the business. Another reason why new ventures fail is lack of experience. New start-ups are faced with many challenges. To solve them, an entrepreneur is required to find a solution to these problems.
However, this is impossible without technical skills and expertise in the knowledge area. Economic factors also contribute to business failure. The Process of Industry Evaluation Industry evaluation involves the study of a particular market in which a firm wants to offer its products and services to. The process of industry evaluation involves an extensive analysis of competition, legal factors, customer satisfaction and preferences and socioeconomic variables. Luckily, there are a number of sources where companies can get market information. The process of industry evaluation involves the analysis of secondary research. Secondary research can be retrieved from companies like Forrester Research and Nielsen.
Data is collected from secondary sources that involve key industry’ s information like key competitor’ s and market favorability etc.