The paper "The Scope of Business and Ethical Issues - General Motors, Wal-Mart, Coca-Cola " is a good example of business coursework. The concept of business can be explained as a business opportunity fully augmented with a comprehensive description of the business’ target market, target market estimated size, major benefits derived from the products and services by the business and potential customers and a complete account of how a well-developed business concept will generate proceeds (Trehan and Trehan 2007). The concept of business thus makes a business a very vital activity for man as it involves economic activities with the sole aim of earning profits for the fulfillment of human wants.
It also involves constant production of goods and services, their distribution and exchange of the same as well (Trehan and Trehan 2007). Basically, business activities are carried out with the aim of earning returns by satisfying customer wants and needs. Concept of business can take two forms: traditional concepts and modern concepts (Trehan and Trehan 2007). The traditional concept of business demonstrates that the main idea behind business existence is to earn profits by producing and effectively and successfully marketing its products which may include goods, services or ideas.
On the other hand, the modern concept of business demonstrates that business is more consumer-oriented than profit-oriented (Trehan and Trehan 2007). Under this concept, businesses have made consumer satisfaction the basis of their operations because a satisfied customer will refer to other new customers to the business, consequently ensuring the business makes profits. The idea of social responsibility is also emphasized under this concept with the view that today’ s business is more of a socio-economic entity and has to be responsible to the society (Trehan and Trehan 2007). General Motors is a global brand and has been in the business of vehicle production for so many years.
The automotive industry is ever-changing with competition heating up every other day as manufacturers try to keep up with the customer demands. A cross-functional from General Motors, GM Global Trends Network group, from around the world meets regularly so as to understand and discuss emerging trends in the automotive industry and the impacts these trends will have to the company; this team is led by Rick Holman.
The group focuses mainly on the company’ s future in the industry together with the world it serves. With the long term future of the company in mind, the GM Global Trends Network group sets up research priorities on the development of future products ideas. The company has been working on driverless cars based on its research on Urban Mobility and Aging drivers. Wal-Mart has been a success for so many years and experts have attributed this success to its business concept.
The store's concept is anchored in customer service, partnerships and community involvement (Anderson 2010). One of Wal-Mart’ s main drives is ensuring that customers get value for the dollar every time they visit the store. Wal-Mart achieves this by making deals with suppliers and by buying from them in bulk thus saving a lot. This enables the store to sell to consumers at lower prices while at the same time increasing sales volume and making a profit (Anderson 2010). The store also opens its doors every other day the whole year which customers find very convenient.
The store also has employed an employee associate at each of its stores who greets customers as they go into the store and this makes them feel really welcome. Technology is also a big part of Wal-Mart’ s operations and has helped it increase its profit margin. The company, for instance, employees a distinctive cross-docking inventory system that ensures pilferage is reduced (Anderson 2010). This concept has set it apart from its competitors.
Trehan, M., and Trehan., R (2007). Government and Business. New Delhi: FK Publications.
General Motors (2013).Emerging Technology: Driving Safety, Efficiency and Independence. Available at http://www.gm.com/vision/design_technology/emerging_technology.html (Accessed 16 March, 2014)
Anderson, G. (2010, September 22). Wal-Mart's Big Idea for Small Stores. Available at http://www.forbes.com/2010/09/22/wal-mart-stores-smaller-markets-retailwire-consumer.html (Accessed 16 March 2014)
British Gas. (2014). British Gas Business. Available at http://www.britishgas.co.uk/business/ (Accessed on 16 March 2014)
Bhasin, H. (2012). The Marketing Concept. Available at http://www.marketing 91.com/marketing-concept. (Accessed 15 March, 2014)
Kern, H. (2005, April 20). The Importance of Understanding the Business's Big Picture. Available at http://www.techrepublic.com/article/the-importance-of-understanding-the-businesss-big-picture/#. (Accessed 16 March, 2014)
Doyle, E. (2005). The Economic System. New York: John Wiley and Sons
Jennings, M. (2011). Business Ethics: Case Studies and Selected Readings. London: Cengage Learning.
Carroll, A. (2013). Business Ethics: Brief Readings on Vital Topics. London: Routledge.
Bremmer, B., and Lakshman, N. (2006). India: Pesticide Claims Shake Up Coke and Pepsi. BloomergBusinessweek, August 9. Available at http://www.businessweek.com/stories/2006-08-09/india-pesticide-claims-shake-up-coke-and-pepsi.(14 March, 2014)
Mahajan, A. (2009). ‘Ethical Issues Concerning Coca-Cola in India’, The Corporation, 18 August. Available at http://imaginecorporation.blogspot.com/2009/08/ethical-issues-concerning-coca-cola-in.html (Accessed 16 March 2014)
Luetge, C., Koslowski, P., and Homann, K. (Ed.). (2013). Globalisation and Business Ethics. Aldershot: Ashgate Publishing.
Tricker, B., and Tricker, G. (2014). Business Ethics: A Stakeholder, Governance and Risk Management. London: Routledge.
Crane, A., and Matten, D. (2010). Business Ethics: Managing Corporate Citizenship and Sustainability, 3rd ed. Oxford: Oxford University Press.
Ferrell, O., and Ferrell, J. (2014). Business Ethics: Ethical Decision Making and Cases. New York: Cengage Learning.