External Factors That Have an Influence on Business Particularly Wal-Mart and Ford - Assignment Example

Name Course Tutor Date Reflective Journal 1.1.1 Name four external factors that have an influence on business particularly Wal-Mart and Ford Wal-Mart and Ford companies do not operate within a vacuum hence are impacted by the external factor. Some of the external factors which affect these companies comprise of the economy, consumer trends, legal and public (Baron 651). When economy improves, consumers will have more income which they can use to purchase apparel wear sold by Wal-Mart of cars sold by Ford Motor Company. Consumer trends also impact what the consumer buys. For instance, during rainy season, consumers are likely to buy heavy apparels at Wal-Mart while the high price prices of fuel make consumers buy fuel-efficient cars from Ford. Baron also claims that Government regulation and standard of products to produce and sell also influences the products and services Wal-Mart and Ford offers in different markets (652). For instance, some countries like Australia have established laws that regulate the amount of greenhouse gases vehicle should produce. Lastly, the public expects companies to be ethical, and conform to standards of corporate governance (Jeffs 42); hence, their association depends on such aspects. In 2005, Barbaro asserted that Wal-Mart had been condemned by the public due to low salaries it offers its workers in the US. 1.2.1 Surfboards’ factors of production A surfboard is described as a long platform which is relatively light, strong and utilized in surfing sports. In the recent years, surfboard has become a lucrative product due to increase in surfing sports. Therefore, to venture into surfboard business, some of the factors of production include labour, capital, land and raw materials (Stresing, Lindenberger & Kümmel 279). Labour entails the skills need for production of surfboard. The business owner can decide to acquire the skills or hire an employee who has the skills. Stressing, Lindenberger & Kümmel added that capital is the money needed to start this business (282). Land involves the place one will set up its business. Raw material is the basic material utilized in production of goods. In surfboard they consist of balsa board, polyurethane foam, APS 3000. Balsa wood is the platform which a surfer steps on and it comes from Brazil. Minguez et al assert that Polyurethane foam is manufactured locally from many chemical industries, while APS 3000 is software from Australia used to draw surfboard prototype and can be purchased online (4). Money needed to pay for factors of production can be obtained from savings or loan from a bank, a family member of a friend. 1.2.2 Three key questions do economists Over the years, economists have been compelled to handle the scarcity in different societies. The economists try to deal with the situation through various decisions in the choices they make (Jean & Myle 45). The scarcity makes them ask themselves three questions before making decisions. According to Jean & Myles, these questions are WHO, WHAT and HOW (49). In broad; who are the consumers of products and services in the society; what products and services ought to be produced; and how should the products and services be produced. Answer to these countries normally differ depending on the economic systems of the country; that is the system the country uses to identify what to produce, how to produce such products and who to distribute to (Jean & Myles 57). There are two major different economic systems which country use to produce, and they comprise of capitalism used by the US and communism mostly identified with Cuba. With capitalism, control and ownership of the factors of production rest with private companies while communism control and ownership privileges rest with the government (Heilbroner & Boettke 909). 1.3.1 Major factor that affects the supply of oil Oil supplies have become very important in operating economic sectors in countries which are not endowed such commodity (Holditch & Chianelli 319). However, with the world population growing, the demands of oil have highly gone up. In 2014 for instance, Collins claims that the US used the highest capacity of oil in 2009 of up to 84,249,000 barrels a day. Increase in number of vehicles as a result of population growth leads to excess demand. Increase in demand of oil leads to shortage of supply. Similarly, exchange rate also affects the oil supply. This is because when the dollar value reduces, oil dealers hoard this commodity until the dollar value increase hence less supply. In 2014, Collins also argued that the reduction in oil capacities in reserves means companies must discover new oil reserves with plenty of this product. While the process is still taking place, there is less supply in the market. 1.3.2 Additional oil reserves When new additional oil reserves are found, there will be more supply in the market, hence the price will reduce (Holditch & Chianelli 320). In a nutshell, when there is more supply in the market demand reduce forcing producers to sell at lower prices. 1.3.3 If producers must extract oil from more-costly wells Holditch & Chianelli believe that when the oil well becomes expensive, few producers may shy away from the well, while the few who extract oil from such well will be forced to hike their tank prices (324). This means consumers will have to pay more to fill their tanks. 1.3.4 If China’s economy continues to expand rapidly, what will happen to the price of oil? Gregory & Stuart contend Economic growth is determined by the number of successful companies, high salaries and an increase in GDP (37). As China grows, the number of companies in the countries increases, hence the demand for oil increases. Also, economic growth is signified by the increase of disposable income which can be used to buy luxury products likes cars (Gregory, & Stuart 64). More cars on the road increase consumption, thus high demand. When demand increases oil producers are likely to increase pump prices. 1.3.5 If drivers in the United States start favoring fuel-efficient cars over SUVs, will gas be cheaper or more expensive? The gas will be cheaper because of low demand for SUVs which primarily uses Gas. 1.3.6 In your opinion, will oil producers be able to supply enough oil to meet the increasing demand for oil related products, such as gasoline? When the demand is high, the producers will be willing to sell their oil. However, more supply leads to exhaustion of oil well, hence the producer will not be able to supply adequate crude oil which can be used oil in manufacturing of oil related products (Holditch & Chianelli 325). 1.4.1 Identify the four types of competition, explain the differences among them, and provide two examples (other than those used in these learning materials) of each. In the free market mechanism, there are four categories of competition consisting of monopolistic competition, perfect competition, monopoly and oligopoly (Heilbroner & Boettke 911). In monopolistic competition, numerous traders provide diverse products, which slightly differ but satisfy the same need. Example is the global vehicle market where auto manufactures offer different vehicle which may be seen to offer the same need. The traders make customers aware of the product dissimilarities as a way to control prices. In perfect competition, there are numerous consumers purchasing standardized products from several small business ventures (Heilbroner & Boettke 912). Since the no trader is more influential to impact the prices, the traders and consumers have to accept the market price. For example, when a dairy product trader brings his butter in the Australia market and bear no influence in the market, he will be forced to accept the current market price. Jean& Myles argues that in monopoly economy, there is one just one seller which control market prices (56). Example is the Coca-Cola Company which influences the beverage market. In 2014, Collins affirmed in oligopoly economy is where some traders supply a considerable segment of the products in a marketplace. They influence and control prices, but since they have the same products, when one firm decides to lower its prices, the rest will follow. This form of competition is observed in the Australian grocery sector between among Woolworths, Cole and Aldi supermarkets. 2.1.1 What behaviors violate academic integrity? Just the same way business ventures have codes of conduct and codes of ethics for managing staff behavior at workplace, the universities and colleges too have those codes to guide and direct students on what if recommended for academic behavior (Gostick & Telford 45). Therefore, behaviors outside the set codes of conduct violate academic integrity. In 2014, Oklahoma State University stated that some of the behaviors which violate academic integrity include Plagiarism, cheating on examinations, fabricating information and unauthorized collaboration, help others cheat in an examination and dishonestly altering academic results among others. 2.1.2 What happens if you’re accused of academic dishonesty? According to Oklahoma State University, when a student is found to have breached academic rules, regulation and policies, the University Council are mandated with providing sanctions depending on the outcome of the investigation so as to protect the university interests. The investigation is done in consultation with the student and the departmental head. If the student is found to have committed the offence, he or she may be dismissed from the course. In 2014, Oklahoma State University stated the student has to sign the document to show that he or she has admitted the charges. The student is given the opportunity to appeal the case. 2. 1.3 what should you do if you witness an incident of academic dishonesty? If one spots an academic dishonesty incident, he or she should report to the university authority to investigate and take action. In reporting, one will be helping the university community to stop academic dishonesty vice. 2.2.1 The difference between an ethical dilemma and an ethical decision Collins claimed that an ethical dilemma is a situation where one has to choose between two suitable, but frequently opposing choices which are significant to dissimilar groups. Abortion debate becomes a dilemma when the mother’s health is at risk. On the other hand, ethical decision is decision which is done based on ethical standards. In 2006, Augustine Ethical dilemma is usually framed as a “right-versus-right” decision while ethical decision is framed as right-versus-wrong situation. In 2014, Collins argued that an example of ethical decision is when Cynthia Cooper decided to whistleblow about the fraudulent accounting activities her bosses used to defraud WorldCom Company. 2.2.2 An ethical lapse and an example In 2014, Collins posited an ethical lapse is the situation where one makes a decision which is obviously unethical or unlawful. In 2003, Pullman gave an example where Betty Vinson who was the accountant committed ethical lapse by bowing to pressure from her bosses to doctor the WorldCom’s books of accounting. 2.3.1 Is it unethical for your employees to use their work computers for personal activities? In 2006, Penney pine that most of the company’s code of ethics claims that employees should seek to promote company’s interest and not individual interest. Therefore, using company computers for personal activities is unethical act. 2.3.2 Is it ethical for you to monitor computer usage? Yes, it is ethical to monitor computer usage to make sure that the actions of the employees are in line with ethical codes of the company. This ensures the integrity and good image of the company is protected. 2.3.3 Do you have a legal right to do it? Yes, the manager has. Monitoring roles of a manager allow him or her to watch the operation including computer operations to make sure they are done based on the ethical codes of corporate governance (Gellerman 53). 2.3.4 If you decide to monitor computer usage in the future, what rules would you make, and how would you enforce them? The manager should limit the sites the employees visit and provide ethical standards of using a computer in a written document. The rules can be enforced by liaising with computer system administrator to keep watch on what employees do on their computers. 2.4.1 Think of someone who you regard as an ethical leader. Explain why you believe the individual is ethical in his or her leadership Modern leader should always maintain work relationship with subordinates concerning ethical standards and expectations (Zadek 67). Similarly, his decision on the general society should be based on morality to protect the welfare of its societal members. In this way, they will have minimized cases of unethical issues. One of ethical leaders today is Howard Schultz who is the Executive Chief Officer of Starbucks. Schultz is believed to be ethical because of his urge in 2011 to fellow CEOs within America to stop donating financial and material help to politicians up to the time they begin operating government like any of the successful business around (Gellerman 55). 2.5.1 Nonprofit organizations (such as the University of Canberra) have social responsibilities to their stakeholders. Identify UC’s stakeholders. For each category of stakeholder, indicates the ways in which the university is socially responsible to that group. University of Canberra stakeholders includes the students, the professors, the subordinates and the community. Students pay school fee to the university, so the university has a responsibility to provide them with holistic and better education. In 2014, Collins, claimed the professors also dedicate their life to teach student and impact them with education so the university management have the social responsibility to provide them with better remuneration and good working environment to motivate them. Subordinates as employees who put their effort to serving to improve university’s performance, the university council is responsible for proving the subordinates with safety, healthy environment which is free discrimination (Gellerman 54). The university is responsibility for improving the welfare of the community by producing skillful graduates. Consultant Write a report Prepare a presentation John 80 hours 40 hours Jennifer 120 hours 60 hours 3.1.1 Does either John or Jennifer have an absolute advantage in a) writing reports and/or b) preparing presentations? John has an absolute advantage over Jenifer in writing reports because he uses less hours of 80 hours compared to Jennifer which uses 150 hours. John also has an absolute advantage over Jennifer because he uses 40 hours to prepare presentations compared to Jennifer who uses 60 hours. 3.1.2 Does either have a comparative advantage (To handle this question, first determine how many total hours it would take to serve the client if John writes the report and Jennifer prepares the presentation. Then, determine how many hours would be required if, instead, Jennifer writes the report and John prepares the presentation). If John writes report and Jennifer prepares a presentation; when they start at the same time then they will need 80 hours. If Jennifer writes the report while John prepares a presentation, then when starting at the same time, they will take 120 minutes. Combinations where John writes report and Jennifer prepares a presentation, have a comparative advantage over a combination where Jennifer writes the report while John prepares a presentation. 3.1.3 Based on your analysis, how would you recommend that John and Jennifer divide the work? Based on the analysis, it is recommended that John writes report and Jennifer prepares a presentation to take short time. Or I would suggest the client to hire John alone because he can complete of the two tasks in 120 hours. The time Jennifer takes to complete just the report writing. 3.1.4 Given your answer to the previous question, would you say that John has a comparative advantage in writing reports, in making presentations, or in both? What should John specialize in? From the answer, it is clear that John has a comparative advantage in both, in that, he can use less time to do the same work give the same resources. Meaning, he will be able to work for many clients within a shorter time compared to Jennifer. However, he should specialize in preparing presentation since she applies shorter time compared to report writing. He will be able to prepare two presentations within the time she would have spent doing just one report. 3.1.5 Does Jennifer have a comparative advantage in either task? What should she specialize in? Jennifer has no comparative advantage in both because he use more time in both tasks. Jennifer does not have a comparative advantage in either of these tasks because she takes a long time in completing them compared to John. However, she should specialize in presentation preparation since she can do two presentations with the same time she would have just written one report. 3.2.1 There are four common ways for a firm to expand its operations into overseas markets: importing, exporting, licensing, and franchising. First, explain what each approach entails. Then, select the one you’d use if you were the CEO of a large company. Why was this approach particularly appealing? Importing implies to buying goods from other nations and reselling them in your country (Yadong 56). Exporting entails selling products from your country to other nations of the world. According to Sherman, licensing is an agreement which allows foreign corporation to sell a firm’s products (53). Also, it can mean allowing a foreign firm to use your intellectual property to get royalties. Franchising is an agreement in which a firm gives the foreign firm a right to utilize its brand name in selling its products (Sherman 39). If I was the CEO of a big company I would use exporting entry strategy because it makes the trader to create a strong business relationship with customers. Also, it enables business to protect their patents and trademarks in the foreign markets. 3.2.2 You own a company that employs about two hundred people in South Australia to produce sporting equipment. Why might you decide to outsource your production to China? Would closing your plan and moving operations overseas help or hurt the Australian economy? Who would be hurt? Who would be helped? No, armed with answers to these questions, ask yourself whether you would indeed move your facilities or continue making sports equipment in South Australia. Explain your decision I would outsource production from China due it low cost of labor. In 2014, Collins stated that moving to company operations to another country is likely to hurt the livelihood of the local employees from Australia because they will become jobless when domestic companies outsource foreign cheap labour. According to Hitt, it helps provide jobs to foreign employees and also tax for improving public services (72). I would expand in China but also continue to operate in Australia continue providing jobs to local and taxes to improve service delivery. 3.3.1 You’re a partner in an Australian engineering firm that’s interested in bidding on a water-treatment project in Southern Africa. You know that firms from two other countries – Malaysia and Italy – will submit bids. The section 70.2 of the Criminal Code Act 1995 (Cth) forbids you from making any payment to foreign officials to enlist their help in getting the job. Unfortunately, the governments of Malaysia and Italy don’t prohibit local firms from offering bribes. Are you at a disadvantage? Should section 70.2 be repealed? Why, or why not? Normally, international companies face several inconsistencies in laws. In a situation of where one country allows bribe while others do not multinational companies face unfair competition (Hitt 76). 70.2 of the Criminal Code Act 1995 profits Australia should not be repealed because it will add the further unfairness in the industry. For Australian companies who are disadvantaged by 70.2 of the Criminal Code Act 1995 which prohibits bribe “they should improve the quality of their brands to attract foreign tenders” (Hitt 67). Also, talk to African countries about the disadvantages of corruption. 3.3.2.1 You’re the CEO of a multinational corporation, and one-fourth of your workforce is infected with AIDS. If you had the means to help your workers and their families, would you do it? This is not a strictly hypothetical question: It’s one that’s faced by CEOs of multinational corporations with operations in Africa, Asia, and India. Answer the following: Why have some multinationals decided to help control AIDS in their workforces? I would help AIDs affected employees because it is a social responsibility of the company. in 2004 Arnst & Einhorn claimed that today many companies have made Aids their business since its effects directly affect them. When more people are affected in the long run their will inadequate employees to provide in companies. Arnst & Einhorn went ahead to say that, when employee infected with AIDS is not taken care of and is less motivated, organizational performance could reduce particularly, in countries which have a high number of infected people. In 2014 Arnst & Einhorn affirmed that some governments lack resource to curb the vice making companies to come in and contribute towards reduction. 3.3.2.2 Why others have failed to help? Some companies have failed to take part in helping employees with Aids, due lack of capacity. In addition, some company are profit oriented and do not consider the social welfare of employees to be important. 3.3.2.3 The right thing to do from a humanitarian perspective and from a business perspective From humanitarian perspective, reaching out to employees infected with Aids is the right thing to do by providing drugs and counseling on living with the diseases. In so doing, the company will be helping the employees to prolong their lives. As a result, it will show the company is concerned with what affect humanity. From a business perspective, Augustine argues that “it is best to make profit while also helping AIDS affected employees with drugs and counseling them out of stigmatization”. In 2006, Baron said that this will improve the image of the company. 3.3.2.4 What would you do if you conducted operations in a nation whose government was unwilling or unable to control the spread of AIDS? It would advisable for the company to deploy its resource in helping reduce the spread of AIDS even if the government is not willing or unable. This is because of their own benefit since it will enable them to have more talent to hire (Zadek 13). Further, it will enable it to create a strong relationship with the society. 3.4.1 Firms that outsource the manufacture of their apparel In 2010, Gereffi & Frederick stated that the new law that allows apparel companies to import the way they want will enable them to get the quality they want at a low cost. This is because they have multiple countries to outsource from. 3.4.2.1Textile manufacturers and workers in the following countries: China Gereffi & Frederick contended that textile manufactures will have a market for their products while workers in China will be able to get more jobs both in China and in the US hence income increase. 3.4.2.2 Indonesia Indonesia will be able to export more apparel to the US and as a result get foreign income to improve its GDP. 3.4.2.3 Mexico In 2010, Gereffi & Frederick also argued that the elimination of trade quotas in the US has enabled Mexico to sell extra apparel to the US market. In this situation, it provides jobs to traders in textile and apparel industry. 3.4.2.4 United States The US may experience dumping of low quality apparel in its industry when local traders decide to import cheap cloths (Ghani 7). Also, it may hamper or slow the growth of new apparel companies in the US. 3.4.2.5 American Consumers Ghani claims that it has reduced the cost of apparel in the Unite States market since the customers have varieties to choose from (12). Thus, they save some extra more to buy other products. 3.5.1 What is NAFTA? Why was it formed? What has it accomplished? In 2014, Collins stated that NAFTA is the short form of The North American Free Trade Association- an agreement agreed upon by the United States, Mexico and Canada to form unrestricted trade. It was formed to eliminate trade barriers among the three countries. Also, Collins claims that it was formed so that a country with comparative advantage can produce goods which it does best and sell them in member countries without restrictions. From the time it was enforced, trade between member countries has improved considerably and the three countries are now considered strong trading partners. 3.5.2 What is the European Union? Why was it formed? What has it accomplished? What challenges has it faced? In 2014, Collins defined European Union as an agreement that integrate countries from European in terms of economy and politics. Today, the union has more than forty countries. European Union was formed to integrate economy in segments of Europe, eliminate trade barriers, improve enhances political and social collaboration and enforcing tariffs on countries outside the EU (Bomberg, Peterson & Corbett 45). Collins also contends that under EU some countries have abandoned their currency and adopted a joint currency. Bomberg, Peterson & Corbett posited that people with EU passport can now work in any member country freely (67). However, this trading bloc has faced numerous challenges. In 2011, Krugman under EU, some member countries such as Greece, Spain, Italy, Ireland and Portugal have become economically irresponsible with unemployment increasing, having huge debts and low sales in the housing market. 4.1.1 Based on your responses, do you think that you have the attributes of an entrepreneur? Do you think you could be a successful entrepreneur? Why, or why not? Yes, I have the attributes of an entrepreneur because like most accomplished entrepreneurs am passionate about what I do. Also, I like taking risks and starting small, have pride in what I do and think of need for flexible so as to adopt the ever-changing business environment. 4.2.1 Why are most small businesses found in the service-producing sector? Identify five small service-producing businesses that you patronize frequently. What kinds of small businesses are found in the good-producing sector? What small goods-producing firms do you do business with regularly? Many small businesses are service-producing sector because they do not need a huge capital to star (Dollinger 26). Today, most of them are run via technology in an online platform such as online stores. Some of the small service-producing businesses that I patronize deal with intangible goods and they include insurance, healthcare, recreation, real estate, and entertainment among others. In 2014, Collins stated small businesses which are found in the good-producing sector comprise of plumbing, home building and painting which are normally concentrate on local projects. Small goods-producing companies which I do business with regularly compose of fruit vendors, groceries and entertainment companies 4.3.1 If business ownership interests you, you can start a new business, buy an existing one, or obtain a franchise. Evaluate the advantages and disadvantages of each option. Which option do you find most appealing, and why? Describe the business you would probably start. In 2006, Krass argued that advantages of starting a new business is that it enable to create business reputation. It also enables you business to go under different life cycle. Additionally, it allows the owner to select the products he intends to offer. However, starting a business also has its challenges. In 2011, Breitzma & Hicks held that capital might become a problem in starting a new business. Also, it could take time for a new business to establish itself. Building a customer business could take longer than expected. On the other hand, buying an existing business also has its pros and cons. Waters posited that existing business is advantageous because it already has products which have proven in the market. In 2008 Waters maintained that the new owner also finds it easier to predict the future of the business. However, buying an existing business is challenging because one may not know how much to pay for that business. Not like a car it is difficult to determine the efficiency of the business. Franchising too has its positive and negatives. On a positive note, with franchise, the franchisee is helped in finding the location training you and the new owner is to allow conduct advertising (Sherman 67). Another advantage is that the brand has shown success somewhere else. Sherman postulated that disadvantage is that the franchising can be expensive due to strength of the brand (51). Staring a new business is more appealing because it allows create your own reputation. One of the businesses I would start is chicken farming business because it’s low capital and also because it allows me to build my business reputation. Work Cited Arnst, C & Einhorn, B. Commentary: Why Business Should Make AIDS Its Business. 1 August Augustine, N. Business Ethics in the 21st Century. Ethics Resource Center. 24 April 2006. Web 21 Dec 2014. http://www.ethics.org/resources/speech_detail.cfm?ID=848 Baron, D. Facing-Off in Public. Stanford Business, 15 April 2006. Web 21 Dec http://www.gsb.stanford.edu/news/bmag/sbsm0308/feature_face_off.shtml Baron. D.P. Business and Its Environment, 4th ed. Upper Saddle River, NJ: Prentice Hall, 2003. Print 650–52. Barbaro, M. Wal-Mart Chief Defends Closing Unionized Store. 11 Feb 2005. Web 21 Dec 2014 http://www.washingtonpost.com/wp-dyn/articles/A15832-2005Feb10.html Bomberg, E, Peterson, J & Corbett, R. The European Union: How does it Work? Oxford University Press, 2012. Print Breitzman, A & Hicks, D. An Analysis of Small Business Patents by Industry and Firm Size. Small Business Administration: Office of Advocacy. 30 Aug 2011. Web 21 Dec 2014. http://archive.sba.gov/advo/research/rs335tot.pdf Collins, K. Exploring Business, v. 1.0. Flat World Education, Inc. 21 Dec 2014. Web 21 Dec 2014. http://catalog.flatworldknowledge.com/bookhub/7?e=collins-ch01_s04 Dollinger, M.J. Entrepreneurship: Strategies and Resources, 3rd ed. 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A new surfboards design and modeling process. Congresso Internazionale Congiunto, 2007. Print Oklahoma State University. Violations of Academic Integrity. Dec 2014. Web 21 Dec 2014. http://academicintegrity.okstate.edu/ai-violation.htm Penney, JC. Statement of Business Ethics for Associates and Officers: The ‘Spirit’ of This Statement. 24 April 2006. Web 21 Dec 2014. http://ir.jcpenney.com/phoenix.zhtml?c=70528&p=irol-govconduct Pullman, S. How Following Orders Can Harm Your Career. Wall Street Journal, 23 June 2003. Web 21 Dec 2014. http://www.cfo.com/article.cfm/3010537/c_3036075 Stresing, R, Lindenberger, D & Kümmel, R. Cointegration of Output, Capital, Labor, and Energy, European Physical Journal B, 66.no 2(2008): 279-286. Print Sherman, A. J. Franchising & licensing: two powerful ways to grow your business in any economy. AMACOM Div American Mgmt Assn, 2004. Print Waters, S.Top Four Reasons People Don’t Start a Business. About.com. 8 Oct 2008. Web 21 Dec 2014. http://retail.about.com/od/startingaretailbusiness/tp/overcome_fears.htm Yadong, L. Entry and Cooperative Strategies in International Business Expansion Age, Greenwood Publishing Group, 1999. Print Zadek, S. The Path to Corporate Responsibility. Harvard Business Review, 2004. Print 2004. Web 21 Dec 2014. http://www.businessweek.com/stories/2004-08-01/commentary-why-business-should-make-aids-its-business Read More