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Commerce paper - Essay Example

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Class Details Date (Title) 1. A Chief Executive Officer (CEO) plays a crucial role in setting ethical standards for an organization as ethical culture of a firm is very important in determining its degree of market repute. While designing an organization’s ethical standards, the CEO must make sure that they are free from any form of external influence…
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Download file to see previous pages... In addition, the CEO needs to encourage employees to openly express their views and suggestions regarding the ethical culture of the organization so as to ensure a comprehensive ethical framework. The essential elements needed for the establishment of an effective ethical framework may vary from culture to culture as ethics is related to perceptions of people. Therefore, the CEO must acquire thorough knowledge regarding different cultural aspects of the region in which his company operates. For this, the CEO has to directly or indirectly analyze the traditional beliefs and practices and living standards of people who reside in the company’s target business territory. Before setting the ethical standards of an organization, the CEO should evaluate what his competitors do and to what extent they are effective. It is clear that finance is an essential component in the design and implementation of proposed ethical standards. Here, the CEO has the responsibility to find potential sources of finance and distribute them among different divisions of the organization. Hence, the CEO needs to choose appropriate means of market survey to understand what people expect from the company. Similarly, the CEO has to convince personnel about the significance of ethical culture since effective employee participation is inevitable for the successful implementation of the designed ethical standards. Therefore, the CEO must also ensure that the proposed ethical framework does not hurt the employees’ worksite interests. In order for setting up ethical standards effectively, upward and downward flow of communication is necessary at various management levels. Ethical standards and practices would not benefit an organization if bad behavior of managerial persons or other employees goes unreported. Hence, the CEO must design a well structured reporting system by focusing on various departmental divisions. Furthermore, the CEO has to remember the fact that generational differences can raise ethical changes and hence he should not focus too much on traditional ethical practices of the organization. Gable highlights the point that people with different work styles can demonstrate same commitment and work efficacy. Hence, individuality of people has to be admired while framing ethical standards of an organization. In other words, the ethical standards must make the employees feel that the company is loyal to them. In sum, the CEO must ensure that the proposed ethical standards are authentic and not too liberal. 2. In macroeconomics and management, vertical integration is a process through which several phases in production and/or distribution of a product/service are owned and operated by a single company in order to increase business territory and market power. A vertical integration strategy has the following advantages and disadvantages; Advantages Improved supply chain coordination is the most notable benefit of a vertical integration strategy as this feature assists an organization to increase its operational efficiency and thereby profitability. In most times, it seems that a vertical integration results in closer geographic proximity and it is beneficial for the integrated firm to take advantages of reduced transportation costs. Economists opine that vertical amalgamation is useful for ...Download file to see next pagesRead More
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