Specifying Qualities Of Any Type Of 2 Business Intelligence Tools – A service is any activity or benefit that one party can offer to another that is essentially intangible and does not lead to ownership of anything.
Services don’t always come from physical products. When someone rents a hotel room, deposits money in a bank, travels on a plane, goes to the doctor, gets a haircut, fixes a car, watches professional sports, sees a movie, consults a lawyer, he buys that service.
Specifying Qualities Of Any Type Of 2 Business Intelligence Tools
Services are intangible in nature. This means that the service cannot be seen, tasted, felt, heard or smelled before purchase.
Product Mix Strategy
For example, an airline passenger only has a ticket and is promised a safe and comfortable journey.
Because buyers are interested in service quality, service providers must add practical dimensions. The location, price, equipment and communication materials should indicate the quality of service as claimed by the service provider.
Consider a bank that wants to convey the idea that its service is fast and efficient. It should make this positioning strategy a reality in all aspects of customer interaction.
The reality of the bank should be to offer fast and efficient services: It should have clear lines on the outside and inside; internal traffic flow should be carefully planned; the teller window and waiting in line at the ATM seem short, and the background music should be light and upbeat. Bank employees should be busy and properly dressed.
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Equipment – computers, photocopiers, desks – should look modern. A bank’s advertising and other communications should offer efficiency with a clean, simple design and carefully chosen words and images that convey the bank’s position.
A bank should choose a name and symbol for its services that reflect speed and efficiency. It should keep the pricing of various services simple and clear.
Integrity is a key feature of service. This means that the service is created and consumed at the same time and cannot be separated from the provider, be it a person or a machine.
Communication with the service provider is important in service marketing because the customer is still present during the production of the service. Both the service provider and the customer are affected by the service outcome.
Business Ethics: Definition, Principles, Why They’re Important
Variability is another important characteristic of services, which means that quality can vary greatly depending on who, when, where, and how the service is provided.
While one employee may be fun and efficient at a Sheraton hotel, another may be unpleasant and slow. Even the quality of service provided by a single Sheraton employee varies depending on the energy and mood of each customer.
Service changes can be managed in a number of ways. Employees can be carefully selected and trained to provide good service. Employee incentives that emphasize service quality can be introduced. Customer satisfaction can be regularly checked through feedback and complaint systems, customer surveys and comparison shopping.
The service is perishable, meaning that the service cannot be stored for later sale or use. Movie night show tickets cannot be used for night shows.
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Service perishability has significant implications for service providers. With steady demand, perishability is not a problem.
For example, public transportation companies have to have more equipment because they don’t have demand throughout the day.
On the demand side, different prices can be charged at different times, which will shift some of the demand from off-peak to off-peak. On the supply side, part-time workers can be hired to meet peak demand. Business ethics examines appropriate business policies and practices regarding potentially controversial topics such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility, and fiduciary duties. more. Laws often govern business ethics, but in some cases, business ethics provide basic guidelines for businesses to follow in order to gain public approval.
Business ethics ensure that there is a certain basic level of trust between consumers and businesses and the various forms of market participants. For example, a portfolio manager should consider portfolios of family members and small investors as well as affluent clients. Such behavior allows the public to be treated fairly.
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The concept of business ethics began in the 1960s as corporations became more aware of a consumer-based society concerned with environmental, social causes, and corporate responsibility. A strong focus on “social issues” was a feature of the decade.
Since then, the concept of business ethics has been developed. Business ethics go beyond moral standards of right and wrong; It tries to reconcile what companies are legally required to do to maintain a competitive advantage over other businesses. Firms demonstrate business ethics in a number of ways.
Business ethics creates a certain level of trust between consumers and corporations, and ensures fairness and equality to the public.
It is important to understand the underlying principles that create desirable ethical behavior and how the lack of these ethical principles can lead to the destruction of many other smart and talented people and the businesses they represent.
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There are several reasons why business ethics are essential to success in modern business. Most importantly, defined ethics programs establish a code of conduct that guides the behavior of employees, from senior executives to middle management and the newest and most junior employees. When all employees make ethical decisions, the company builds a reputation for ethical behavior. His reputation grows and he begins to feel the benefits of moral stability.
All of these factors combined affect business revenue. Those who fail to establish and enforce ethical standards will surely end up with Enron, Arthur Andersen, Wells Fargo, Lehman Brothers, Bernie Madoff, and many others.
There are several theories about business ethics, and there are many different types, but what sets businesses apart are corporate social responsibility practices, transparency, reliability, fairness, and technology practices.
Corporate social responsibility (CSR) is the concept of meeting the needs of stakeholders while considering the impact of business operations on employees, the environment, society, and society. Of course, finances and profits are important, but the well-being of society, customers, and employees must come second—because research shows that corporate governance and ethical practices increase financial performance.
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It is important to ensure that companies report their financial results transparently. This applies not only to required financial statements, but to all statements in general. For example, many corporations publish annual reports to their shareholders.
Most of these reports not only summarize reports submitted to regulators, but also include how and why decisions were made, whether goals were achieved, and factors that influenced performance. CEOs write an overview of the company’s annual operations and provide their outlook.
Press releases are another way for companies to be transparent. Events that are important to investors and customers should be published, whether they are good or bad news.
The increasing use of all forms of technology in business operations creates a need for businesses to use technology and data collected ethically. In addition, many businesses store customer information and collect data that can be used by malicious actors, so they must ensure the highest level of technology protection.
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The workplace must be accessible, diverse, and fair to all employees, regardless of race, religion, creed, age, or physical characteristics. A fair work environment is one where everyone can grow and succeed in their own way.
Creating an environment for ethical behavior and decision-making takes time and effort—it always starts at the top. Most companies need to establish codes of ethics, guidelines, reporting procedures, and training programs to enforce ethical standards.
Once behaviors are identified and programs implemented, ongoing communication with employees becomes vital. Leaders should always encourage employees to report concerning behavior, and there should be assurances that whistleblowers will not be adversely affected if they do.
An anonymous reporting line can help businesses identify suspicious activity and ensure employees won’t face any consequences for reporting issues.
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In order to prevent unethical behavior and eliminate its negative consequences, companies require managers and employees to report any incidents they observe or experience. However, barriers in company culture (eg, fear of retaliation for reporting wrongdoing) can prevent this from happening.
The 2021 Global Business Ethics Survey, released by the Ethics & Compliance Initiative (ECI), surveyed more than 14,000 employees in 10 countries about various types of workplace misconduct. 49% of employees surveyed reported that they had observed misconduct and 22% reported that they had observed behavior that would be classified as violence. 86% of the employees reported their observed ethical mistakes. When asked if they had been retaliated against for reporting, 79% said they had been retaliated against.
In fact, fear of retaliation is one of the main reasons employees don’t report unethical behavior in the workplace. ECI believes that companies should work to improve their company culture by reinforcing the idea that reporting suspicious activity is beneficial to the company. In addition, they should recognize and reward the employee’s bravery when reporting.
Business ethics deals with ethical issues or controversial issues
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